HECM Mortgage-Backed Securities (\u201cHMBS\u201d) issuance in January totaled $534 million, $53 million more than December\u2019s $481 million, but $55 million less than January 2025\u2019s $589 million total. 71 pools were issued in January, six more than December.
FAR was the top issuer in January with $155 million \u2013 an increase of $6 million from December\u2019s $149 million. Issuance from Longbridge was $142 million, up $22 million from December. Mutual of Omaha issuance increased by $7 million to $95 million. PHH issued $89 million \u2013 a $16 million increase from last month\u2019s $73 million. Ginnie Mae\/RMF (aka \u201cIssuer 42\u201d) again issued no HMBS pools.
January\u2019s original (first participation) production of $356 million was $64 million more than December\u2019s $292 million and $23 million more than November\u2019s $333 million, but $50 million less than January 2025\u2019s $406 million.
The 71 pools issued in January consisted of 21 first-participation or original pools, 47 tail pools and 3 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 $178 million compared to December\u2019s $189 million.
There were 21 pools in January 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 $11.4 million of UPB that may not otherwise have been issued in January. 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 January for which more than one participation from the same loan was pooled is $60.2 million, of which $6.7 million were first participations.
New View Advisors compiled this data from publicly available Ginnie Mae data as well as private sources.
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HECM Mortgage-Backed Securities (\u201cHMBS\u201d) issuance in January totaled $534 million, $53 million more than December\u2019s $481 million, but $55 million less than January 2025\u2019s $589 million total. 71 pools were issued in January, six more than December. FAR was the top issuer in January with $155 million \u2013 an increase of $6 million from December\u2019s […]<\/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-2838","post","type-post","status-publish","format-standard","hentry","category-hmbs"],"_links":{"self":[{"href":"https:\/\/newviewadvisors.com\/commentaries\/wp-json\/wp\/v2\/posts\/2838","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=2838"}],"version-history":[{"count":4,"href":"https:\/\/newviewadvisors.com\/commentaries\/wp-json\/wp\/v2\/posts\/2838\/revisions"}],"predecessor-version":[{"id":2866,"href":"https:\/\/newviewadvisors.com\/commentaries\/wp-json\/wp\/v2\/posts\/2838\/revisions\/2866"}],"wp:attachment":[{"href":"https:\/\/newviewadvisors.com\/commentaries\/wp-json\/wp\/v2\/media?parent=2838"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/newviewadvisors.com\/commentaries\/wp-json\/wp\/v2\/categories?post=2838"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/newviewadvisors.com\/commentaries\/wp-json\/wp\/v2\/tags?post=2838"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}