Tag Archives: Ellie Mae

Ellie Mae, a cloud-based platform provider for the mortgage finance industry, announced it has signed a definitive agreement to acquire Velocify, a sales acceleration platform.

Ellie Mae, a cloud-based platform provider for the mortgage finance industry, has announced Dinesh Shahane as their SVP of Engineering.

Home loans for purchases are continuing their forward momentum in May, representing 68 percent of total loans, according to Ellie Mae’s Origination Insight Report, which focuses on loans that closed in a specific month and compares characteristics to similar loans that closed three and six months earlier. This is a 3 percent increase from April. Conventional purchase loans increased to 61 percent while FHA purchase loans increased to 82 percent and VA purchase loans increased to 73 percent.

It is no surprise that the home market has favored the seller this buying season, but what is interesting is how millennials have treaded the challenging and sometimes expensive market. Ellie Mae’s April Millennial Tracker showed steady increases in home loans among the demographic. Certain metropolitan areas saw a larger boom than others.

Though many of today’s homebuyers are looking for a more automated, high-tech mortgage process, that doesn’t mean they want to be left to their own devices. Most buyers—even the tech-savvy millennials—still want a good amount of handholding throughout the process. Striking a balance between those high-tech and high-touch demands can make lenders stand out in today’s marketplace.

Purchase loans are up and refis are down according to a recent report. Refis are down significantly over the past six months, while purchase loans are on the rise. Time to close is also narrowing for the month on both purchase and refi loans, averaging just 41 to 42 days per loan.

Credit Plus, a provider of intelligent insight for mortgage professionals, announced today its credit reports are available through Ellie Mae’s point-of-sale solution, Encompass Consumer Connect, an extension of their Encompass all-in-one mortgage management solution. The integration allows Encompass Consumer Connect users to verify and share their credit reports with lenders.

ClosingCorp recently announced its induction into the Ellie Mae Hall of Fame. The provider of real estate cost data and technology for the mortgage and real estate services industry was selected as the winner of the Lenders’ Choice for Best Service Provider Category.

The good news is that purchase loans are closing in record time. The bad news is that FICO scores are going down as interest rates go up.

A recent borrower insight survey reveals that referrals remain the predominant method consumers use to select a mortgage lender and the different preferences in lenders among millennials, Gen Xers, and Baby Boomers.