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Read more: HMBS August 2019: Issuance Does Not Take a VacationHMBS issuance totaled $637 million in August, as lower rates strengthened new production. 93 pools were issued in August, including about $390 million of new unseasoned HECM first participation pools, the highest monthly total for new production this year. There were no highly seasoned pools issued. Reverse mortgage lenders face a new era of reduced…
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Read more: HMBS July 2019 Part II: HMBS Float RisesOutstanding HMBS rose by nearly $300 million in July, helped by a large new pool backed by highly seasoned Home Equity Conversion Mortgages (“HECMs”). Payoffs once again totaled just under $1 billion. Total outstanding HMBS rose to just under $54.5 billion. Without that one pool, HMBS float would have fallen below $54 billion for the…
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Read more: HECM Endorsement Analytics – July 2019HUD released its July 2019 HECM Endorsement Summary Reports, our summary of which can be found here: NV Endorsement Report 2019_07. HUD’s report shows a total of 2,754 endorsements, 8% higher than June’s 2,546 units. However, the modest increase is more likely a reflection of 2 additional business days in July rather than any fundamental…
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Read more: HMBS July 2019: It’s the Time of the Seasoned; Live Well’s Not ThereHMBS issuance rose in July 2019 to over $1 billion, helped by a large highly seasoned pool. 83 pools were issued in July, including about $321 million of new unseasoned HECM first participation pools, the third highest monthly total for new production this year. Half of this month’s total issuance, the largest in 15 months,…
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Read more: HMBS June 2019 Part II: HMBS Float Resumes ShrinkageOutstanding HMBS fell by nearly $200 million in June, as low issuance, high payoffs, and an absence of highly seasoned issues took their toll. Payoffs once again totaled just under $1 billion. Total outstanding HMBS fell to just over $54.2 billion, a three-year low. HMBS float is now $2.2 billion below its peak a year…
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Read more: HECM Endorsement Analytics – June 2019HUD recently released its June 2019 HECM Endorsement Summary Reports, our summary of which can be found here: NV Endorsement Report 2019_06. The report shows a total of 2,544 endorsements, 6% lower than May’s 2,697 units, and as we reported last month, still 20% lower year-over-year. There were no material variations in regional origination from May.…
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Read more: 2019Q2 HMBS Issuer League Tables – Very Little ChangeAAG retains its lead HMBS issuer slot for the second quarter of 2019, with $847.4 million of issuance for a 23.3% market share. RMF stayed in second, with $651.7 million issued and 17.9% market share, and FAR held third with $553.8 million issued and 15.19% market share. Longbridge jumped two spots to #4 with $552.2…
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Read more: HMBS June 2019: Is First Half Glass Empty or Will Second Half Be Glass FullHMBS issuance fell in June 2019 to just over $561 million, ending the slowest half-year of issuance in five years, though yet another uptick in new production gave hope for the second half. No highly seasoned pools were issued. 83 pools were issued in June, including about $331 million of new unseasoned HECM first participation…
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Read more: Financial Assessment Is Working (Part V)Financial Assessment is still working. Now in its fifth year, FHA’s new policy of requiring the financial assessment (“FA”) of the borrower’s ability to pay has cut tax and insurance default by over three quarters and serious defaults by over two-thirds. These results continue to validate the encouraging data we shared in past analyses. FHA’s…
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Read more: HMBS May 2019 Part II: Seasoned Issuance Props up FloatOutstanding HMBS rose slightly in May, avoiding further decline thanks to some highly seasoned new issuance. Despite just under $1 billion in payoffs, total outstanding HMBS edged up to just over $54.4 billion. This is down over $2 billion from its peak a year ago. Total HMBS float will likely finally fall further given current…