HREMIC Issuance First Quarter 2017: Record Pace Continues

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

HMBS March 2017: Honey We Shrunk the Float, Part II

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

HMBS February 2017: After January Delirium, February Equilibrium

The HMBS market returned to equilibrium in February, with both new issuance and outstanding float matching previous levels. Issuers created 97 pools in February totaling nearly $713 million. HMBS production was very similar to November and December 2016, but down significantly from January’s $868 million, which included large seasoned pools. The February pools divided into … more HMBS February 2017: After January Delirium, February Equilibrium

Financial Assessment Works

Financial Assessment is working. FHA’s new policy of requiring financial assessment (“FA”) of the borrower’s ability to pay has cut tax and insurance default by two-thirds and serious defaults almost in half, according to an analysis by New View Advisors. FHA’s objective for the new Financial Assessment regulations was to reduce the persistent defaults, especially … more Financial Assessment Works

Winter’s Tail: Strong HMBS Issuance Ushers in New Year

HMBS issuers began 2017 with a strong month, creating 121 pools in January totaling nearly $869 million. Production of original new loan pools was $525 million, up from December’s $515 million and much higher than January 2016’s total of $469 million. The pools divided into 57 original pools and a record 64 tail pools. The … more Winter’s Tail: Strong HMBS Issuance Ushers in New Year

Honey, We Shrank the Float: HMBS Supply Drops for First Time

The HMBS market shrank for the first time as record prepayments drove total outstanding HMBS to just under $55 billion. HMBS issuers created 97 pools in December 2016, totaling $715 million. Production of original new loan pools was $515 million, up from November’s $504 million and about the same as December 2015’s totals. The pools … more Honey, We Shrank the Float: HMBS Supply Drops for First Time

HMBS Issuer Rankings Full Year 2016 – RMF Maintains Razor Thin Margin for the Crown

RMF remains the #1 HMBS Issuer for 2016, issuing $2.001 billion of securities for a 21.8% market share, just $9.45 million more than AAG’s $1.991 billion and 21.7% market share. Finance of America Reverse, Ocwen Loan Servicing, and RMS round out the top five issuers. Finance of America Reverse issued $1.475 billion for a 16.1% … more HMBS Issuer Rankings Full Year 2016 – RMF Maintains Razor Thin Margin for the Crown

HREMIC Issuance Full Year 2016: Another Year, Another Record

HREMIC issuance for 2016 was $9.86 billion, surpassing 2015’s $9.51 billion, a previous record. There were 27 transactions underwritten by five sponsors, Nomura, Bank of America Merrill Lynch, Citicorp, Barclays, and RBC. Nomura remains the #1 issuer, with $5.4 billion, 54% of their life-to-date issuance of $10.1 billion. Bank of America Merrill Lynch was second … more HREMIC Issuance Full Year 2016: Another Year, Another Record

HMBS November 2016: Give Thanks for Tail Issuance

HMBS issuers created 108 pools in November, down from October due to the lack of seasoned pool issuance. Production of original new loan pools fell to $504 million, up from October’s $487 million and generally in line with previous months this year. Issuance totaled approximately $718 million in November, the 4th lowest monthly dollar volume … more HMBS November 2016: Give Thanks for Tail Issuance