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Press Release

February Origination Insight Report From Ellie Mae Shows 30-Year Note Rate Decline; Time to Close Decreases as Percent of Purchases Tick Up

PLEASANTON, Calif. – March 20 , 2019 – According to the February Origination Insight Report from Ellie Mae® (NYSE:ELLI), the leading cloud-based platform provider for the mortgage finance industry, the 30-year note rate continued to drop for the second straight month to 4.86 percent, down from 5.01 percent in January. This was coupled with the time to close decreasing across all loan types by two days or more.

“Purchase percentages have increased following both the holiday season and the 30-year note rate decline,” said Jonathan Corr, president and CEO of Ellie Mae. “We expect this increase to continue as we enter the busier spring buying season.”

Other statistics of note in February included:

  • The percentage of purchases ticked back up to 66 percent, up from 65 percent the month prior. Refinances made up 34 percent of all closed loans.
  • The percentage of Adjustable Rate Mortgages (ARMs) decreased to 7.6 percent in February, down from 8.6 percent in January.
  • Overall FICO scores increased two points to 726. LTV increased to 78 and DTI held at 25/39.

The Origination Insight Report mines data from a robust sampling of approximately 80 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.

In addition to the Origination Insight Report, Ellie Mae also distributes data from its monthly Ellie Mae Millennial Tracker on the first Wednesday of each month. The Ellie Mae Millennial Tracker focuses on mortgage applications submitted by borrowers born between the years 1980 and 1999.


6 Months Ago
(Aug. 2018)*
1 Year Ago
(Feb. 2018)*
Closed Loans
Refinance 34% 35% 32% 43%
Purchase 66% 65% 68% 57%
FHA 19% 19% 20% 19%
Conventional 64% 66% 66% 67%
VA 11% 11% 10% 10%
Days to Close
All 43 45 43 42
Refinance 35 38 38 37
Purchase 47 49 45 45
Percentage of ARM and Fixed Loan Volume
ARM % 7.6% 8.6% 6.6% 5.5%
30-Year Rate
Average 4.86% 5.010% 4.920% 4.480%

*All references to months should be read as month ended.

  Closed First-Lien Loans (All Types)
FICO Score (FICO) 726
Loan-to-Value (LTV) 78
Debt-to-Income (DTI) 25/39

More information and analysis of closed and denied loans by loan purpose and investor are available in the full report at http://www.elliemae.com/about-us/news-reports/ellie-mae-reports/.

To get a meaningful view of lender pull-through, Ellie Mae reviewed a sampling of loan applications initiated 90 days prior—or the November 2018 applications—to calculate an overall closing rate of 75.5 percent in February 2019 (see full report).

About the Ellie Mae Origination Insight Report

The 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 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

Caitlin Coffee
(312) 635-8204

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© 2019 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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