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Read more: HMBS December 2020 Part II: Mad Dash to the LIBOR ExitOutstanding HMBS rose by $412 million in December 2020, as issuers rushed to issue new LIBOR pools. After February 2021, GNMA will no longer allow issuance of HMBS pools backed by first participations of LIBOR-indexed loans. Payoffs fell slightly to approximately $900 million. Total outstanding HMBS rose again, to just under $56 billion, the highest…
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Read more: HECM Endorsement Analytics – December 2020HUD’s December 2020 HECM Endorsement Summary Report shows a moderate rebound of endorsement activity to finish the year, our summary of which can be found here: NV Endorsement 2020_12. 4,097 HECM loans were endorsed in December, a 15% increase over November. Endorsements totaled 44,661 units in 2020, compared to 32,472, 41,683, and 55,239 units in…
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Read more: 2020 Full Year HMBS Issuer League Tables – Consistent AAG Takes the WinAAG maintained its #1 HMBS issuer ranking to lead all issuers in 2020 with $2.823 billion of issuance and 26.5% market share. This is the second consecutive year AAG has taken the crown. FAR jumped two notches into second place for the year with $1.869 billion issued and 17.55% market share. Longbridge dropped to third,…
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Read more: HMBS December 2020: Santa Grants Every Wish in Record Breaking MonthHMBS issuance totaled $1.2 billion in December 2020, as issuers continued their mad rush to originate and securitize LIBOR-indexed HECM loans before the demise of that index. It turns out December 2020 will not be the last month in which Ginnie Mae allows pooling of new HMBS pools backed by first participations of LIBOR-based HECMs…
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Read more: HMBS November 2020 Part II: HMBS Supply Rises AgainOutstanding HMBS rose by about $125 million in November, as both payoffs and new issuance continued strong. Payoffs remained at about $950 million, despite the lower level of mandatory buyouts. Total outstanding HMBS rose again, to over $55.5 billion, the highest total in over two years. In 2019, HMBS posted its lowest annual issuance total…
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Read more: Forward Mortgage Does Not Subsidize Reverse MortgageThis blog began in 2009 with an entry entitled “The Trouble with HECM.” What was the Trouble we predicted? Is FHA’s Home Equity Conversion Mortgage (“HECM”) reverse mortgage program in for more trouble? The reader of FHA’s recent report, the “Federal Housing Administration’s Annual Report to Congress Regarding the Financial Status of the FHA Mutual…
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Read more: HECM Endorsement Analytics – November 2020HUD’s November 2020 HECM Endorsement Summary Report shows an ever-slowing endorsement trend, with 3,561 units tallied. Our analysis of the Summary Report can be found here: NV Endorsement 2020_11. Endorsement volume continues to trend lower as 2020 year-end approaches. Compared to April 2020, with a peak of 5,038 endorsements, the industry is now seeing endorsement…
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Read more: HMBS November 2020: Issuers Carve Up Big LIBOR Turkey but Few Leftovers RemainHMBS issuance totaled $956 million in November 2020, as issuers continued their mad rush to originate and securitize LIBOR-indexed HECM loans before the demise of that index. December 2020 will be the last month in which Ginnie Mae allows pooling of new HMBS pools backed by first participations of LIBOR-based HECMs. 85 pools were issued…
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Read more: HECM Endorsement Analytics – October 2020HUD’s October 2020 HECM Endorsement Summary Report totals 3,737 endorsements, dropping 5% from last month’s 3,937 tally. Nonetheless, endorsement count maintained its steady pace for the 5th month in a row. Our analysis can be found here: NV Endorsement 2020_10. Most of the top originators experienced a drop in endorsements in sync with the overall…
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Read more: HMBS October 2020 Part II: HMBS Supply Rises, For NowOutstanding HMBS rose by about $50 million in October, as payoffs rose and new issuance remained strong. Payoffs increased to $950 million, despite the continued fall of mandatory buyouts. Total outstanding HMBS rose to over $55.4 billion, the highest total in two years. In 2019, HMBS posted its lowest annual total in five years. But…