"In this purchase centric market, we anticipate a continued rise in more creative lending products to help increase Millennials' access to credit and continue to counter concerns that rising interest rates will stifle volume," Tyrrell said.Other key findings from the April data include:
- Time to close loans to Millennial borrowers decreased in April, taking 42 days on average, down from 43 days in March
- FHA loans remained popular with Millennials, comprising 35 percent of all closed loans in April, down from 36 percent the month prior
- Both Conventional and FHA loans took an average of 42 days to close, on par with averages for March
- The average FICO score for Millennial borrowers was 720 in April, holding steady from the month prior
- Across all loans, both the average debt-to-income ratio (DTI) and loan-to-value (LTV) remained flat from the month prior, at 24/34 and 88, respectively
The Millennial Tracker is a subset of our Origination Insight Report, which details aggregated, anonymized data pulled from Ellie Mae's Encompass origination platform. Additional information regarding the Origination Insight Report can be found at http://elliemae.com/resources/origination-insight-reports. 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. © 2017 Ellie Mae, Inc. Ellie Mae® , Encompass® , AllRegs® , the Ellie Mae logo and other trademarks or service marks of Ellie Mae, Inc. appearing herein are the property of Ellie Mae, Inc. or its subsidiaries. All rights reserved. Other company and product names may be trademarks or copyrights of their respective owners.