“Throughout the year we have made significant progress on building a strong foundation to accommodate continued growth with investments in expanding our data centers and our sales and implementation teams, and enhancing our product offerings,” continued Mr. Anderman.
“Given our results to date and the revised forecasts for mortgage origination volume for the remainder of 2012, we are raising our full year guidance to reflect revenues of between $99.5 million and $100 million. Even in the face of currently available blended forecasts projecting a 19% decline in industry mortgage volume next year, we expect to grow our top line revenues by at least 25% in 2013,” Mr. Anderman concluded.
Fourth Quarter and Fiscal Year 2012 Financial Outlook
The October 2012 composite forecast of Fannie Mae, Freddie Mac and the Mortgage Bankers Association for 2012 mortgage origination volume is approximately $1.8 trillion, which represents a 24% increase from actual mortgage volume in 2011 and a 23% increase from the July 2012 composite forecast of $1.5 trillion. These organizations publish monthly updates of their annual and quarterly forecasts. The October 2012 composite forecast for the full year 2013 mortgage origination volume is approximately $1.5 trillion. The October 2012 composite quarterly forecast for 2012 origination volume is as follows:
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