HMBS issuers created $798 million in new HMBS pools during April 2015, the largest HMBS issuance since December 2013, up from $660 million in March, and substantially higher … more HMBS Issuance Strong in April 2015 But Challenges Loom
First quarter issuance in 2015 was just over $2 billion, 17% higher than the $1.7 billion issued in the first quarter of 2014, and marks the highest quarterly … more HMBS exceeds $2 billion in Q1 2015
HMBS issuers sold $635 million in new pools during February 2015, the third highest total since December 2013. Issuance was down from the $712 million in January but … more HMBS Maintains Healthy Clip in February
HMBS issuers sold $712 million in new pools during January 2015, the highest total since December 2013.
Starting April 1, HMBS issuers must document Eligible Non-Borrowing Spouses and property charge set-asides at the time of pooling, according to All Participants Memorandum 15-01.
HMBS issuers sold $6.6 billion in new pools during 2014, down 31% from 2013. 2014 was the lowest full year of issuance since 2008, when HMBS was a fledgling program that had yet to be adopted by most market participants.
HREMIC issuance ended 2014 at $5.05 billion, with 25 transactions underwritten by 5 different sponsors.
The reverse mortgage capital markets experienced another important milestone as Structured Asset Securities Corporation Reverse Mortgage Loan Trust Series 1999-RM1 became the second securitization trust of such loans to pay off completely.
Ginnie Mae reminds Issuers that they must purchase HECM loans out of HMBS loan pools when the outstanding principal balance reaches or exceeds 98% of the maximum claim amount.
Effective immediately, Ginnie Mae is increasing the base net worth requirement for HECM Mortgage-Backed Securities (HMBS) issuers from the current $1 million base net worth requirement to $5 million.