Press release

March Origination Insight Report From Ellie Mae Shows 30-Year Note Rate Continues to Decline; Refinance Percentage Increases Slightly

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According to the March Origination
Insight Report
from Ellie
®, the leading cloud-based platform provider for the
mortgage finance industry, the 30-year note rate dropped for the third
straight month to 4.77%, down from 4.86% in February and 5.01% in
January. The percentage of refinances on all loans increased to 35%, up
from 34% the month prior.

“As we enter the busy spring home buying season, we are seeing activity
tick back up across the board with the 30-year note rate decline,” said
Jonathan Corr, President and CEO of Ellie Mae. “We will continue to
watch closing rates as they have stayed at or above 75% through the
first quarter of 2019, a possible indication of buyers’ conviction.”

Other statistics of note in March included:

  • The percentage of FHA refinances increased to 23% in March, up from
    20% in February.
  • Time to close all loans continued to decrease. Time to close all loans
    was 42 days in March, down from 43 in February and 45 in January. The
    time to close a purchase loan dropped to 45 days in March, down from
    47 in February and 49 in January.
  • The percentage of Adjustable Rate Mortgages (ARMs) decreased to 7.4%,
    down from 7.6% in February.

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



    Mar. 2019*   Feb. 2019*  

6 Months
(Sept. 2018*)


1 Year Ago
(Mar. 2018*)

Closed Loans
Refinance   35%   34%   29%   38%
Purchase   65%   66%   71%   62%
FHA   20%   19%   20%   20%
Conventional   64%   64%   65%   66%
VA   11%   11%   10%   10%
Days to Close
All   42   43   44   41
Refinance   34   35   42   37
Purchase   45   47   45   43
Percentage of ARM and Fixed Loan Volume
ARM %   7.4%   7.6%   7.2%   6.3%
30-Year Rate
Average   4.77%   4.86%   4.91%   4.69%

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




Closed First-Lien Loans
(All Types)

FICO Score (FICO)   726
Loan-to-Value (LTV)   79
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

To get a meaningful view of lender pull-through, Ellie Mae reviewed a
sampling of loan applications initiated 90 days prior—or the December
2018 applications—to calculate an overall closing rate of 75.3 percent
in March 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. 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 is the leading cloud-based platform provider for the mortgage
finance industry. Ellie Mae’s technology solutions enable lenders to
originate more loans, lower origination costs, and reduce the time to
close, all while ensuring the highest levels of compliance, quality, and
efficiency. Visit
or call (877) 355-4362 to learn more.

© 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.