HECM Mortgage-Backed Securities (“HMBS”) issuance in June totaled $456 million, $44 million less than May’s $500 million and $54 million less than June 2025’s $510 million total. 57 pools were issued in June, six fewer than in May. June issuance ranks approximately tenth lowest in terms of monthly issuance since 2009 but is the second lowest volume in the month of June during that time.
For all HMBS, FAR was the top issuer in the month of June with $179 million – an increase of $8 million from May’s $171 million. Issuance from Longbridge was $132 million, a decrease of $1 million from May. Mutual of Omaha issuance decreased by $5 million to $92 million. Onity Mortgage Corporation issued $10 million – $38 million less than May – likely a result of their sale of HMBS MSR assets to FAR. Ginnie Mae/RMF (aka “Issuer 42”) again issued no HMBS pools.
Original (“First Participation”) production in June was $290 million, a decrease of $50 million from both May and April and $60 million less than June 2025’s $350 million.
For the six months of 2026, FAR was the top issuer of First Participation HMBS with $581 million issued, followed by Longbridge with $516 million, Mutual of Omaha with $369 million, and Onity with $150 million. Onity did not issue any First Participation pools in June.
The 57 pools issued in June consisted of 14 First Participation pools, 40 tail pools and 3 pools 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 $162 million compared to May’s $169 million.
There were 12 pools in June 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 $6.5 million of UPB that may not otherwise have been issued in June. 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 June for which more than one participation from the same loan was pooled is $62.2 million, of which $6.2 million were First Participations.
New View Advisors compiled this data from publicly available Ginnie Mae data as well as private sources.