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Read more: HECM Endorsement Analytics – June 2023Despite a near 25% rebound from last month, June’s total endorsement count was only 2,561 loans, substantially below the levels observed before the end of the refinancing boom. 2023’s first half total endorsement count is approximately 15,000 loans, 36% below that from the second half of 2022. The top originators’ table continues to shift as…
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Read more: 2023 First Half HMBS Issuer League TablesFAR kept its grip as lead HMBS issuer with $1.23 billion issued and 38.8% market share. Longbridge was again second, with $693.3 million issued and 21.8% market share, PHH stayed at third with $502.3 million issued and 15.8% market share, and Mutual of Omaha was fourth with $397.2 million issued and 12.5% market share. The…
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Read more: HMBS June 2023: June Swoon In Tune With Industry GloomThe HMBS new issue market posted its biggest month of 2023, but once again that’s not saying much. Strong tail issuance masked a decline in new loan production. HECM Mortgage-Backed Securities (“HMBS”) issuance totaled $588 million in June, just topping May’s $580 million. 89 pools were issued, low by historical standards. On November 30 of…
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Read more: HMBS May 2023 Part II: More of the SameHMBS payoffs rose in May, as Mandatory Purchases continued to rise, and natural payoffs rose to more than 9% per annum. May payoffs totaled about $970 million. Outstanding HMBS fell slightly to $59.4 billion due to the weak issuance and uptick in payoffs. As mentioned in past blogs, Ginnie Mae took over RMF’s HMBS portfolio…
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Read more: New View Advisors and Recursion Reverse Mortgage Prepayment Indices – May 2023The New View Advisors and Recursion May 2023 expanded HECM reverse mortgage prepayment indices can be found here: New View Advisors Recursion Cohort Speeds 05_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: HECM Endorsement Analytics – May 2023May’s HECM endorsement count rebounded slightly by 4.6% to 2,053 loans. Despite the industrywide struggle with declining origination volume, Mutual of Omaha appears to be coping with relative ease, seeing little change in lending volume over the last 12 months. Meanwhile, during the same time period, two top lenders have ceased lending altogether, and the…
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Read more: HMBS May 2023: Slouching Round the MaypoleThe HMBS new issue market posted its biggest month of 2023, but that’s not saying much. Strong tail issuance masked a decline in new loan production. HECM Mortgage-Backed Securities issuance totaled $580 million in May, topping April’s $534 million. 82 pools were issued, low by historical standards. On November 30 of last year, Reverse Mortgage…
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Read more: Financial Assessment Is Working (Part VII)Financial Assessment is still working. Now in its ninth year, FHA’s policy of requiring the financial assessment (FA) of borrowers’ ability to pay has helped cut tax and insurance default by over 80% and serious defaults by over 75%. These results validate the encouraging data we shared in previous years. FHA’s objective for its Financial…
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Read more: New View Advisors and Recursion Reverse Mortgage Prepayment Indices – April 2023The New View Advisors and Recursion April 2023 expanded HECM reverse mortgage prepayment indices can be found here: New View Advisors Recursion Cohort Speeds 04_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 April 2023 Part II: Still Waiting For … Oh Never MindHMBS payoffs fell in April, as Mandatory Purchases continued to rise and natural payoffs fell to less than 8% per annum. April payoffs totaled about $900 million, within the range of recent months. Outstanding HMBS fell slightly to $59.5 billion due to continued weak issuance. Higher interest rates finally caught up with the HMBS market…