Press Release

August Ellie Mae Millennial Tracker Sees Conventional Loans Reach Three Year High

PLEASANTON, Calif. – Oct. 3, 2018 – Despite fierce competition for affordable homes in many markets this spring and summer, the percentage of conventional purchase loans to Millennial homebuyers has increased, compared to the same time period a year ago, according to the latest Ellie Mae Millennial Tracker™.

In August, 69 percent of all loans taken out by Millennials were conventional loans, the highest percentage since February 2015, and up from 64 percent in August 2017. FHA loans represented 27 percent of all closed loans, down from 32 percent the year prior. VA loans remained flat year-over-year at 2 percent. Three percent were undisclosed.

Eighty-nine percent of closed conventional loans to Millennial borrowers were for purchases, compared to August 2017, where only 84 percent of closed conventional loans were for new home purchases. Overall, purchases represented 90 percent of closed loans to Millennials in August, compared to 87 percent at the same time last year.

Year-over-year percentages of conventional purchase loans

Month Percentage of Conventional Purchase Loans (2018) Percentage of Conventional Purchase Loans (2017)
August 89% 84%
July 89% 85%
June 90% 87%
May 88% 87%
April 87% 86%

"Our Millennial Tracker data shows that overall 69 percent of loans taken out by Millennials were conventional loans, the highest percentage since 2015 and up five percent from the same period one year ago," said Joe Tyrrell, executive vice president of corporate strategy for Ellie Mae. "As the industry continues to understand millennials and the new paradigms that a gig economy brings, we are seeing conventional loan products that are able to meet the needs of this important homebuying generation."

Additional findings from the August 2018 Ellie Mae Millennial Tracker include:

  • Millennial males (both single and married) were listed as the primary borrower on 61 percent of closed loans in August. Women were listed on 32 percent and the remainder did not specify a gender.
  • Nine percent of all home loans to Millennial borrowers were for refinances, while 10 percent of conventional loans were for refinances, both up one percentage point from the month prior.
  • Days-to-close all loans dropped to 41, one day shorter than in July, and three days faster than in August 2017.
  • The average Millennial FICO score was 722, down from 723 in July and 724 in August 2017.
  • The average age of all Millennial borrowers held steady at 29.8, and essentially flat from August 2017, at 29.4.

Ellie Mae® (NYSE: ELLI) is the leading cloud-based platform provider for the mortgage finance industry. The Ellie Mae Millennial Tracker is an interactive online tool that provides access to up-to-date demographic data about this new generation of homebuyers. It mines data from a robust sampling of approximately 80 percent of all closed mortgages dating back to 2014 that were initiated on Ellie Mae's Encompass® all-in-one mortgage management solution. Given the size of this sample and Ellie Mae's market share, it is a strong proxy of Millennial mortgage indicators across the country. Searches can be tailored by borrower geography, age, gender, marital status, FICO score and amortization type. For more information, visit


The Ellie Mae Millennial Tracker focuses on Millennial mortgage applications during specific time periods. Ellie Mae defines Millennials as applicants born between the years 1980 and 1999. New data is updated on the first Monday of every month for two months prior. 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 News organizations have the right to reuse this data, provided that Ellie Mae, Inc. is credited as the source.


Ellie Mae (NYSE:ELLI) is the leading cloud-based platform provider for the mortgage finance industry. Ellie Mae’s technology solutions enable lenders to originate more loans, reduce origination costs, and shorten the time to close, all while ensuring the highest levels of compliance, quality and efficiency. Visit or call 877.355.4362 to learn more.

Ellie Mae Media Contacts

Erica Harvill
Ellie Mae, Inc.
(925) 227-5913

Caitlin Coffee
(312) 635-8204

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© 2018 Ellie Mae, Inc. Ellie Mae®, Encompass®, AllRegs®, Mavent®, Velocify®, 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.

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