HECM Mortgage-Backed Securities (\u201cHMBS\u201d) issuance in November totaled $516 million, $11 million less than October\u2019s $527 million. 62 pools were issued in November, eleven fewer than October.
FAR was the top issuer in November with $167 million \u2013 an increase of $3 million from October\u2019s $164 million. Issuance from Longbridge was $124 million, down $4 million from October. Mutual of Omaha issuance decreased by $2 million to $94 million. PHH issued $79 million \u2013 an $8 million decrease from last month\u2019s $87 million. Ginnie Mae\/RMF (aka \u201cIssuer 42\u201d) again issued no HMBS pools.
November\u2019s original (first participation) production of $333 million was $2 million lower than October\u2019s $335 million but $20 million higher than September\u2019s $313 million.
The 62 pools issued in November consisted of 19 first-participation or original pools and 43 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 $183 million compared to October\u2019s $189 million.
There were 13 pools in November 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 $6.6 million of UPB that may not otherwise have been issued in November. 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 November for which more than one participation from the same loan was pooled is $64.8 million, of which $7.4 million were first participations.
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HECM Mortgage-Backed Securities (\u201cHMBS\u201d) issuance in November totaled $516 million, $11 million less than October\u2019s $527 million. 62 pools were issued in November, eleven fewer than October. FAR was the top issuer in November with $167 million \u2013 an increase of $3 million from October\u2019s $164 million. Issuance from Longbridge was $124 million, down $4 […]<\/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-2786","post","type-post","status-publish","format-standard","hentry","category-hmbs"],"_links":{"self":[{"href":"https:\/\/newviewadvisors.com\/commentaries\/wp-json\/wp\/v2\/posts\/2786","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=2786"}],"version-history":[{"count":2,"href":"https:\/\/newviewadvisors.com\/commentaries\/wp-json\/wp\/v2\/posts\/2786\/revisions"}],"predecessor-version":[{"id":2789,"href":"https:\/\/newviewadvisors.com\/commentaries\/wp-json\/wp\/v2\/posts\/2786\/revisions\/2789"}],"wp:attachment":[{"href":"https:\/\/newviewadvisors.com\/commentaries\/wp-json\/wp\/v2\/media?parent=2786"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/newviewadvisors.com\/commentaries\/wp-json\/wp\/v2\/categories?post=2786"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/newviewadvisors.com\/commentaries\/wp-json\/wp\/v2\/tags?post=2786"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}