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The surprise was that for the six month period ended March 31, 2012, the total endorsements for the entire market is less than 29,000. For the last few fiscal years, the first half of the fiscal year has been better than the second half. If that holds for this fiscal year, total endorsements may not exceed 56,000. That is less than 50% of the volume that was endorsed during either fiscal year 2009 or 2008.
Unfortunately there is less 60 days to go in the period when applications receiving case number assignments are most likely to turn into endorsements during this fiscal year. HUD will not have the March 2012 case number assignments numbers out for about three weeks or so.
Even HUD has finally announced that they believe endorsements will be about 60,000 for this fiscal year.
This was the year of the lender. Lenders seem in good spirits despite the generally bad results for the current month.
The question of the hour is where does the industry expect to be next fiscal year and how does it intend on getting there? Unless another two top lenders leave the market, lenders should not expect to see much growth through simply obtaining more market share. Fiscal 2013 will test the ability of the industry to move forward.