Male Home Loan Applicants Approved for More Than Women, According to October Ellie Mae Millennial Tracker™
December 06 2017 - 9:00AM
Business Wire
Millennial men who were listed as the primary borrower for a
home loan were approved for an average of $197,820 in October. This
was $11,253 more than Millennial women, who were approved for an
average loan amount of $186,567, according to the latest Ellie Mae
Millennial Tracker™.
However, while women were approved for lower loan amounts, they
closed their loans faster. It took women an average of 42 days to
close a loan, regardless of whether it was for a purchase or
refinance. It took men an average of 43 days to close a purchase
loan and 45 days to refinance.
Women also were approved with lower FICO scores than men. The
average FICO score for a woman purchasing a home was 721, compared
to 726 for men. Women who refinanced had an average FICO score of
730, compared to men whose average FICO score was 735.
“While men make up the larger percentage of overall Millennial
borrowers, most of them are married,” said Joe Tyrrell, executive
vice president of corporate strategy at Ellie Mae. “An interesting
trend we’ve been tracking all year is that single women are buying
homes much more than single men. Sixty percent of women who were
listed as the primary borrower in October were single, compared to
42 percent of men.”
Both Millennial male and female primary borrowers were more
likely to purchase a home in the Midwest, where housing costs
continued to remain attractive. Marshall, Minn.; Victoria, Texas;
and Lawton, Okla. were the top three Metropolitan Statistical Areas
(MSAs) for Millennial homebuyers in October.
Ellie Mae® (NYSE:ELLI) is a leading provider of innovative
on-demand software solutions and services for the residential
mortgage 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
Ellie Mae, Inc. is credited as the source.
ABOUT ELLIE MAE
Ellie Mae (NYSE:ELLI) is the leading cloud-based platform
provider for the mortgage finance industry. Ellie Mae’s technology
solutions enable lenders to originate more loans, reduce
origination costs, and reduce the time to close, all while ensuring
the highest levels of compliance, quality and efficiency. Visit
EllieMae.com or call (877) 355-4362 to learn more.
© 2017 Ellie Mae, Inc. Ellie Mae®, Encompass®, AllRegs®, the
Ellie Mae logo and other trademarks or service marks of Ellie Mae,
Inc. appearing herein are the property of Ellie Mae, Inc. or its
subsidiaries. All rights reserved. Other company and product names
may be trademarks or copyrights of their respective owners.
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version on businesswire.com: http://www.businesswire.com/news/home/20171206005342/en/
Ellie Mae, Inc.Erica Harvill,
925-227-5913Erica.harvill@elliemae.comorAllison+PartnersAlexandra
Gardell Kreuter, 646-428-0618EllieMae@allisonpr.com
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