Ellie Mae

Adjustable-rate mortgages for the second consecutive month hit a post-crisis high, due to strong demand for housing being constrained by a lack of supply, according to Ellie Mae.

Adjustable-rate mortgages in November had their highest share of closed loans since Ellie Mae started tracking this data in 2011 as rates for 30-year loans reached 5.15%.

Mortgage credit available to consumers increased in November by 1.1% from the previous month as lenders offered more conventional products with expanded underwriting criteria, the Mortgage Bankers Association said.

Growing home prices and climbing interest rates didn't stop millennials from buying houses in October, Ellie Mae said.

Ellie Mae plans to more quickly adapt to an evolving digital mortgage landscape with Amazon's help rebuilding from the inside-out.

Average credit scores for mortgage borrowers remain at a 2018 high, a sign that lenders aren't easing standards despite refinance candidates already falling off on higher rates, according to Ellie Mae.

As interest rates rise, mortgage originators need to teach millennial homebuyers about the product options outside of conventional loans, Ellie Mae said.

Rising interest rates and the continued slowdown in mortgage originations prompted Ellie Mae to cut its revenue forecast for the full year by at least $18 million.

The Money Source is the latest mortgage company partnering with Ellie Mae to streamline workflows between lenders and correspondent investors through Encompass Investor Connect.

Ellie Mae is tackling home equity lines of credit loans with its latest Encompass Digital Mortgage Solution update as signs point to a surge in home equity borrowing.