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Read more: HMBS December 2023: Coal in the StockingThe HMBS new issue market was substantially off in December compared to November. HECM Mortgage-Backed Securities (“HMBS”) issuance totaled $457 million, $104 million lower than November’s $561 million. 79 pools were issued in December compared to 110 in November. With the exception of March 2023, December’s issuance is the lowest since 2014. FAR was the…
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Read more: Fascinating HECM Statistics of 2023Here are some interesting facts and figures from FHA and Ginnie Mae’s 2023 Fiscal Year-End reports, as well as Fannie Mae’s 3rd Quarter report. We include our views on what the numbers tell us. FHA’s recent report, “Financial Status of the FHA Mutual Insurance Fund FY 2023” (the “MMI Report”), showed that the HECM program’s…
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Read more: New View Advisors and Recursion Reverse Mortgage Prepayment Indices – November 2023The New View Advisors and Recursion November 2023 expanded HECM reverse mortgage prepayment indices can be found here: New View Advisors Recursion Cohort Speeds 11_2023. The indices are derived from underlying HECM data in HMBS made public by Ginnie Mae, as well as private sources. This expanded set of prepayment data is calculated using dollar…
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Read more: HMBS November Part II: Prepayments Fall SignificantlyHMBS payoff speeds decreased in November; Mandatory Purchases and natural payoffs were 10.0% and 6.1% per annum, respectively. November payoffs totaled about $825 million. Outstanding HMBS increased slightly and remains just under $59 billion. As mentioned in previous blogs, Ginnie Mae took over RMF’s HMBS portfolio last December. “Ginnie Mae – Reverse Mortgage Funding 42”…
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Read more: HECM Endorsement Analytics – November 2023Endorsement count decreased further, to 2,257 in November, 13% below the 12-month running average of 2,595 loans. Our full report can be found here: NV Endorsement 2023_11. Geographically, endorsement volume from the Philadelphia Homeownership Center was lower by 5% compared to the monthly average, Denver saw a decrease of 12%, and Atlanta and Sana Ana…
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Read more: HMBS November 2023: If It Looks Like a Turkey, and Walks Like a Turkey, It’s…The HMBS new issue market was slightly off in November compared to October. HECM Mortgage-Backed Securities (“HMBS”) issuance totaled $561 million in November, relatively the same as October’s $565 million. 110 pools were issued. FAR was the top issuer in November with $185 million – down from October’s $216 million and September’s $197 million; issuance…
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Read more: New View Advisors and Recursion Reverse Mortgage Prepayment Indices – October 2023The New View Advisors and Recursion October 2023 expanded HECM reverse mortgage prepayment indices can be found here: New View Advisors Recursion Cohort Speeds 10_2023. 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 Issuance Commentary October 2023 Part IIHMBS payoff speeds increased slightly in October; Mandatory Purchases and natural payoffs were approximately 10.1% and 7.6% per annum, respectively. October payoffs totaled about $925 million. Outstanding HMBS decreased slightly and is now just under $59 billion. As mentioned in previous blogs, Ginnie Mae took over RMF’s HMBS portfolio last December. “Ginnie Mae – Reverse…
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Read more: HMBS October 2023: [Insert Halloween Metaphor Here]The HECM market remains scared, spooked, and haunted by the specter of high interest rates. HECM Mortgage-Backed Securities (“HMBS”) issuance totaled $565 million in October, compared to September’s $638 million. Only 87 pools were issued. FAR was the top issuer in October with $216 million – up from September’s $197 million; Longbridge was the only…
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Read more: New View Advisors and Recursion Reverse Mortgage Prepayment Indices – September 2023The New View Advisors and Recursion September 2023 expanded HECM reverse mortgage prepayment indices can be found here: New View Advisors Recursion Cohort Speeds 09_2023. 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…