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Press Release

Ellie Mae Millennial Tracker™ Finds More Millennials Qualifying For Conventional Mortgages

PLEASANTON, Calif. – March 7, 2018 – According to the latest Ellie Mae Millennial Tracker™, 67 percent of all closed loans by Millennial borrowers were conventional, the highest percentage in two years. Conventional loans continued to be the most popular loan product, although women were slightly more likely to take advantage of FHA loans.

Closed Loans in January 2018
Conventional FHA VA Unspecified
Women 66 percent 32 percent 1 percent 1 percent
Men 68 percent 27 percent 2 percent 3 percent

“Historically we have seen Millennials look to FHA programs to help address their homebuying needs, but in the past two months, FHA loans have represented less than 30 percent of the total loans for Millennials,” said Joe Tyrrell, executive vice president of corporate strategy for Ellie Mae. “We view this as an indication that more Millennials are qualifying for conventional mortgages.”

The top Metropolitan Statistical Areas (MSAs) for Millennial women homebuyers in January included La Crosse-Onalaska, Wisc.-Minn., St. Cloud, Minn., and Green Bay, Wisc. Meanwhile, the top MSAs for Millennial men were located in the southeast and included Fairmont, W. Va., Owensboro, Ky., and Macon, Ga.

Additional key findings from the January 2018 Ellie Mae Millennial Tracker include:

  • Purchases accounted for 81 percent of all closed loans to Millennials, down from 84 percent the month prior. Refinances crept up to 18 percent of all closed loans, having previously held steady at 15 percent since October 2017.
  • The average FICO score of Millennial borrowers who closed loans in January increased slightly to 723, up from 722 in December. The average FICO score for women was 725, while the average FICO score for men was 724.
  • It took Millennial borrowers 45 days, on average, to close their loans, an uptick from 43 days in December. The average time for women to close a loan was 44 days, compared to 45 days for men.

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 http://elliemae.com/millennial-tracker.


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 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 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 EllieMae.com or call 877.355.4362 to learn more.


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

Alexandra Gardell Kreuter
(646) 428-0618

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© 2018 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.

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