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Latest Original ICE Mortgage Technology Insight Report Shows Eclipse Purchases Refinance For First Time In 18 Months | Company

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PLEASANTON, Calif .– (BUSINESS WIRE) – August 9, 2021–

ICE Mortgage Technology ™, part of Intercontinental Exchange, Inc. (NYSE: ICE), one of the world’s leading providers of data, technology and market infrastructure, released its monthly report Insight Origin Report (OIR) today. This month’s OIR notes that, of the total number of mortgages closed in June 2021, new home purchases accounted for a higher percentage than refinances. This is the first time since December 2019 that refinancing purchases eclipsed in the OIR.

According to the report, purchases reached 51% of closed mortgages in June, up from 47% the month before. Conversely, refinancing represented 48% of closed loans, compared to 52% the previous month. The remaining 1% of closed loans was intended for other purposes.

“While we continue to see a strong refinance market, including continued growth in cash refinances, the traditional summer buying market is clearly evident in the data,” said Joe Tyrrell, president of ICE Mortgage. Technology. “These numbers are a testament to the strong and resilient homeownership demand and demand for digital solutions from ICE Mortgage Technology.

OIR also notes that in June, the average closing time for all loans rose to 49 days, compared to 53 days in May. The average time to close a refinancing fell to 48 days from 55 days the previous month. However, the average time to complete a purchase was 51 days, up from 50 the previous month.

Closing rates for all loans edged down to 75.3% in June from 76.9% in May. Closing rates on refinances fell to 74.6% in June from 77.0% in May. Closing rates on purchase loans fell to 76.3 percent in June, down slightly from 77.0 percent in May.

ICE mortgage technology Insight Origin Report leverages data from a solid sample of about 80 percent of all mortgage applications that have been initiated on the Encompass® Loan platform. ICE Mortgage Technology considers its Insight Origin Report as a representative representative of the underwriting standards used by lenders across the country.

MONTHLY OVERVIEW OF ORIGINATIONS FOR JUNE 2021

June 2021 *

May 2021 *

6 months ago
(December 2020 *)

1 year ago
(June 2020 *)

Closed loans

Objective

Refinance

48%

52%

60%

58%

To buy

51%

47%

39%

42%

Type

FHA

11%

11%

ten%

ten%

Conventional

78%

79%

81%

80%

Virginia

7%

7%

6%

7%

Closing days

All

49

53

58

47

Refinance

48

55

59

48

To buy

51

50

56

46

Percentage of MRA and Fixed Loan Volume

ARM %

4.0%

3.6%

2.4%

3.5%

30 year rate

Medium

3.22%

3.27%

2.93%

3.40%

* All references to months should be read as completed months.

LOAN PROFILES CLOSED FOR JUNE 2021

Senior Loans Closed
(All types)

FICO Score (FICO)

743

Loan-to-value ratio (LTV)

74

Debt to Income (DTI)

24/36

More information and an analysis of closed and declined loans by loan objective and investor can be found in the full report at https://www.icemortgagetechnology.com/mortgage-data/origination-insight-reports.

To produce a meaningful view of lender pass-on, ICE Mortgage Technology examined a sample of loan applications initiated 90 days previously, including loan applications initiated in March 2021, to calculate an overall closing rate of 75.3% in June 2021 (see report).

In addition to Insight Origin Report, ICE Mortgage Technology also disseminates the data of its Millennial tracker. The Millennial Tracker focuses on mortgage applications submitted by borrowers born between the years 1980 and 1999.

About Original analysis report by ICE Mortgage Technology

the Insight Origin Report 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 a monthly basis, as most loan applications typically take a month and a half to two months from application to closing. Loans that are not closed could still be active applications or applications withdrawn by consumers or refused for incompleteness or non-qualification.

the Insight Origin Report details the aggregated and anonymized data extracted from the original Encompass platform.

News agencies have the right to reuse this data, provided ICE Mortgage Technology is credited as the source.

ICE Mortgage Technology combines technology, data and expertise to automate the entire mortgage process, from consumer engagement to loan registration and every step and task in between. ICE Mortgage Technology is the leading provider of cloud-based loan origination platform for the mortgage industry with solutions that enable lenders to create more loans, lower origination costs and reduce closing time, while ensuring the highest levels of compliance, quality and efficiency. Visit icemortgagetechnology.com or call (877) 355-4362 for more information.

About the intercontinental exchange

Intercontinental Exchange, Inc. (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 in major asset classes that provide our clients with access to essential 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 global fixed income data services and execution capabilities provide insights, analytics, and platforms that help our clients capitalize on opportunities and operate more efficiently. TO ICE Mortgage Technology, we’re transforming and digitizing the US residential mortgage process, from consumer engagement to loan registration. Together, we transform, streamline and automate industries to connect our customers to opportunities.

Trademarks of ICE and / or its affiliates include Intercontinental Exchange, ICE, ICE block design, NYSE, and New York Stock Exchange. Information regarding trademarks and additional intellectual property rights of Intercontinental Exchange, Inc. and / or its affiliates can be found here. The key information documents for certain products covered by the EU Retail and Insurance Investment Products Regulation can be accessed on the website of the relevant exchange under the heading ‘Key Information Documents (KIDS ) ”.

Safe 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 risk. and uncertainties. For a discussion of additional risks and uncertainties, which could cause actual results to differ from those contained in forward-looking statements, see ICE’s Securities and Exchange Commission (SEC) filings, including, but not limited to be limited to the risk factors in ICE’s annual report. Report on Form 10-K for the fiscal 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 registered trademarks of the entities of ICE Mortgage Technology, Inc.

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

[email protected]

Jenny gendron

ICE Mortgage Technology

(925) 227-3490

[email protected]

ICE INVESTOR RELATIONS CONTACT

Mary caroline o’neal

[email protected]

(770) 738 2151

[email protected]

KEYWORD: UNITED STATES NORTH AMERICA CALIFORNIA

INDUSTRY KEYWORD: CONSTRUCTION & REAL ESTATE SOFTWARE FINANCE BANKING DATA MANAGEMENT PROFESSIONAL SERVICES RESIDENTIAL TECHNOLOGY BUILDING & REAL ESTATE

SOURCE: ICE Mortgage Technology

Copyright Business Wire 2021.

PUB: 09.08.2021 09: 00 / DISC: 09.08.2021 09:02

http://www.businesswire.com/news/home/20210809005119/en


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