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Read more: HMBS August 2022: Summer Doldrums ContinueHECM Mortgage-Backed Securities (“HMBS”) issuance dropped in August to $988 million, falling for the fourth straight month as higher interest rates continued to take their toll. HMBS issuance fell below $1 billion for the first time in 17 months. HMBS issuance totaled $13.2 billion for 2021, easily surpassing the previous record set in 2010. With…
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Read more: New View Advisors and Recursion Reverse Mortgage Prepayment Indices – July 2022The New View Advisors and Recursion July 2022 expanded HECM reverse mortgage prepayment indices can be found here: New View Advisors Recursion Cohort Speeds 07_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 July 2022 Part II: Refi Retreat ContinuesHMBS payoffs fell again in July, as the refinancing wave continued its retreat. July payoffs totaled about $1 billion, the lowest amount in 17 months. Outstanding HMBS rose to a record $59 billion due to a combination of fairly strong new issuance, a faster roll-up from rising interest rates and the drop in payoffs. The…
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Read more: HECM Endorsement Analytics – July 2022July saw 4,928 HECMs endorsements, the first time endorsements dropped below 5,000 units since October 2021. Longbridge Financial and Traditional Mortgage Group both had endorsement counts increase 30% over June, but the other lenders all experienced meaningful unit count drops. Our complete report can be found here: NV Endorsement 2022_07. The Santa Ana Homeownership Center…
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Read more: HMBS July 2022: Summer DoldrumsHECM Mortgage-Backed Securities (“HMBS”) issuance fell in July to $1.2 billion, falling for the third straight month as the refinancing wave continued to ebb. Production remains strong by historical standards, but the downward trend is clear. HMBS issuance totaled $13.2 billion for 2021, easily surpassing the old record from 2010. With seven months in the…
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Read more: New View Advisors and Recursion Reverse Mortgage Prepayment Indices – June 2022The New View Advisors and Recursion June 2022 expanded HECM reverse mortgage prepayment indices can be found here: New View Advisors Recursion Cohort Speeds 06_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 June 2022 Part II: Refi Swoon Began in JuneHMBS payoffs fell in June, as the refinancing wave finally began its retreat. June payoffs totaled just over $1.1 billion, the lowest amount in over a year. Outstanding HMBS rose to a record $58.6 billion due to continued strong new issuance and a faster roll-up from rising interest rates. The HECM refinance wave was assisted…
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Read more: 2022 First Half HMBS Issuer League Tables – Crown Up For GrabsAAG remained the #1 HMBS issuer in Q2, with $1.848 billion issued and 21.7% market share, though FAR was less than $12 million away, issuing $1.836 million for a 21.6% market share. Longbridge remained in third with $1.558 billion issued and 18.3% market share, RMF stayed in fourth with $1.507 billion issued and 17.7% market…
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Read more: HECM Endorsement Analytics – June 20225,937 HECMs were endorsed in June, off 8.8% from the March high but up 2.7% from May. The next few months will certainly reveal the impact of rising rates and HPA burnout. Our complete report can be found here: NV Endorsement 2022_06. HUD’s May Endorsement Snapshot Report was just released on its website. As previously…
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Read more: HMBS June 2022: June Too Soon For Swoon, But End to Boon LoomsHECM Mortgage-Backed Securities (“HMBS”) issuance fell in June to $1.3 billion, compared to $1.5 billion in May and April’s record $1.6 billion, as the refinancing wave continues to ebb. However, production remains strong by historical standards. Given the lag between HECM loan origination and HMBS issuance, the new HECMs backing June’s HMBS pools do not…