ICE Mortgage Technology Millennial Tracker Finds Home Ownership-Ready Millennials Rise As FICO Requirements Ease



PLISENTON, California – () –Mortgage technologies ICE™, part of Intercontinental Exchange, Inc. (NYSE: ICE), the world’s leading provider of data, technology and market infrastructure, today shared this, according to ICE Mortgage Technology ™ Millennium Trackerthe share of purchasing activity in the total volume of closed loans among millennials has increased for the third month in a row.

In May, 67% of loans closed by millennials on ICE Mortgage Technology’s origin platform Encompass® were for purchases, up from 61% in April 2021 and 51% in March 2021. Shopping accounted for 82% of loans closed by young millennials (born between 1991 and 1999), up from 78% in April. For older millennials (millennials born between 1980 and 1990), purchases accounted for 60% of all closed loans, up from 53% in April.

Average FICO scores for millennial borrowers have declined for the fourth straight month. In May, the average FICO scores for this generation of borrowers fell to 732, down from 734 in April and 739 in March.

“We are seeing a strong and competitive purchasing market across the country, especially among millennials,” said Joe Tyrrell, President of ICE Mortgage Technology. “With the easing of FICO score requirements, millennials are taking advantage of the current environment to continue to pursue home ownership.”

May also marked the second consecutive month that the share of purchases by the elderly exceeded the share of refinancing. In May, 60% of loans closed by older millennials were for purchases and 38% for refinancing. Older millennials haven’t closed more purchases than they refinanced since August 2020, when this cohort accounted for 52% of closed loans.

The average age of millennial borrowers is still around 32. In May, the average age of borrowers was unchanged from the April average of 32.4 years.

The average number of days to close a loan for all millennial borrowers dropped to 46 from 48 in April. The number of days to close the refinancing loan decreased from the previous month from 52 in April to 50 in May, while the number of days to close the purchase loan remained unchanged at 44 days.

ICE Mortgage Technology Millennial Tracker – Older Millennials and Young Millennials

Older Millennials

Young Millennials

Closed Loans (Share) – All







Loan type – All













Closing time (days) – all









43 years old

ICE Mortgage Technology Millennium Tracker is an interactive online tool that provides up-to-date demographic data about this new generation of home buyers. It collects data from a reliable sample of roughly 80% of all closed mortgage loans since 2014 that were initiated with ICE Mortgage Technology’s Encompass.® comprehensive solution for mortgage management. Given the size of this sample, it is a reliable representative of Millennial mortgage rates across the country. The search can be tailored to the borrower’s geographic location, age, gender, marital status, FICO score, and amortization type. For more information visit

About ICE Mortgage Technology Millennial Tracker

ICE Mortgage Technology Millennium Tracker focuses on applying for mortgages for millenniums at specific time periods. ICE Mortgage Technology defines Millennials as candidates born between 1980 and 1999. New data is updated every month two months before. Millennium Tracker is part of the Origination Insight Report, which details the aggregated anonymous data collected from Encompass by the ICE Mortgage Technology origin platform. For more information on the Origination Insight report, visit… News organizations have the right to reuse this data, provided the source is attributed to ICE Mortgage Technology, Inc.

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 for major asset classes that offer our clients access to critical workflow tools that increase transparency and operational efficiency. We are working exchanges, including New York Stock Exchange, as well as clearing houses that help people invest, raise capital, and manage risk across multiple asset classes. Our total fixed income data transmission services and Execution Capabilities provide information, analytics and platforms that help our clients seize opportunities and work more effectively. IN Mortgage technologies ICE, we are transforming and digitizing the U.S. home mortgage lending process, from consumer engagement to loan registration. Together, we transform, optimize and automate industries to empower our customers.

Trademarks of ICE and / or its subsidiaries include Intercontinental Exchange, ICE, ICE block design, NYSE and New York Stock Exchange. Intercontinental Exchange, Inc. Additional Trademark and Intellectual Property Rights Information and / or its subsidiaries located here… Key information documents for specific products covered by the EU Package Retail and Insurance Investment Products Regulation can be accessed on the exchange’s respective website under the heading Key Information Documents (KIDS).

Safe Harbor Statement under the Private Securities Litigation Reform Act of 1995 – Non-historical statements in this press release regarding ICE’s business are “forward-looking statements” that involve risks and uncertainties. For a discussion of additional risks and uncertainties that could cause actual results to differ from those contained in the forward-looking statements, please refer to ICE Securities and Exchange Commission (SEC) documents, including but not limited to risk factors in the Annual Report ICE. Form 10-K report for the year ended December 31, 2020 filed with the SEC on February 4, 2021.

© 2021 ICE Mortgage Technology, Inc. All rights reserved. Encompass® and the ICE Mortgage Technology logo are trademarks of ICE Mortgage Technology, Inc.

SOURCE: Intercontinental exchange



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