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PLEASANTON, Calif., Aug. 19, 2020 /PRNewswire/ -- Home purchases represented 46 percent of all closed loans in July, up from 42 percent in June according to the latest Origination Insight Reportfrom Ellie Mae, the leading cloud-based loan origination platform provider for the mortgage industry. Refinances still represented the majority of closed loans in the month at 54 percent, down from 58 percent the month prior. The 30-year rate on all loans continued to drop to 3.24 percent, down from 3.40 percent in June. The 30-year note rate on conventional loans fell to 3.26 percent in July, down from 3.42 percent in June. Similarly, the 30-year rate on FHA loans fell to 3.26 percent in July, down from 3.41 percent in June. The 30-year rate on VA loans dropped to 3.02 percent in July, down from 3.20 percent in June. Other statistics of note in July included: The time to close all loans held at 47 days for the second month. Time to close for purchase loans decreased to 44 days, down from 46 the month prior, while time to close refinances increased to 50 days, up from 48 days the month prior. FICO scores increased month-over-month for refinances across Conventional, FHA and VA loans. Closing rates increased to 77.1 percent in July, up from 73.4 percent in June. "Interest rates have continued to decrease, down to 3.24 percent in July. If we look at this month versus the same time in 2019, interest rates are down close to a full percentage point, giving new homebuyers the opportunity to stretch their dollar as they purchase and existing homebuyers the ability to reduce monthly costs," said Jonathan Corr, President and CEO of Ellie Mae. "We're also seeing an increase in closing rates for Ellie Mae lenders highlighting the value of mortgage technology as they contend with significant volume, remote workforces and homebuyers looking to complete the process completely online." The Origination Insight Report mines data from a robust sampling of approximately 80 percent of all mortgage applications that were initiated on the Encompassall-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 Trackeron 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. Ellie Mae also offers Ellie Mae Insights, the only analytics solution in the market that provides peer benchmarking comparison analysis in near real time. Ellie Mae Insights analyzes key metrics such as efficiency levels, operational costs, rates and market penetration, demographic data and pull through rates to help lenders of all sizes to make informed decisions. MONTHLY ORIGINATION OVERVIEW FOR JULY 2020 July 2020* June 2020* 6 MonthsAgo (Jan. 2020*) 1 Year Ago (July 2019*) Closed Loans Purpose Refinance 54% 58% 50% 38% Purchase 46% 42% 50% 62% Type FHA 11% 10% 16% 17% Conventional 79% 80% 71% 69% VA 6% 7% 8% 10% Days to Close All 47 47 48 42 Refinance 50 48 48 40 Purchase 44 46 48 43 Percentage of ARM and Fixed Loan Volume ARM % 3.0% 3.5% 5.3% 5.7% 30-Year Rate Average 3.24% 3.40% 3.96% 4.18% *All references to months should be read as month ended. PROFILES OF CLOSED LOANS FOR JULY 2020 Closed First-Lien Loans(All Types) FICO Score (FICO) 750 Loan-to-Value (LTV) 75 Debt-to-Income (DTI) 23/35 More information and analysis of closed and denied loans by loan purpose and investor are available in the full report at http://www.elliemae.com/about-us/news-reports/ellie-mae-reports/. To get a meaningful view of lender pull-through, Ellie Mae reviewed a sampling of loan applications initiated 90 days prioror the April 2020 applicationsto calculate an overall closing rate of 77.1 percent in July 2020 (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, de-identified 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 loan origination platform provider for the mortgage industry. Ellie Mae's technologysolutions 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 EllieMae.comor call (877) 355-4362to learn more. 2020 Ellie Mae, Inc. Ellie Mae, Encompass, AllRegs, Mavent, Velocify, Capsilon, 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. SOURCE Ellie Mae Related Links https://www.elliemae.com/

Answer: July Ellie Mae Origination Insight Report Data Shows Homebuyer Purchase Activity On The Rise; Interest Rates Continue To Fall