Secondary Markets

The HMBS market remained stuck – again – at $55 billion in September. HMBS Prepayments topped $1 billion, but was balanced by 114 new pools from 14 different issuers totaling over $879 million. September issuance divided into 49 original pools and 65 tail pools. No seasoned original new loan pools were issued. Production of original … more HMBS September 2017: Slow Climb Up the Down Escalator

HREMIC issuance for the first nine months of 2017 was $7.31 billion, about 5% behind 2016’s first nine months’ issuance total of $7.68 billion. Third quarter volume was $1.87 billion, off 26% from 2017’s second quarter issuance of $2.53 billion. There were 19 transactions underwritten by three sponsors, Nomura, Citigroup, and Bank of America Merrill … more HREMIC Issuance 2017Q3: 100.3% Market Share

AAG remains the leading HMBS Issuer for the first nine months of 2017, issuing $1.718 billion of securities for a 23.6% market share, $407 million over #2 Finance America Reverse’s $1.311 billion and 18.0% market share. AAG’s market share dropped marginally over 2017Q2, and FAR narrowed the gap by 1.3%. Reverse Mortgage Funding stayed in … more HMBS Issuer Rankings 2017Q3 – Active Issuer Count Hits New High Water Mark

The HMBS market remained stuck at $55 billion in August. HMBS Prepayments topped $1 billion, but was balanced by 92 new pools totaling over $913 million. In its second month of issuance, Longbridge Financial led all issuers with nine pools totaling $215 million. August issuance divided into 52 original pools and 40 tail pools. No … more $55 Billion Speed Limit Slows HMBS Market Growth

The HMBS market grew in July, featuring a new issuer and lower prepayments. HMBS prepayments fell below $1 billion as thirteen issuers created 109 pools in July totaling over $848 million. Longbridge Financial made its HMBS issuance debut with two pools totaling $54 million. July issuance divided into 46 original pools and 63 tail pools. … more HMBS Shrinkage Takes Summer Vacation; Issuer Beach Getting Crowded

HREMIC issuance for the first half of 2017 was $5.44 billion, eclipsing 2016’s first half issuance total of $5.43 billion, and on pace to set a fourth consecutive annual record. Second quarter volume was $2.53 billion, off 13% from the near record quarterly issuance of $2.91 billion set in 2017Q1. There were 14 transactions underwritten … more HREMIC Issuance First Half 2017: A Familiar Pattern

The HMBS market shrank again in June, with another huge prepayment wave outweighing a strong month of new issuance. Nearly 2% of outstanding HMBS supply paid off as HMBS prepayments exceeded $1 billion for the second month in a row. Issuers created 101 pools in June totaling over $779 million. June issuance divided into 50 … more HMBS Blooms but June Swoon Lowers Boom: Payoffs Zoom as Shrinkage Looms

AAG remains the leading HMBS Issuer for the first half of 2017, issuing $1.132 billion of securities for a 24.4% market share, increasing by 0.42% from the first quarter its margin over #2 Finance America Reverse’s $810.7 million and 17.4% market share. Reverse Mortgage Funding remained in third for the half with $758.7 million issued … more HMBS Issuer Rankings 2017 First Half – AAG Widens Its Lead

The HMBS market shrank again in May, with a huge prepayment wave outweighing an otherwise strong month of new issuance. Nearly 2% of outstanding HMBS supply paid off as HMBS prepayments exceeded $1 billion for the first time. Issuers created 111 pools in May totaling over $768 million. April issuance divided into 48 original pools … more May Prepayments Shrink HMBS Again – Prepayments May Again Shrink HMBS

Moody’s Investors Service published ratings for a $325 million residential mortgage-backed security comprised of non-performing Home Equity Conversion Mortgages issued by Nationstar HECM Loan Trust 2017-1. The ratings range from Aaa (sf) to Ba2 (sf), according to a Moody’s Rating Action published on May 24. The collateral for the RMBS includes 1,283 inactive HECMs – … more Moody’s Rates Nationstar Non-Performing HECM Security