James E. Veale, CPA, MBT March 1, 2012 at 1:59 pm

The appearance of the report is better. Now to what the report points to.

Although February endorsement totals arrived early this morning, the Outlook report for January was released this afternoon. Even though we continue to see lenders jockeying for better positions, the endorsement numbers and case numbers assigned for the industry as a whole are still trending down.

Despite a small tick up last month, the conversion rate for applications with case numbers assigned returns to a downward trend. Applications receiving case number assignments in January fell below 5,800 indicating even lower endorsement totals through May than last year for the same months.

It is expected that the March endorsement total will be barely insufficient to pull the total endorsements for the six month period ended March 31, 2012 to 30,000. In the last few years, the first half of the fiscal year produces more endorsements than the last half. Based on the inventory of applications with case numbers assigned and current trends, it does not appear that the last half of this fiscal year will produce more than 30,000 either. As has been anticipated we will most likely be looking at something between 58,000 and 59,000 HECMs endorsed during this fiscal year.

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