Male Home Loan Applicants Approved for More Than Women, According to October Ellie Mae Millennial Tracker™

Pleasanton, CA – December 06, 2017 (BUSINESS WIRE) Millennial men who were listed as the primary borrower for a home loan were approved for an average of $197,820 in October. This was $11,253 more than Millennial women, who were approved for an average loan amount of $186,567, according to the latest Ellie Mae Millennial Tracker™.

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However, while women were approved for lower loan amounts, they closed their loans faster. It took women an average of 42 days to close a loan, regardless of whether it was for a purchase or refinance. It took men an average of 43 days to close a purchase loan and 45 days to refinance.

Women also were approved with lower FICO scores than men. The average FICO score for a woman purchasing a home was 721, compared to 726 for men. Women who refinanced had an average FICO score of 730, compared to men whose average FICO score was 735.

“While men make up the larger percentage of overall Millennial borrowers, most of them are married,” said Joe Tyrrell, executive vice president of corporate strategy at Ellie Mae. “An interesting trend we’ve been tracking all year is that single women are buying homes much more than single men. Sixty percent of women who were listed as the primary borrower in October were single, compared to 42 percent of men.”

Both Millennial male and female primary borrowers were more likely to purchase a home in the Midwest, where housing costs continued to remain attractive. Marshall, Minn.; Victoria, Texas; and Lawton, Okla. were the top three Metropolitan Statistical Areas (MSAs) for Millennial homebuyers in October.

Ellie Mae® (NYSE:ELLI) is a leading provider of innovative on-demand software solutions and services for the residential mortgage 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.

© 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.

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

Ellie Mae Millennial Tracker Shows Days to Close at Its Shortest in Nearly a Year

Overall Time to Close a Loan Drops to 44 Days in February, with Decreased Days to Close Across All Loan Types

Pleasanton, CA – April 05, 2017 (BUSINESS WIRE) In February, time to close all loans for Millennial borrowers decreased to 44 days, the shortest average time to close since March 2016, according to the latest Millennial Tracker™ released by Ellie Mae® (NYSE:ELLI), a leading provider of innovative on-demand software solutions and services for the residential mortgage industry. The average time to close a purchase loan for Millennials decreased from 46 days in January to 42 days in February, while time to close a refinance loan also decreased to 52 days in February, down from 58 days the month prior. Similarly, the average time to close FHA loans decreased from 47 days in January to 43 days in February. Average time to close VA loans decreased dramatically from 57 days to 41 days.

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As U.S. housing trends toward a buyer’s market, purchases accounted for 86 percent of all closed loans for the month of February, a slight uptick from 84 percent in January, while refinances fell two percentage points to 14 percent of all loans to Millennial borrowers. Share of conventional loans stayed steady from the month prior, representing 61 percent of loans, while FHA loans increased to 36 percent in February, up from 35 percent the month prior.

FICO scores across all loan types continued to fall in February to an average of 723, down from 724 in January and their peak of 726 from August through October 2016. For purchases, the average FICO score was 747 for a conventional loan, 690 for an FHA loan and 745 for a VA loan.

“Purchase loans are increasing, indicating that Millennials are continuing to enter the first-time homebuyer market,” said Joe Tyrrell, executive vice president of corporate strategy for Ellie Mae. “In addition, we saw time to close decrease from 49 days in January to 44 days in February, which indicates that our lenders are seeing more efficiency as they embrace mortgage automation.”

In February, the hottest housing market for Millennials was in the state of Texas. The top markets by percentage of Millennial loans closed in the state included Odessa, Midland and Beaumont-Port Arthur.

Ellie Mae® (NYSE:ELLI) is a leading provider of innovative on-demand software solutions and services for the residential mortgage 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 75 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 elliemae.com.

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 elliemae.com. 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 a leading provider of innovative on-demand software solutions and services for the residential mortgage industry. Mortgage lenders of all sizes use Ellie Mae’s Encompass® all-in-one mortgage management solution, Mavent Compliance Service, and AllRegs research, reference and education resources to improve compliance, loan quality and efficiency across the entire mortgage lifecycle. Visit EllieMae.com or call (877) 355-4362 to learn more.

© 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.

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

Homeowners Seeking Both a High-Tech and Human-Touch Mortgage Experience, Ellie Mae 2017 Borrower Insights Survey Finds

Survey of Homeowners and Renters Reveals Preferences Among Millennials, Gen Xers and Baby Boomers; Showcases Differences Between Male and Female Borrowers

Las Vegas, NV – March 8th, 2017 (BUSINESS WIRE) Fifty-seven percent of homeowners applied for and completed their latest mortgage completely in person, while more than one-quarter of homeowners (28 percent) applied for their most recent mortgage using a combination of online and in-person interaction, according to the 2017 Borrower Insights Survey of homeowners and renters conducted by mortgage automation provider Ellie Mae® (NYSE: ELLI). Another 11 percent of homeowners applied for their latest mortgage completely online with no in-person interaction. The survey findings were announced today at the annual Ellie Mae Experience conference.

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When asked what factor would have improved the mortgage process, approximately 40 percent of homeowners indicated they would have liked a faster process with fewer delays. Twenty percent indicated that a shorter, easier to understand application would be preferable, while 11 percent asked for more communication with their lender throughout the process.

Millennials were the most likely generation of homebuyers to begin their mortgage application online and finish it with an in-person interaction with their lender (30 percent). Gen X (28 percent) and Baby Boomer (20 percent) borrowers weren’t far behind in using this online and in-person approach.

“There’s no question that technology is playing a larger role in the home buying experience,” said Joe Tyrrell, executive vice president of corporate strategy at Ellie Mae. “As we expected, many homeowners are seeking a faster and more streamlined experience. And it’s not just a millennial phenomenon; it’s homebuyers of all ages and both genders.”

“But what’s even more telling is that homeowners still want a personal interaction with their lender. They want someone who can answer important questions, and make them feel confident that everything will be handled correctly and on time. While 27 percent of millennials identified the speed of the process as the top area to improve their experience, surprisingly 23 percent cited more face-to-face interaction as the second-greatest opportunity for improvement. By leveraging technology, lenders can provide a more high tech experience to simplify and speed the overall process, while still having the high-touch interactions when and where homebuyers want,” Tyrrell said.

The Ellie Mae survey found that today’s homebuyers most value speed, security and simplicity when applying for a home loan – all of which are enabled by technology. Millennials and women were the most likely to cite security as the most important factor when they applied for a loan. Gen X and Baby Boomer buyers were more likely to value the speed of the process. All three generations equally valued simplicity.

What One Factor Was Most Important To You When Applying For A Loan Online?

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Ellie Mae’s study also revealed that, despite the abundance of online marketing by lenders, referrals remain the predominant method consumers use to select a mortgage lender. Sixty-one percent of respondents chose their last lender based on a referral from a friend or family member (23 percent), bank (17 percent), realtor (16 percent), or financial advisor (5 percent). Online search was used by 18 percent of the survey respondents. Looking at behaviors across generations, 25 percent of millennials said they selected their mortgage lender based on an online search.

More data from the Ellie Mae 2017 Borrower Insights Survey are available online at www.elliemae.com/borrower-insights.

Methodology

Ellie Mae surveyed 3,099 individuals between the ages of 18 and 70 using the Qualtrics Insight Platform and a panel of homeowners and renters provided by Qualtrics panel services. The survey was fielded from December 21 – 30, 2016.

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 a leading provider of innovative on-demand software solutions and services for the residential mortgage industry. Mortgage lenders of all sizes use Ellie Mae’s Encompass® all-in-one mortgage management solution, Mavent Compliance Service, and AllRegs research, reference and education resources to improve compliance, loan quality and efficiency across the entire mortgage lifecycle. Visit EllieMae.com or call (877) 355-4362 to learn more.

© 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.

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

Home Purchases by Millennials Increased in January, According to Latest Ellie Mae Millennial Tracker

Pleasanton, CA – March 1st 2017 (BUSINESS WIRE)–Mortgages to millennial borrowers for new home purchases continued their ascent in January, accounting for 84 percent of closed loans, according to the latest Ellie Mae Millennial Tracker™ report. In December, 82 percent of closed mortgages were for new home purchases, up from 77 percent from August through November.

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FHA loans remained attractive among millennials, representing 35 percent of all loans closed in January, a slight uptick from 34 percent in December. This is significantly higher than the Ellie Mae January Origination Insight Report data which showed FHA loans represented 21 percent of closed loans in the month.

FICO scores across all loan types fell slightly in January to an average of 724 from their peak of 726 from August through October. For purchases, the average FICO score was 748 for a conventional loan, 690 for an FHA loan and 734 for a VA loan.

“As the purchase market heats up, we will continue to watch the FHA purchase trend amongst millennials,” said Joe Tyrrell, Ellie Mae’s executive vice president of corporate strategy. “It is not surprising to see millennial borrowers leverage FHA loans because they typically offer lower down payments and lower average FICO score requirements than conventional loans. As more millennials enter the market, we expect to see the popularity of FHA loans continue to increase.”

Across all loan types, it took millennials an average of 49 days to close on their loans in January, a day longer than in November and December. Purchases took an average of 46 days and refinances took an average of 58 days.

In January, the hottest housing markets for millennials were in the Southeast. The top markets by percentage of millennial loans closed included Enterprise, Ala. and Owensboro, Ky.

Ellie Mae® (NYSE:ELLI) is a leading provider of innovative on-demand software solutions and services for the residential mortgage 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 75 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 elliemae.com.

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 elliemae.com. 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 a leading provider of innovative on-demand software solutions and services for the residential mortgage industry. Mortgage lenders of all sizes use Ellie Mae’s Encompass® all-in-one mortgage management solution, Mavent Compliance Service, and AllRegs research, reference and education resources to improve compliance, loan quality and efficiency across the entire mortgage lifecycle. Visit EllieMae.com or call (877) 355-4362 to learn more.

© 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.

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