HECM Mortgage-Backed Securities (“HMBS”) issuance in July totaled $463 million, $7 million more than June’s $456 million and $78 million less than July 2025’s $541 million total. 59 pools were issued in July, two more than in June. July issuance ranks twelfth lowest in terms of monthly issuance since 2009 but is the second lowest volume in the month of July during that time.
For all HMBS, FAR was the top issuer in the month of July with $177 million – a decrease of $2 million from June’s $179 million. Issuance from Longbridge was $141 million, an increase of $9 million from June. Mutual of Omaha issuance decreased by $7 million to $86 million. The next highest HMBS Issuer in July was TMAC with $23 million. Onity Mortgage Corporation issued $8 million – $2 million less than June. The “Top 5” is now down to the “Big 3.” Ginnie Mae/RMF (aka “Issuer 42”) again issued no HMBS pools.
Original (“First Participation”) production in July was $305 million, an increase of $15 million from June, a decrease of $35 million from May, and $38 million less than July 2025’s $350 million.
For the seven months of 2026, FAR was the top issuer of First Participation HMBS with $695 million issued, followed by Longbridge with $613 million, Mutual of Omaha with $424 million, and Onity with $151 million. Onity did not issue any First Participation pools in July.
The 59 pools issued in July consisted of 17 First Participation pools, 41 tail pools and 1 pool which included both First Participations and tails. Original pools are those HMBS pools backed by First Participations in previously uncertificated HECM loans. Tail HMBS issuances are HMBS pools consisting of subsequent participations. Tails are not from new loans, but they do represent new amounts lent. Last month’s tail pool issuance totaled $158 million compared to June’s $162 million.
There were 17 pools in July with an aggregate pool size less than $1 million. Issuers are taking advantage of Ginnie Mae’s provision to issue pools as small as $250,000. This represents $12.0 million of UPB that June not otherwise have been issued in July. Ginnie Mae issued APM 23-11 in 2023 which allows participations from the same loan to be pooled more than once in the same month. The aggregate of participations pooled in July for which more than one participation from the same loan was pooled is $62.5 million, of which $6.3 million were First Participations.
New View Advisors compiled this data from publicly available Ginnie Mae data as well as private sources.