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 March 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 MARCH 2014
6 Months Ago (September 2013)*
1 Year Ago (March 2013)*
|Days to Close|
|ARMs vs. Fixed, Length, Rate|
|15 Year %||12.4%||13.3%||15.5%||15.9%|
|30 Year – Note Rate||4.604||4.655||4.761||3.813|
*All references to months should be read as month ended.
PROFILES OF CLOSED AND DENIED LOANS FOR MARCH 2014
Closed First-Lien Loans (All Types)
Denied Loans (All Types)
|FICO Score (FICO)||725||689|
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 December 2013 applications) to calculate an overall closing rate of 58% in March 2014, up from 55.3% in February 2014 (see full report). “We continue to see the resurgence of a purchase-centric market as numbers inch closer to historical levels,” said Jonathan Corr, president and chief operating officer of Ellie Mae. “Purchases increased another three percentage points in March 2014 to represent 60% of loans, quite the difference from March 2013 when purchases represented only 38% of loans.
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