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Read more: HREMIC Issuance 2017 Full Year: Volume Tails OffHREMIC issuance for 2017 was $9.24 billion, 6% behind 2016’s total of $9.86 billion, but still the third highest issuance year after 2016 and 2015. Fourth quarter volume was $1.93 billion, up 3% from 2017’s third quarter issuance of $1.87 billion. There were 25 transactions underwritten by three sponsors, Nomura, Citigroup, and Bank of America…
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Read more: 2017 HMBS Issuer Rankings – A Busy Fourth QuarterAAG keeps the crown as the leading HMBS Issuer for 2017, issuing $2.3 billion of securities for a 21.9% market share, $211 million over #2 Reverse Mortgage Funding’s $2.1 billion and 19.9% market share. RMF issued a whopping $918 million in the fourth quarter, which included the issuance of highly seasoned pools, leapfrogging over Finance…
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Read more: HMBS November 2017: Don’t Look DownLast month the HMBS market impersonated the Coyote, holding an anvil of loan payoffs in mid-air but not falling. That will change soon when the full effect of new PLFs inevitably shrinks the outstanding HMBS float, which fell slightly in November despite the largest issuance in 15 months. HMBS prepayments topped $1.2 billion, the highest…
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Read more: October 2017: HMBS Market Sees a GhostIn a month where HECM lenders were haunted by the specter of lower Principal Limit Factors, the HMBS market froze with fright – again – at $55 billion in September. HMBS Prepayments topped $1 billion, the third highest monthly payoff ever. However, a record 15 issuers whistled past the graveyard with 107 new pools totaling…
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Read more: Financial Assessment Is Working (Part IV)Financial Assessment is still working. FHA’s new policy of requiring a financial assessment (“FA”) of the borrower’s ability to pay has cut tax and insurance default by nearly three quarters and serious defaults by almost two-thirds. These results continue to validate the encouraging data we shared in previous quarters. FHA’s objective for the new Financial Assessment…
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Read more: HMBS September 2017: Slow Climb Up the Down EscalatorThe HMBS market remained stuck – again – at $55 billion in September. HMBS Prepayments topped $1 billion, but was balanced by 114 new pools from 14 different issuers totaling over $879 million. September issuance divided into 49 original pools and 65 tail pools. No seasoned original new loan pools were issued. Production of original…
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Read more: HREMIC Issuance 2017Q3: 100.3% Market ShareHREMIC issuance for the first nine months of 2017 was $7.31 billion, about 5% behind 2016’s first nine months’ issuance total of $7.68 billion. Third quarter volume was $1.87 billion, off 26% from 2017’s second quarter issuance of $2.53 billion. There were 19 transactions underwritten by three sponsors, Nomura, Citigroup, and Bank of America Merrill…
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Read more: HMBS Issuer Rankings 2017Q3 – Active Issuer Count Hits New High Water MarkAAG remains the leading HMBS Issuer for the first nine months of 2017, issuing $1.718 billion of securities for a 23.6% market share, $407 million over #2 Finance America Reverse’s $1.311 billion and 18.0% market share. AAG’s market share dropped marginally over 2017Q2, and FAR narrowed the gap by 1.3%. Reverse Mortgage Funding stayed in…
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Read more: $55 Billion Speed Limit Slows HMBS Market GrowthThe HMBS market remained stuck at $55 billion in August. HMBS Prepayments topped $1 billion, but was balanced by 92 new pools totaling over $913 million. In its second month of issuance, Longbridge Financial led all issuers with nine pools totaling $215 million. August issuance divided into 52 original pools and 40 tail pools. No…
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Read more: Financial Assessment Is Working (Part III)Financial Assessment is still working. FHA’s new policy of requiring the financial assessment (“FA”) of the borrower’s ability to pay has cut tax and insurance default by nearly three quarters and serious defaults by almost two-thirds. These results continue to validate the encouraging data we shared 3 months and 6 months ago. FHA’s objective for…