August Ellie Mae Millennial Tracker Sees Conventional Loans Reach Three Year High
In August, 69 percent of all loans taken out by Millennials were
conventional loans, the highest percentage since
Eighty-nine percent of closed conventional loans to Millennial borrowers
were for purchases, compared to
Year-over-year percentages of conventional purchase loans
|Percentage of Conventional Purchase Loans (2018)||Percentage of Conventional Purchase Loans (2017)|
“Our Millennial Tracker data shows that overall 69 percent of loans
taken out by Millennials were conventional loans, the highest percentage
since 2015 and up five percent from the same period one year ago,” said
Additional findings from the
- Millennial males (both single and married) were listed as the primary borrower on 61 percent of closed loans in August. Women were listed on 32 percent and the remainder did not specify a gender.
- Nine percent of all home loans to Millennial borrowers were for refinances, while 10 percent of conventional loans were for refinances, both up one percentage point from the month prior.
Days-to-close all loans dropped to 41, one day shorter than in July,
and three days faster than in
The average Millennial FICO score was 722, down from 723 in July and
The average age of all Millennial borrowers held steady at 29.8, and
essentially flat from
August 2017, at 29.4.
Ellie Mae®(NYSE: ELLI) is the leading cloud-based platform provider for the mortgage finance industry. The Ellie Mae Millennial Tracker is an interactive online tool that provides access to up-to-date demographic data about this new generation of homebuyers. It mines data from a robust sampling of approximately 80 percent of all closed mortgages dating back to 2014 that were initiated on Ellie Mae’s Encompass® all-in-one mortgage management solution. Given the size of this sample and Ellie Mae’s market share, it is a strong proxy of Millennial mortgage indicators across the country. Searches can be tailored by borrower geography, age, gender, marital status, FICO score and amortization type.
For more information, visit http://elliemae.com/millennial-tracker.
ABOUT THE ELLIE MAE MILLENNIAL TRACKER
The Ellie Mae Millennial Tracker focuses on Millennial mortgage
applications during specific time periods. Ellie Mae defines Millennials
as applicants born between the years 1980 and 1999. New data is updated
on the first Monday of every month for two months prior. The Millennial
Tracker is a subset of our Origination Insight Report, which details
aggregated, anonymized data pulled from Ellie Mae’s Encompass
origination platform. Additional information regarding the Origination
Insight Report can be found at http://elliemae.com/resources/origination-insight-reports.
News organizations have the right to reuse this data, provided that
ABOUT ELLIE MAE