Using A Legacy LOS In The Cloud Is Costly

You get what you pay for, the saying goes. But in our industry this rule doesn’t always apply—especially when it comes to loan production. Today’s lenders have made major investments in producing high quality loans and improving the borrower experience. Yet, too often, they don’t receive the results they expected.  

This is particularly frustrating given the current lending environment. For lenders, producing high quality, compliant loans designed to meet federal and state mandates and investor requirements has meant adding staff to review loan files for accuracy and completeness. In fact, loan production costs are at all-time highs because of the new rules of the road. Higher rates and a cooling housing market have only exacerbated this situation. 

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Meeting the demands of today’s mortgage borrower and providing great customer service have also come at a premium. This is true in spite of rapid adoption of new fintech solutions designed to make the mortgage process simpler for consumers. While these tools make the mortgage process easier in many ways, they are often poorly integrated with a lender’s back end technologies, pushing manufacturing costs even higher.

Every lender wants to provide a better customer experience and lower their costs, but limited options appear to make attaining both goals impossible. Yet, they actually are achievable. A quiet revolution is taking place in mortgage production that is reversing this all-to-familiar predicament—and it’s all happening in the cloud. 

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A Revolution Driven by Millennials

Clearly, Millennials are behind the mortgage industry’s most important advancements in customer service. They’re the ones who literally grew up with computers all around them, even in their back pockets, and they’re the ones driving demand for more convenience and simplicity. They’re also the ones increasingly driving the housing market. 

According to,  Millennials accounted for 45 percent of all new mortgages by the end of 2018, compared to 36 percent for Generation X buyers and 17 percent for Baby Boomers. In order to better serve this growing market, lenders are swarming to do-it-yourself websites and mobile apps designed to give borrowers a simpler, more convenient way to get a mortgage. And they are making it easier in many ways.  

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Another driving factor behind this “new normal” in mortgage customer service is that the lender, not the real estate agent, is now the first point of contact for most homebuyers. Most consumers are well aware that it’s not easy to qualify for a mortgage. They know there is no point in calling a real estate agent or even looking at homes until they are sure they can afford to buy, so they are more likely to look first at financing. This puts lenders behind the wheel in the homebuying transaction. The problem is how to take the borrower to where they want to go. 

Because they are so comfortable with technology, Millennials are more likely to research and shop for mortgages online long before they are willing or even interested in speaking with a lender. In response, lenders have adopted consumer-direct tools such as self-driven borrower websites, automated asset and income verifications, and credit services that let borrowers find out their FICO scores and determine what they can afford to buy. 

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These technologies are available on a wider number of platforms than ever before. Borrowers today can literally research, qualify, apply for a mortgage and sign disclosure documents while sipping a latte at their local Starbucks. Therefore the potential for excellent customer service is evident. So is the potential for saving costs, since borrowers are able to do more of the legwork of getting qualifying and approved for loans. So what’s the problem? 

The problem is that this whiz-bang mortgage experience doesn’t last because it only exists on the front end of the transaction. Behind the scenes, lenders are still struggling with legacy technologies that hamper production efficiency. This is because borrowers and lenders are still using different technologies to create the same loan, when both sides should really be using the same system. That’s where the magic of a platform built in the cloud enters the picture. 

More Cloud, Lower Costs

To be sure, cloud technology is not a new concept for our industry. Instead of hosting their own servers and data centers, the vast majority are leveraging cloud environments for their data storage needs. Unfortunately, however, the cloud isn’t being properly leveraged to create a faster, more efficient mortgage production process. That’s because most lenders continue to place their trust in legacy loan origination systems that were never designed for a cloud environment. They can’t integrate easily with many newer technologies, and weren’t built for consumers for use. 

On the other hand, new mortgage platforms that have recently come into the market are built with modern technology and designed from the start for a cloud environment. They’re capable of leveraging an unlimited number of software integrations, and they’re also able to handle multiple lines of business, including wholesale and  correspondent lines, traditional retail and  consumer-direct business. Most importantly, they can be used by borrowers to apply for loans using a common web browsers or even mobile apps.   

While it is true that several traditional LOS solutions are now being migrated to cloud environments, they are still tethered to their legacy technologies—in other words, they cannot simply scratch everything and start over. Even as they shift to the cloud, they still have to support their legacy systems. That comes at a cost that is inevitably passed onto clients. 

According to a recent MBA study, approximately 80 percent of a lender’s costs to originate a loan is tied to human staff, while roughly 10 percent is spent on technology. With a cloud-based mortgage platform that is capable of automating more pieces of the loan process, however, lenders can start making serious dents in these costs. The beauty of a cloud-based mortgage platform lies in its ability to improve process automation at practically every stage of the loan production process. 

These new platforms do not require lengthy, complicated and ultimately costly integrations that require site visits and repeated testing and retesting. Because they are built in the cloud with modern technology and flexible application programming interfaces (APIs), they are able to make interoperability between third-party technologies completely seamless. These third-party technologies can include credit reporting services, pricing engines and document services and many more. As a result, lenders are able to automate various steps in the loan production process and deliver a totally end-to-end mortgage experience at a lower cost. 

For example, cloud-built platforms are able to integrate software that provides real-time fees from thousands of different service providers, which can be used to populate loan disclosures. This allows lenders to manage an endless supply of accurate closing cost data, so that lenders no longer have to verify fees for accuracy by hand.If there is a change to any loan data, the fees can be instantly recalculated and repopulated throughout the loan file, reducing costs even further. Performed manually, these tasks could easily take an hour or more. When automated, they just take a second. 

No Better Time Than Now

Of course, lenders could build a cloud-based mortgage platform themselves. But very few lenders have the staff resources, the technology expertise or the necessary capital on hand to make this happen. On the other hand, there are new mortgage platforms that have already been built that can be customized to fit a business’ needs at a fraction of what it costs to build such a system in-house.

Today’s new breed of mortgage platforms also cost about the same or less than any legacy mortgage production platforms on the market today. And they pay the cost several times over by reducing manual tasks, such as collecting borrower documents or using staff resources on “stare and compare” methods of reviewing loan documents for accuracy.  

The only obstacle for lenders, it seems, is leaving behind technology that manages to get the job done—even if a better way is possible. And I get it. It’s a pretty big deal to put aside technology that the vast majority of our industry still relies on. After all, many American households – roughly 46 percent – still have landline telephones, according to a National Center for Health Statistics survey. But those numbers are dropping fast, because better technology exists. Better technology exists in our industry, too. And with so much at stake – especially with soaring loan production costs and Millennials poised to drive the future real estate market – there is no better time to use it.  

About The Author

Partnership Seeks To Optimize Mortgage Origination

Finicity, a provider of real-time financial data access and insights, has launched an integration with LendingQB, a provider of SaaS loan origination technology solutions. LendingQB’s platform now uses Finicity’s digital Verification of Assets (VoA) solution to allow lenders to free up resources, increase processing speed and reduce mortgage fraud while providing borrowers with a more efficient and positive experience.

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“Digitizing the loan origination process is the key to the future of lending,” said Steve Smith, Finicity CEO. “We’re proud to be one of the tech providers behind this movement and are glad to work with leading digital loan originators like LendingQB to help the industry evolve and improve the experiences for lenders and borrowers alike.”

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LendingQB provides solutions that help mortgage lenders reduce costs, maintain compliance and increase profitability, while still putting their customers first. This comes from LendingQB’s unique approach to loan origination system building, layering its core platform with best-of-breed components to create the ideal solution for each lender.

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“At LendingQB, we pride ourselves on our ability to seek out the best technology and partnerships to combine with our solution,” said Tim Nguyen, CEO of MeridianLink, the parent company of LendingQB. “This creates a competitive advantage for lenders that delivers a more meaningful experience to the people that really matter: borrowers.”

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Both Finicity’s verification solutions are delivered under the CRA framework, which allows borrowers to directly obtain information on reports or resolve discrepancies. Finicity’s status as a registered CRA is a symbol of its commitment to consumer control and empowerment, as well as its dedication to the requirements of the lending space.

Finicity is an authorized, integrated provider of asset verification reports within Fannie Mae’s Desktop Underwriter (DU). This gives lenders a validated asset report through Fannie Mae’s Day 1 Certainty initiative. Finicity is also part of the Single Source Validation (SSV) pilot, meaning Fannie Mae will utilize transaction data from Finicity reports to validate assets, income and employment.

Finicity is also a Freddie Mac Asset and Income Modeler (AIM) service provider for assets and income, and Freddie Mac and Finicity are working together on new methods to validate income and employment from payroll deposit data.

WGS Delivers New POS/Digital Experience

Wipro Gallagher Solutions (WGS), a Wipro Limited company and a provider of loan origination software solutions, has released the latest update of NetOxygen Launchpad, a state-of-the-art consumer point-of-sale (POS) portal delivering true digital experience and enhanced consumer engagement, across channels, throughout the loan cycle, including the post loan submission process.

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Wipro Gallagher Solutions’ NetOxygen Launchpad 3.0 experience helps lenders transform the consumer application by offering easy access to loan documents, disclosures, key loan contacts, and interactive to-do lists from any device (PC, laptop, tablet, or smartphone). With its responsive and adaptive design, NetOxygen Launchpad seamlessly adjusts to the end user’s device.

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NetOxygen Launchpad is one of the first consumer POS platforms to focus on customer engagement during the post loan submission process. It is during this time period where consumers typically have many follow-up questions and expect timely responses. NetOxygen Launchpad’s borrower dashboard offers consumers the ultimate borrower transparency and flexibility through customizable widgets displaying loan information in real time.

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NetOxygen Launchpad automatically and dynamically routes all queries through an online real-time chat support system. Consumers also have the ability to upload supporting documents to resolve outstanding stipulations. While bankers/loan officers, and other key support staff, are available via e-mail or phone, Artificial Intelligence-driven chatbots and live agent co-browsing provide additional automated and tailored assistance.

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With automatic pre-population of more than 70% of consumer data (from various data aggregators and sources), the NetOxygen Launchpad experience makes filling out an application form, a very easy and time-saving task for the consumer. The experience seamlessly integrates with credit, asset verification, income verification, identity verification, and other key data sources and offers consumers product options that best fit their needs.

NetOxygen Launchpad seamlessly integrates a “guided help” feature that provides real-time, step-by-step guidance to users to help them perform a variety of tasks from start to finish. This feature helps users feel empowered and in control during the post loan submission process. NetOxygen Launchpad is enabled with OCR (optical character recognition) and ADR (automated document recognition) technologies, that helps in minimizing user errors.

NetOxygen Launchpad offers a true multi-channel digital experience to lenders, whether originating first mortgages, HELOCs or a variety of other loan types, including auto, boat, and personal loans. The platform also offers a dedicated loan officer view, enabling loan officers to manage their loan pipelines, review applications, and send registration links directly to borrowers.

“The NetOxygen Launchpad experience ensures that the consumer engagement does not end after the loan application is submitted. The typical time for application processing can be anywhere from 4 to 14 minutes, but the post-submission experience can be 10-30 days or more,” said Alok Bansal, Vice President and Head, Wipro Gallagher Solutions, Wipro Limited. “Through NetOxygen Launchpad, consumers are engaged during the entire loan origination process and are provided with the necessary resources at their fingertips, wherever they are.”

Ellie Mae Prepares Users For The New URLA

 Ellie Mae, announced the Uniform Residential Loan Application (URLA) Training Roadshow will be coming to 14 locations across the United States. The URLA Training Roadshow offers Encompass-specific training to help Encompass system administrators and end-users gain first-hand experience and personal guidance with all new URLA functionality.

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Fannie Mae and Freddie Mac, under direction of their regulator the Federal Housing Finance Agency (FHFA), are creating a new URLA along with a new corresponding MISMO v3.4 dataset, a.k.a. the Uniform Loan Application Dataset (ULAD). The requirements for the new URLA and ULAD are currently being tested and will be available starting in July 2019 for lenders to use and will be mandatory for all loans sold either directly or indirectly (via aggregators / investors) to the GSEs on February 1, 2020 for loans with application start dates on or after February 1, 2020.   

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Two full-day courses will be offered at each stop:

Encompass System Administration and the New URLA –  A one-day training course that will allow Encompass administrators to experience the end user workflow changes and navigate the admin settings related to the new redesigned URLA in Encompass. Ellie Mae’s experienced trainers will provide practical application and hands-on activities to guide administrators in the setting up of the new URLA in Encompass.

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Generating the New URLA with Encompass – A one-day training that will provide end users with the skills to navigate the new URLA and the dynamic design of the form in Encompass. Ellie Mae’s experienced trainers will provide practical application and hands-on activities of multiple loan types and borrower scenarios that Encompass users experience daily. Users will navigate through the platform including accessing the servicing of credit and underwriting.

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“Developing a solution for the new URLA isn’t enough,” said Shea Haley, senior vice president of professional services, Ellie Mae. “We need to give our customers every opportunity to see the updates and prepare their teams. With any major change like this, success rests with the users and this training is designed to get them up to speed quickly so they can continue manufacturing loans confidently and efficiently.”

The following locations are currently scheduled for the roadshow. Additional cities may be announced at a later date.

Chicago, IL – August 13-15

Denver, CO – August 20-22

Anaheim, CA – September 10-12

Washington, DC – September 17-19

Boston, MA – September 24-26

SF Bay Area (Pleasanton) – October 1-3

Edison, NJ – October 8-10

Kansas City, MO – October 15-17

Philadelphia, PA – October 22-24

Dallas, TX – November 5-7

Charlotte, NC – November 19-21

Phoenix, AZ – December 10-12

Chicago, IL – January 7-9

Las Vegas, NV – January 14-16

Miami, FL – January 22-24

“Everyone learns differently,” said Clifton Cartwright, senior director of education delivery, Ellie Mae. “For some, learning in a hands-on environment with their peers is best. Many of our attendees will come representing their entire team so we want to provide every opportunity to offer the knowledge they need to bring back home to prepare.”

30-Year Fixed Rate Drops, Refis Tick Up Slightly

According to the March Origination Insight Report from Ellie Mae, the 30-year note rate dropped for the third straight month to 4.77 percent, down from 4.86 percent in February and 5.01 percent in January. The percentage of refinances on all loans increased to 35 percent, up from 34 percent the month prior.

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“As we enter the busy spring home buying season, we are seeing activity tick back up across the board with the 30-year note rate decline,” said Jonathan Corr, President and CEO of Ellie Mae. “We will continue to watch closing rates as they have stayed at or above 75 percent through the first quarter of 2019, a possible indication of buyers’ conviction.”

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Other statistics of note in March included:

The percentage of FHA refinances increased to 23 percent in March, up from 20 percent in February.

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Time to close all loans continued to decrease. Time to close all loans was 42 days in March, down from 43 in February and 45 in January. The time to close a purchase loan dropped to 45 days in March, down from 47 in February and 49 in January.

The percentage of Adjustable Rate Mortgages (ARMs) decreased to 7.4 percent, down from 7.6 percent in February.

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The Origination Insight Report mines data from a robust sampling of approximately 80 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.

In addition to the Origination Insight Report, Ellie Mae also distributes data from its monthly Ellie Mae Millennial Tracker on 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.

LOS Looks To Transform The User Experience

Wipro Gallagher Solutions (WGS), a Wipro Limited company and a provider of loan origination software solutions, has released the latest version of its Loan Origination System (LOS), NetOxygen v6.0. Here’s what they are looking to accomplish:

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The new version features an all-new, intuitive user interface (UI), an in-built operations dashboard, an integration with Business Intelligence (BI) and Reporting Engine, additions to the application program interface (API) library and a number of process automation features. With these key updates, NetOxygen v6.0 offers more control to lenders and enables them to build a tailored and streamlined digital experience.

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The NetOxygen v6.0 UI offers its users a more enriching user experience, designed to streamline operations and improve personnel productivity. NetOxygen v6.0 also offers a web-based dashboard, designed to provide updates, at-a-glance about a pipeline and loan’s status for all personnel. The dashboard offers users customizable widgets and display features for greater control and more efficient originations.

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The latest version supports the goal to introduce newer automation features with every release to minimize manual work and move the lending process forward, faster. These features shorten the overall loan approval process by ensuring that work is triggered automatically and instantly resolved in workflow.

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NetOxygen v6.0 introduces its latest business intelligence feature by offering an integration with a BI engine that allows users to create or tailor reports, and an easy-to-use collaboration service that allows lenders and settlement agents to securely share, validate, and collaborate on loan documents.

“Our latest release, NetOxygen v6.0 is designed to elevate the overall user experience by offering lenders more control through an intuitive user interface, all while creating a more intelligent and automated platform” said Alok Bansal, Vice President and Head, Wipro Gallagher Solutions, Wipro Limited. “As lenders continue to focus on efficiency and productivity, we continually evolve our software to solve the issues most important to them, through constant innovation.”

Additionally, NetOxygen v6.0 is designed to support Fannie Mae and Freddie Mac’s updates to the Uniform Residential Loan Application (URLA) and the Uniform Loan Application Dataset (ULAD), while the loan import functionality has been updated to accommodate the MISMO 3.4.0 loan XML.

Lender Looks For Quicker LOS Deployment

Washington Trust Bank, the oldest and largest privately held commercial bank in the Northwest, went live on Empower, Black Knight’s loan origination system (LOS). Washington Trust Bank leveraged the Empower Now! implementation model – a quicker and more cost-effective deployment approach designed specifically for mid-tier financial institutions. 

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“Washington Trust Bank is now using Empower to support our organization’s growth strategy,” said Shane Patnoi, vice president of consumer lending for Washington Trust Bank. “Replacing our legacy technology with Black Knight’s system will provide advanced functionality, system scalability and flexible configuration to increase the effectiveness of our expanding lending efforts.”

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The Empower Now! implementation model gives lenders a base set of capabilities from Empower, which have been pre-configured based on the industry’s most common lending practices. Lenders can then add functionality and additional components, enabling them to remain on the same LOS as their business grows, and to adjust system parameters to meet their specific compliance needs.

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Empower is a comprehensive LOS used by many of the nation’s top lenders to electronically capture, process, underwrite and close loans in support of their retail, wholesale, consumer direct, correspondent and home equity channels. Empower also provides Web APIs for easy access to data and documents, which are needed to provide consumers with a digital user experience. By selecting the Empower Now! model, lenders such as Washington Trust Bank receive the same Empower functionality and integrations, but the system can be implemented in a reduced timeline and at a lower cost.

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              “We are pleased to support Washington Trust Bank with advanced origination capabilities that will scale as the bank’s loan volume increases,” said Rich Gagliano, president, Black Knight Origination Technologies. “With an accelerated implementation timeline and a cost structure that aligns with mid-market lenders’ needs, Washington Trust Bank will be able to quickly and cost-effectively take advantage of Empower’s ability to help the bank’s customers buy new homes and refinance existing mortgages.”

Ellie Mae Program Gets Early Adopters

Ellie Mae announced the early-adopters of the Ellie Mae Integrated Partner Program. The Integrated Partner Program was first announced in October of 2018 and already includes a number of Independent Software Vendors and Developers, further growing the capabilities offered on the Ellie Mae Encompass Digital Lending Platform.

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The program provides Ellie Mae lenders with innovative, sanctioned and easily implemented integrations for the mortgage lending process. Some of the early adopter solutions include quality assurance (QA) and quality control (QC), business analytics, robotic process automation (RPA), document management, customer relationship management (CRM) and optical character recognition (OCR).

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This program means more efficient workflows and business processes can be easily implemented to help lenders engage and acquire more prospective homebuyers, originate and close loans more efficiently, lower the cost of origination and fund and sell loans faster to ensure a steady flow of capital. 

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Through the Integrated Partner Program, partners leverage Ellie Mae’s APIs to develop secure widgets, apps and next-generation integrations including business rule analyzer, lock reconciliation, data extract and pipeline highlighter.

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The Integrated Partner Program early adopters include:

AI Foundry– AI and ML-based cognitive business automation and Agile Mortgages solution 

Capsilon, Capsilon IQ – Intelligent Process Automation, leveraging Data and Document extraction technology

Digital Risk, LuminateT – Automatic Document Recognition, OCR and RPA solutions

focusIT, Pulse CRM for Mortgage Professionals: A lead and marketing management system 

Silverline, a Salesforce Platinum Partner – Salesforce/Encompass Digital Lending Platform integration

Tabrasa  – marketing automation, CRM, real-time market insights, print and custom branded merchandise solutions  for mortgage clients

TRK Connection, cloud-based Insight Risk and Defect Management – Quality Control audit platform

Whiteboard Technologies, LLC, Powered by The Mortgage Playbook, is the scalable CRM for LO’s, Teams and Enterprise

“We are excited to offer more trusted integrations via our Encompass Digital Lending Platform through Ellie Mae’s Integrated Partner Program and Marketplace,” said Parvesh Sahi, senior vice president of business development, Ellie Mae. “For our partners, this new program provides the opportunity to build and deploy fully tested, scalable API integrations to more efficiently reach our network of lenders. For our lenders, integrations with these leading edge business software and systems providers enable a more efficient workflow, furthers mortgage innovation and delivers on the promise of a true digital mortgage.”

For more information about Ellie Mae’s ISV Partner Program or to become a member, visit

About The Author

ARMs Hit Eight-Year High

According to the December Origination Insight Report from Ellie Mae, the percentage of Adjustable Rate Mortgages (ARMs) reached 9.2 percent, the highest percentage in 2018 and since Ellie Mae began tracking data in 2011. This is up from 8.9 percent the month prior and the 2018 low of 5.5 percent. 

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The increase in ARMs continues to be correlated to the 30-year rate, which rose to 5.17 for loans closed in December, up from 5.15 the month prior. For FHAs, the 30-year rate increased to 5.20, Conventional rates increased to 5.19 and VA rates rose to 5.01.

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“With the strong demand for housing and the rapid increase in property value appreciation, more consumers are turning to Adjustable Rate Mortgages in order to gain additional flexibility when competing for a home,” said Jonathan Corr, president and CEO of Ellie Mae. “This is another key indication of how demand has outpaced supply in the housing market as consumers pursue their dream of homeownership.”

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Other statistics of note in December included:

>>The time to close all loans increased to 47 days in December, up from 46 days in November. Time to close a purchase loan decreased to 47 days, while time to close a refinance increased to 44 days. 

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>>The percentage of purchase loans rose to 71 percent of total loans in December, up from 70 percent the month prior.

>>Overall FICO scores dropped one point to 726. LTV held at 79 for the fifth month and DTI held at 26/39.

The Origination Insight Report mines data from a robust sampling of approximately 80 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.

In addition to the Origination Insight Report, Ellie Mae also distributes data from its monthly Ellie Mae Millennial Tracker on 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.

Adjustable Rate Mortgages Reach A High

 According to the November Origination Insight Report from Ellie Mae the percentage of Adjustable Rate Mortgages (ARMs) reached 8.9 percent, the highest percentage since Ellie Mae began tracking data in 2011.

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The increase in ARMs is directly correlated to the 30-year rate, which rose to 5.15 in November, up from 5.01 the month prior. For FHAs, the 30-year rate increased from 5.05 in October to 5.19 in November. Conventional rates increased from 5.03 in October to 5.17 in November, and VA rates rose from 4.83 to 4.99.

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“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. “As expected, we are also continuing to see the percentage of refinances remain low—30 percent in November—due to higher interest rates.”

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Other statistics of note in November included:

The time to close all loans increased to 46 days in November, up from 45 days in October. Time to close a purchase loan increased to 48 days, up from 46 days in October, while time to close a refinance remained at 43 days for the second consecutive month.

The percentage of purchase loans rose to 70 percent of total loans in November, up from 68 percent the month prior.

Overall FICO scores remained steady at 727 in November for the third month. LTV held at 79 for the fourth month, and DTI held at 26/39 for the second month.

The Origination Insight Report mines data from a robust sampling of approximately 80 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.

In addition to the Origination Insight Report, Ellie Mae also distributes data from its monthly Ellie Mae  Millennial Tracker on 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.