{"id":2681,"date":"2025-05-01T08:47:36","date_gmt":"2025-05-01T13:47:36","guid":{"rendered":"https:\/\/newviewadvisors.com\/commentaries\/?p=2681"},"modified":"2025-05-01T08:47:36","modified_gmt":"2025-05-01T13:47:36","slug":"hmbs-april-2025-tax-day-bounce","status":"publish","type":"post","link":"https:\/\/newviewadvisors.com\/commentaries\/2025\/05\/01\/hmbs-april-2025-tax-day-bounce\/","title":{"rendered":"HMBS April 2025: Tax Day Bounce"},"content":{"rendered":"HECM Mortgage-Backed Securities (\u201cHMBS\u201d) issuance in April totaled $535 million, $48 million higher than March\u2019s $487 million.  81 pools were issued in April, eleven more than in March. <br \/><br \/>FAR was the top issuer in April with $171 million \u2013 an increase of $20 million from March\u2019s $151 million. Issuance from Longbridge increased to $124 million from $111 million. PHH issued $95 million \u2013 a $4 million decrease from last month\u2019s $99 million. Mutual of Omaha issuance increased by $12 million to $93 million. Ginnie Mae\/RMF (aka \u201cIssuer 42\u201d) again issued no HMBS pools.<br \/><br \/>April\u2019s original (first participation) production of $344 million was $27 million higher than March\u2019s $317 million and $41 million higher than February\u2019s $303 million.<br \/><br \/>The 81 pools issued in April consisted of 22 first-participation or original pools, 57 tail pools and 2 pool consisting of both original and tail participations. Original pools are those HMBS pools backed by first participations in previously uncertificated HECM loans. Tail HMBS issuances are HMBS pools consisting of subsequent participations. Tails are not from new loans, but they do represent new amounts lent. Last month\u2019s tail pool issuance totaled $189 million compared to March\u2019s $169 million.<br \/><br \/>Notable in the April HMBS issuance data are 24 pools with aggregate pool size less than $1 million. Issuers are taking advantage of Ginnie Mae\u2019s provision to issue pools as small as $250,000. This represents $13.3 million of UPB that may not otherwise have been issued in April. Ginnie Mae issued APM 23-11 in 2023 which allows participations from the same loan to be pooled more than once in the same month. The aggregate of participations pooled in April for which more than one participation from the same loan was pooled is $66.6 million, of which $1.7 million were first participations.<br \/><br \/>New View Advisors compiled this data from publicly available Ginnie Mae data as well as private sources.<br \/>","protected":false},"excerpt":{"rendered":"<p>HECM Mortgage-Backed Securities (\u201cHMBS\u201d) issuance in April totaled $535 million, $48 million higher than March\u2019s $487 million. 81 pools were issued in April, eleven more than in March. FAR was the top issuer in April with $171 million \u2013 an increase of $20 million from March\u2019s $151 million. Issuance from Longbridge increased to $124 million [&hellip;]<\/p>\n","protected":false},"author":2,"featured_media":0,"comment_status":"closed","ping_status":"","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[10],"tags":[],"class_list":["post-2681","post","type-post","status-publish","format-standard","hentry","category-hmbs"],"_links":{"self":[{"href":"https:\/\/newviewadvisors.com\/commentaries\/wp-json\/wp\/v2\/posts\/2681","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\/2"}],"replies":[{"embeddable":true,"href":"https:\/\/newviewadvisors.com\/commentaries\/wp-json\/wp\/v2\/comments?post=2681"}],"version-history":[{"count":1,"href":"https:\/\/newviewadvisors.com\/commentaries\/wp-json\/wp\/v2\/posts\/2681\/revisions"}],"predecessor-version":[{"id":2682,"href":"https:\/\/newviewadvisors.com\/commentaries\/wp-json\/wp\/v2\/posts\/2681\/revisions\/2682"}],"wp:attachment":[{"href":"https:\/\/newviewadvisors.com\/commentaries\/wp-json\/wp\/v2\/media?parent=2681"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/newviewadvisors.com\/commentaries\/wp-json\/wp\/v2\/categories?post=2681"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/newviewadvisors.com\/commentaries\/wp-json\/wp\/v2\/tags?post=2681"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}