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Read more: August 2018 HMBS: Cat Has Eight Lives LeftHMBS issuance rose slightly in August 2018 to just over $579 million, a small increase over July, which was the lowest issuance month in nearly four years. No highly seasoned pools were issued. In all, 110 pools were issued in August. Over $1.2 billion in payoffs shrank HMBS float by a record $500 million. Last…
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Read more: July 2018: HMBS Supply Fades Away With SummerHMBS issuance fell sharply in July 2018 to just over $542 million, the lowest issuance month in nearly four years. No highly seasoned pools were issued. In all, 98 pools were issued in July. Over $1 billion in payoffs shrank HMBS float by a record $355 million. Since February 2017, HMBS float has been range-bound…
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Read more: HMBS June 2018 Part II: Supply Grows Slowly, Despite Large Seasoned IssuanceHMBS supply rose in June by a scant $128 million, despite a large issuance of highly seasoned new pools. We noted in previous blogs that reverse mortgage lenders face a long winter of reduced volume, primarily due to the new lower Principal Limit Factors (“PLFs”) for Home Equity Conversion Mortgages (“HECMs”) effective this fiscal year.…
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Read more: HREMIC Issuance 2018Q2: Remarkable ResilienceHREMIC issuance for the first half of 2018 was $4.91 billion, on pace to nearly match 2016’s record $9.9 billion of securities issued. However, this volume trend is unlikely to continue based on the slowdown in HMBS. There were 4 transactions for $1.95 billion issued in the second quarter, underwritten by the same two sponsors…
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Read more: Seasoned HMBS Boon in June: Issuers Croon Old Tune to Avoid Issuance SwoonAfter a tepid May, HMBS issuance rose sharply in June 2018 to over $964 million with the help of more than $356 million in highly seasoned new issuance, exceeding that of new production. In all, 116 pools were issued in June. As we noted in previous blogs, reverse mortgage lenders face a long winter of…
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Read more: 2018 First Half HMBS Issuer Rankings – Seasoned Collateral RulesRMF remains atop the leaderboard after the first six months of 2018, issuing $2.26 billion of HMBS securities for a 39.6% market share, more than double #2 AAG’s $1.05 billion and 18.5% market share. RMF’s totals include highly seasoned pools, issued throughout the half. FAR stays in third with $767 million issued and 13.4% market…
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Read more: HMBS May 2018 Part II: Reprieve Over, Supply Shrinking at Record RateHMBS supply fell in May by a record $317 million, due to a combination of high prepayments and low issuance. We noted in previous blogs that reverse mortgage lenders face a long winter of reduced volume, primarily due to the new lower Principal Limit Factors (“PLFs”) for Home Equity Conversion Mortgages (“HECMs”) effective this fiscal…
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Read more: May 2018 HMBS: April Showers Bring … Not Many May FlowersAfter a robust month in April, HMBS issuance retreated to its new normal in May. Without the help of any highly seasoned pools, HMBS fell to $579 million, the lowest monthly level since September 2014. As we noted in previous blogs, reverse mortgage lenders face a long winter of reduced volume, primarily due to the…
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Read more: HMBS April 2018 Part II: Temporary Reprieve from Supply Shrinkage; Are We at Peak Mandatory Buyout?HMBS supply rose in April, increasing by nearly $360 million from $56.2 to $56.5 billion. High prepayments were outweighed by high issuance, including two large highly seasoned pools totaling $542 million. Without these seasoned pools, HMBS supply would have declined by over $180 million. We noted in our previous blogs that reverse mortgage lenders face…
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Read more: April 2018 HMBS: Perennials Bloom; New Growth SparseHMBS issuers welcomed the sunshine of their perennial favorites: tail issuance and highly seasoned collateral, which made for a bountiful spring bloom in April. Last month’s tail pool issuance topped $260 million. With the help of over $542 million in highly seasoned pools, HMBS issuance rose to $1.2 billion, the 7th highest monthly level ever.…