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Read more: HECM Endorsement Analytics – November 2023Endorsement count decreased further, to 2,257 in November, 13% below the 12-month running average of 2,595 loans. Our full report can be found here: NV Endorsement 2023_11. Geographically, endorsement volume from the Philadelphia Homeownership Center was lower by 5% compared to the monthly average, Denver saw a decrease of 12%, and Atlanta and Sana Ana…
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Read more: HMBS November 2023: If It Looks Like a Turkey, and Walks Like a Turkey, It’s…The HMBS new issue market was slightly off in November compared to October. HECM Mortgage-Backed Securities (“HMBS”) issuance totaled $561 million in November, relatively the same as October’s $565 million. 110 pools were issued. FAR was the top issuer in November with $185 million – down from October’s $216 million and September’s $197 million; issuance…
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Read more: New View Advisors and Recursion Reverse Mortgage Prepayment Indices – October 2023The New View Advisors and Recursion October 2023 expanded HECM reverse mortgage prepayment indices can be found here: New View Advisors Recursion Cohort Speeds 10_2023. The indices are derived from underlying HECM data in HMBS made public by Ginnie Mae, as well as private sources. This new expanded set of prepayment data is calculated using…
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Read more: HMBS Issuance Commentary October 2023 Part IIHMBS payoff speeds increased slightly in October; Mandatory Purchases and natural payoffs were approximately 10.1% and 7.6% per annum, respectively. October payoffs totaled about $925 million. Outstanding HMBS decreased slightly and is now just under $59 billion. As mentioned in previous blogs, Ginnie Mae took over RMF’s HMBS portfolio last December. “Ginnie Mae – Reverse…
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Read more: HMBS October 2023: [Insert Halloween Metaphor Here]The HECM market remains scared, spooked, and haunted by the specter of high interest rates. HECM Mortgage-Backed Securities (“HMBS”) issuance totaled $565 million in October, compared to September’s $638 million. Only 87 pools were issued. FAR was the top issuer in October with $216 million – up from September’s $197 million; Longbridge was the only…
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Read more: New View Advisors and Recursion Reverse Mortgage Prepayment Indices – September 2023The New View Advisors and Recursion September 2023 expanded HECM reverse mortgage prepayment indices can be found here: New View Advisors Recursion Cohort Speeds 09_2023. The indices are derived from underlying HECM data in HMBS made public by Ginnie Mae, as well as private sources. This new expanded set of prepayment data is calculated using…
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Read more: HMBS September 2023 Part II: Waiting For Shoes To DropHMBS payoff speeds declined in September; Mandatory Purchases and natural payoffs were approximately 9.8% and 7.4% per annum, respectively, though adjusted for day count about the same prepayment rates as August. September payoffs totaled about $900 million. Outstanding HMBS increased for the first time since February 2023 and is now just over $59 billion. As…
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Read more: HECM Endorsement Analytics – September 2023Endorsement count dipped 12%, to 2,614 in September, back down from last month’s 2,980 unit count. Our full report can be found here: NV Endorsement 2023_09. HUD’s August Endorsement Snapshot Report was just released on its website, showing refis crept back up over 10%, though still in line with long term historical averages.
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Read more: 2023Q3 HMBS Issuer League Tables — FlatlineFAR remains lead HMBS issuer for Q3, with $1.835 billion issued and 37.4% market share. Longbridge was second, with $1.045 billion issued and 21.3% market share, PHH was third with $783.7 million issued and 16% market share, and Mutual of Omaha was fourth with $690.7 million issued and 14.1% market share. The Top Four issuers…
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Read more: HMBS September 2023: HMBS Schooled By Higher RatesThe HMBS new issue market improved slightly from August. HECM Mortgage-Backed Securities (“HMBS”) issuance totaled $638 million in September, up from August’s $572 million. 103 pools were issued, low by historical standards. The increase is primarily the result of one issuer pooling four months of production. FAR was the top issuer in September, with $197…