ICE Mortgage Technology’s April 2021 report shows fourth consecutive month to close faster

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PLISENTON, California – () –Mortgage technologies ICETM, part of Intercontinental Exchange, Inc. (NYSE: ICE), the world’s leading provider of data, technology and market infrastructure, today released Origin report (OIR) for April 2021. In this month’s report, the data shows that the average time to close for all loans fell for the fourth straight month to 51 days.

“The decrease in mean time to close is not surprising given the growth we are seeing in the adoption of digital transformation tools like AIQ, our artificial intelligence offering that automates workflows to move towards a more data-driven process and consumer engagement. a package to automate communications with all parties to the transaction, ”said Joe Tyrrell, President of ICE Mortgage Technology. “This trend is also consistent with the findings of our Borrowers and Lenders Survey 2020, in which both borrowers and lenders noted that digital mortgage technologies make it faster and easier to close mortgages, thereby improving the overall experience of participants. ”

OIR this month also showed that April was the second consecutive month of decline in the share of refinancing in total loans. The share of refinancing fell to 56% of all closed loans in April compared to 63% in March. However, the percentage of purchases increased to 43% of total closed loans in April, up from 36% in March, the highest percentage since August 2020.

Data in Origin report obtained from a reliable sample of approximately 80% of all mortgage applications that were initiated on Embrace® Lending platform. IN Origin report serves as a representative of the underwriting standards applied by lenders throughout the country.

APRIL 2021 MONTHLY ORIGIN REVIEW

April 2021 *

march

2021 *

6 months ago

(October 2020 *)

1 year ago

(April 2020 *)

Closed Loans

purpose

Refinancing

56%

63%

60%

65%

Purchase

43%

36%

40%

35%

A type

FHA

10%

nine%

10%

10%

Common

81%

83%

82%

81%

VA

6%

3%

five%

6%

Days before closing

Everything

51

52

54

42

Refinancing

53

52

57 years old

39

Purchase

49

51

48

46

Percentage of ARM and Fixed Amount Loan

HAND %

3.1%

2.4%

2.4%

3.8%

30 year rate

Average

3.22%

2.99%

2.99%

3.48%

* All references to months should be read as the end of the month.

CLOSED LOAN PROFILES FOR APRIL 2021

Closed loans with first collateral (all types)

FICO score (FICO)

747

Loan cost (LTV)

72

Debt to Income Ratio (DTI)

23/35

More detailed information and analysis of closed and rejected loans by loan purpose and investors are available in the full report at https://www.icemortgagetechnology.com/mortgage-data/origination-insight-reports

To get a good idea of ​​how lenders are attracted, ICE Mortgage Technology analyzed a sample of loan applications initiated 90 days earlier, or applications in January 2021, to calculate an overall closing rate of 78.0% in April 2021 (see Full Report ).

In addition to Origin reportICE Mortgage Technology also distributes data from its monthly Millennium Tracker on the first Wednesday of every month. Millennium Tracker focuses on mortgage applications filed by borrowers born between 1980 and 1999.

ABOUT Origin report ICE Mortgage Technology

IN Origin report focuses on loans closed in a specific month and compares their characteristics with similar loans. The closing rate is calculated based on a 90-day cycle and not on a monthly basis because most loan applications usually take one and a half to two months from application to close. Loans that do not close may still be active applications or applications withdrawn by consumers or rejected due to incompleteness or non-qualification.

IN Origin report detailed aggregated anonymized data from the original Encompass platform.

News organizations have the right to reuse this data, provided the source is attributed to ICE Mortgage Technology.

ICE Mortgage Technology brings together technology, data, and expertise to help automate the mortgage process, from consumer interactions to loan registration and every intermediate step and task. ICE Mortgage Technology is a leading provider of cloud-based lending platforms for the mortgage industry, offering solutions that enable lenders to disburse more loans, lower loan origination costs and shorten closing times, while delivering high levels of compliance, quality and efficiency. … Visit icemortgagetechnology.com or call (877) 355-4362 to find out more.

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 capitalize on 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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