{"id":2853,"date":"2026-03-02T16:27:21","date_gmt":"2026-03-02T21:27:21","guid":{"rendered":"https:\/\/newviewadvisors.com\/commentaries\/?p=2853"},"modified":"2026-03-02T16:27:21","modified_gmt":"2026-03-02T21:27:21","slug":"hmbs-february-2026-hmbs-issuance-slips-on-the-ice","status":"publish","type":"post","link":"https:\/\/newviewadvisors.com\/commentaries\/2026\/03\/02\/hmbs-february-2026-hmbs-issuance-slips-on-the-ice\/","title":{"rendered":"HMBS February 2026: HMBS Issuance Slips on the Ice"},"content":{"rendered":"HECM Mortgage-Backed Securities (\u201cHMBS\u201d) issuance in February totaled $431 million, $103 million less than January\u2019s $534 million and $39 million less than February 2025\u2019s $470 million total. 66 pools were issued in February, five fewer than January.  February\u2019s issuance total of $431 million is the lowest in the last two years, the second lowest since 2014 and the third lowest since 2009.  <br \/><br \/>For all HMBS, FAR was the top issuer in the month of February with $140 million \u2013 a decrease of $15 million from January\u2019s $155 million. Issuance from Longbridge was $104 million, down $38 million from January. Mutual of Omaha issuance decreased by $12 million to $83 million. PHH issued $66 million \u2013 a $23 million decrease from last month\u2019s $89 million. Ginnie Mae\/RMF (aka \u201cIssuer 42\u201d) again issued no HMBS pools.<br \/><br \/>February\u2019s original (\u201cFirst Participation\u201d) production of $260 million was $97 million less than January\u2019s $357 million, $32 million less than December\u2019s $292 million and $43 million less than February 2025\u2019s $303 million. <br \/><br \/>For the first two months of 2026, FAR was the top issuer of First Participation HMBS with $179 million issued, followed by Longbridge with $165 million, Mutual of Omaha with $120 million, and PHH with $85 million. <br \/><br \/>The 66 pools issued in February consisted of 16 First Participation pools, 48 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 $169 million compared to January\u2019s $176 million.<br \/><br \/>There were 21 pools in February 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 $13.4 million of UPB that may not otherwise have been issued in February. 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 February for which more than one participation from the same loan was pooled is $49.7 million, of which $3.3 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 February totaled $431 million, $103 million less than January\u2019s $534 million and $39 million less than February 2025\u2019s $470 million total. 66 pools were issued in February, five fewer than January. February\u2019s issuance total of $431 million is the lowest in the last two years, the second lowest since [&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-2853","post","type-post","status-publish","format-standard","hentry","category-hmbs"],"_links":{"self":[{"href":"https:\/\/newviewadvisors.com\/commentaries\/wp-json\/wp\/v2\/posts\/2853","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=2853"}],"version-history":[{"count":1,"href":"https:\/\/newviewadvisors.com\/commentaries\/wp-json\/wp\/v2\/posts\/2853\/revisions"}],"predecessor-version":[{"id":2854,"href":"https:\/\/newviewadvisors.com\/commentaries\/wp-json\/wp\/v2\/posts\/2853\/revisions\/2854"}],"wp:attachment":[{"href":"https:\/\/newviewadvisors.com\/commentaries\/wp-json\/wp\/v2\/media?parent=2853"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/newviewadvisors.com\/commentaries\/wp-json\/wp\/v2\/categories?post=2853"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/newviewadvisors.com\/commentaries\/wp-json\/wp\/v2\/tags?post=2853"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}