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TheStreet Open House

Ellie Mae Releases April 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 April 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™. To get the full report, please visit http://www.elliemae.com/about-us/news-reports/ellie-mae-reports/.

MONTHLY ORIGINATION OVERVIEW FOR APRIL 2014

              April 2014*       March 2014*       6 Months Ago

(October 2013)*

      1 Year Ago

(April 2013)*

Closed Loans
Purpose
Refinance             37%       40%       39%       58%
Purchase             63%       60%       61%       42%
Type
FHA             22%       22%       19%       22%
Conventional             64%       65%       68%       68%
Days to Close
All             39       40       45       46
Refinance             37       37       43       47
Purchase             40       41       46       44
ARMs vs. Fixed, Length, Rate
ARM %             7.6%       7.4%       5.6%       3.2%
15 Year %             12.2%       12.4%       15.5%       15.3%
30 Year – Note Rate             4.622       4.604       4.750       3.808

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

PROFILES OF CLOSED AND DENIED LOANS FOR APRIL 2014

       

Closed First-Lien Loans

(All Types)

      Denied Loans

(All Types)

FICO Score (FICO)       726       690
Loan-to-Value (LTV)       82       82
Debt-to-Income (DTI)       24/37       28/44

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 January 2014 applications) to calculate an overall closing rate of 55% in April 2014, down from 58% in March 2014 (see full report).

“Purchase share for all loans increased for the third straight month, jumping another three percentage points to represent 63 percent of all closed loans,” said Jonathan Corr, president and chief operating officer of Ellie Mae. “This is the highest percentage of purchase loans we’ve seen since we began reporting data in August 2011 and two percentage points higher than the previous high of 61 percent in October 2013.

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