As previously announced, in April and May 2012, two of Excel’s warehouse lenders approved increases in Excel’s borrowing capacities from $32.5 million and $25 million to $38.5 million and $50 million, respectively. In addition, one of the same lenders further increased borrowing capacity another $1.5 million in June at the renewal date. Moreover, in May 2012, the Company, through IRES and its subsidiaries, entered into another Master Repurchase Agreement with a lender providing a $25 million warehouse facility bringing the total warehouse borrowings facilities to $145.0 million.Management believes the current economic conditions are likely to warrant exceptionally low levels of interest rates at least through late 2014, if not beyond. A low interest rate environment may continue to drive refinance volumes for a period of time, but eventually we expect the refinance volumes to decline. However, at the same time, as the industry-wide compliance issues associated with foreclosures are resolved, foreclosure activity could likely increase which could in turn create purchase money transaction opportunities for lenders. To position Excel to better capture purchase money business, Excel, for the last several months, has focused on building a realtor direct network and developing realtor direct web based technologies and marketing tools that both loan officers and real estate brokers can use to create leads. Excel continues to expand its production channels including retail, and wholesale, as well as the previously announced correspondent lending channel. Total monthly lending volume has increased to over $200 million in recent months as compared with an average of $135 million for the first quarter of 2012, and an average of $75 million in the second quarter of 2011. Second quarter volumes in the wholesale and correspondent lending channels led to significant volume increases over the first quarter; however, retail expansion during the second quarter is expected to lead to a corresponding increase in retail production during the 3rd quarter. Retail production is also expected to increase from the opening of the previously announced Reverse Mortgage operations. Excel’s mortgage lending business is currently branded under the name of “Impac Mortgage” and offers primarily loans eligible for delivery to Fannie Mae, Freddie Mac and Ginnie Mae.