Secondary Markets

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

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

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

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