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   James E. Veale, CPA (Inactive), MBT

   August 1, 2024 at 4:36 pm

   Few of us have been affiliated with the industry for more than twenty years; yet one would have to go back to fiscal year 2003 to find a volume lower than 30,000 endorsements for a fiscal year. Yet the HECM endorsement volume for fiscal 2024 will be fortunate to exceed 27,000.

   Despite having the second lowest volume in 20 years in fiscal 2023, the mess that was the start of this fiscal year is without parallel. All of a sudden despite the low volume of last fiscal year, the 2023 NRMLA national convention was unrealistically optimistic. The carryover effect of that convention was so hyper optimistic that respected originators were reporting that business was substantially up in early calendar 2024 without any HUD data supporting such anecdotal conclusions.

   All of the applications with case number assignments which will turn into HECM endorsements were received last month. We are now in the phase that if a newly issued case number is assigned and it will be converted into an endorsement, such endorsement will not occur until sometime next fiscal year. Except for determining the final count, the HECM endorsement process is now on auto pilot and will end on September 30, 2024

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