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Read more: HMBS May 2023: Slouching Round the MaypoleThe HMBS new issue market posted its biggest month of 2023, but that’s not saying much. Strong tail issuance masked a decline in new loan production. HECM Mortgage-Backed Securities issuance totaled $580 million in May, topping April’s $534 million. 82 pools were issued, low by historical standards. On November 30 of last year, Reverse Mortgage…
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Read more: Financial Assessment Is Working (Part VII)Financial Assessment is still working. Now in its ninth year, FHA’s policy of requiring the financial assessment (FA) of borrowers’ ability to pay has helped cut tax and insurance default by over 80% and serious defaults by over 75%. These results validate the encouraging data we shared in previous years. FHA’s objective for its Financial…
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Read more: New View Advisors and Recursion Reverse Mortgage Prepayment Indices – April 2023The New View Advisors and Recursion April 2023 expanded HECM reverse mortgage prepayment indices can be found here: New View Advisors Recursion Cohort Speeds 04_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 April 2023 Part II: Still Waiting For … Oh Never MindHMBS payoffs fell in April, as Mandatory Purchases continued to rise and natural payoffs fell to less than 8% per annum. April payoffs totaled about $900 million, within the range of recent months. Outstanding HMBS fell slightly to $59.5 billion due to continued weak issuance. Higher interest rates finally caught up with the HMBS market…
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Read more: HECM Endorsement Analytics – April 2023April’s HECM endorsement count dropped to 1,963 loans. As expected, last month’s high count was due to nothing more than AAG clearing its backlog. This month the report shows no endorsements from AAG, without which the trend of declining HECM production continues. Our full report can be found here: NV Endorsement 2023_04. HUD’s March Endorsement…
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Read more: HMBS April 2023: April Showers Bring … Not MuchNew View Advisors is 15 years old today, May 1st. Thank you to all our clients, employees, and friends that have provided insight, encouragement, and business all these years. The HMBS new issue market posted its best month of 2023, but that’s not saying much. HECM Mortgage-Backed Securities (“HMBS”) issuance rebounded slightly in April to…
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Read more: New View Advisors and Recursion Reverse Mortgage Prepayment Indices – March 2023The New View Advisors and Recursion March 2023 expanded HECM reverse mortgage prepayment indices can be found here: New View Advisors Recursion Cohort Speeds 03_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 March 2023 Part II: Waiting For Issuer 43HMBS payoffs rose in March, as Mandatory Purchases continued to rise and natural payoffs increased to more than 8% per annum. March payoffs totaled $950 million, the highest payoff amount in 7 months. Outstanding HMBS fell slightly to $59.6 billion due to the weak issuance and uptick in payoffs. Ginnie Mae took over RMF’s HMBS…
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Read more: HECM Endorsement Analytics – March 2023March’s HECM endorsement count unexpectedly increased 73% over the month, reaching 3,789 units. However, the increase came almost entirely from AAG’s last gasp of submissions prior to its acquisition by FAR, endorsing 1,970 loans compared to last month’s 468. AAG clearing its backlog won’t alter the macro trend of declining HECM production as long as…
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Read more: 2023Q1 HMBS Issuer League Tables – Consolidation Is HereWhat a difference a quarter makes. With FAR’s acquisition of AAG, and RMF’s bankruptcy, FAR is now the lead HMBS issuer with $629 million issued and a commanding 42.7% market share. Longbridge is second, with $313.4 million issued and 21.3% market share, PHH is third with $231.2 million issued and 15.7% market share, and Mutual…