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Press Release

January Origination Insight Report from Ellie Mae Shows Refinances Represented 35 Percent of all Closed Loans

PLEASANTON, Calif. – February 20, 2019 – According to the January Origination Insight Report from Ellie Mae® (NYSE:ELLI), the leading cloud-based platform provider for the mortgage finance industry, the percentage of refinances increased to 35 percent in January, up from 29 percent in December of 2018. FHA refinances increased to 21 percent in January, up from 18 percent the month prior and Conventional refinances increased to 35 percent, up from 31 percent the month prior.

“The increase in refinances in January is likely due to seasonality with lower purchase volume tied to the holiday season as well a modest drop in rates from November and December,” said Jonathan Corr, president and CEO of Ellie Mae. “We anticipate that as we move into the traditionally busier spring months, the percentage of home purchases will increase relative to refinances.”

Other statistics of note in January included:

  • The time to close all loans dropped to 45 days in January, down from 47 days in December. Time to close a purchase loan increased to 48 days, while time to close a refinance dropped to 38 days. 
  • The 30-year note rate dropped from 5.17 percent in December to 5.01 percent in January.
  • The percentage of Adjustable Rate Mortgages (ARMs) decreased from 9.2 percent in December to 8.6 percent in January.
  • Overall FICO scores dropped two points from 726 in December to 724 in January. LTV decreased to 77 and DTI held at 26/39.

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
(Jul. 2018)*
1 Year Ago
(Jan. 2018)*
Closed Loans
Refinance 35% 29% 29% 45%
Purchase 65% 71% 71% 55%
FHA 19% 20% 20% 19%
Conventional 66% 64% 66% 67%
VA 11% 11% 10% 10%
Days to Close
All 45 47 43 44
Refinance 38 44 41 40
Purchase 49 47 44 47
Percentage of ARM and Fixed Loan Volume
ARM % 8.6% 9.2% 6.6% 5.5%
30-Year Rate
Average 5.010% 5.170% 4.910% 4.330%

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

  Closed First-Lien Loans (All Types)
FICO Score (FICO) 724
Loan-to-Value (LTV) 77
Debt-to-Income (DTI) 26/39

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 October 2018 applications—to calculate an overall closing rate of 75.0 percent in January 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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