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Mortgages: What A Difference A Year Makes Infographic (Graphic: Business Wire)

Stocks in this article: ELLI

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 December 2013, as well as an infographic of key mortgage statistics and trends for 2013. The report draws its data and insights from a robust sampling of the significant volume of loan applications that flow through Ellie Mae’s Encompass ® mortgage management software and the Ellie Mae Network™.

 

MONTHLY ORIGINATION OVERVIEW FOR DECEMBER 2013

   

December 2013*

 

November 2013*

 

6 Months Ago (June 2013)*

 

1 Year Ago (December 2012)*

Closed Loans
Purpose
Refinance   46%   45%   51%   69%
Purchase   54%   55%   49%   31%
Type
FHA   20%   20%   19%   19%
Conventional   69%   69%   71%   73%
Days to Close
All   43   42   47   55
Refinance   40   37   47   57
Purchase   46   45   46   51
ARMs vs. Fixed, Length, Rate
ARM %   6.6%   5.8%   4.0%   2.1%
15 Year %   15.1%   14.5%   16.5%   15.9%
30 Year – Note Rate   4.592   4.526   3.918   3.609

*All references to months should be read as month ended.

 

PROFILES OF CLOSED AND DENIED LOANS FOR DECEMBER 2013

   

Closed First-Lien Loans (All Types)

 

Denied Loans (All Types)

FICO Score (FICO)   727   698
Loan-to-Value (LTV)   82   82
Debt-to-Income (DTI)   25/39   28/45

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 September 2013 applications) to calculate an overall closing rate of 54.3% in December, up from 53.1% in November 2013 (see full report).

“Purchases represented 54% of closed loans in December 2013, which was double the share of at the beginning of the year,” said Jonathan Corr, president and chief operating officer of Ellie Mae. “Meanwhile, refinances ticked up by 1% over November to 46% in December, helped in part by the average 30-year note rate staying below 4.6%.

“HARP-related refinancing activity increased for the second month in a row, as conventional refinances at 95%-plus LTV rose to 12.1% in December, the highest they’ve been since August 2013.”

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