HMBS 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…

AAG captured the crown in 2022, with $3.08 billion HMBS and 22% market share. FAR settled for second, issuing $2.73 billion for a 19.5% market share. Longbridge tied down third with $2.54 billion issued and 18.2% market share, RMF finished in fourth with $2.38 billion issued and 17% market share, and PHH topped off the…

HECM Mortgage-Backed Securities (“HMBS”) issuance fell in December to $742 million, falling for the eighth straight month. For the reverse mortgage industry, Dickens’ Christmas ghosts seem to have changed places: the good times represented by the jolly Ghost of Christmas Present are gone, the future looks like the HECM market of decades past, with higher…

HMBS payoffs fell again in November, as the refinancing retreat turned into a rout. November payoffs totaled about $830 million, the lowest dollar amount in 22 months and the lowest payoff rate in over 6 years. Outstanding HMBS rose to a record $59.7 billion due to faster roll-up from rising interest rates and the drop…

HECM Mortgage-Backed Securities (“HMBS”) issuance fell sharply in November to $763 million, falling for the seventh straight month. On November 30, Reverse Mortgage Funding (“RMF”), the largest HMBS issuer of record, filed for bankruptcy. RMF is the issuer of record for approximately $21 billion of the $59 billion of total outstanding HMBS. RMF issued 15…