Ellie Mae Millennial Tracker™ Finds More Millennials Qualifying for Conventional Mortgages
|Closed Loans in January 2018|
|Women||66 percent||32 percent||1 percent||1 percent|
|Men||68 percent||27 percent||2 percent||3 percent|
“Historically we have seen Millennials look to FHA programs to help
address their homebuying needs, but in the past two months, FHA loans
have represented less than 30 percent of the total loans for
The top Metropolitan Statistical Areas (MSAs) for Millennial women
homebuyers in January included
Additional key findings from the
Purchases accounted for 81 percent of all closed loans to Millennials,
down from 84 percent the month prior. Refinances crept up to 18
percent of all closed loans, having previously held steady at 15
- The average FICO score of Millennial borrowers who closed loans in January increased slightly to 723, up from 722 in December. The average FICO score for women was 725, while the average FICO score for men was 724.
- It took Millennial borrowers 45 days, on average, to close their loans, an uptick from 43 days in December. The average time for women to close a loan was 44 days, compared to 45 days for men.
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
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