Ellie Mae launches mortgage app tracking Millennials
Provides insight into next generation of homebuyers
Ellie Mae announced today the launch of its new Ellie Mae Millennial Tracker, which will track Millennial loan trends in the U.S. via an interactive online tool.
This tool will refresh with new data during the first week of every month in order to provide up-to-date demographic data about the incoming generation of homebuyers.
“Our new Ellie Mae Millennial Tracker gives mortgage lenders perspective into the next generation of homebuyers in order to better serve them, and ultimately help make their homeownership dreams a reality,” said Joe Tyrrell, Ellie Mae executive vice president of corporate strategy.
Searches can be filtered by geography, age, gender, marital status, FICO score and amortization type. The tracker uses data from 66% of all closed mortgages since 2014 that were initiated on Ellie Mae’s Encompass-all-in-one mortgage management solution.
So far, March data from the Millennial Tracker, Americans aged 18 to 35, showed women listed as the primary borrower on 31% of all closed loans.
The average FICO score for women was 724 and the average age was 30. On the other hand, men were listed as the primary borrower on 66% of closed loans and had a slightly higher FICO score at 727 with an average age of 29.
The tracker also showed that 37% of mortgages made to Millennial homebuyers since 2014 were FHA loans, and took an average of 44 days to close. Comparatively, conventional loans were about 60% of the loans made and took an average of 43 days to close.
“The mortgage industry is poised to experience a monumental shift as more millennial homebuyers begin to enter the market,” Tyrrell said. “There are roughly 87 million would-be homebuyers in the millennial generation and 91% of them say they intend to own a home one day. Lenders must prepare today to meet their needs.”