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Ellie Mae Releases May 2014 Origination Insight Report

Stocks in this article: ELLI

Ellie Mae ® (NYSE:ELLI), a leading provider of innovative on-demand software solutions and services for the residential mortgage industry, today released its Origination Insight Report for May 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™.

Beginning this month, the Origination Insight Report also includes analysis of VA loans, mortgages made by private lenders, which are backed by the Department of Veterans Affairs, and expanded FHA and conventional loan data. To get the full report, please visit http://www.elliemae.com/about-us/news-reports/ellie-mae-reports/.

 

MONTHLY ORIGINATION OVERVIEW FOR MAY 2014

   

May 2014*

 

April 2014*

 

6 Months Ago (November 2013)*

 

1 Year Ago (May 2013)*

 

Closed Loans
Purpose
Refinance   33%   37%   45%   58%
Purchase   66%   63%   55%   42%
Type
FHA   22%   22%   20%   19%
Conventional   64%   64%   69%   72%
VA   9%   -   -   -
Days to Close
All   40   39   42   44
Refinance   39   37   37   44
Purchase   40   40   45   45
ARMs vs. Fixed, Length, Rate
ARM %   7.6%   7.6%   5.8%   3.1%
15 Year %   9.7%   12.2%   14.5%   16.4%
30-Year

Note Rate

  4.530%   4.622%   4.526%   3.747%

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

 

PROFILES OF CLOSED AND DENIED LOANS FOR MAY 2014

   

Closed First-Lien Loans (All Types)

 

Denied Loans (All Types)

FICO Score (FICO)   727   689
Loan-to-Value (LTV)   82   82
Debt-to-Income (DTI)   24/37   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 February 2014 applications) to calculate an overall closing rate of 57.8% in May 2014, up from 55% in April 2014 (see full report).

“Since January, purchase share has increased by at least three percentage points per month, and purchases now represent 66 percent of all closed loans,” said Jonathan Corr, president and chief operating officer of Ellie Mae. “Purchase share has grown nearly 25 percentage points since May 2013.

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