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Read more: HMBS May 2022: May Flowers Wither; June Gloom LoomsHECM Mortgage-Backed Securities (“HMBS”) issuance fell in May to $1.45 billion, down from April’s record $1.6 billion, as the refinancing wave finally began to ebb. However, production remains strong by historical standards. Given the lag between HECM loan origination and HMBS issuance, new HECMs backing May’s HMBS pools do not fully reflect the rapid rise…
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Read more: New View Advisors and Recursion Reverse Mortgage Prepayment Indices – April 2022The New View Advisors and Recursion April 2022 expanded HECM reverse mortgage prepayment indices can be found here: New View Advisors Recursion Cohort Speeds 04_2022. The indices are derived from underlying HECM data in HMBS made public by Ginnie Mae, as well as private sources. This new expanded set of prepayment data is calculated using…
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Read more: HMBS April 2022 Part II: April May but May June?HMBS payoffs continued in April, as the refinancing wave diminished slightly but refused to ebb. Instead, April payoffs totaled $1.3 billion, just short of March 2022’s record $1.5 billion. Outstanding HMBS rose to a record $58 billion, with strong new issuance and a faster roll-up from rising interest rates. HECM borrowers continue to refinance in…
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Read more: HECM Endorsement Analytics – April 20226,265 HECMs were endorsed in April, showing just a 3.8% drop from March’s record setting month. Geographically, only Denver saw a volume increase, from 1,295 to 1,536 units, while Atlanta, Philadelphia, and Santa Ana all had small decreases. Our complete report can be found here: NV Endorsement 2022_04. HUD’s March Endorsement Snapshot Report was just…
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Read more: HMBS April 2022: April Showers Bring A New Record, What May Happen Next?HECM Mortgage-Backed Securities (“HMBS”) issuers set another new record in April, issuing over $1.6 billion in new HMBS. This shatters the previous mark by nearly $300 million. Refinancing continues to drive this record HMBS volume. Given the lag between HECM loan origination and HMBS issuance, the new HECMs backing April’s HMBS pools do not fully…
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Read more: New View Advisors and Recursion Reverse Mortgage Prepayment Indices – March 2022The New View Advisors and Recursion March 2022 expanded HECM reverse mortgage prepayment indices can be found here: New View Advisors Recursion Cohort Speeds 03_2022. The indices are derived from underlying HECM data in HMBS made public by Ginnie Mae, as well as private sources. This new expanded set of prepayment data is calculated using…
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Read more: HMBS March 2022 Part II: Refi Wave Refuses To Go QuietlyHMBS payoffs roared in like a lion in March, due to a refinancing wave that refuses to go away. March 2022 smashed previous records with $1.5 billion in payoffs. Because of these payoffs, outstanding HMBS fell to $57.59 billion, despite strong new issuance. HECM borrowers continue to refinance in large numbers, assisted by a higher…
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Read more: HECM Endorsement Analytics – March 20226,510 HECMs were endorsed in March, the first time monthly endorsements exceeded 6,000 since late 2017, when the industry was racing to close loans before ML 2017-12 took effect. The March tally is an impressive 26.3% increase over February. Increases were across the board geographically, and among top lenders. Our report can be found here:…
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Read more: 2022 Q1 HMBS Issuer League Tables – Back to (the New?) NormalAAG returned to the #1 HMBS issuer slot in 2022Q1, with $899.0 million issued and 22% market share, squeaking past FAR at #2 with $888.5 million and a 21.8% market share. Longbridge remained in third with $744.9 million issued and 18.2% market share, RMF was fourth with $735.8 million issued and 18.0% market share, and…
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Read more: HMBS Marches On – March 2022HECM Mortgage-Backed Securities (“HMBS”) issuers continued their record pace in March 2022, again issuing nearly $1.4 billion in new HMBS, again almost setting a record for new original loan pools for the sixth month in row. Refinancing activity remains strong. HMBS issuance totaled $13.2 billion for 2021, 22% more than the previous record set in…