{"id":1984,"date":"2022-04-11T08:28:36","date_gmt":"2022-04-11T12:28:36","guid":{"rendered":"https:\/\/www.newviewadvisors.com\/commentary\/?p=1984"},"modified":"2022-04-11T08:39:44","modified_gmt":"2022-04-11T12:39:44","slug":"hmbs-march-2022-part-ii-refi-wave-refuses-to-go-quietly","status":"publish","type":"post","link":"https:\/\/newviewadvisors.com\/commentaries\/2022\/04\/11\/hmbs-march-2022-part-ii-refi-wave-refuses-to-go-quietly\/","title":{"rendered":"HMBS March 2022 Part II: Refi Wave Refuses To Go Quietly"},"content":{"rendered":"<p>HMBS payoffs roared in like a lion in March, due to a refinancing wave that refuses to go away. March 2022 smashed previous records with $1.5 billion in payoffs. Because of these payoffs, outstanding HMBS fell to $57.59 billion, despite strong new issuance.<\/p>\n<p>HECM borrowers continue to refinance in large numbers, assisted by a higher HECM lending limit (now $970,800) and surging home prices (nearly 20% year-over-year, according to some measures). So far, rising interest rates have failed to calm this reverse mortgage refinancing phenomenon. The $1.5 billion in payoffs in March represents a 27% annual payoff rate.<\/p>\n<p>While 2021 easily surpassed previous annual issuance records with $13.2 billion of total HMBS issuance, 2021\u2019s record may fall: over $4 billion was issued in the first quarter of 2022.<\/p>\n<p>Our friends at <a href=\"https:\/\/www.recursionco.com\/\">Recursion<\/a> broke down the prepayment numbers further: last month\u2019s 98% MCA mandatory purchases totaled just $254 million, a record low 17% of the total.<\/p>\n<p>New View Advisors compiled this data from publicly available Ginnie Mae data as well as private sources.<\/p>\n","protected":false},"excerpt":{"rendered":"<p>HMBS payoffs roared in like a lion in March, due to a refinancing wave that refuses to go away. March 2022 smashed previous records with $1.5 billion in payoffs. Because of these payoffs, outstanding HMBS fell to $57.59 billion, despite strong new issuance. HECM borrowers continue to refinance in large numbers, assisted by a higher [&hellip;]<\/p>\n","protected":false},"author":1,"featured_media":0,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[10],"tags":[],"class_list":["post-1984","post","type-post","status-publish","format-standard","hentry","category-hmbs"],"_links":{"self":[{"href":"https:\/\/newviewadvisors.com\/commentaries\/wp-json\/wp\/v2\/posts\/1984","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/newviewadvisors.com\/commentaries\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/newviewadvisors.com\/commentaries\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/newviewadvisors.com\/commentaries\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/newviewadvisors.com\/commentaries\/wp-json\/wp\/v2\/comments?post=1984"}],"version-history":[{"count":4,"href":"https:\/\/newviewadvisors.com\/commentaries\/wp-json\/wp\/v2\/posts\/1984\/revisions"}],"predecessor-version":[{"id":1992,"href":"https:\/\/newviewadvisors.com\/commentaries\/wp-json\/wp\/v2\/posts\/1984\/revisions\/1992"}],"wp:attachment":[{"href":"https:\/\/newviewadvisors.com\/commentaries\/wp-json\/wp\/v2\/media?parent=1984"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/newviewadvisors.com\/commentaries\/wp-json\/wp\/v2\/categories?post=1984"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/newviewadvisors.com\/commentaries\/wp-json\/wp\/v2\/tags?post=1984"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}