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 June 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 JUNE 2014
|June||May||6 Months Ago||1 Year Ago|
|Days to Close|
|ARMs vs. Fixed, Length, Rate|
|15 Year %||9.0%||9.7%||15.1%||16.5%|
*All references to months should be read as month ended.
PROFILES OF CLOSED AND DENIED LOANS FOR JUNE 2014
|Closed First-Lien Loans||Denied Loans|
|(All Types)||(All Types)|
|FICO Score (FICO)||728||686|
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 March 2014 applications) to calculate an overall closing rate of 60.7 percent in June 2014, up from 57.8 percent in May 2014 (see full report).“For the first time since we began tracking this data in August 2011, the pull-through closing rate eclipsed the 60 percent mark,” said Jonathan Corr, president and chief operating officer of Ellie Mae. “This was nearly three percentage points higher than May’s rate and five points higher than where we were in April. Clearly, lenders are working harder than ever to convert and close loans.