Millennial Credit Scores Are “All Over the Map,” May Ellie Mae Millennial Tracker™ Finds
“You would expect to see higher average FICO scores in the largest
coastal metropolitan cities where loan amounts are higher, which we do
see in areas such as
Overall, the average FICO score for all closed loans to Millennials in
May held steady for the third month in a row at 721, the lowest average
for Millennial borrowers since
Highlighted Averages on All Closed Loans by Millennials in Top DMAs: May 2018
|Top DMA City||Average FICO Score (May 2018)||Percentage of Closed Loans to Millennials (May 2018)|
|Mount Pleasant, Texas||689||79 percent|
|Mitchell, S.D.||735||76 percent|
|Madisonville, Ky.||662||71 percent|
|Indiana, Pa.||733||70 percent|
|Gloversville, N.Y.||701||67 percent|
Additional key findings from the
- Purchases made up 90 percent of all closed loans to Millennials, up from 89 percent in April; refinances represented nine percent, down from 10 percent the month prior, with one percent remaining unspecified month-over-month.
- Conventional loans remained the most popular loan product for Millennial borrowers at 68 percent of total closed loans in May. FHA loans accounted for 28 percent of closed loans. During this period, VA loans represented just two percent of all closed loans. The remaining three percent were undisclosed.
Millennial males were listed as the primary borrower on 62 percent of
closed loans, while females were listed on 32 percent and seven
percent were unspecified. For comparison, in
May 2017, males were listed as the primary borrower on 65 percent of loans, females at 32 percent and three percent were unspecified.
- The average age of Millennial borrowers held steady from the month prior at 29.9.
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