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Read more: HECM Endorsement Analytics – July 2023Please find our full July HECM Endorsement Analytics report here: NV Endorsement 2023_07.
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Read more: HMBS July 2023: Fireworks Fizzle in Market Without SizzleThe HMBS new issue market posted a weak tally in July 2023 as both tail issuance and new loan production declined. HECM Mortgage-Backed Securities (HMBS) issuance totaled $518 million in July, down significantly from June’s $589 million. 87 pools were issued, also low by historical standards. On November 30 of last year, Reverse Mortgage Funding…
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Read more: New View Advisors and Recursion Reverse Mortgage Prepayment Indices – June 2023The New View Advisors and Recursion June 2023 expanded HECM reverse mortgage prepayment indices can be found here: New View Advisors Recursion Cohort Speeds 06_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 June 2023 Part II: June GloomHMBS payoffs rose in June as Mandatory Purchases continued to rise, and natural payoffs fell slightly to just under 9% per annum. June payoffs totaled about $1 billion. Outstanding HMBS fell for the fifth month in a row to just under $59.3 billion due to weak issuance. Higher interest rates finally caught up with the…
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Read more: HECM Endorsement Analytics – June 2023Despite a near 25% rebound from last month, June’s total endorsement count was only 2,561 loans, substantially below the levels observed before the end of the refinancing boom. 2023’s first half total endorsement count is approximately 15,000 loans, 36% below that from the second half of 2022. The top originators’ table continues to shift as…
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Read more: 2023 First Half HMBS Issuer League TablesFAR kept its grip as lead HMBS issuer with $1.23 billion issued and 38.8% market share. Longbridge was again second, with $693.3 million issued and 21.8% market share, PHH stayed at third with $502.3 million issued and 15.8% market share, and Mutual of Omaha was fourth with $397.2 million issued and 12.5% market share. The…
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Read more: HMBS June 2023: June Swoon In Tune With Industry GloomThe HMBS new issue market posted its biggest month of 2023, but once again that’s not saying much. Strong tail issuance masked a decline in new loan production. HECM Mortgage-Backed Securities (“HMBS”) issuance totaled $588 million in June, just topping May’s $580 million. 89 pools were issued, low by historical standards. On November 30 of…
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Read more: HMBS May 2023 Part II: More of the SameHMBS payoffs rose in May, as Mandatory Purchases continued to rise, and natural payoffs rose to more than 9% per annum. May payoffs totaled about $970 million. Outstanding HMBS fell slightly to $59.4 billion due to the weak issuance and uptick in payoffs. As mentioned in past blogs, Ginnie Mae took over RMF’s HMBS portfolio…
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Read more: New View Advisors and Recursion Reverse Mortgage Prepayment Indices – May 2023The New View Advisors and Recursion May 2023 expanded HECM reverse mortgage prepayment indices can be found here: New View Advisors Recursion Cohort Speeds 05_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: HECM Endorsement Analytics – May 2023May’s HECM endorsement count rebounded slightly by 4.6% to 2,053 loans. Despite the industrywide struggle with declining origination volume, Mutual of Omaha appears to be coping with relative ease, seeing little change in lending volume over the last 12 months. Meanwhile, during the same time period, two top lenders have ceased lending altogether, and the…