{"id":2729,"date":"2025-08-01T10:29:26","date_gmt":"2025-08-01T15:29:26","guid":{"rendered":"https:\/\/newviewadvisors.com\/commentaries\/?p=2729"},"modified":"2025-08-01T10:29:26","modified_gmt":"2025-08-01T15:29:26","slug":"hmbs-july-2025-hmbs-still-sweating","status":"publish","type":"post","link":"https:\/\/newviewadvisors.com\/commentaries\/2025\/08\/01\/hmbs-july-2025-hmbs-still-sweating\/","title":{"rendered":"HMBS July 2025: HMBS Still Sweating"},"content":{"rendered":"HECM Mortgage-Backed Securities (\u201cHMBS\u201d) issuance in July totaled $541 million, $31 million higher than June\u2019s $510 million. 79 pools were issued in July, eight more than in June.<br \/><br \/>FAR was the top issuer in July with $156 million \u2013 a decrease of $10 million from June\u2019s $166 million. Issuance from Longbridge was $114 million, down $7 million from June. PHH issued $108 million \u2013 a $33 million increase from last month\u2019s $75 million.  Mutual of Omaha issuance increased by $9 million to $105 million. Ginnie Mae\/RMF (aka \u201cIssuer 42\u201d) again issued no HMBS pools.<br \/><br \/>July\u2019s original (first participation) production of $343 million was $7 million lower than June\u2019s $350 million though $7 million higher than May\u2019s $366 million.  The $343 million of original production includes a $7.3 million PHH pool of highly seasoned loans previously securitized in 2006 and 2007 by Bank of America\u2019s Mortgage Equity Conversion Asset \u201cMECA\u201d Trusts. The \u201cMECA FF\u201d transactions were whole loan securitizations secured by HECM loans originated by Financial Freedom.  In terms of new loans being securitized, July\u2019s new production pools totaled $336 million &#8211; $14 million lower than June.  <br \/><br \/>The 79 pools issued in July consisted of 25 first-participation or original pools, 52 tail pools and two pools which included both first participations and tails.  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 $196 million compared to June\u2019s $160 million.<br \/><br \/>Notable in the July HMBS issuance data are 21 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 $10.8 million of UPB that may not otherwise have been issued in July. 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 July for which more than one participation from the same loan was pooled is $66.4 million, of which $2.3 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 July totaled $541 million, $31 million higher than June\u2019s $510 million. 79 pools were issued in July, eight more than in June. FAR was the top issuer in July with $156 million \u2013 a decrease of $10 million from June\u2019s $166 million. Issuance from Longbridge was $114 million, down [&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-2729","post","type-post","status-publish","format-standard","hentry","category-hmbs"],"_links":{"self":[{"href":"https:\/\/newviewadvisors.com\/commentaries\/wp-json\/wp\/v2\/posts\/2729","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=2729"}],"version-history":[{"count":1,"href":"https:\/\/newviewadvisors.com\/commentaries\/wp-json\/wp\/v2\/posts\/2729\/revisions"}],"predecessor-version":[{"id":2730,"href":"https:\/\/newviewadvisors.com\/commentaries\/wp-json\/wp\/v2\/posts\/2729\/revisions\/2730"}],"wp:attachment":[{"href":"https:\/\/newviewadvisors.com\/commentaries\/wp-json\/wp\/v2\/media?parent=2729"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/newviewadvisors.com\/commentaries\/wp-json\/wp\/v2\/categories?post=2729"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/newviewadvisors.com\/commentaries\/wp-json\/wp\/v2\/tags?post=2729"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}