The Origination Insight Report mines its application data from a robust sampling of approximately 75 percent of all mortgage applications that were initiated on the Encompass ® all-in-one mortgage management solution. Ellie Mae believes the Origination Insight Report is a strong proxy of the underwriting standards employed by lenders across the country.Ellie Mae also distributes its monthly Ellie Mae Millennial Tracker, which focuses on mortgage applications submitted by millennials during specific time periods. Ellie Mae defines millennials as applicants born between the years 1980 and 1999. The Millennial Tracker will continue to be released on the first Wednesday of each month. Other findings from the October report:
- Time to close a VA loan increased to 52 days.
- The Debt-to-Income (DTI) ratio for all closed loans remained at 24/37, and the Loan-to-Value (LTV) ratio remained at 78.
|MONTHLY ORIGINATION OVERVIEW FOR OCTOBER 2016|
|Oct. 2016*||Sept. 2016*||6 Months Ago||1 Year Ago|
|(Apr. 2016*)||(Oct. 2015*)|
|Days to Close|
|Percentage of ARM and Fixed Loan Volume|
|*All references to months should be read as month ended.|
|PROFILES OF CLOSED LOANS FOR OCTOBER 2016|
|Closed First-Lien Loans|
|FICO Score (FICO)||730|
About the Ellie Mae Origination Insight ReportThe Origination Insight Report focuses on loans that closed in a specific month and compares their characteristics to similar loans that closed three and six months earlier. The closing rate is calculated on a 90-day cycle rather than on a monthly basis because most loan applications typically take one-and-a-half to two months from application to closing. Loans that do not close could still be active applications or applications withdrawn by consumers or denied for incompleteness or non-qualification. The Origination Insight Report details aggregated anonymized data pulled from Ellie Mae's Encompass origination platform. News organizations have the right to reuse this data, provided that Ellie Mae, Inc. is credited as the source. About Ellie Mae Ellie Mae (NYSE:ELLI) is a leading provider of innovative on-demand software solutions and services for the residential mortgage industry. Mortgage lenders of all sizes use Ellie Mae's Encompass ® all-in-one mortgage management solution, Mavent Compliance Service, and AllRegs research, reference and education resources to improve compliance, loan quality and efficiency across the entire mortgage lifecycle. Visit EllieMae.com or call (877) 355-4362 to learn more. © 2016 Ellie Mae, Inc. Ellie Mae®, Encompass®, AllRegs®, DataTrac®, Ellie Mae Network™, Mavent®, Mortgage Returns®, Prospect Manager®, Total Quality Loan®, True CRM®, TQL®and the Ellie Mae logo are trademarks of Ellie Mae, Inc. or its subsidiaries. All rights reserved. Other company and product names may be trademarks or copyrights of their respective owners.