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Read more: New View Advisors Reverse Mortgage Draw Index: Introducing Our Annual Adjustable IndexNew View Advisors is pleased to release the second installment of its Reverse Mortgage Draw Index, including the first release of our Annual Adjustable Draw Index. The latest Ginnie Mae data for Monthly Adjustable HECMs show a steady draw rate of 1.92% in October, consistent with the 2.12% and 1.93% rates of September and August,…
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Read more: Whale of Tail drives HMBS Issuance in October 2015HMBS issuers created approximately $789 million in new HMBS pools during October 2015, driven by record tail issuance of $291 million. The tail issuance includes two pools totaling nearly $100 million issued by Wells Fargo, marking their first HMBS issuance since June 2012. Last month’s HMBS issuance total exceeds both September’s $680 million in and…
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Read more: Introducing the New View Advisors Reverse Mortgage Draw IndexNew View Advisors is pleased to announce the introduction of its Reverse Mortgage Draw Index. The New View Advisors Reverse Mortgage Prepayment Index has become the industry standard since its introduction in 2010. Ginnie Mae’s HMBS program was then in its infancy, but now dominates the HECM industry. Each month, Ginnie Mae releases pool level…
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Read more: Total Outstanding HMBS – How Long Will It Rise?Total outstanding HMBS is $52.35 billion for September 2015, up from just under $52.21 billion at the end of August. We estimate that this increase is composed of approximately $161 million in negative amortization, plus the $680 million in new issuance, minus about $701 million in payoffs. Total outstanding HMBS has been increasing each month,…
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Read more: HMBS Issuer 2015 Third Quarter League Tables – The Song Remains the SameFor the nine months ended September 2015, AAG kept its #1 HMBS Issuer title, with second place RMS just $102 million behind. There was no ranking movement among issuers from June, although Silvergate Bank did issue one pool, raising the total number of HMBS issuers to 13, the historical high watermark for issuer count. AAG…
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Read more: HREMIC Issuance 2015 First 9 months – Already in the Record BooksHREMIC issuance for the first nine months of 2015 was $6.5 billion, easily surpassing 2014’s full year $5 billion of issuance, and the previous full year record of $6 billion set in 2012. There were 23 transactions underwritten by four sponsors, Nomura, Bank of America Merrill Lynch, Credit Suisse and Barclays. Nomura remains the #1…
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Read more: Tail of Two Securities, Continued: Original HMBS Issuance at 1-year Low; Record Tail Issuance in SeptemberHMBS issuers created $680 million in new HMBS pools during September 2015, the lowest HMBS issuance since March, down from $730 million in August but substantially higher than September 2014’s $498 million. 113 pools were issued, consisting of 57 original issuances and 56 tail pools. Thus far in 2015, HMBS issuance is averaging just over…
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Read more: HMBS Issuance Ramps Down Again in August 2015HMBS issuers created $730 million in new HMBS pools during August 2015, the lowest HMBS issuance since March, down from $809 million in July but substantially higher than August 2014’s $517 million. 94 pools were issued, consisting of 50 original issuances and 44 tail pools. Thus far in 2015, HMBS issuance is averaging just over…
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Read more: Tail of Two Securities: HMBS Issuance Trends DivergeHMBS issuance was strong overall in July 2015, with record “Tail” issuance partially compensating for a decline in origination and securitization of HMBS backed by new HECM loans. HMBS issuers created $809 million in new HMBS pools last month, down $35 million from June but substantially higher than July 2014’s $507 million. Thus far in…
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Read more: Strong HMBS Issuance Continues in JuneHMBS issuers created $845 million in new HMBS pools during June 2015, the second largest HMBS issuance since November 2013, down $29 million from May but substantially higher than June 2014’s $439 million. 107 pools were issued, consisting of 59 original issuances and 48 tail pools. Thus far in 2015, HMBS issuance is averaging just…