{"id":2806,"date":"2026-01-05T10:25:02","date_gmt":"2026-01-05T15:25:02","guid":{"rendered":"https:\/\/newviewadvisors.com\/commentaries\/?p=2806"},"modified":"2026-01-05T10:25:02","modified_gmt":"2026-01-05T15:25:02","slug":"hmbs-december-2025-hmbs-has-a-blue-christmas","status":"publish","type":"post","link":"https:\/\/newviewadvisors.com\/commentaries\/2026\/01\/05\/hmbs-december-2025-hmbs-has-a-blue-christmas\/","title":{"rendered":"HMBS December 2025:  HMBS Has A Blue Christmas"},"content":{"rendered":"HECM Mortgage-Backed Securities (\u201cHMBS\u201d) issuance in December totaled $481 million, $36 million less than November\u2019s $517 million. 65 pools were issued in December, one more than November.<br \/><br \/>FAR was the top issuer in December with $149 million \u2013 a decrease of $19 million from November\u2019s $168 million. Issuance from Longbridge was $120 million, down $4 million from November. Mutual of Omaha issuance decreased by $6 million to $88 million. PHH issued $73 million \u2013 a $6 million decrease from last month\u2019s $79 million. Ginnie Mae\/RMF (aka \u201cIssuer 42\u201d) again issued no HMBS pools.<br \/><br \/>December\u2019s original (first participation) production of $292 million was $41 million lower than November\u2019s $333 million and $43 million lower than October\u2019s $335 million.<br \/><br \/>2025 HMBS issuance volume totaled $6.19 billion, $147 million higher than 2024\u2019s $6.05 billion, but $292 million lower than 2023, and $7.8 billion lower than 2022\u2019s record $14 billion issuance tally.  2024 remains the lowest HMBS issuance year since the program\u2019s infancy in 2008. Subtracting tail issuance, 2025 HMBS new origination volume totaled just $4.02 billion, barely more than 2024\u2019s $3.95 billion.<br \/><br \/>The 65 pools issued in December consisted of 19 first-participation or original pools, 45 tail pools and 1 pool 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 November\u2019s $184 million.<br \/><br \/>There were 16 pools in December 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 $9.0 million of UPB that may not otherwise have been issued in December. 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 December for which more than one participation from the same loan was pooled is $63.9 million, of which $6.4 million were first participations.<br \/><br \/>New View Advisors compiled this data from publicly available Ginnie Mae data as well as private sources.","protected":false},"excerpt":{"rendered":"<p>HECM Mortgage-Backed Securities (\u201cHMBS\u201d) issuance in December totaled $481 million, $36 million less than November\u2019s $517 million. 65 pools were issued in December, one more than November. FAR was the top issuer in December with $149 million \u2013 a decrease of $19 million from November\u2019s $168 million. Issuance from Longbridge was $120 million, down $4 [&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-2806","post","type-post","status-publish","format-standard","hentry","category-hmbs"],"_links":{"self":[{"href":"https:\/\/newviewadvisors.com\/commentaries\/wp-json\/wp\/v2\/posts\/2806","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=2806"}],"version-history":[{"count":1,"href":"https:\/\/newviewadvisors.com\/commentaries\/wp-json\/wp\/v2\/posts\/2806\/revisions"}],"predecessor-version":[{"id":2807,"href":"https:\/\/newviewadvisors.com\/commentaries\/wp-json\/wp\/v2\/posts\/2806\/revisions\/2807"}],"wp:attachment":[{"href":"https:\/\/newviewadvisors.com\/commentaries\/wp-json\/wp\/v2\/media?parent=2806"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/newviewadvisors.com\/commentaries\/wp-json\/wp\/v2\/categories?post=2806"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/newviewadvisors.com\/commentaries\/wp-json\/wp\/v2\/tags?post=2806"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}