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Daily Archives: March 13, 2018
Ellie Mae Millennial Tracker™ Finds More Millennials Qualifying for Conventional Mortgages
Pleasanton, CA – March 07, 2018 (BUSINESS WIRE) 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.
“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.
ABOUT THE ELLIE MAE 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 reduce 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.
© 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.
Contacts
Ellie Mae, Inc.
Erica Harvill
(925) 227-5913
Erica.harvill@elliemae.com
or
Allison+Partners
Alexandra Gardell Kreuter
(646) 428-0618
EllieMae@allisonpr.com
Let The Data Decide – Coldwell Banker Picks College Basketball Tournament Winners Based On Real Estate Market Intelligence
Hooptown Bracketology takes a “shot” at determining who would win this year’s Men’s College Basketball Tournament if big data and housing stats, not game stats, competed
Madison, NJ – March 13, 2018 (PRNewswire) This March, Coldwell Banker Real Estate LLC is bringing a new level of madness to tournament brackets. While others will be agonizing over hours of game footage, obsessively checking the Vegas odds and compulsively looking at sports stats, Coldwell Banker® will be using real estate data to fill out their tournament brackets, publishing them on March 13 and calling it Hooptown Bracketology.
Hooptown Bracketology leverages a proprietary tool developed by Coldwell Banker called CBx to compare real estate data from each school’s hometown – or “Hooptown” – to select predicted winners of each game. The brand will fill out five different Hooptown brackets: Most Expensive, Most Affordable, Easiest to Move to, Newest and Best for Singles.
The five predicted winners are below. To see each winner’s road to victory, check out hooptown.coldwellbanker.com:
1. Most Expensive Hooptown: Long Island University-Brooklyn: Brooklyn, NY
Play well in the Tournament, sign with the NBA and you might be able to score a home in these Most Expensive Hooptowns. The winning school in this bracket is from the Hooptown with the highest average residential home sales price based on 2017 annual data.
2. Most Affordable Hooptown: University of Oklahoma: Norman, OK
Tournament tickets aren’t cheap. Save on your mortgage and splurge on the games with these Most Affordable Hooptowns. The winning school in this bracket is from the Hooptown with the lowest average residential home sales price based on 2017 annual data.
3. Easiest Hooptown to Move to: Loyola University Chicago: Chicago, IL
Making it to the Tournament doesn’t come easy, but moving to these Hooptowns does. The winning school in this bracket is from the Hooptown with the most listings on the market as of February 13, 2018.
4. Newest Hooptown: Duke University: Durham, NC
It’s time for the freshmen to have their shining moment just like these New Hooptowns. The winning school in this bracket is from the Hooptown with the newest homes based on the average build-year as of October 2017.
5. Best Hooptown for Singles: University of Michigan: Ann Arbor, MI
Looking for love and basketball isn’t always easy. Luckily, these Hooptowns have plenty of single adults so you’ll have lots of shots to find love. The winning school in this bracket is from the Hooptown with the highest percentage of single adults.
Hooptown Bracketology comes on the heels of the recently launched Coldwell Banker “Hoops” spot. The “Hoops” ad will air throughout the Tournament both online and on TV. “Hoops” can be viewed here.
Hooptown Bracketology is powered by CBx, the proprietary app from Coldwell Banker. The CBx app allows Coldwell Banker agents to harness big data to analyze markets and target buyers.
QUOTES:
“Watching the Tournament and filling out brackets is an annual event in homes across the country. This year we decided to have some fun when filling out our own brackets and test the power of real estate data and our tool, CBx. The Newest Hooptown bracket looks strong this year but we’ll have to watch this year’s games to see which bracket gets to cut down the nets in San Antonio.”
– Charlie Young, president and CEO, Coldwell Banker Real Estate LLC
“At Coldwell Banker we bleed blue so we pick blue when it comes to the Tournament. Blue is the winningest color in Tournament history. In fact it holds a 281-202 lead over second place color red. But how do you pick when both teams wear blue? We thought we should let the data help us decide this year. Our brackets are predicting some surprising upsets. LIU over Villanova seems like an unlikely Cinderella story; no number sixteen seed has beaten a number one seed before. In fact, number sixteen seeds are 128-0 against number one seeds. The Newest Hooptown bracket, however, looks like a real contender. I wouldn’t be surprised to see Texas Tech or Duke make it until the end and Missouri has a shot at an upset or two.”
– David Marine, senior vice president of marketing, Coldwell Banker Real Estate LLC
About Coldwell Banker Real Estate LLC
Powered by its network of over 92,000 affiliated sales professionals in 3,000 offices across 47 countries and territories, the Coldwell Banker® organization is a leading provider of full-service residential and commercial real estate brokerage services. The Coldwell Banker brand prides itself on its history of expertise, honesty and an empowering culture of excellence since its beginnings in 1906. Coldwell Banker is committed to providing its network of sales professionals with the tools and insights needed to excel in today’s marketplace and is known for its bold leadership and dedication to driving the industry forward with big data, smart home expertise and virtual reality. Coldwell Banker was the first brand to develop a proprietary marketing application, CBx, which harnesses big data to analyze markets, target buyers and provide a platform for agents to create unique and effective marketing plans for each listing. The Coldwell Banker Gen Blue network has an unbeatable technology suite and competitive edge. To join Coldwell Banker and unlock the possibilities of Gen Blue please visit www.coldwellbanker.com/join.
Media Inquiries:
Athena Snow
Coldwell Banker Real Estate LLC
(973) 407-5590
Athena.Snow@coldwellbanker.com
Rachel Braude
CooperKatz for Coldwell Banker Real Estate LLC
(917) 595-3061
RBraude@cooperkatz.com