PLEASANTON, Calif. -- Interest rates continued to decline and fell below three percent in November with the 30-year note rate reaching 2.97 percent, one percent lower than the same time in 2019. This is according to the latest Origination Insight Report from Ellie Mae®, the leading cloud-based loan origination platform provider for the mortgage industry and now ICE Mortgage Technology, a division of Intercontinental Exchange, Inc. (NYSE: ICE). The 30-year note rate for FHA and Conventional loans dropped below the three percent mark for the first time to 2.99 percent, and the note rate on VA loans continued to decrease, hitting 2.72 percent for November.

Refinances continued to rise, reaching 61 percent of total closed loans in the month, up one point from the month prior. In November of 2019, refinances accounted for 49 percent of total closed loans, a significant year-over-year difference. Purchase loans dropped to 39 percent of all closed loans in the month, down one point from the prior month. Conventional loans held at 82 percent of all closed loans for the second straight month.

Other statistics of note in November included:

The time to close all loans increased to 55 days in November, up from 54 days in October. Time to close for purchase loans increased to 49 days in November, up from 48 days in October. Time to close for refinances increased to 59 days in November, up from 57 days in October.

The average FICO score for all loans decreased slightly to 752.

Closing rates decreased slightly to 75.6 in November, down from 76.7 in October.

"As we near the conclusion of 2020, we are still seeing a robust appetite for refinances, accounting for the lion's share of closed loans in the month. Interest rates continue to fall below three percent, driving demand for both purchases and refinances as homebuyers stretch their spending potential or take advantage of the opportunity to reduce their monthly mortgage payment," said Joe Tyrrell, president, ICE Mortgage Technology. "With many parts of the country entering the next phase of pandemic-related shutdowns, lenders will need to take advantage of technology to enable virtual capabilities for their employees and homebuyers and provide automated workflows to simplify processes and improve engagement with interested parties."

The Origination Insight Report mines data from a robust sampling of approximately 80 percent of all mortgage applications that were initiated on the Encompass® all-in-one mortgage management solution. Ellie Mae believes the Origination Insight Report is a strong proxy of the underwriting standards employed by lenders across the country.

In addition to the Origination Insight Report, Ellie Mae also distributes data from its monthly Ellie Mae Millennial Tracker on the first Wednesday of each month. The Ellie Mae Millennial Tracker focuses on mortgage applications submitted by borrowers born between the years 1980 and 1999.

Ellie Mae also offers Ellie Mae Insights(TM), the only analytics solution in the market that provides peer benchmarking comparison analysis in near real time. Ellie Mae Insights analyzes key metrics such as efficiency levels, operational costs, rates and market penetration, demographic data and pull through rates to help lenders of all sizes to make informed decisions.MONTHLY ORIGINATION OVERVIEW FOR NOVEMBER 2020

November

2020* October

2020*

6 Months Ago

(May 2020*) 1 Year Ago

(November 2019*) Closed Loans Purpose Refinance 61% 60% 65% 49% Purchase 39% 40% 35% 51% Type FHA 10% 10% 9% 16% Conventional 82% 82% 82% 71% VA 6% 5% 6% 9% Days to Close All 55 54 45 45 Refinance 59 57 44 43 Purchase 49 48 48 47 Percentage of ARM and Fixed Loan Volume ARM % 2.4% 2.4% 3.8% 5.3% 30-Year Rate Average 2.97% 2.99% 3.43% 3.97%

*All references to months should be read as month ended. PROFILES OF CLOSED AND DENIED LOANS FOR NOVEMBER 2020 Closed First-Lien Loans (All Types) FICO Score (FICO) 752 Loan-to-Value (LTV) 72 Debt-to-Income (DTI) 23/35

More information and analysis of closed and denied loans by loan purpose and investor are available in the full report at http://www.elliemae.com/about-us/news-reports/ellie-mae-reports/.

To get a meaningful view of lender pull-through, Ellie Mae reviewed a sampling of loan applications initiated 90 days prior-or the August 2020 applications-to calculate an overall closing rate of 75.6 percent in November 2020 (see full report).

About the Ellie Mae Origination Insight Report

The Origination Insight 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 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.

The Origination Insight Report details aggregated, de-identified data pulled from Ellie Mae's Encompass origination platform.

News organizations have the right to reuse this data, provided that Ellie Mae, Inc. is credited as the source. About Ellie Mae

Ellie Mae, now a part of ICE Mortgage Technology, a division of Intercontinental Exchange, Inc. (NYSE: ICE), is the leading cloud-based loan origination platform provider for the mortgage industry. Ellie Mae's technology solutions enable lenders to originate more loans, lower origination costs, and reduce the time to close, all while ensuring the highest levels of compliance, quality and efficiency. Visit ?EllieMae.com???????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????? or call ?(877) 355-4362???????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????? to learn more.PRESS CONTACT

Sara Holtz

Ellie Mae, Inc.

(925) 227-2193

Sara.Holtz@elliemae.com

Caitlin Coffee

Allison+Partners

(312) 635-8204

EllieMae@allisonpr.com

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