{"id":498995,"date":"2021-05-26T09:05:10","date_gmt":"2021-05-26T13:05:10","guid":{"rendered":"https:\/\/www.marketnewsdesk.com\/index.php\/april-2021-origination-insight-report-from-ice-mortgage-technology-shows-fourth-consecutive-month-faster-time-to-close\/"},"modified":"2021-05-26T09:05:10","modified_gmt":"2021-05-26T13:05:10","slug":"april-2021-origination-insight-report-from-ice-mortgage-technology-shows-fourth-consecutive-month-faster-time-to-close","status":"publish","type":"post","link":"https:\/\/www.marketnewsdesk.com\/index.php\/april-2021-origination-insight-report-from-ice-mortgage-technology-shows-fourth-consecutive-month-faster-time-to-close\/","title":{"rendered":"April 2021 Origination Insight Report from ICE Mortgage Technology Shows Fourth Consecutive Month Faster Time to Close"},"content":{"rendered":"

<\/p>\n

April 2021 Origination Insight Report from ICE Mortgage Technology Shows Fourth Consecutive Month Faster Time to Close<\/b><\/p>\n

Digital Mortgage Technology Plays Important Role in Accelerating Time to Close<\/i><\/p>\n

PLEASANTON, Calif.–(BUSINESS WIRE<\/a>)–ICE Mortgage TechnologyTM<\/sup><\/a>, part of Intercontinental Exchange, Inc. (NYSE: ICE), a leading global provider of data, technology and market infrastructure, today issued its Origination Insight Report<\/a> (OIR) for April 2021. In this month\u2019s report, data show that the average time to close on all loans has decreased for a fourth consecutive month to 51 days.\n<\/p>\n

\n\u201cThe decrease in average time to close is not surprising, given the increase we have observed in the adoption of digital transformation tools, such as AIQ, our artificial intelligence offering that automates workflows for shifting to a more data-driven process, and consumer engagement suite for automating communication to all parties in the transaction,\u201d said Joe Tyrrell, President of ICE Mortgage Technology. \u201cThis trend also aligns with findings from our 2020 Borrower and Lender Insights Survey<\/a>, in which both borrowers and lenders noted that digital mortgage technologies are making it faster and easier to close a mortgage loan, thus improving the overall experience for participants.\u201d\n<\/p>\n

\nThis month\u2019s OIR also showed that April was the second consecutive month of slowdown in share of refinances among total originations. The percentage of refinances dropped to 56% of all closed loans in April, down from 63% in March. However, the percentage of purchases increased to 43% of total closed loans for the month of April, up from 36% in March, reflecting the highest percentage since August 2020.\n<\/p>\n

\nData in the Origination Insight Report<\/i> is derived from a robust sampling of approximately 80% of all mortgage applications that were initiated on the Encompass<\/a>\u00ae<\/sup> Lending Platform. The Origination Insight Report<\/i> serves as a proxy of the underwriting standards employed by lenders across the country.\n<\/p>\n

MONTHLY ORIGINATION OVERVIEW FOR APRIL 2021<\/b><\/p>\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n
\n

\n\u00a0\n<\/p>\n<\/td>\n

\n

April 2021*<\/b><\/p>\n<\/td>\n

\n

March<\/b><\/p>\n

2021*<\/b><\/p>\n<\/td>\n

\n

6 Months Ago<\/b><\/p>\n

(October 2020*)<\/b><\/p>\n<\/td>\n

\n

1 Year Ago<\/b><\/p>\n

(April 2020*)<\/b><\/p>\n<\/td>\n<\/tr>\n

\n

Closed Loans<\/b><\/p>\n<\/td>\n<\/tr>\n

\n

Purpose<\/b><\/p>\n<\/td>\n<\/tr>\n

\n

Refinance<\/b><\/p>\n<\/td>\n

\n

\n56%\n<\/p>\n<\/td>\n

\n

\n63%\n<\/p>\n<\/td>\n

\n

\n60%\n<\/p>\n<\/td>\n

\n

\n65%\n<\/p>\n<\/td>\n<\/tr>\n

\n

Purchase<\/b><\/p>\n<\/td>\n

\n

\n43%\n<\/p>\n<\/td>\n

\n

\n36%\n<\/p>\n<\/td>\n

\n

\n40%\n<\/p>\n<\/td>\n

\n

\n35%\n<\/p>\n<\/td>\n<\/tr>\n

\n

Type<\/b><\/p>\n<\/td>\n<\/tr>\n

\n

FHA<\/b><\/p>\n<\/td>\n

\n

\n10%\n<\/p>\n<\/td>\n

\n

\n9%\n<\/p>\n<\/td>\n

\n

\n10%\n<\/p>\n<\/td>\n

\n

\n10%\n<\/p>\n<\/td>\n<\/tr>\n

\n

Conventional<\/b><\/p>\n<\/td>\n

\n

\n81%\n<\/p>\n<\/td>\n

\n

\n83%\n<\/p>\n<\/td>\n

\n

\n82%\n<\/p>\n<\/td>\n

\n

\n81%\n<\/p>\n<\/td>\n<\/tr>\n

\n

VA<\/b><\/p>\n<\/td>\n

\n

\n6%\n<\/p>\n<\/td>\n

\n

\n3%\n<\/p>\n<\/td>\n

\n

\n5%\n<\/p>\n<\/td>\n

\n

\n6%\n<\/p>\n<\/td>\n<\/tr>\n

\n

Days to Close<\/b><\/p>\n<\/td>\n<\/tr>\n

\n

All<\/b><\/p>\n<\/td>\n

\n

\n51\n<\/p>\n<\/td>\n

\n

\n52\n<\/p>\n<\/td>\n

\n

\n54\n<\/p>\n<\/td>\n

\n

\n42\n<\/p>\n<\/td>\n<\/tr>\n

\n

Refinance<\/b><\/p>\n<\/td>\n

\n

\n53\n<\/p>\n<\/td>\n

\n

\n52\n<\/p>\n<\/td>\n

\n

\n57\n<\/p>\n<\/td>\n

\n

\n39\n<\/p>\n<\/td>\n<\/tr>\n

\n

Purchase<\/b><\/p>\n<\/td>\n

\n

\n49\n<\/p>\n<\/td>\n

\n

\n51\n<\/p>\n<\/td>\n

\n

\n48\n<\/p>\n<\/td>\n

\n

\n46\n<\/p>\n<\/td>\n<\/tr>\n

\n

Percentage of ARM and Fixed Loan Volume<\/b><\/p>\n<\/td>\n<\/tr>\n

\n

ARM %<\/b><\/p>\n<\/td>\n

\n

\n3.1%\n<\/p>\n<\/td>\n

\n

\n2.4%\n<\/p>\n<\/td>\n

\n

\n2.4%\n<\/p>\n<\/td>\n

\n

\n3.8%\n<\/p>\n<\/td>\n<\/tr>\n

\n

30-Year Rate<\/b><\/p>\n<\/td>\n<\/tr>\n

\n

Average<\/b><\/p>\n<\/td>\n

\n

\n3.22%\n<\/p>\n<\/td>\n

\n

\n2.99%\n<\/p>\n<\/td>\n

\n

\n2.99%\n<\/p>\n<\/td>\n

\n

\n3.48%\n<\/p>\n<\/td>\n<\/tr>\n<\/table>\n

*All references to months should be read as month ended.<\/i><\/p>\n

PROFILES OF CLOSED LOANS FOR APRIL 2021<\/b><\/p>\n\n\n\n\n\n
\n

\n\u00a0\n<\/p>\n<\/td>\n

\n

Closed First-Lien Loans (All Types)<\/b><\/p>\n<\/td>\n<\/tr>\n

\n

FICO Score (FICO)<\/b><\/p>\n<\/td>\n

\n

\n747\n<\/p>\n<\/td>\n<\/tr>\n

\n

Loan-to-Value (LTV)<\/b><\/p>\n<\/td>\n

\n

\n72\n<\/p>\n<\/td>\n<\/tr>\n

\n

Debt-to-Income (DTI)<\/b><\/p>\n<\/td>\n

\n

\n23\/35\n<\/p>\n<\/td>\n<\/tr>\n<\/table>\n

More information and analysis of closed and denied loans by loan purpose and investor are available in the full report at https:\/\/www.icemortgagetechnology.com\/mortgage-data\/origination-insight-reports<\/a><\/i><\/p>\n

\nTo provide a meaningful view of lender pull-through, ICE Mortgage Technology reviewed a sampling of loan applications initiated 90 days prior\u2014or the January 2021 applications\u2014to calculate an overall closing rate of 78.0% in April 2021 (see full report).\n<\/p>\n

\nIn addition to the Origination Insight Report<\/i>, ICE Mortgage Technology also distributes data from its monthly Millennial Tracker<\/a> on the first Wednesday of each month. The Millennial Tracker focuses on mortgage applications submitted by borrowers born between the years 1980 and 1999.\n<\/p>\n

About the Origination Insight Report <\/i>by ICE Mortgage Technology<\/b><\/p>\n

\nThe Origination Insight Report<\/i> focuses on loans that closed in a specific month and compares their characteristics to similar loans. The closing rate is calculated on a 90-day cycle rather than on a monthly basis because most loan applications typically take one-and-a-half to two months from application to closing. Loans that do not close could still be active applications or applications withdrawn by consumers or denied for incompleteness or non-qualification.\n<\/p>\n

\nThe Origination Insight Report<\/i> details aggregated, de-identified data pulled from the Encompass origination platform.\n<\/p>\n

News organizations have the right to reuse this data, provided that ICE Mortgage Technology is credited as the source.<\/i><\/p>\n

\nICE Mortgage Technology combines technology, data and expertise to help automate the mortgage process, from consumer engagement through loan registration, and every step and task in between. ICE Mortgage Technology is the leading cloud-based loan origination platform provider for the mortgage industry, with solutions that enable lenders to originate more loans, lower origination costs, and reduce the time to close, all while ensuring high levels of compliance, quality and efficiency. Visit icemortgagetechnology.com<\/a> or call (877) 355-4362 to learn more.\n<\/p>\n

About Intercontinental Exchange<\/b><\/p>\n

Intercontinental Exchange, Inc.<\/a> (NYSE: ICE) is a Fortune 500 company that designs, builds and operates digital networks to connect people to opportunity. We provide financial technology and data services across major asset classes that offer our customers access to mission-critical workflow tools that increase transparency and operational efficiencies. We operate exchanges<\/a>, including the New York Stock Exchange<\/a>, and clearing houses<\/a> that help people invest, raise capital and manage risk across multiple asset classes. Our comprehensive fixed income data services<\/a> and execution capabilities provide information, analytics and platforms that help our customers capitalize on opportunities and operate more efficiently. At ICE Mortgage Technology<\/a>, we are transforming and digitizing the U.S. residential mortgage process, from consumer engagement through loan registration. Together, we transform, streamline and automate industries to connect our customers to opportunity.\n<\/p>\n

\nTrademarks of ICE and\/or its affiliates include Intercontinental Exchange, ICE, ICE block design, NYSE and New York Stock Exchange. Information regarding additional trademarks and intellectual property rights of Intercontinental Exchange, Inc. and\/or its affiliates is located here<\/a>. Key Information Documents for certain products covered by the EU Packaged Retail and Insurance-based Investment Products Regulation can be accessed on the relevant exchange website under the heading \u201cKey Information Documents (KIDS).\u201d\n<\/p>\n

\nSafe Harbor Statement under the Private Securities Litigation Reform Act of 1995 — Statements in this press release regarding ICE’s business that are not historical facts are “forward-looking statements” that involve risks and uncertainties. For a discussion of additional risks and uncertainties, which could cause actual results to differ from those contained in the forward-looking statements, see ICE’s Securities and Exchange Commission (SEC) filings, including, but not limited to, the risk factors in ICE’s Annual Report on Form 10-K for the year ended December 31, 2020, as filed with the SEC on February 4, 2021.\n<\/p>\n

\u00a9 2021 ICE Mortgage Technology, Inc. All rights reserved. Encompass\u00ae and the ICE Mortgage Technology logo are trademarks of the entities of ICE Mortgage Technology, Inc.<\/i><\/p>\n

Source: Intercontinental Exchange<\/i><\/p>\n

\"\"<\/p>\n

View source version on businesswire.com: <\/span>https:\/\/www.businesswire.com\/news\/home\/20210526005280\/en\/<\/a><\/span><\/p>\n

\nSara Holtz
\n
ICE Mortgage Technology
\n
(925) 227-2193
\n
sara.holtz@ice.com<\/a><\/p>\n

\nJenny Gendron
\n
ICE Mortgage Technology
\n
(925) 227-3490
\n
jenny.gendron@ice.com<\/a><\/p>\n

\nAlexandra Gardell Kreuter
\n
Allison+Partners
\n
(646) 428-0618
\n
ICEMortgageTechnology@allisonpr.com<\/a><\/p>\n

KEYWORDS:<\/b> California United States North America<\/p>\n

INDUSTRY KEYWORDS:<\/b> Software Construction & Property Insurance Finance Data Management Professional Services Technology Residential Building & Real Estate<\/p>\n

MEDIA:<\/b><\/p>\n\n\n\n\n
Logo<\/b><\/font><\/td>\n<\/tr>\n
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April 2021 Origination Insight Report from ICE Mortgage Technology Shows Fourth Consecutive Month Faster Time to Close Digital Mortgage Technology Plays Important Role in Accelerating Time to Close PLEASANTON, Calif.–(BUSINESS WIRE)–ICE Mortgage TechnologyTM, part of Intercontinental Exchange, Inc. (NYSE: ICE), a leading global provider of data, technology and market infrastructure, today issued its Origination Insight Report (OIR) for April 2021. In this month\u2019s report, data show that the average time to close on all loans has decreased for a fourth consecutive month to 51 days. \u201cThe decrease in average time to close is not surprising, given the increase we have observed in the adoption of digital transformation tools, such as AIQ, our artificial intelligence offering that automates workflows for shifting … <\/p>\n

Continue reading “April 2021 Origination Insight Report from ICE Mortgage Technology Shows Fourth Consecutive Month Faster Time to Close”<\/span><\/a><\/p>\n","protected":false},"author":2,"featured_media":0,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[],"tags":[],"class_list":["post-498995","post","type-post","status-publish","format-standard","hentry"],"yoast_head":"\nApril 2021 Origination Insight Report from ICE Mortgage Technology Shows Fourth Consecutive Month Faster Time to Close - Market Newsdesk<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/www.marketnewsdesk.com\/index.php\/april-2021-origination-insight-report-from-ice-mortgage-technology-shows-fourth-consecutive-month-faster-time-to-close\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"April 2021 Origination Insight Report from ICE Mortgage Technology Shows Fourth Consecutive Month Faster Time to Close - Market Newsdesk\" \/>\n<meta property=\"og:description\" content=\"April 2021 Origination Insight Report from ICE Mortgage Technology Shows Fourth Consecutive Month Faster Time to Close Digital Mortgage Technology Plays Important Role in Accelerating Time to Close PLEASANTON, Calif.–(BUSINESS WIRE)–ICE Mortgage TechnologyTM, part of Intercontinental Exchange, Inc. (NYSE: ICE), a leading global provider of data, technology and market infrastructure, today issued its Origination Insight Report (OIR) for April 2021. 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Market Newsdesk","robots":{"index":"index","follow":"follow","max-snippet":"max-snippet:-1","max-image-preview":"max-image-preview:large","max-video-preview":"max-video-preview:-1"},"canonical":"https:\/\/www.marketnewsdesk.com\/index.php\/april-2021-origination-insight-report-from-ice-mortgage-technology-shows-fourth-consecutive-month-faster-time-to-close\/","og_locale":"en_US","og_type":"article","og_title":"April 2021 Origination Insight Report from ICE Mortgage Technology Shows Fourth Consecutive Month Faster Time to Close - Market Newsdesk","og_description":"April 2021 Origination Insight Report from ICE Mortgage Technology Shows Fourth Consecutive Month Faster Time to Close Digital Mortgage Technology Plays Important Role in Accelerating Time to Close PLEASANTON, Calif.–(BUSINESS WIRE)–ICE Mortgage TechnologyTM, part of Intercontinental Exchange, Inc. (NYSE: ICE), a leading global provider of data, technology and market infrastructure, today issued its Origination Insight Report (OIR) for April 2021. In this month\u2019s report, data show that the average time to close on all loans has decreased for a fourth consecutive month to 51 days. \u201cThe decrease in average time to close is not surprising, given the increase we have observed in the adoption of digital transformation tools, such as AIQ, our artificial intelligence offering that automates workflows for shifting … Continue reading \"April 2021 Origination Insight Report from ICE Mortgage Technology Shows Fourth Consecutive Month Faster Time to Close\"","og_url":"https:\/\/www.marketnewsdesk.com\/index.php\/april-2021-origination-insight-report-from-ice-mortgage-technology-shows-fourth-consecutive-month-faster-time-to-close\/","og_site_name":"Market Newsdesk","article_published_time":"2021-05-26T13:05:10+00:00","og_image":[{"url":"https:\/\/cts.businesswire.com\/ct\/CT?id=bwnews&sty=20210526005280r1&sid=flmnd&distro=nx&lang=en","type":"","width":"","height":""}],"author":"Newsdesk","twitter_card":"summary_large_image","twitter_misc":{"Written by":"Newsdesk","Est. reading time":"5 minutes"},"schema":{"@context":"https:\/\/schema.org","@graph":[{"@type":"Article","@id":"https:\/\/www.marketnewsdesk.com\/index.php\/april-2021-origination-insight-report-from-ice-mortgage-technology-shows-fourth-consecutive-month-faster-time-to-close\/#article","isPartOf":{"@id":"https:\/\/www.marketnewsdesk.com\/index.php\/april-2021-origination-insight-report-from-ice-mortgage-technology-shows-fourth-consecutive-month-faster-time-to-close\/"},"author":{"name":"Newsdesk","@id":"https:\/\/www.marketnewsdesk.com\/#\/schema\/person\/482f27a394d4fda80ecb5499e519d979"},"headline":"April 2021 Origination Insight Report from ICE Mortgage Technology Shows Fourth Consecutive Month Faster Time to Close","datePublished":"2021-05-26T13:05:10+00:00","mainEntityOfPage":{"@id":"https:\/\/www.marketnewsdesk.com\/index.php\/april-2021-origination-insight-report-from-ice-mortgage-technology-shows-fourth-consecutive-month-faster-time-to-close\/"},"wordCount":1064,"image":{"@id":"https:\/\/www.marketnewsdesk.com\/index.php\/april-2021-origination-insight-report-from-ice-mortgage-technology-shows-fourth-consecutive-month-faster-time-to-close\/#primaryimage"},"thumbnailUrl":"https:\/\/cts.businesswire.com\/ct\/CT?id=bwnews&sty=20210526005280r1&sid=flmnd&distro=nx&lang=en","inLanguage":"en-US"},{"@type":"WebPage","@id":"https:\/\/www.marketnewsdesk.com\/index.php\/april-2021-origination-insight-report-from-ice-mortgage-technology-shows-fourth-consecutive-month-faster-time-to-close\/","url":"https:\/\/www.marketnewsdesk.com\/index.php\/april-2021-origination-insight-report-from-ice-mortgage-technology-shows-fourth-consecutive-month-faster-time-to-close\/","name":"April 2021 Origination Insight Report from ICE Mortgage Technology Shows Fourth Consecutive Month Faster Time to Close - 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