Ellie Mae

Mortgage credit availability was unchanged in April, as originators tightened their government lending programs but made more jumbo offerings available.

As the mortgage industry makes more strides with technology, the time it took millennials to close loans for new-home purchases shrank to its fastest time yet.

Ellie Mae's first-quarter net income of a little over $2 million was lower than last year's due to some one-time expenses, but continuing operations numbers exceeded analysts' expectations.

Publicly traded mortgage technology firms seeking growth could eventually end up squaring off against or buying privately owned point of sale system startups.

Mortgage credit availability tightened during March to its lowest level in over a year, adding another headwind to a market challenged by rising interest rates and a shortage of homes for sale.

Purchase loans made to millennial mortgage borrowers rose month-over-month in February despite interest rates increasing at the start of the year, according to Ellie Mae.

Closing times for refinances have fallen dramatically due to mortgage lenders' increased emphasis on home purchase loans.

While the industry continues adopting digital mortgage methods, homebuyers expect to be able to apply for a mortgage and complete the application online, but still want human interaction, according to Ellie Mae.

Loan program revisions made by one large conventional mortgage investor led to a decrease in total residential home finance credit availability in February.

Refinance mortgages accounted for 45% of mortgage volume, the highest share in a year, according to Ellie Mae.