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Read more: HMBS September 2023 Part II: Waiting For Shoes To DropHMBS payoff speeds declined in September; Mandatory Purchases and natural payoffs were approximately 9.8% and 7.4% per annum, respectively, though adjusted for day count about the same prepayment rates as August. September payoffs totaled about $900 million. Outstanding HMBS increased for the first time since February 2023 and is now just over $59 billion. As…
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Read more: HECM Endorsement Analytics – September 2023Endorsement count dipped 12%, to 2,614 in September, back down from last month’s 2,980 unit count. Our full report can be found here: NV Endorsement 2023_09. HUD’s August Endorsement Snapshot Report was just released on its website, showing refis crept back up over 10%, though still in line with long term historical averages.
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Read more: 2023Q3 HMBS Issuer League Tables — FlatlineFAR remains lead HMBS issuer for Q3, with $1.835 billion issued and 37.4% market share. Longbridge was second, with $1.045 billion issued and 21.3% market share, PHH was third with $783.7 million issued and 16% market share, and Mutual of Omaha was fourth with $690.7 million issued and 14.1% market share. The Top Four issuers…
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Read more: HMBS September 2023: HMBS Schooled By Higher RatesThe HMBS new issue market improved slightly from August. HECM Mortgage-Backed Securities (“HMBS”) issuance totaled $638 million in September, up from August’s $572 million. 103 pools were issued, low by historical standards. The increase is primarily the result of one issuer pooling four months of production. FAR was the top issuer in September, with $197…
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Read more: New View Advisors and Recursion Reverse Mortgage Prepayment Indices – August 2023The New View Advisors and Recursion August 2023 expanded HECM reverse mortgage prepayment indices can be found here: New View Advisors Recursion Cohort Speeds 08_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 August 2023 Part II: Slump SustainedHMBS payoffs increased in August, as Mandatory Purchases continued to rise and natural payoffs increased to approximately 8.2% per annum. August payoffs totaled about $980 million. Outstanding HMBS fell for the seventh month in a row and is now under $59 billion for the first time in a year due to continued weak issuance. Higher…
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Read more: HECM Endorsement Analytics – August 2023Endorsement count has increased four months in a row, to 2,980 in August, more than a 50% jump since February’s low of 1,963. Our full report can be found here: NV Endorsement 2023_08. A trickle of endorsements are labeled as Bloom Retirement Holdings, AAG’s post-close entity, including this month’s 49 loans. Altogether Bloom has been…
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Read more: HMBS August 2023: I Know What You Didn’t Do Last SummerThe HMBS new issue market improved over July with a small rebound in August, but overall it’s been a bad summer. HECM Mortgage-Backed Securities (“HMBS”) issuance totaled $572 million in August, up from July’s $518 million. 97 pools were issued, low by historical standards. On November 30 of last year, Reverse Mortgage Funding (“RMF”), the…
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Read more: New View Advisors and Recursion Reverse Mortgage Prepayment Indices – July 2023The New View Advisors and Recursion July 2023 expanded HECM reverse mortgage prepayment indices can be found here: New View Advisors Recursion Cohort Speeds 07_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 July 2023 Part II: Summer DoldrumsHMBS payoffs fell in July, as Mandatory Purchases continued to rise and natural payoffs fell to approximately 8% per annum. July payoffs totaled about $950 million. Outstanding HMBS fell for the sixth month in a row to just over $59.1 billion due to weak issuance. As is widely known, Ginnie Mae took over RMF’s HMBS…