Secondary Markets

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

The HMBS market remained in supply equilibrium again in April, with high prepayment numbers balanced out by a strong month of new issuance. Issuers created 104 pools in April totaling over $794 million. April issuance divided into 49 original pools and 55 tail pools. No seasoned original new loan pools were issued. Production of original … more HMBS April 2017: Original Supply Blooms in Spring

HREMIC issuance for 2017Q1 was $2.91 billion, surpassing 2016’s first quarter issuance total of $2.84 billion, and on pace to set a third consecutive annual record. First quarter volume was just $89 million shy of the record quarterly issuance of $3.0 billion set in 2015Q4. There were 8 transactions underwritten by three sponsors, Nomura, Bank … more HREMIC Issuance First Quarter 2017: Record Pace Continues

AAG returned as the #1 HMBS Issuer for the first quarter of 2017, issuing $538.6 million of securities for a 23.3% market share, well ahead of Finance of America Reverse’s $388.5 million and 16.8% market share. Reverse Mortgage Funding slipped to third for the quarter with $364.4 million issued and 15.8% market share. Ocwen Loan … more HMBS Issuer Rankings 2017Q1 – AAG Back as Number 1

The HMBS market shrank again in March for the second time in the last 4 months, with record prepayment numbers exceeding new issuance and negative amortization. Issuers created 103 pools in March totaling nearly $727 million. HMBS production remained steady as it has for the last several months, with an occasional bump from highly seasoned … more HMBS March 2017: Honey We Shrunk the Float, Part II