Magazine article Mortgage Banking

Ellie Mae Reports Origination Data in Inaugural Monthly Report

Magazine article Mortgage Banking

Ellie Mae Reports Origination Data in Inaugural Monthly Report

Article excerpt

Based on what the company says is "more than 20 percent of all originations in the United States" that flow through the company's mortgage software and network, Ellie Mae Inc., Pleasanton, California, has launched a new monthly origination report to cover current trends in the home mortgage lending market. The first report for the month of February found the refinance share hit 67 percent, up from 64 percent in November 2011. That was also up from the 61 percent refi share the company noted on loans flowing through its system back in August 2011.

Ellie Mae's launch edition of its Origination insight Report found 25 percent of loans flowing through its origination systems (Encompass360 [R] and Ellie Mae Network [TM]) in February were for Federal Housing Administration (FHA) loans. That was the same FHA share it saw in November 2011, but down from the 29 percent noted in August 2011.

The share of loans that were adjustable rate mortgages (ARMs) slipped to 4.3 percent in February, down from 5.3 percent in November. The February ARM share was down notably from 8.3 percent recorded in August 2011, Ellie Mae said.

The new report found the share of loans that were for 15-year mortgages was 19.6 percent in February. That was essentially flat with the 19.7 percent in November.

The new report showed days to close for all loans tracked in February hit 44 days, down slightly from the 46 days in November 2011. Purchase loans took on average one additional day (44 days) than refinancings (43 days) in February.

Ellie Mae reported the average FICO [R] score for all types of closed first lien loans running through its systems was 750 in February 2012. …

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