{"id":2772,"date":"2025-11-03T15:02:40","date_gmt":"2025-11-03T20:02:40","guid":{"rendered":"https:\/\/newviewadvisors.com\/commentaries\/?p=2772"},"modified":"2025-11-03T15:02:40","modified_gmt":"2025-11-03T20:02:40","slug":"hmbs-october-2025-an-oktoberfest-treat-or-trick-for-hmbs","status":"publish","type":"post","link":"https:\/\/newviewadvisors.com\/commentaries\/2025\/11\/03\/hmbs-october-2025-an-oktoberfest-treat-or-trick-for-hmbs\/","title":{"rendered":"HMBS October 2025: An Oktoberfest Treat (or Trick?) For HMBS"},"content":{"rendered":"HECM Mortgage-Backed Securities (\u201cHMBS\u201d) issuance in October totaled $527 million, $36 million more than September\u2019s $491 million. 73 pools were issued in October, one fewer than September.<br \/><br \/>FAR was the top issuer in October with $164 million \u2013 an increase of $13 million from September\u2019s $151 million. Issuance from Longbridge was $128 million, up $14 million from September. Mutual of Omaha issuance decreased by $5 million to $96 million. PHH issued $87 million \u2013 a $13 million increase from last month\u2019s $74 million. Ginnie Mae\/RMF (aka \u201cIssuer 42\u201d) again issued no HMBS pools.<br \/><br \/>October\u2019s original (first participation) production of $335 million was $22 million higher than September\u2019s $313 million and $13 million higher than August\u2019s $322 million.<br \/><br \/>The 73 pools issued in October consisted of 19 first-participation or original pools, 52 tail pools and 2 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 $189 million compared to September\u2019s $178 million.<br \/><br \/>There were 20 pools in October with an 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 $10.4 million of UPB that may not otherwise have been issued in October. 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 October for which more than one participation from the same loan was pooled is $62.5.8 million, of which $7.8 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 October totaled $527 million, $36 million more than September\u2019s $491 million. 73 pools were issued in October, one fewer than September. FAR was the top issuer in October with $164 million \u2013 an increase of $13 million from September\u2019s $151 million. Issuance from Longbridge was $128 million, up $14 [&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-2772","post","type-post","status-publish","format-standard","hentry","category-hmbs"],"_links":{"self":[{"href":"https:\/\/newviewadvisors.com\/commentaries\/wp-json\/wp\/v2\/posts\/2772","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=2772"}],"version-history":[{"count":1,"href":"https:\/\/newviewadvisors.com\/commentaries\/wp-json\/wp\/v2\/posts\/2772\/revisions"}],"predecessor-version":[{"id":2776,"href":"https:\/\/newviewadvisors.com\/commentaries\/wp-json\/wp\/v2\/posts\/2772\/revisions\/2776"}],"wp:attachment":[{"href":"https:\/\/newviewadvisors.com\/commentaries\/wp-json\/wp\/v2\/media?parent=2772"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/newviewadvisors.com\/commentaries\/wp-json\/wp\/v2\/categories?post=2772"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/newviewadvisors.com\/commentaries\/wp-json\/wp\/v2\/tags?post=2772"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}