PLEASANTON, Calif .– (BUSINESS WIRE) – Nov. August 2021–
ICE Mortgage Technology 
, part of Intercontinental Exchange, Inc. (NYSE: ICE), a leading global provider of data, technology and market infrastructure, today released its monthly Origination Insight Report (OIR). This month's OIR notes that of the total number of mortgage loans taken out in June 2021, home purchases accounted for a higher percentage than refinancing. This is the first time since December 2019 that ecliptic refinancing has been bought in the OIR.
According to the report, purchases in June rose 51 percent of mortgage loan agreements, up from 47 percent in the previous month. Conversely, refinancing accounted for 48 percent of the loans taken out, compared to 52 percent in the previous month. The remaining percent of the completed loans were used for other purposes.
"While we are still seeing a strong refinancing market, including continued growth in cash-out refinancing, the traditional summer buy market is clearly visible in the data," said Joe Tyrrell, president of ICE Mortgage Technology. "These numbers are evidence of the strong and resilient demand for residential property and the demand for the digital solutions from ICE Mortgage Technology."
The OIR also notes that in June the average time to close all loans fell to 49 days, down from 53 days in May. The average time to complete a refinance decreased to 48 days from 55 days in the previous month. However, the average time to complete a purchase was 51 days, up from 50 in the previous month.
Closing prices for all loans fell slightly to 75.3 percent in June, from 76.9 percent in May. The closing rates for refinancing fell to 74.6 percent in June, compared to 77.0 percent in May. The closing prices for purchase credits fell to 76.3 percent in June, a slight decrease from 77.0 percent in May.
The ICE Mortgage Technology Origination Insight Report uses data from a robust sample of approximately 80 percent of all mortgage applications initiated on the Encompass® Lending Platform. ICE Mortgage Technology considers its Origination Insight Report to be a representative guide to the underwriting standards used by lenders across the country.
MONTHLY ORIGIN OVERVIEW FOR JUNE 2021
| | | June 2021 * | | May 2021 * | | 6 months ago
(December 2020 *) | | 1 year ago
(June 2020 *) |
| Closed Loans |
| purpose |
| Refinancing | | 48% | | 52% | | 60% | | 58% |
| Buy | | 51% | | 47% | | 39% | | 42% |
| Type |
| FHA | | 11% | | 11% | | 10% | | 10% |
| Conventional | | 78% | | 79% | | 81% | | 80% |
| will | | 7% | | 7% | | 6% | | 7% |
| Days until closing |
| All | | 49 | | 53 | | 58 | | 47 |
| Refinancing | | 48 | | 55 | | 59 | | 48 |
| Buy | | 51 | | 50 | | 56 | | 46 |
| Percentage of ARM and Fixed Loan Volume |
| POOR % | | 4.0% | | 3.6% | | 2.4% | | 3.5% |
| 30-year rate |
| average | | 3.22% | | 3.27% | | 2.93% | | 3.40% |
| * All references to months should be read as the end of the month. |
|
COMPLETED LOAN PROFILES FOR JUNE 2021
| | | Closed First Lien Loans
(All kinds) |
| FICO Score (FICO) | | 743 |
| Mortgage lending value (LTV) | | 74 |
| Debt-to-Income (DTI) | | 24/36 |
For more information and analysis on closed and declined loans by loan purpose and investor, see the full report at https://www.icemortgagetechnology.com/mortgage-data/origination-insight-reports.
To get a meaningful look at lender enforcement, ICE Mortgage Technology reviewed a sample of loan applications submitted 90 days prior, including loan applications submitted in March 2021, to determine an overall closing rate of 75.3 percent in June 2021 (see full picture). Report).
In addition to the Origination Insight Report, ICE Mortgage Technology also distributes data from its monthly Millennial Tracker. The Millennial Tracker focuses on mortgage applications from borrowers born between 1980 and 1999.
About ICE Mortgage Technology's Origination Insight Report
The Origination Insight Report focuses on loans completed in a given month and compares their characteristics to similar loans. The closing rate is calculated on a 90-day cycle rather than a monthly basis, as most loan applications typically take a month and a half to two months from application to completion. Loans that are not completed may still be active applications, or applications that have been withdrawn by consumers or denied due to incompleteness or non-qualification.
The Origination Insight Report provides details on aggregated, de-identified data retrieved from the Encompass origination platform.
News organizations have the right to reuse this data provided ICE Mortgage Technology is acknowledged as the source.
ICE Mortgage Technology combines technology, data and expertise to automate the entire mortgage process from consumer retention to loan registration, to every step and task in between. ICE Mortgage Technology is the leading provider of cloud-based lending platforms for the mortgage industry with solutions that enable lenders to extend more loans, reduce lending costs and reduce completion time, while delivering the highest levels of compliance, quality and efficiency. Visit icemortgagetechnology.com or call (877) 355-4362 to find out more.
About the intercontinental exchange
Intercontinental Exchange, Inc. (NYSE: ICE) is a Fortune 500 company that develops, builds and operates digital networks to connect people with opportunity. We offer financial technology and data services for all major asset classes, giving our clients access to business-critical workflow tools that increase transparency and operational efficiency. We operate exchanges, including the New York Stock Exchange, and clearing houses that help people invest, raise capital, and manage risk across multiple asset classes. Our comprehensive data services and execution functions for fixed income securities provide information, analysis and platforms that help our clients seize opportunities and work more efficiently. At ICE Mortgage Technology, we're transforming and digitizing the US residential mortgage process, from consumer retention to loan registration. Together we transform, streamline and automate industries to open up opportunities for our customers.
The brands of ICE and / or its affiliates include Intercontinental Exchange, ICE, ICE Block Design, NYSE, and New York Stock Exchange. Information on other trademarks and intellectual property rights of Intercontinental Exchange, Inc. and / or its affiliates can be found here. Basic information sheets for certain products that fall under the EU regulation on packaged retail investors and insurance investment products can be found on the respective stock exchange website under the heading "Basic information sheets (KIDS)".
Safe Harbor under the Private Securities Litigation Reform Act of 1995 – Statements in this press release regarding the business of ICE that are not historical facts are "forward-looking statements" that involve risks and uncertainties. For a discussion of additional risks and uncertainties that could cause actual results to differ from those contained in the forward-looking statements, see the ICE filings with the Securities and Exchange Commission (SEC), including, but not limited to, the risk factors in the ICE Annual Issue Report on Form 10-K for the year ended December 31, 2020 as filed with the SEC on February 4, 2021.
© 2021 ICE Mortgage Technology, Inc. All rights reserved. Encompass® and the ICE Mortgage Technology logo are trademarks of ICE Mortgage Technology, Inc. companies.
Source: Intercontinental Exchange
ICE CORP
View source version on businesswire.com: https: //www.businesswire.com/news/home/20210809005119/en/
CONTACT: Press contacts
Sara Holtz
ICE mortgage technology
(925) 227-2193
sara.holtz@ice.com
Jenny Gendron
ICE mortgage technology
(925) 227-3490
jenny.gendron@ice.com
ICE INVESTOR RELATIONS CONTACT
Mary Caroline O'Neal
marycarolin.oneal@ice.com
(770) 738 2151
investoren@ice.com
KEYWORD: UNITED STATES NORTH AMERICA CALIFORNIA
INDUSTRY KEYWORD: SOFTWARE CONSTRUCTION & REAL ESTATE FINANCING BANK DATA MANAGEMENT PROFESSIONAL SERVICES TECHNOLOGY RESIDENTIAL CONSTRUCTION & REAL ESTATE
SOURCE: ICE Mortgage Technology
Copyright Business Wire 2021.
PUB: 08.09.2021 09:00 / DISC: 08.09.2021 09:02
http://www.businesswire.com/news/home/20210809005119/en
source https://seapointrealtors.com/2021/08/09/ice-mortgage-technologys-latest-origination-insight-report-shows-purchases-eclipse-refinances-for-first-time-in-18-months-business/
WordPress.com
No comments:
Post a Comment