{"id":2914,"date":"2026-06-01T09:17:50","date_gmt":"2026-06-01T14:17:50","guid":{"rendered":"https:\/\/newviewadvisors.com\/commentaries\/?p=2914"},"modified":"2026-06-01T09:17:50","modified_gmt":"2026-06-01T14:17:50","slug":"hmbs-may-2026-maybemaybe-not","status":"publish","type":"post","link":"https:\/\/newviewadvisors.com\/commentaries\/2026\/06\/01\/hmbs-may-2026-maybemaybe-not\/","title":{"rendered":"HMBS May 2026: Maybe\u2026Maybe Not"},"content":{"rendered":"HECM Mortgage-Backed Securities (\u201cHMBS\u201d) issuance in May totaled $500 million, $25 million less than April\u2019s $525 million and $44 million less than May 2025\u2019s $544 million total. 63 pools were issued in May, four fewer than in April. May issuance ranks approximately eighteenth in terms of monthly issuance since 2009 but is the lowest volume in the month of May during that time. <br \/><br \/>For all HMBS, FAR was the top issuer in the month of May with $171 million \u2013 an increase of $1 million from April\u2019s $170 million. Issuance from Longbridge was $133 million, a decrease of $14 million from April. Mutual of Omaha issuance decreased by $1 million to $97 million. Onity Mortgage Corporation, formerly PHH, issued $48 million \u2013 $11 million less than April. Ginnie Mae\/RMF (aka \u201cIssuer 42\u201d) again issued no HMBS pools.<br \/><br \/>Original (\u201cFirst Participation\u201d) production in May was $330 million, the same as April, an increase of $70 million over March and $36 million less than May 2025\u2019s $366 million.  <br \/><br \/>For the first five months of 2026, FAR was the top issuer of First Participation HMBS with $469 million issued, followed by Longbridge with $431 million, Mutual of Omaha with $307 million, and Onity with $151 million.<br \/><br \/>The 63 pools issued in May consisted of 18 First Participation pools, 44 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 $169 million compared to April\u2019s $194 million.<br \/><br \/>There were 18 pools in May 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 $10.6 million of UPB that may not otherwise have been issued in May. 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 May for which more than one participation from the same loan was pooled is $57.3 million, of which $6.3 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 May totaled $500 million, $25 million less than April\u2019s $525 million and $44 million less than May 2025\u2019s $544 million total. 63 pools were issued in May, four fewer than in April. May issuance ranks approximately eighteenth in terms of monthly issuance since 2009 but is the lowest volume [&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-2914","post","type-post","status-publish","format-standard","hentry","category-hmbs"],"_links":{"self":[{"href":"https:\/\/newviewadvisors.com\/commentaries\/wp-json\/wp\/v2\/posts\/2914","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=2914"}],"version-history":[{"count":1,"href":"https:\/\/newviewadvisors.com\/commentaries\/wp-json\/wp\/v2\/posts\/2914\/revisions"}],"predecessor-version":[{"id":2915,"href":"https:\/\/newviewadvisors.com\/commentaries\/wp-json\/wp\/v2\/posts\/2914\/revisions\/2915"}],"wp:attachment":[{"href":"https:\/\/newviewadvisors.com\/commentaries\/wp-json\/wp\/v2\/media?parent=2914"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/newviewadvisors.com\/commentaries\/wp-json\/wp\/v2\/categories?post=2914"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/newviewadvisors.com\/commentaries\/wp-json\/wp\/v2\/tags?post=2914"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}