Ellie Mae ® (NYSE: ELLI), a leading provider of enterprise-level, on-demand automated solutions for the residential mortgage industry, today released its Origination Insight Report for August 2013. The report draws its data and insights from a robust sampling of the significant volume of loan applications—more than 20% of all originations in the United States—that flow through Ellie Mae’s Encompass360 ® mortgage management software and the Ellie Mae Network™.
MONTHLY ORIGINATION OVERVIEW FOR AUGUST 2013
|August 2013*||July 2013*|| 6 Months Ago
| 1 Year Ago
|Days to Close|
|ARMs vs. Fixed, Length, Rate|
|15 Year %||14||.6%||15||.5%||16||.8 %||16||.8%|
|30 Year – Note Rate||4||.618||4||.357||3||.723||3||.763|
*All references to months should be read as month ended.
PROFILES OF CLOSED AND DENIED LOANS FOR AUGUST 2013
Closed First-Lien Loans (All Types)
| Denied Loans
|FICO Score (FICO)||734||696|
More information and analysis of closed and denied loans by loan purpose and investor are available in the full report at http://www.elliemae.com/about-us/news-reports/ellie-mae-reports/ .
To get a meaningful view of lender “pull-through,” Ellie Mae reviewed a sampling of loan applications initiated 90 days prior (i.e., the May 2013 applications) to calculate an overall closing rate of 53.1% in August 2013, down from 55.4% in July 2013 (see full report).
“Purchase loans continued to gain share in August, climbing 4% to 57% of all loans,” said Jonathan Corr, president and chief operating officer of Ellie Mae. “This was the highest percentage of purchase loans since we began tracking this data in August 2011.“HARP-related high LTV refinances (95% or more) continued their resurgence, moving up from 11.1% in July 2013 to 13.4% in August 2013,” he added.