{"id":2710,"date":"2025-07-01T09:34:46","date_gmt":"2025-07-01T14:34:46","guid":{"rendered":"https:\/\/newviewadvisors.com\/commentaries\/?p=2710"},"modified":"2025-07-01T09:34:46","modified_gmt":"2025-07-01T14:34:46","slug":"hmbs-june-2025-summer-heat-melts-hmbs","status":"publish","type":"post","link":"https:\/\/newviewadvisors.com\/commentaries\/2025\/07\/01\/hmbs-june-2025-summer-heat-melts-hmbs\/","title":{"rendered":"HMBS June 2025: Summer Heat Melts HMBS"},"content":{"rendered":"HECM Mortgage-Backed Securities (\u201cHMBS\u201d) issuance in June totaled $510 million, $34 million lower than May\u2019s $544 million. 71 pools were issued in June, two fewer than May.<br \/><br \/>FAR was the top issuer in June with $166 million \u2013 an increase of $5 million from May\u2019s $161 million. Issuance from Longbridge was $121 million, down $3 million from May. Mutual of Omaha issuance decreased by $7 million to $96 million. PHH issued $75 million \u2013 a $23 million decrease from last month\u2019s $98 million. Ginnie Mae\/RMF (aka \u201cIssuer 42\u201d) again issued no HMBS pools.<br \/><br \/>June\u2019s original (first participation) production of $350 million was $16 million lower than May\u2019s $366 million but $6 million higher than April\u2019s $344 million.<br \/><br \/>The 71 pools issued in June consisted of 21 first-participation or original pools and 50 tail pools.  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 $160 million compared to May\u2019s $177 million.<br \/><br \/>Notable in the June HMBS issuance data are 19 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 $11.3 million of UPB that might not otherwise have been issued in June. 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 June for which more than one participation from the same loan was pooled is $51.9 million, of which $2.8 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 June totaled $510 million, $34 million lower than May\u2019s $544 million. 71 pools were issued in June, two fewer than May. FAR was the top issuer in June with $166 million \u2013 an increase of $5 million from May\u2019s $161 million. Issuance from Longbridge was $121 million, down $3 [&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-2710","post","type-post","status-publish","format-standard","hentry","category-hmbs"],"_links":{"self":[{"href":"https:\/\/newviewadvisors.com\/commentaries\/wp-json\/wp\/v2\/posts\/2710","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=2710"}],"version-history":[{"count":1,"href":"https:\/\/newviewadvisors.com\/commentaries\/wp-json\/wp\/v2\/posts\/2710\/revisions"}],"predecessor-version":[{"id":2711,"href":"https:\/\/newviewadvisors.com\/commentaries\/wp-json\/wp\/v2\/posts\/2710\/revisions\/2711"}],"wp:attachment":[{"href":"https:\/\/newviewadvisors.com\/commentaries\/wp-json\/wp\/v2\/media?parent=2710"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/newviewadvisors.com\/commentaries\/wp-json\/wp\/v2\/categories?post=2710"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/newviewadvisors.com\/commentaries\/wp-json\/wp\/v2\/tags?post=2710"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}