Issuance of reverse mortgage securities dropped 41% in the first quarter of 2014 on an annual basis, according to Ginnie Mae data compiled by New View Advisors commentary.
The month of March saw just one HREMIC issuance and a total of six transactions in the quarter totaling $957 million. In comparison, 2013’s first quarter had eight transactions for a total of $1.66 billion of issuance.
HREMIC issuance is the real estate mortgage investment conduit that comprise Ginnie Mae-guaranteed, home equity conversion mortgage securities, also known as HMBS.
Bank of America Merrill Lynch stayed the dominant HREMIC issuer with a 56% market share, New View notes, with three issuances totaling $538.4 million.
Stifel came in second with two issuances for $300.8 million and 31.4% market share, while RBS had one transaction for $118.2 million and 12.4% of the market.
Access the commentary and data at New View Advisors.
Written by Alyssa Gerace
