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Read more: Pool Level HMBS Prepayment Speeds – April 2014As of April 30, 2014, $47.73 billion of HMBS are outstanding, representing a growth in supply of just $200 million over March, and continuing the slowing trend detailed in last month’s report. At the current run rate, total HMBS outstandings will start to decline in July 2014. The April 2014 report can be found here.…
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Read more: HMBS Issuance Hits New 5-Year LowHMBS issuers created only $395.6 million in new HMBS pools during April 2014, the smallest monthly HMBS issuance since May 2009. 65 pools were issued, consisting of 31 original issuances and 34 tail pools. By comparison, HMBS issuance totaled $972 million in April 2013, and averaged nearly $800 million per month during 2013. Original HMBS…
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Read more: HMBS Supply Rising Slowly – Will it Soon Decline?HMBS Pool prepayment rates continued to rise in March 2014. This mostly reflects the increasing number of seasoned loans that are being assigned back to HUD at the 98% Loan Balance-to-Maximum Claim Amount ratio. The March 2014 report can be found here. As of March 31, 2014, 3,074 HMBS pools with a balance of $47.5…
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Read more: HREMIC 2014Q1 IssuanceHREMIC issuance for the first quarter of 2014 was off 41% from the first quarter of 2013, with just 6 transactions totaling $957 million. Only 1 HREMIC was issued in March. In the first quarter of 2013, 8 transactions totaling $1.66 billion were issued. Bank of America Merrill Lynch continues its dominance in the space…
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Read more: HMBS Issuer 2014Q1 League Tables – How Long Will RMS Stay On Top?Once again, RMS led all HMBS Issuers in the first quarter of 2014 with $414.7 million of securities for a 24% market share. RMS has been the consistent leader of HMBS issuance the last three years. Urban Financial, AAG, Liberty, and Generation rounded out the top 5 with $353.7 million, $275.0 million, $226.6 million, and…
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Read more: New View Advisors Introduces Pool Level HMBS Prepayment DataStarting with the February 2014 reporting period, New View Advisors is introducing monthly distribution of pool level prepayment data for every HMBS issued. The Ginnie Mae Securities are listed by Pool Number using the Dollar Amount Method. The Dollar Amount Method measures prepayment rates by the dollar amount repaid rather than the number of loans…
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Read more: HMBS Issuance Remains Low – Quarterly issuance down 30%, Lowest since 2nd Quarter 2009HMBS issuers created only $510.1 million in new HMBS pools during March 2014, the third lowest total in almost 5 years. This brings first quarter 2014 HMBS issuance to $1.7 billion, the lowest quarterly total in nearly 5 years. By comparison, HMBS issuance totaled $2.5 billion in the fourth quarter 2013 and $2.4 billion in…
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Read more: HMBS Issuance Hits 5-Year LowHMBS issuers created just $493.6 million in new HMBS pools during February 2014, the smallest monthly HMBS issuance since May 2009. 76 pools were issued, 44 original issuances and 32 tail pools. By comparison, HMBS issuance totaled $710 million in January 2014, $695 million in February 2013, and averaged nearly $800 million per month during…
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Read more: SASCO 2002-RM1: Thanks for the Memories, and the PerformanceAn important development quietly took place recently amidst widespread industry discussion of proprietary or “jumbo” reverse mortgages, as Structured Asset Securities Corporation Reverse Mortgage Loan Trust Series 2002-RM1 (“SASCO 2002-RM1”) became the first securitization trust of such loans to pay off completely. The remaining A, B, and C class bondholders received their final payments on…
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Read more: HMBS 2013: RMS Leads the Pack; Tails Wag the DogHMBS issuance increased for the first time in three years, tracking the slightly higher originations of 2013 and an increase in “Tail” securitizations. HMBS pools totaling nearly $9.6 billion were issued in 2013, up from $8.5 billion last year but 10% below 2010’s record $10.7 billion. However, the 1,023 issues shattered the previous record of…