HECM Saver endorsements continued to climb in March, up to 409 endorsements, or a 38.2% increase from February.
According to the most recent Federal Housing Administration data, applications for HECMs overall increased 8.5% to 8,838, from 8,149 in the previous month, and year-over-year, applications increased 19.5% from of 7,398 in March 2010.
Chart: Reverse Mortgage Application Trends
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The data skews slightly, according to a report from Reverse Market Insight, due to the smaller number of business days in February when compared with March, meaning that while application totals were up, the actual change per business day was a decrease. RMI also pointed to regional trends including a 27% surge in endorsements in Pennsylvania and a decline in endorsements in the Baltimore metropolitan area.
Written by Elizabeth Ecker
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Where does John Lunde get 21 business days in February or 24 in March. If business days are weekdays less holidays, then the number of business days in February 2011 was 20 and March, 23. This means the skewing on a per business day was worse than indicated although only marginally so.
It is not the marginal rate which is at issue but it is how the number of business days was derived.