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Read more: HMBS March 2023: March Roars Out Like a LambThe HMBS new issue market fell again to new lows. HECM Mortgage-Backed Securities (“HMBS”) issuance fell sharply in March to $442 million, falling for the eleventh straight month. Only 53 pools were issued. It was the lowest month of issuance since June 2014. As we said last month, this HMBS Winter of Discontent will be…
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Read more: New View Advisors and Recursion Reverse Mortgage Prepayment Indices – February 2023The New View Advisors and Recursion February 2023 expanded HECM reverse mortgage prepayment indices can be found here: New View Advisors Recursion Cohort Speeds 02_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 February 2023 Part II: Waiting For Issuer 43HMBS payoffs remained low in February, as Mandatory Purchases continued to rise and natural payoffs remained at less than a 7% per annum rate. February payoffs totaled about $800 million, the fourth lowest payoff amount in nearly 6 years. Outstanding HMBS fell slightly to a record $59.8 billion due to the drop in issuance. Higher…
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Read more: HECM Endorsement Analytics – February 2023HECM endorsement volume continues its freefall, dropping to 2,185 units in February from last month’s 2,489. Compared to a year ago, there has also been significant shifting of origination league tables: RMF’s origination is essentially zero after its bankruptcy filing; AAG’s share dropped from over 30% to under 25%; and Longbridge’s 12-month production is 9.2%…
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Read more: HMBS February 2023: HMBS Groundhog Sees His ShadowIn February, the HMBS new issue market saw its shadow on Groundhog Day, received no Valentines, and celebrated Millard Fillmore on President’s Day. HECM Mortgage-Backed Securities (“HMBS”) issuance fell in February to $507 million, falling for the tenth straight month. Only 58 pools were issued. Adjusting for day count, it was a repeat of the…
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Read more: New View Advisors and Recursion Reverse Mortgage Prepayment Indices – January 2023The New View Advisors and Recursion January 2023 expanded HECM reverse mortgage prepayment indices can be found here: New View Advisors Recursion Cohort Speeds 01_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 January 2023 Part II: Issuer 42 to the Rescue (Part II)HMBS payoffs fell again in January, as the refinancing retreat continues. January payoffs totaled about $756 million, the lowest payoff amount in nearly 6 years and the lowest payoff rate in 7 years. Outstanding HMBS rose to a record $59.9 billion due to the drop in payoffs. Higher interest rates finally caught up with the…
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Read more: HECM Endorsement Analytics – January 2023Total HECM endorsements dropped to 2,489 in January, down another 11% from last month’s 2,786 tally. Geographically the decline was again greatest in the Santa Ana Homeownership Center at -19.1%; the Philadelphia Homeownership Center was the only Center up, a modest 1.8%. Our report can be found here: NV Endorsement 2023_01. HUD’s December Endorsement Snapshot…
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Read more: HMBS January 2023: New Year’s DissolutionHECM Mortgage-Backed Securities (“HMBS”) issuance collapsed in January to $523 million, falling for the ninth straight month. This monthly total is the lowest in nearly 3 years and the third lowest since 2014. Only 62 pools were issued, the lowest monthly issuance count in ten years. On November 30 of last year, Reverse Mortgage Funding…
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Read more: New View Advisors and Recursion Reverse Mortgage Prepayment Indices – December 2022The New View Advisors and Recursion December 2022 expanded HECM reverse mortgage prepayment indices can be found here: New View Advisors Recursion Cohort Speeds 12_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…