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Read more: HMBS February 2020 Part II: HMBS Float Remains in Equilibrium Just Above $54 BillionOutstanding HMBS rose by $72 million in February, as lower payoffs were once again balanced by a strong issuance month. Payoffs totaled approximately $800 million, down about $100 million from last month. Total outstanding HMBS remains at $54.1 billion, an equilibrium in which new issuance and interest roll-up roughly equal payoffs. In 2019, HMBS posted…
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Read more: HECM Endorsement Analytics – February 2020HUD’s February 2020 HECM Endorsement Summary Report shows a total of 3,386 endorsements. It is lower than last month’s 3,919, but adjusted for day count a very strong number considering the previous 12 months averaged fewer than 2,900 units. Our summary can be found here: NV Endorsement 2020_02. While HMBS issuance is a more accurate barometer…
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Read more: HMBS February 2020: Low Interest Rates Send Valentine to HMBS IssuersHMBS issuance totaled $707 million in February 2020, as lower rates continued to strengthen new production. 81 pools were issued in February, including about $501 million of new unseasoned HECM first participation pools, continuing a strong upward trend in production. There were no highly seasoned new issues. What a difference a year makes: February 2019…
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Read more: HMBS January 2020 Part II: HMBS Float Remains in Equilibrium Just Above $54 BillionOutstanding HMBS rose by $15 million in January, as lower payoffs were balanced by a strong issuance month, including seasoned new issuance. Payoffs totaled approximately $900 million, down about $25 million from last month. Total outstanding HMBS hovers at $54 billion, an equilibrium in which new issuance and interest roll-up roughly equal payoffs. In 2019,…
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Read more: HECM Endorsement Analytics – January 2020HUD’s January 2020 HECM Endorsement Summary Report shows 3,919 endorsements, a strong start for the year, though volume may include backlogged pipeline from year-end. Our summary can be found here: NV Endorsement 2020_01. The increase in volume is evenly distributed geographically. Compared to December, the Atlanta field office volume increased 66%, from 452 to 751 units;…
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Read more: HMBS January 2020: Beginnings of a Happy New Year?HMBS issuance totaled $760 million in January 2020, as lower rates continued to strengthen new production. 87 pools were issued in January, including about $550 million of new unseasoned HECM first participation pools, continuing a strong upward trend in production. There were no highly seasoned new issues. For comparison, HMBS issuers sold 97 pools totaling…
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Read more: HMBS December 2019 Part II: Bye Bye (Peak) BuyoutOutstanding HMBS rose $137 million in December, as lower payoffs were balanced by a strong issuance month, including seasoned new issuance. Payoffs totaled just over $950 million, about the same as November. Total outstanding HMBS now stands at just over $54 billion. For now, supply is in equilibrium, with new issuance and interest roll-up roughly…
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Read more: HECM Endorsement Analytics – December 2019HUD’s December 2019 HECM Endorsement Summary Report shows a total of 2,461 endorsements. Our summary can be found here: NV Endorsement 2019_12 WBWFW. The monthly year-over-year increase is nearly 40%; however, that metric is skewed by muted endorsement activities from December 2018 as a result of last year’s government shutdown. The December 2019 endorsement count…
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Read more: 2019 HMBS Issuer League Tables – No SurprisesAAG kept its frontrunner HMBS issuer position throughout 2019, ending the year with $1.97 billion of issuance and 24% market share. It’s worth noting AAG’s issuance totals are all new originations and tails, with no highly seasoned pools issued. Longbridge finished in second place with $1.72 billion of issuance and 21% share, including more seasoned…
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Read more: HMBS December 2019: Stocking Half Full in 2018? Then Hang Two Stockings This YearHMBS issuance totaled $908 million in December 2019, as lower rates continued to strengthen new production. 92 pools were issued in December, including about $484 million of new unseasoned HECM first participation pools, maintaining the high monthly total for new production this year. This month’s total was also helped by two large seasoned new issues,…