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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…
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Read more: HMBS October 2020: HMBS Issuers Haunted by Ghost of LIBORHMBS issuance totaled $879 million in October, marking another banner month overshadowed by the pending demise of LIBOR as an HMBS 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. 86 pools were issued in October. Reverse mortgage lenders…
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Read more: HMBS September 2020 Part II: HMBS Supply Rises, For NowOutstanding HMBS increased by $141 million in September, as payoffs rose and new issuance remained strong. Payoffs were just under $880 million, despite the continued fall of mandatory buyouts. Total outstanding HMBS rose to over $55.3 billion, the highest total in 23 months. Two months ago we asked: is this is the end of the…
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Read more: HECM Endorsement Analytics – September 2020HUD’s September 2020 HECM Endorsement Summary Report totals 3,937 endorsements, a slight drop from last month’s 4,007 but still a pace not seen since FY2017. New View Advisors’ summary report can be found here: NV Endorsement 2020_09. Endorsements have been stable for the last four months, fluctuating by no more than 300 units a month. Endorsements…
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Read more: 2020Q3 HMBS Issuer League Tables – AAG Heading into the StretchAAG maintained its #1 HMBS issuer ranking through three quarters of 2020 with nearly $2 billion of issuance and 26.3% market share. Longbridge leapfrogged into second place for the quarter with $1.44 billion issued and 18.9% market share. RMF dropped to third, with $1.32 billion issued and 17.3% market share, and FAR was fourth with…
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Read more: HMBS September 2020: Sorrow for the Lost LIBOR; Quoth Ginnie Mae: “Nevermore”HMBS issuance totaled $883 million in September 2020, marking another banner month, but overshadowed by Ginnie Mae’s announcement ending LIBOR as an index for new HMBS pools backed by first participations of HECM loans. Helped by a recovered capital market and low interest rates, HMBS issuers continued a streak of robust production. 79 pools were…
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Read more: HMBS August 2020 Part II: HMBS Supply Rises AgainOutstanding HMBS rose by about $146 million in August, as payoffs fell and issuance continued strong. Payoffs totaled just under $860 million, as mandatory purchases continued to fall. Total outstanding HMBS rose to over $55.2 billion, the highest total in 21 months. Last month we asked: is this the end of the HMBS range-bound equilibrium…
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Read more: HECM Endorsement Analytics – August 2020HUD’s August 2020 HECM Endorsement Summary Report shows a fourth consecutive strong print month, with 4,007 endorsements, our summary report of which can be found here: NV Endorsement 2020_08. For May, June and July, monthly endorsement counts were 5,038, 4,209 and 4,256, respectively. For comparison, there were just 2,341 endorsements a year ago in August…