Archive for the ‘HECM Program’ Category

HECM Endorsement Analytics – April 2022

Tuesday, May 3rd, 2022

6,265 HECMs were endorsed in April, showing just a 3.8% drop from March’s record setting month. Geographically, only Denver saw a volume increase, from 1,295 to 1,536 units, while Atlanta, Philadelphia, and Santa Ana all had small decreases. Our complete report can be found here: NV Endorsement 2022_04.

HUD’s March Endorsement Snapshot Report was just released on its website. As expected, HECM loan rates are rising rapidly. Both HECM Refinances and Traditional HECMs contributed to the large increase in endorsement count from February to March. HECM Refis continue to account for roughly half of total endorsement volume.

New View Advisors continues to offer its Who Buys What From Whom (WBWFW) report as part of our endorsement report subscription. The report compiles publicly available Ginnie Mae data to show which HMBS issuers buy HECMs from which lenders.

The WBWFW report includes:

1.  Top Originators – a ranking by original HECM UPB of all lenders over the last twelve months
2.  WBWFW – an alphabetical cross-reference between every lender and the HMBS issuer that securitizes its loans
3.  Top 100 Trends – a breakdown of loan sales by month, by Top-100 lender, by HMBS issuer.

Edited samples from this month’s WBWFW report are at the end of our endorsement writeup. These reports together provide accurate insight for sales and marketing teams to learn just who’s buying what from whom. The dataset is more complete and timely than what endorsement analysis alone can show.

New View Advisors and Recursion Reverse Mortgage Prepayment Indices – February 2022

Thursday, March 10th, 2022

The New View Advisors and Recursion February 2022 expanded HECM reverse mortgage prepayment indices can be found here: New View Advisors Recursion Cohort Speeds 02_2022. The indices are derived from underlying HECM data in HMBS made public by Ginnie Mae, as well as private sources. This new expanded set of prepayment data is calculated using dollar principal balance, not unit count.

The enhanced data set shows current trends in prepayment activity by product type and Principal Limit Factors (PLFs), and for current 12-month LIBOR PLFs by Expected Rate. HECM loans with higher Expected Rates originated in the year or so prior to the precipitous fall in interest rates brought on by the pandemic are experiencing higher prepayment rates. Therefore, we segregate indices for recent production 12-month LIBOR PLFs into Expected Rates greater than 4% and Expected Rates less than or equal to 4%.

Prepayment speeds are expressed as annualized percentages in three categories: Total Payoffs, Payoffs Other Than Assignments, and Payoffs from Assignment. For each category, we calculate the 1-month, 3-month, 6-month and 12-month CPR, or annual rate of prepayment.

HECM Endorsement Analytics – February 2022

Monday, March 7th, 2022

5,153 HECMs were endorsed in February, a 10.7% drop from January’s 5,771 HECM endorsements, but still the longest sustained period of 5,000+ monthly endorsements since before financial assessment began. All top originators experienced volume declines from January including AAG endorsing 1,495 loans, down 7%, FAR endorsing 407 loans, down 23%, and RMF endorsing 475 loans, down 1%. Our report can be found here: NV Endorsement 2022_02.

HUD’s January Endorsement Snapshot Report was just released on its website. There has been no slowing down in HECM refinance activity, continuing to outpace traditional HECM endorsement volume.

New View Advisors offers its Who Buys What From Whom (WBWFW) report as part of our endorsement report subscription. The report compiles publicly available Ginnie Mae data to show which HMBS issuers buy HECMs from which lenders.

The WBWFW report includes:

–Top Originators – a ranking by original HECM UPB of all lenders over the last twelve months
–WBWFW – an alphabetical cross-reference between every lender and the HMBS issuer that securitizes its loans
–Top 100 Trends – a breakdown of loan sales by month, by Top-100 lender, by HMBS issuer.

Edited samples from our WBWFW report are at the end of this endorsement writeup. These reports together provide accurate insight for sales and marketing teams to learn just who’s buying what from whom. The dataset is more complete and timely than what endorsement analysis alone can show.

New View Advisors and Recursion Reverse Mortgage Prepayment Indices – January 2022

Wednesday, February 9th, 2022

New View Advisors and Recursion January 2022 expanded HECM reverse mortgage prepayment indices can be found here: New View Advisors Recursion Cohort Speeds 01_2022. The indices are derived from underlying HECM data in HMBS made public by Ginnie Mae, as well as private sources. This new expanded set of prepayment data is calculated using dollar principal balance, not unit count.

The enhanced data set shows current trends in prepayment activity by product type and Principal Limit Factors (PLFs), and for current 12-month LIBOR PLFs by Expected Rate. HECM loans with higher Expected Rates originated in the year or so prior to the precipitous fall in interest rates brought on by the pandemic are experiencing higher prepayment rates. Therefore, we segregate indices for recent production 12-month LIBOR PLFs into Expected Rates greater than 4% and Expected Rates less than or equal to 4%.

Prepayment speeds are expressed as annualized percentages in three categories: Total Payoffs, Payoffs Other Than Assignments, and Payoffs from Assignment. For each category, we calculate the 1-month, 3-month, 6-month and 12-month CPR, or annual rate of prepayment.

HECM Endorsement Analytics – January 2022

Monday, February 7th, 2022

There were 5,771 HECM endorsements in January, the highest monthly tally since January 2018. Philadelphia saw the largest monthly increase of 36.4%, with 723 endorsements. Santa Ana, Denver, and Atlanta saw increases from December of 11.5%, 4.6%, and 2.4% respectively. Our report can be found here: NV Endorsement 2022_01.

HUD’s December Endorsement Snapshot Report was just released on its website. Fairway finished calendar 2021 with 1,684 loans sponsored by another party, South River Mortgage was second with 1,594 units, and Ennkar was third with 965.

New View Advisors continues to offer its Who Buys What From Whom (WBWFW) report as part of our endorsement report subscription. The report compiles publicly available Ginnie Mae data to show which HMBS issuers buy HECMs from which lenders.

The WBWFW report includes:

    *Top Originators – a ranking by original HECM UPB of all lenders over the last twelve months

    *WBWFW – an alphabetical cross-reference between every lender and the HMBS issuer that securitizes its loans

    *Top 100 Trends – a breakdown of loan sales by month, by Top-100 lender, by HMBS issuer.

Edited samples from this month’s WBWFW report are at the end of our endorsement writeup. These reports together provide accurate insight for sales and marketing teams to learn just who’s buying what from whom. The dataset is more complete and timely than what endorsement analysis alone can show.

New View Advisors and Recursion Reverse Mortgage Prepayment Indices – December 2021

Tuesday, January 11th, 2022

New View Advisors and Recursion December 2021 expanded HECM reverse mortgage prepayment indices can be found here: New View Advisors Recursion Cohort Speeds 12_2021. The indices are derived from underlying HECM data in HMBS made public by Ginnie Mae, as well as private sources. This new expanded set of prepayment data is calculated using dollar principal balance, not unit count.

The enhanced data set shows current trends in prepayment activity by product type and Principal Limit Factors (PLFs), and for current 12-month LIBOR PLFs by Expected Rate. HECM loans with higher Expected Rates originated in the year or so prior to the precipitous fall in interest rates brought on by the pandemic are experiencing higher prepayment rates. Therefore, we segregate indices for recent production 12-month LIBOR PLFs into Expected Rates greater than 4% and Expected Rates less than or equal to 4%.

Prepayment speeds are expressed as annualized percentages in three categories: Total Payoffs, Payoffs Other Than Assignments, and Payoffs from Assignment. For each category, we calculate the 1-month, 3-month, 6-month and 12-month CPR, or annual rate of prepayment.

For HMBS pools backed by adjustable rate HECMs using the Constant Maturity Treasury (CMT) index, prepayment speeds will continue to populate as more of these HMBS are issued.

HECM Endorsement Analytics – November 2021

Monday, December 13th, 2021

HECM endorsements dropped slightly in November to 4,953 loans, bringing the total year-to-date endorsement count to 47,802 loans, exceeding the 44,661 loans endorsed during all of 2020. Our report can be found here: NV Endorsement 2021_11. There are no notable changes in the rankings of top lenders.

HUD’s October Endorsement Snapshot Report was just released on its website. Ennkar was the most active wholesale originator, endorsing 133 loans sponsored by another company, followed by South River Mortgage and Fairway Independent Mortgage with 127 and 108 loans, respectively. After dropping slightly over the last two months, refinancings once again accounted for more than half of all endorsements. There is no sign of weakening in refinancing activity, and it will only be fueled further by next year’s Maximum Claim Amount, an astonishing $970,800.

New View Advisors continues to offer its Who Buys What From Whom (WBWFW) report as part of our endorsement report subscription. The report compiles publicly available Ginnie Mae data to show which HMBS issuers buy HECMs from which lenders.

The WBWFW report includes:

–Top Originators – a ranking by original HECM UPB of all lenders over the last twelve months
–WBWFW – an alphabetical cross-reference between every lender and the HMBS issuer that securitizes its loans
–Top 100 Trends – a breakdown of loan sales by month, by Top-100 lender, by HMBS issuer.

Edited samples from this month’s WBWFW report are at the end of our endorsement writeup. These reports together provide accurate insight for sales and marketing teams to learn just who’s buying what from whom. The dataset is more complete and timely than what endorsement analysis alone can show.

HECM Endorsement Analytics – October 2021

Tuesday, November 16th, 2021

October saw 5,029 HECM loans endorsed, the highest unit count since May 2020. As is the case with 2021 HMBS dollar volume, by mid-November, i.e. now, total endorsement count will exceed what was printed for all of calendar 2020. Our report can be found here: NV Endorsement 2021_10. Every top lender increased endorsements from the previous month; in particular, PHH more than doubled its endorsement count again reaching 615 loans, by far its highest monthly endorsement tally in history.

HUD’s September Endorsement Snapshot Report was released on its website today. There was no material change from last month. South River Mortgage posted another strong month in wholesale, with 108 endorsements. Over the last six months, SRM has overtaken Fairway Independent Mortgage to become the leader in this group.

New View Advisors continues to offer its Who Buys What From Whom (WBWFW) report as part of our endorsement report subscription. The report compiles publicly available Ginnie Mae data to show which HMBS issuers buy HECMs from which lenders.

The WBWFW report includes:

  • Top Originators – a ranking by original HECM UPB of all lenders over the last twelve months
  • WBWFW – an alphabetical cross-reference between every lender and the HMBS issuer that securitizes its loans
  • Top 100 Trends – a breakdown of loan sales by month, by Top-100 lender, by HMBS issuer.

Edited samples from this month’s WBWFW report are at the end of our endorsement writeup. These reports together provide accurate insight for sales and marketing teams to learn just who’s buying what from whom. The dataset is more complete and timely than what endorsement analysis alone can show.

HECM Endorsement Analytics – September 2021

Wednesday, October 13th, 2021

4,326 HECM loans were endorsed in September, bouncing back after last month to the average pace seen for the past year and half. Our report can be found here: NV Endorsement 2021_09. Of the top lenders, AAG endorsed 1,445 loans, increasing endorsement volume 21+% from August, while PHH endorsed 303 HECMs, more than doubling last month’s 143. Total volume increased 17% versus August, another reminder that one month of data, especially endorsement count, is not telling of a market trend.

HUD’s August Endorsement Snapshot Report is now available on its website. Volume dropped across all product types, but HECM-to-HECM refis remained close to 50% of all endorsements.

New View Advisors continues to offer its Who Buys What From Whom (WBWFW) endorsement report subscription. The report compiles publicly available Ginnie Mae data to show which HMBS issuers buy HECMs from which lenders.

The WBWFW report includes:

*Top Originators – a ranking by original HECM UPB of all lenders over the last twelve months
*WBWFW – an alphabetical cross-reference between every lender and the HMBS issuer that securitizes its loans
*Top 100 Trends – a breakdown of loan sales by month, by Top-100 lender, by HMBS issuer.

Edited samples from this month’s WBWFW report are at the end of our endorsement writeup. These reports together provide accurate insight for sales and marketing teams to learn just who’s buying what from whom. The dataset is more complete and timely than what endorsement analysis alone can show.

New View Advisors and Recursion Reverse Mortgage Prepayment Indices – September 2021

Tuesday, October 12th, 2021

New View Advisors and Recursion September 2021 expanded HECM reverse mortgage prepayment indices can be found here: New View Advisors Recursion Cohort Speeds 09_2021. The indices are derived from underlying HECM data in HMBS made public by Ginnie Mae, as well as private sources. This new expanded set of prepayment data is calculated using dollar principal balance, not unit count.

The enhanced data set shows current trends in prepayment activity by product type and Principal Limit Factors (PLFs), and for current 12-month LIBOR PLFs by Expected Rate. HECM loans with higher Expected Rates originated in the year or so prior to the precipitous fall in interest rates brought on by the pandemic are experiencing higher prepayment rates. Therefore, we segregate indices for recent production 12-month LIBOR PLFs into Expected Rates greater than 4% and Expected Rates less than or equal to 4%.

Prepayment speeds are expressed as annualized percentages in three categories: Total Payoffs, Payoffs Other Than Assignments, and Payoffs from Assignment. For each category, we calculate the 1-month, 3-month, 6-month and 12-month CPR, or annual rate of prepayment.

For HMBS pools backed by adjustable rate HECMs using the Constant Maturity Treasury (CMT) index, prepayment speeds will continue to populate as more of these HMBS are issued.