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Ellie Mae Releases January 2014 Origination Insight Report

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 January 2014. 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™.



January 2014*


December 2013*


6 Months Ago (July 2013)*


1 Year Ago (January 2013)*

Closed Loans
Refinance 47% 46% 47% 73%
Purchase 53% 54% 53% 27%
FHA 21% 20% 19% 18%
Conventional 67% 69% 71% 74%
Days to Close
All 45 43 47 54
Refinance 44 40 48 55
Purchase 47 46 46 51
ARMs vs. Fixed, Length, Rate
ARM % 7.2% 6.6% 5.2% 2.1%
15 Year % 15.0% 15.1% 15.5% 16.9%
30 Year – Note Rate 4.723 4.592 4.357 3.634

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




Closed First-Lien Loans (All Types)


Denied Loans (All Types)

FICO Score (FICO) 724     692
Loan-to-Value (LTV) 82     83
Debt-to-Income (DTI) 25/39     28/44

More information and analysis of closed and denied loans by loan purpose and investor are available in the full report at .

To get a meaningful view of lender “pull-through,” Ellie Mae reviewed a sampling of loan applications initiated 90 days prior (i.e., the October 2013 applications) to calculate an overall closing rate of 54.9% in January 2014, up slightly from 54.3% in December 2013 (see full report).

“The purchase-to-refinance mix remained relatively steady in January 2014, with just a 1% change from December,” said Jonathan Corr, president and chief operating officer of Ellie Mae. “Credit requirements continued to loosen as we entered the new year. The average FICO score for all closed loans dropped to 724 in January 2014, down three points from 727 in December 2013. Last month, 32% of closed loans had FICO scores below 700, compared to 23% in January 2013.

“The percentage of ARM loans increased to 7.2%. This was the fourth month in a row that we have seen this shift and the highest level since August 2011 (8.3%). Typically, borrowers move to ARMs as a way of stretching their buying power.

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