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Read more: HECM Endorsement Analytics – March 20226,510 HECMs were endorsed in March, the first time monthly endorsements exceeded 6,000 since late 2017, when the industry was racing to close loans before ML 2017-12 took effect. The March tally is an impressive 26.3% increase over February. Increases were across the board geographically, and among top lenders. Our report can be found here:…
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Read more: 2022 Q1 HMBS Issuer League Tables – Back to (the New?) NormalAAG returned to the #1 HMBS issuer slot in 2022Q1, with $899.0 million issued and 22% market share, squeaking past FAR at #2 with $888.5 million and a 21.8% market share. Longbridge remained in third with $744.9 million issued and 18.2% market share, RMF was fourth with $735.8 million issued and 18.0% market share, and…
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Read more: HMBS Marches On – March 2022HECM Mortgage-Backed Securities (“HMBS”) issuers continued their record pace in March 2022, again issuing nearly $1.4 billion in new HMBS, again almost setting a record for new original loan pools for the sixth month in row. Refinancing activity remains strong. HMBS issuance totaled $13.2 billion for 2021, 22% more than the previous record set in…
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Read more: New View Advisors and Recursion Reverse Mortgage Prepayment Indices – February 2022The New View Advisors and Recursion February 2022 expanded HECM reverse mortgage prepayment indices can be found here: New View Advisors Recursion Cohort Speeds 02_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 February 2022 Part II: Another Issuer ExitsOutstanding HMBS rose to an all-time high of $57.6 billion in February 2022 as issuance outpaced another refinance-driven month of payoffs. HMBS payoffs exceeded $1 billion for the twelfth month in a row. Outstanding HMBS rose by about $288 million. Our friends at Recursion broke down the prepayment numbers further: last month’s 98% MCA mandatory…
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Read more: HECM Endorsement Analytics – February 20225,153 HECMs were endorsed in February, a 10.7% drop from January’s 5,771 HECM endorsements, but still the longest sustained period of 5,000+ monthly endorsements since before financial assessment began. All top originators experienced volume declines from January including AAG endorsing 1,495 loans, down 7%, FAR endorsing 407 loans, down 23%, and RMF endorsing 475 loans,…
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Read more: HMBS February 2022: For HMBS Issuers, Every Day is Valentine’s DayHMBS issuers continued their torrid pace to start the New Year. February saw again nearly $1.4 billion in new HMBS issuance, almost setting a record for new original loan pools for the fifth month in row. Refinancing activity continues to be strong. HMBS issuance totaled $13.2 billion for 2021, 22% more than the previous record…
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Read more: New View Advisors and Recursion Reverse Mortgage Prepayment Indices – January 2022New View Advisors and Recursion January 2022 expanded HECM reverse mortgage prepayment indices can be found here: New View Advisors Recursion Cohort Speeds 01_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 dollar…
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Read more: HMBS January 2022 Part II: New Year’s Resolutions Are Hard to KeepOutstanding HMBS rose to an all-time high of $57.3 billion in January 2022 as issuance outpaced another big refinance-driven month of payoffs. If the industry resolved to shake off its dependence on refinancings in 2022, that New Year’s resolution (like most others) was broken before February arrived. Driven by high levels of refinancing, HMBS payoffs…
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Read more: HECM Endorsement Analytics – January 2022There were 5,771 HECM endorsements in January, the highest monthly tally since January 2018. Philadelphia saw the largest monthly increase of 36.4%, with 723 endorsements. Santa Ana, Denver, and Atlanta saw increases from December of 11.5%, 4.6%, and 2.4% respectively. Our report can be found here: NV Endorsement 2022_01. HUD’s December Endorsement Snapshot Report was…