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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…
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Read more: HMBS December 2022 Part II: Issuer 42 to the RescueHMBS payoffs fell again in December, as the refinancing retreat continued. December payoffs totaled about $815 million, the lowest payoff amount in 23 months and the lowest payoff rate in nearly 7 years. Outstanding HMBS rose to a record $59.8 billion due to faster roll-up from rising interest rates and the drop in payoffs. Higher…