Ellie Mae Launches Ellie Mae Millennial Tracker

New interactive tool provides insight into the next generation of U.S. home-buyers based on Ellie Mae mortgage application data

PLEASANTON, Calif.--()--Ellie Mae® (NYSE:ELLI), a leading provider of innovative on-demand software solutions and services for the residential mortgage industry, announced today the launch of the Ellie Mae Millennial Tracker™, a new interactive online tool on millennial loan trends in the United States.

An online tool, which will be refreshed with new data the first week of each month, the Ellie Mae Millennial Tracker provides access to up-to-date demographic data about this new generation of homebuyers. Searches can be tailored by borrower geography, age, gender, marital status, FICO score and amortization type. The Ellie Mae Millennial Tracker mines data from a robust sampling of approximately 66 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.

March data from the Millennial Tracker showed that women were listed as the primary borrower on 31 percent of closed loans. The average primary FICO score for female loan applicants was 724 and the average age was 30. By comparison, men were listed as the primary borrower on 66 percent of closed loans and had an average age of 29 and an average FICO score of 727.

“The mortgage industry is poised to experience a monumental shift as more millennial homebuyers begin to enter the market,” said Joe Tyrrell, executive vice president of corporate strategy at Ellie Mae. “There are roughly 87 million would-be homebuyers in the millennial generation and 91 percent of them say they intend to own a home one day. Lenders must prepare today to meet their needs.”

“Our new Ellie Mae Millennial Tracker gives mortgage lenders perspective into the next generation of homebuyers in order to better serve them, and ultimately help make their homeownership dreams a reality,” added Tyrrell.

Thirty seven percent of mortgages made to millennial homebuyers since 2014 were FHA loans and took an average of 44 days to close. Conventional loans represented 60 percent of the loans made to millennials during the same period and took an average of 43 days to close.

MILLENNIAL TRACKER HIGHLIGHTS FOR MARCH 2016

Loan Type    

Percentage of Loan
Type

    Average Primary FICO     Average Days to Close
Conventional 59% 749 42
FHA 38% 692 43
 

The Ellie Mae Millennial Tracker is a supplement to Ellie Mae’s monthly Origination Insight Report, which focuses on loans that closed in a specific month and compares their characteristics to similar loans that closed three and six months earlier. The Origination Insight Report will continue to be released on the third Wednesday of each month.

For more information on the Ellie Mae Millennial Tracker, 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 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.

© 2016 Ellie Mae, Inc. Ellie Mae®, Encompass®, AllRegs®, DataTrac®, Ellie Mae Network™, Mavent®, Millennial Tracker™, Mortgage Returns®, Prospect Manager, Total Quality Loan™, True CRM®, TQL™ and the Ellie Mae logo are trademarks 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

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