On Wednesday, Ellie Mae, a cloud-based platform provider for the mortgage finance industry, will release the latest installment of its Ellie Mae Millennial Tracker. The Millennial Tracker "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." For Ellie Mae's purposes, millennials are defined as "applicants born between the years 1980 and 1999."
The previous installment of the Ellie Mae Millennial Tracker revealed that 67 percent of closed loans secured by millennials were conventional loans, the highest percentage in two years for conventional mortgages among that group. While Tracker data showed that women were more likely to utilize FHA loans, conventional loans were still the most popular. Joe Tyrell, EVP of Corporate Strategy for Ellie Mae, said FHA loans have accounted for less than 30 percent of total millennial loans in the in the past two months.
“We view this as an indication that more millennials are qualifying for conventional mortgages,” said Tyrell.
Here's what else is happening in The Week Ahead.
- Construction Spending Report, Monday, 10 a.m. EST
- CoreLogic Home Price Insights Report, Tuesday
- MBA Mortgage Applications Report, Wednesday, 7 a.m. EST
- Fed Balance Sheet, Thursday, 4.30 p.m. EST
- Census Bureau Jobs Report, Friday, 8.30 a.m. EST
- Consumer Credit Report, Friday, 3 p.m. EST