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Read more: HMBS 2013 First Nine MonthsHMBS issuance totaled $7.11 billion for the first three quarters of 2013, with 757 pools issued. There are now 11 active HMBS issuers with the newest entrant AAG issuing 14 pools for nearly $288 million, more than 4% of all issuance and already sixth in the 9-months league table rankings. RMS continues its reign as…
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Read more: Texas MBA Reverse Mortgage DaySee below for a link to the Excel spreadsheet that accompanied today’s presentation. Please feel free to call us with any questions. TX RM Day Duration
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Read more: HMBS 1st Half 2013: RMS Still #1Ten issuers issued exactly 500 HMBS pools in the first half of 2013, totaling $4.909 billion. 256 of these HMBS pools, totaling just over $2.5 billion, were issued in the second quarter, marking a 4% increase over the first quarter of 2013. RMS continues to be the market leader, issuing more than 35% of all…
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Read more: HMBS 2013 Q1: RMS Retains Crown244 HMBS pools totaling nearly $2.4 billion were issued in the first quarter of 2013. RMS retained its position as the top HMBS issuer by dollar amount, issuing 63 pools totaling nearly $905 million. RMS was followed by Urban Financial, Live Well, and Generation Mortgage, issuers of approximately $682.6 million, $275.2 million, and $243.5 million,…
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Read more: HREMICs 2013-First Quarter Keeps PaceFirst quarter 2013 HREMIC issuance matched last year’s record pace, with 8 HREMICs totaling $1.6 billion, according to Ginnie Mae data. Last year, 31 HREMICs came to market, totaling just over $6 billion. BofA Merrill Lynch edged out Knight Capital for the top underwriter/sponsor in the first quarter of 2013, leading 3 offerings totaling just…
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Read more: HMBS 2012: RMS Leads The PackHMBS issuance declined for the second year in a row, tracking the decline in HECM supply. 628 HMBS pools totaling nearly $8.6 billion were issued in 2012, down from $9.9 billion last year and almost 20% below 2010’s record $10.7 billion. For 2012, RMS was the top HMBS issuer, issuing 125 pools totaling nearly $2.6…
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Read more: HREMICs 2012Ginnie Mae’s HMBS and HREMIC programs serve as the main engine of finance for the reverse mortgage industry. According to Ginnie Mae’s published data, a record 31 HREMICs totaling $6.013 billion were issued in 2012, double the amount issued in 2011. For 2012, BofA Merrill Lynch was again the top underwriter/sponsor, leading 10 offerings totaling…
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Read more: Open Letter to the WSJ EditorsDecember 15, 2012 To the Editor, Re: “Mortgages in Reverse” editorial of December 15-16, 2012 Your editorial suggesting that FHA-insured reverse mortgages (called the Home Equity Conversion Mortgage or “HECM”) should be eliminated is akin to throwing out the baby with the bath water. The conditions that once allowed for a thriving private reverse mortgage…
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Read more: The New Trouble With HECMThe FHA released its FY 2012 HECM Actuarial Study and MMI Fund Report on November 16. The report reflects many changes to their economic and modeling assumptions, resulting in significantly higher projected losses for the HECM program. This is a dramatic turnaround from just a year ago. We criticized last year’s FHA actuarial study for…
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Read more: FHA’s Underwater Problem – Is the Worst Over?FHA recently released another updated Home Equity Conversion Mortgage (“HECM”) loan level data file, this time showing all FHA-insured reverse mortgages originated through November 2011. Once again, prepayment rates declined to new lows: the annual prepayment rate for seasoned HECMs is about 4.7%, compared to the historical average of 6.8%. We have adjusted our HECM…