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Press Release

July Origination Insight Report from Ellie Mae Sees Slight Increase in Refinance Loans with Dip in Interest Rates

PLEASANTON, Calif. – August 16, 2017 – Reversing a two-month dip, the percentage of refinance home loans increased three points to 35 percent of all closed loans, according to the July Origination Insight Report from Ellie Mae® (NYSE:ELLI), the leading cloud-based platform provider for the mortgage finance industry.

“The market has been shifting from refis to purchases but we saw a pick-up in refinancing with lower rates,” said Jonathan Corr, president and CEO of Ellie Mae. “Overall, closing rates rose in July and Purchase loan closing rates increased to 76.2 percent.”

Other statistics of note in July include:

  • On average, the 30-year note rate dropped to 4.25, down from 4.41 in April. It is now at its lowest level since January 2017.
  • While the average FICO score on all closed loans remained steady at 724 in July, average FICO scores for Conventional purchase loans decreased one point to 753. The average FICO score for closed Conventional refinance loans in July increased to 730, up from 729 in June.
  • Closing time for all loans remained flat at 43 days in July. Time to close a refinance increased to 42 days, up from 41 days the month prior. Time to close a purchase loan remained at 43 days in July.

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
(Jan. 2017)*
1 Year Ago
(Jul. 2016)*
Closed Loans
Refinance 35% 32% 47% 37%
Purchase 65% 68% 53% 62%
FHA 22% 22% 21% 23%
Conventional 64% 64% 66% 65%
VA 10% 10% 9% 9%
Days to Close
All 43 43 51 46
Refinance 42 41 53 48
Purchase 43 43 48 46
Percentage of ARM and Fixed Loan Volume
ARM % 5.7% 5.9% 5.4% 4.5%
30-Year Rate
Average 4.25% 4.27% 4.31% 3.87%

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

  Closed First-Lien Loans (All Types)
FICO Score (FICO) 724
Loan-to-Value (LTV) 80
Debt-to-Income (DTI) 25/38

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 April 2017 applications—to calculate an overall closing rate of 70.6 percent in July 2017 (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

Alexandra Gardell Kreuter
(646) 428-0618

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© 2017 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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