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TheStreet Open House

Ellie Mae Releases February 2014 Origination Insight Report

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 February 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™.

MONTHLY ORIGINATION OVERVIEW FOR FEBRUARY 2014

   

February 2014*

 

January 2014*

 

6 Months Ago (August 2013)*

 

1 Year Ago (February 2013)*

Closed Loans
Purpose
Refinance   43%   47%   43%   68%
Purchase   57%   53%   57%   32%
Type
FHA   22%   21%   18%   20%
Conventional   65%   67%   70%   71%
Days to Close
All   41   45   41   50
Refinance   40   44   41   51
Purchase   42   47   42   47
ARMs vs. Fixed, Length, Rate
ARM %   6.9%   7.2%   5.9%   2.3%
15 Year %   13.3%   15.0%   14.6%   16.8%
30 Year – Note Rate   4.655   4.723   4.618   3.723

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

PROFILES OF CLOSED AND DENIED LOANS FOR FEBRUARY 2014

   

Closed First-Lien Loans (All Types)

 

Denied Loans (All Types)

FICO Score (FICO)   724   689
Loan-to-Value (LTV)   82   82
Debt-to-Income (DTI)   25/38   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 November 2013 applications) to calculate an overall closing rate of 55.3% in February 2014, up from 54.9% in January 2014 (see full report).

“The share of purchase loans jumped four percentage points, representing 57% of all closed loans in February 2014,” said Jonathan Corr, president and chief operating officer of Ellie Mae. “This is the first time in four months that the share of purchase loans increased month over month and the largest one-month increase since August 2013, when the share of purchase loans also jumped four percentage points.

“The average time to close a loan dropped from 45 days in January 2014 to 41 days in February 2014,” Corr noted.

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