Ellie Mae Debuts Millennial Tracker
Ellie Mae just launched its Millennial Tracker, an online tool that tracks loan trends among millennials across the country and provides insight into this mammoth generation of potential home buyers.
The Millennial Tracker provides access to the latest demographic data about this cohort. Visitors can conduct searches by borrowers’ geography, age, gender, marital status, FICO score, and amortization type. The tracker compiles data from about 66 percent of all closed mortgages dating back to 2014.
“The mortgage industry is poised to experience a monumental shift as more millennial home buyers begin to enter the market,” says Joe Tyrrell, executive vice president of corporate strategy at Ellie Mae. “There are roughly 87 million would-be homebuyers in the millennial generation and 91 percent of them say they intend to own a home one day. Lenders must prepare today to meet their needs.”
Some overall highlights from data uncovered with the Millennial Tracker so far:
- 37 percent of mortgages issued to millennial buyers since 2014 were FHA loans and took an average of 44 days to close.
- Conventional loans represent 60 percent of the loans issued to millennials since 2014 and took an average of 43 days to close.
- 31 percent of closed loan listed a female as the primary borrower. The average primary FICO score for female applicants was 724. The average age was 30.
- 66 percent of men were listed as the primary borrower on closed loans. The average age was 29. The average FICO score was 727.
Source: Ellie Mae
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