{"id":3021,"date":"2026-11-02T09:55:11","date_gmt":"2026-11-02T14:55:11","guid":{"rendered":"https:\/\/newviewadvisors.com\/commentaries\/?p=3021"},"modified":"2026-11-02T09:55:11","modified_gmt":"2026-11-02T14:55:11","slug":"hmbs-october-2026-issuance-is-frightening","status":"publish","type":"post","link":"https:\/\/newviewadvisors.com\/commentaries\/2026\/11\/02\/hmbs-october-2026-issuance-is-frightening\/","title":{"rendered":"HMBS October 2026:  Issuance is Frightening"},"content":{"rendered":"HECM Mortgage-Backed Securities (\u201cHMBS\u201d) issuance in October totaled $419 million, $27 million less than September\u2019s $449 million and $108 million less than October 2025\u2019s $527 million. 61 pools were issued in October, nine fewer than September.  October\u2019s issuance of $419 million is the second lowest monthly amount since 2009.  <br \/><br \/>For all HMBS, FAR was the top issuer in October with $180 million \u2013 an increase of $5 million from September\u2019s $175 million. Issuance from Longbridge was $116 million, a decrease of $18 million from September. Mutual of Omaha issuance decreased by $16 million to $76 million. The next highest HMBS Issuer in October was TMAC with $17 million. Ginnie Mae\/RMF (aka \u201cIssuer 42\u201d) again issued no HMBS pools.<br \/><br \/>Original (\u201cFirst Participation\u201d) production in October was $238 million, a decrease of $28 million from September, a decrease of $71 million from August, and $97 million less than October 2025\u2019s $335 million.  Issuers continue to struggle with the 10-year Treasury yield near 5%.<br \/><br \/>For the first ten months of 2026, FAR was the top issuer of First Participation HMBS with $1.01 billion issued, followed by Longbridge with $863 million, Mutual of Omaha with $593 million, and Onity with $151 million. Onity did not issue any First Participation pools in October.<br \/><br \/>The 61 pools issued in October consisted of 14 First Participation pools and 47 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 $181 million compared to September\u2019s $179 million.<br \/><br \/>There were 18 pools in October 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 $10.8 million of UPB that might not otherwise have been issued in October. Ginnie Mae published 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 October for which more than one participation from the same loan was pooled is $77.5 million, of which $5.7 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 October totaled $419 million, $27 million less than September\u2019s $449 million and $108 million less than October 2025\u2019s $527 million. 61 pools were issued in October, nine fewer than September. October\u2019s issuance of $419 million is the second lowest monthly amount since 2009. For all HMBS, FAR was the [&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-3021","post","type-post","status-publish","format-standard","hentry","category-hmbs"],"_links":{"self":[{"href":"https:\/\/newviewadvisors.com\/commentaries\/wp-json\/wp\/v2\/posts\/3021","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=3021"}],"version-history":[{"count":1,"href":"https:\/\/newviewadvisors.com\/commentaries\/wp-json\/wp\/v2\/posts\/3021\/revisions"}],"predecessor-version":[{"id":3022,"href":"https:\/\/newviewadvisors.com\/commentaries\/wp-json\/wp\/v2\/posts\/3021\/revisions\/3022"}],"wp:attachment":[{"href":"https:\/\/newviewadvisors.com\/commentaries\/wp-json\/wp\/v2\/media?parent=3021"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/newviewadvisors.com\/commentaries\/wp-json\/wp\/v2\/categories?post=3021"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/newviewadvisors.com\/commentaries\/wp-json\/wp\/v2\/tags?post=3021"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}