St Casimirs Mortgage Minute

Ellie Mae Launches Mortgage App Tracking Millennials

Ellie Mae's new Ellie Mae Millennial Tracker will track millennial loan trends across the United States, refreshing with new data during the first week of every month to provide updated demographic data about millennial home buyers. The tracker uses data from 66 percent of mortgages closed since 2014 that were initiated on Ellie Mae's Encompass all-in-one mortgage management solution. According to March data from the Millennial Tracker, women were listed as the primary borrower on 31 percent of all closed loans, with an average age of 30 and average FICO score of 724. Men were listed as the primary borrower on 66 percent of closed loans, with an average age of 29 and an average FICO score of 727. Furthermore, conventional loans accounted for 60 percent of all loans made and took an average of 43 days to close, while Federal Housing Administration loans accounted for 37 percent and took an average 44 days to close. "There are roughly 87 million would-be home buyers 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," says Joe Tyrrell, executive vice president of corporate strategy at Ellie Mae.

From "Ellie Mae Launches Mortgage App Tracking Millennials"
HousingWire (05/02/16) Ramírez, Kelsey