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Read more: HECM Endorsement Analytics – April 2023April’s HECM endorsement count dropped to 1,963 loans. As expected, last month’s high count was due to nothing more than AAG clearing its backlog. This month the report shows no endorsements from AAG, without which the trend of declining HECM production continues. Our full report can be found here: NV Endorsement 2023_04. HUD’s March Endorsement…
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Read more: HMBS April 2023: April Showers Bring … Not MuchNew View Advisors is 15 years old today, May 1st. Thank you to all our clients, employees, and friends that have provided insight, encouragement, and business all these years. The HMBS new issue market posted its best month of 2023, but that’s not saying much. HECM Mortgage-Backed Securities (“HMBS”) issuance rebounded slightly in April to…
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Read more: New View Advisors and Recursion Reverse Mortgage Prepayment Indices – March 2023The New View Advisors and Recursion March 2023 expanded HECM reverse mortgage prepayment indices can be found here: New View Advisors Recursion Cohort Speeds 03_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 March 2023 Part II: Waiting For Issuer 43HMBS payoffs rose in March, as Mandatory Purchases continued to rise and natural payoffs increased to more than 8% per annum. March payoffs totaled $950 million, the highest payoff amount in 7 months. Outstanding HMBS fell slightly to $59.6 billion due to the weak issuance and uptick in payoffs. Ginnie Mae took over RMF’s HMBS…
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Read more: HECM Endorsement Analytics – March 2023March’s HECM endorsement count unexpectedly increased 73% over the month, reaching 3,789 units. However, the increase came almost entirely from AAG’s last gasp of submissions prior to its acquisition by FAR, endorsing 1,970 loans compared to last month’s 468. AAG clearing its backlog won’t alter the macro trend of declining HECM production as long as…
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Read more: 2023Q1 HMBS Issuer League Tables – Consolidation Is HereWhat a difference a quarter makes. With FAR’s acquisition of AAG, and RMF’s bankruptcy, FAR is now the lead HMBS issuer with $629 million issued and a commanding 42.7% market share. Longbridge is second, with $313.4 million issued and 21.3% market share, PHH is third with $231.2 million issued and 15.7% market share, and Mutual…
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Read more: HMBS March 2023: March Roars Out Like a LambThe HMBS new issue market fell again to new lows. HECM Mortgage-Backed Securities (“HMBS”) issuance fell sharply in March to $442 million, falling for the eleventh straight month. Only 53 pools were issued. It was the lowest month of issuance since June 2014. As we said last month, this HMBS Winter of Discontent will be…
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Read more: New View Advisors and Recursion Reverse Mortgage Prepayment Indices – February 2023The New View Advisors and Recursion February 2023 expanded HECM reverse mortgage prepayment indices can be found here: New View Advisors Recursion Cohort Speeds 02_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 February 2023 Part II: Waiting For Issuer 43HMBS payoffs remained low in February, as Mandatory Purchases continued to rise and natural payoffs remained at less than a 7% per annum rate. February payoffs totaled about $800 million, the fourth lowest payoff amount in nearly 6 years. Outstanding HMBS fell slightly to a record $59.8 billion due to the drop in issuance. Higher…
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Read more: HECM Endorsement Analytics – February 2023HECM endorsement volume continues its freefall, dropping to 2,185 units in February from last month’s 2,489. Compared to a year ago, there has also been significant shifting of origination league tables: RMF’s origination is essentially zero after its bankruptcy filing; AAG’s share dropped from over 30% to under 25%; and Longbridge’s 12-month production is 9.2%…