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Ellie Mae Releases July 2014 Origination Insight Report

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 July 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 JULY 2014

 
    July 2014*   June 2014*   6 Months Ago

(January 2014)*

  1 Year Ago

(July 2013)*

Closed Loans
Purpose
Refinance   32%   33%   47%   47%
Purchase   67%   65%   53%   53%
Type
FHA   20%   21%   21%   19%
Conventional   64%   65%   67%   71%
VA   11%   10%   -   -
Days to Close
All   37   41   45   47
Refinance   37   39   44   48
Purchase   38   42   47   46
ARMs vs. Fixed / Length / Rate
ARM %   6.5%   7.2%   7.2%   5.2%
15 Year %   8.9%   9.0%   15.0%   15.5%
30-Year

Note Rate

  4.388%   4.421%   4.723%   4.357%

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

 

PROFILES OF CLOSED AND DENIED LOANS FOR JULY 2014

   
   

Closed First-Lien Loans (All Types)

 

Denied Loans (All Types)

FICO Score (FICO)   727   689
Loan-to-Value (LTV)   82   81
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 April 2014 applications) to calculate an overall closing rate of 57.7 percent in July 2014, down from 60.7 percent in June 2014 (see full report).

“The purchase market continued to climb in July with the share of closed purchase loans reaching 67 percent, the highest percentage since we began tracking this data in August 2011,” said Jonathan Corr, president and chief operating officer of Ellie Mae. “Meanwhile, time to close for all loans dropped to 37 days, the lowest average we’ve seen since we began tracking. This reflects time to close decreasing across the board, with an average of 36 days for conventional loans and 38 days for FHA and VA loans.”

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