November Origination Insight Report from Ellie Mae Sees Percentage of Adjustable Rate Mortgages Reach Highest Point in History of Report
Summary
“As interest rates continue to rise, we are seeing the percentage of Adjustable Rate Mortgages rise in lockstep, and this month they’ve risen to the highest percentage we’ve seen since we began tracking data,” said Jonathan Corr, president and CEO of Ellie Mae.Ellie Mae believes the Origination Insight Report is a strong proxy of the underwriting standards employed by lenders across the country.The Ellie Mae Millennial Tracker focuses on mortgage applications submitted by borrowers born between the years 1980 and 1999.Closed First-Lien Loans (All Types)FICO Score (FICO) 727 Loan-to-Value (LTV) 79 Debt-to-Income (DTI) 26/39 To get a meaningful view of lender pull-through, Ellie Mae reviewed a sampling of loan applications initiated 90 days prior—or the August 2018 applications—to calculate an overall closing rate of 72.2 percent in November 2018 (see full report).News organizations have the right to reuse this data, provided that Ellie Mae, Inc. is credited as the source.