Ellie Mae Sees Major Jump In Refis During Pandemic

May 28, 2020

Couple sitting down with agent. Credit: iStock.com/fizkes

Director of Events

The COVID-19 pandemic, while damaging some aspects of the mortgage industry, created big opportunities in others. A recent report revealed that Ellie Mae saw a 24% month-over-month increase in total closed loans from March to April 2020 with a 10% increase in refinances.

Refinances, in particular, were up to 65% of closed loans in April, in comparison to 55% in March and 51% in February, according to Forbes. Unfortunately, the time to close all loans increased to 42 days in April, likely caused by the surge in the COVID-19 pandemic. In addition, Ellie Mae increased FICO scores on all loans in April.

“As interest rates drop, savvy borrowers are quick to take advantage,” said Jonathan Corr, president and CEO of Ellie Mae. “With average rates on 30-year conventional loans dipping to 3.48%, lenders are seeing a wave of demand at a time when necessary social-distancing measures can make managing their pipelines more difficult. Those lenders who invested in digital mortgage technology to manage their pipelines virtually are now able to capitalize on this surge in demand.”

With rates reaching historic lows, you'll find it hard to find agents who aren't encouraging borrowers to refinance, especially if they intend on sticking with that home for many years to come.

Read more about Ellie Mae's increase in refinances during the pandemic.

About the author

Navi Persaud

Director of Events

Navi Persaud is Director of Events at NMP.

Link copied

Published

May 28, 2020

Tech

Originators Rank Marketing As Their Biggest Tech Bottleneck

Four OriginatorTech demonstrations showed how vendors are applying AI and automation to content, database outreach, and loan operations

Mortgage technology companies spend plenty of time talking about faster files and smoother closings. But originators attending National Mortgage Professional’s latest OriginatorTech Demo Day pointed to a more immediate problem: marketing.Content creation and marketing topped...

Non-QM

GenWay Brings AI Automation To Non-QM Underwriting

The wholesale and correspondent lender plans to move six underwriting automation products into production within three months

GenWay Home Mortgage has deployed Tavant’s TOUCHLESS mortgage automation platform across its Non-QM and government-lending businesses, extending the industry’s push to automate underwriting beyond conventional agency loans.The national wholesale and correspondent lender is u...

Nov

Pasadena, CA

More from

Industry News

Fed Hike Raises HELOC Costs While Mortgage Rates Stay Near 7%

Prime rose to 7% while the 10-year Treasury remained near 5%, giving originators two different borrower conversations

Industry News

Sep 17, 2026

Rocket Raises Conforming Loan Limit To $845K Ahead Of FHFA

The higher limit gives brokers more room to keep borrowers from crossing into jumbo territory

Industry News

Sep 10, 2026

Rocket Pro Launches ‘Moving Squad’ To Recruit Brokers From UWM

Rocket is offering partners up to $10,000 to help bring UWM brokers onto its platform

Industry News

Sep 01, 2026

NEXA, UMortgage Leaders Explain What Drove Acquisition

Kortas relinquishes the CEO title, elevating Casa to co-equal "executive partner"

Industry News

Aug 31, 2026

Warsh Sees Housing Strain, Keeps Rate Hikes In Play

Fed chair says broader financial conditions remain loose, inflation is too high, and markets should expect less guidance on what comes next

Industry News

Aug 31, 2026

July CPI Eases Mortgage-Rate Risk, But Doesn’t Promise Relief

Consumer inflation rose just 0.1% in July, reducing pressure for a September Fed rate hike as mortgage rates remain near their highest levels of the year

Industry News

Aug 13, 2026

Popular