Lenders' Purchase Volume Share Continues to Rise, According to Latest Ellie Mae Origination Insight Report
PLEASANTON, Calif. – June 17, 2015 – Purchase loans as a percentage of lenders' overall mortgage volume eclipsed 50 percent in April, according to the latest Origination Insight Report released by Ellie Mae® (NYSE:ELLI), a leading provider of innovative on-demand software solutions and services for the residential mortgage industry.
According to the latest report, the average 30-year rate on all closed loans fell slightly for the first time since February, from 4.062% to 4.013%.
“Our May data reflects a home buying season in full swing,” said Jonathan Corr, president and CEO of Ellie Mae. “While the share of purchase loan volume is lower than it was one year ago, lower mortgage rates has given some help to refinancing volumes and share.”
The Origination Insight Report mines its application data from a robust sampling of approximately 66 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.
Other findings of the May report:
- The overall closing rate for purchase loans climbed to 68.2 percent, the highest since January and almost 5% higher than the 2014 average.
- The average closing period for all loans rose from 45 to 46 days.
MONTHLY ORIGINATION OVERVIEW FOR MAY 2015