NRMLA INDEX Q2 2016

The NRMLA/RiskSpan Reverse Mortgage Market Index (RMMI) rose in Q2 2016 to 212.45. It is another all-time high since the index began being published in 2000. The estimated senior home equity increased by $135.2 billion to $5.9 trillion.The increase in senior home equity was driven by an estimated $146.0 billion increase in the aggregate value of senior housing, offset by $10.75 billion increase in senior-held mortgage debt. The RMMI index increased by 8.7% year-over-year.

The RMMI in Q1 2016 was revised from 209.12 to 207.60 primarily due to the updated Fed total housing value in the 3rd quarter release. Quote from the Fed's website: "The market value of residential real estate (tables B.101 and B.104) has been revised from 2000: Q1 forward to reflect revised data for the repeat-sales house-price index from LoanPerformance (a division of First American CoreLogic)."

CLICK HERE to access the presentation.

CLICK HERE to visit the NRMLA website.

5 THINGS TO KNOW ABOUT AGENCY ISSUANCES – AUGUST 2016

Issued volume jumped in August, outpacing the UPB issued in August of 2015 by over 40%!  Check out where this extra volume came from with breakdowns of the issued loans, as well recent trends, in our Box Score and Seller Reports.

CLICK HERE to read 5 Things You Need To Know About Agency Issuance – August 2016.

CLICK HERE to view Agency Combined Box Score Report – August 2016.

CLICK HERE to view Fannie Mae Box Score Report  – August 2016.

CLICK HERE to view Fannie Mae Top 50 Sellers By Pool Prefix – August 2016.

CLICK HERE to view Freddie Mac Box Score Report – August 2016.

CLICK HERE to view Freddie Mac Top 50 Sellers By Pool Prefix – August 2016

VINTAGE QUALITY INDEX – AUGUST 2016

The Vintage Quality Index (VQI) has deceased month-over-month to 83.7 in August, demonstrating the downward trend since February 2016. August’s value represents restricted underwriting standards relative to our baseline level observed in January 2003, and is roughly 40% below its peak of 139.10, observed in January 2007. Since the end of 2013, the Index has remained relatively flat, fluctuating in the mid-to-high 80s after rising from lows in the 60s during the period of very tight underwriting standards during and after the housing crisis. The loosening of underwriting standards coming out of the housing crisis has been driven by increased lending to borrowers with a greater than 80% LTV, as well as higher shares of investor loans and high DTI loans. Lending to borrowers with FICO scores less than 660 remains well below historical highs (8.9% in August compared to 29% from 2007).

CLICK HERE to read more about the VQI – August 2016.

CLICK HERE to download the data set.

 

5 THINGS TO KNOW ABOUT AGENCY ISSUANCES – JULY 2016

FNMA continued to roll out their issuances of reperforming loans, issuing pools with modified loans for the first time in July. Check out the FNMA seller report for a breakdown of these loans by prefix, and check out the rest of our Monthly Issuance reporting for a comprehensive look at what happened last month.

CLICK HERE to read 5 Things You Need To Know About Agency Issuance – July 2016.

CLICK HERE to view Agency Combined Box Score Report – July 2016.

CLICK HERE to view Fannie Mae Box Score Report  – July 2016.

CLICK HERE to view Fannie Mae Top 50 Sellers By Pool Prefix – July 2016.

CLICK HERE to view Freddie Mac Box Score Report – July 2016.

CLICK HERE to view Freddie Mac Top 50 Sellers By Pool Prefix – July 2016.

VINTAGE QUALITY INDEX – JULY 2016

The Vintage Quality Index (VQI) has deceased month-over-month to 84.6 in July, matching the level from a year prior. July’s value represents restricted underwriting standards relative to our baseline level observed in January 2003, and is roughly 40% below its peak of 139.10, observed in January 2007. Since the end of 2013, the Index has remained relatively flat, fluctuating in the mid-to-high 80s after rising from lows in the 60s during the period of very tight underwriting standards during and after the housing crisis. The loosening of underwriting standards coming out of the housing crisis has been driven by increased lending to borrowers with a greater than 80% LTV, as well as higher shares of investor loans and high DTI loans. Lending to borrowers with FICO scores less than 660 remains well below historical highs (9% in July compared to 29% from 2007).

CLICK HERE to read more about the VQI – July 2016. 

CLICK HERE to download the data set.

5 THINGS TO KNOW ABOUT AGENCY ISSUANCES – JUNE 2016

June’s Issuance volume increased from last month’s total issuance by $3B, lower than last year’s volume but the highest this year. Around half of that gain comes from volume attributed to First Time Home Buyers. See how this is broken out in Fannie and Freddie’s Issuances, and what other exciting properties came out this month.

CLICK HERE to read 5 Things You Need To Know About Agency Issuance – June 2016. 

CLICK HERE to view Agency Combined Box Score Report – June 2016.

CLICK HERE to view Fannie Mae Box Score Report  – June 2016.

CLICK HERE to view Fannie Mae Top 50 Sellers By Pool Prefix – June 2016.

CLICK HERE to view Freddie Mac Box Score Report – June 2016.

CLICK HERE to view Freddie Mac Top 50 Sellers By Pool Prefix – June 2016.

VINTAGE QUALITY INDEX – JUNE 2016

The Vintage Quality Index (VQI) has increased month-over-month to 85.5 in June, stabilizing the downward trend that persisted since February. June’s value represents restricted underwriting standards relative to our baseline level observed in January 2003, and is roughly 40% below its peak of 139.10, observed in January 2007. Since the end of 2013, the Index has remained relatively flat, fluctuating in the mid-to-high 80s after rising from lows in the 60s during the period of very tight underwriting standards during and after the housing crisis. The loosening of underwriting standards coming out of the housing crisis has been driven by increased lending to borrowers with a greater than 80% LTV, as well as higher shares of investor loans and high DTI loans. Lending to borrowers with FICO scores less than 660 remains well below historical highs (10% in April compared to 29% from 2007).

CLICK HERE to read more about the VQI– June 2016. 

CLICK HERE to download the data set.

NRMLA INDEX Q1 2016

The NRMLA/RiskSpan Reverse Mortgage Market Index (RMMI) rose in Q1 2016 to 209.12, it's the 20th consecutive quarterly gain and another all-time high since the index began being published in 2000. On a quarter-over-quarter basis, the index rose 2.8% in the first quarter, as the estimated senior home equity increased by $164.9 billion to slightly over $6.0 trillion for the first time in RMMI history. The increase in senior home equity was driven by an estimated $169.7 billion increase in the aggregate value of senior housing, offset by $4.9 billion increase in senior-held mortgage debt. On a year-over-year basis, the index increased by 8.8% relative to Q1 2015.

CLICK HERE to download the presentation.

CLICK HERE to visit the NRMLA website.

5 THINGS TO KNOW ABOUT AGENCY ISSUANCES – MAY 2016

Issuance volume continued to trend upward with the temperatures in May, as issuances grew by more than $5B month-over-month. However, total issuances for 2016 lag behind the first five months of 2015, led by a decline in refinance volume. Check out the Box Score and Seller reports for more detail on the shifting makeup of Agency Issuances. 

CLICK HERE to read 5 Things You Need To Know About Agency Issuances – April 2016.

CLICK HERE to view Agency Combined Box Score Report – April 2016.

CLICK HERE to view Fannie Mae Box Score Report – April 2016.

CLICK HERE to view Fannie Mae Top 50 Sellers By Pool Prefix – April 2016.

CLICK HERE to view Freddie Mac Box Score Report – April 2016.

CLICK HERE to view Freddie Mac Top 50 Sellers By Pool Prefix – April 2016.

 

 

VINTAGE QUALITY INDEX – MAY 2016

The Vintage Quality Index (VQI) has decreased month-over-month to 83.7 in May, continuing the reversal of the post-crisis high of 90.44 seen in February. May’s value represents restricted underwriting standards relative to our baseline level observed in January 2003, and is roughly 40% below its peak of 139.10, observed in January 2007. Since the end of 2013, the Index has remained relatively flat, fluctuating in the mid-to-high 80s after rising from lows in the 60s during the period of very tight underwriting standards during and after the housing crisis. The loosening of underwriting standards coming out of the housing crisis has been driven by increased lending to borrowers with a greater than 80% LTV, as well as higher shares of investor loans and high DTI loans. Lending to borrowers with FICO scores less than 660 remains well below historical highs (10% in April compared to 29% from 2007).

CLICK HERE to read more about the RiskSpan VQI – May 2016.

CLICK HERE to download the dataset. 

5 THINGS TO KNOW ABOUT AGENCY ISSUANCES – APRIL 2016

With April’s Issuance volume of $69.5B, the spring market seems to be revving up. Check out our “5 Things to Know”, Box Score Reports, and Seller Reports to see what trends made April 2016 interesting.

CLICK HERE to read 5 Things You Need To Know About Agency Issuances – April 2016.

CLICK HERE to view Agency Combined Box Score Report – April 2016.

CLICK HERE to to view Fannie Mae Box Score Report – April 2016.

CLICK HERE to view Fannie Mae Top 50 Sellers By Pool Prefix – April 2016.

CLICK HERE to view Freddie Mac Box Score Report – April 2016.

CLICK HERE to view Freddie Mac Top 50 Sellers By Pool Prefix – April 2016.

 

 

 

VINTAGE QUALITY INDEX – APRIL 2016

The Vintage Quality Index (VQI) has decreased month-over-month to 86.1 in April, continuing the reversal of the post-crisis high of 90.4 seen in February. April’s value represents restricted underwriting standards relative to our baseline level observed in January 2003, and is roughly 40% below its peak of 139.10, observed in January 2007. Since the end of 2013, the Index has remained relatively flat, fluctuating in the mid-to-high 80s after rising from lows in the 60s during the period of very tight underwriting standards during and after the housing crisis. The loosening of underwriting standards coming out of the housing crisis has been driven by increased lending to borrowers with a greater than 80% LTV, as well as higher shares of investor and high DTI loans. Lending to borrowers with FICO scores less than 660 remains well below historical highs (10% in April compared to 29% from 2007).

CLICK HERE to read more about the RiskSpan VQI – April 2016.

CLICK HERE to download the dataset.

5 THINGS TO KNOW ABOUT AGENCY ISSUANCES – MARCH 2016

March’s Issuance volume fell, jumping $14.6B from last month’s issuance for a total of $64.4B, the highest issuance amount since November 2015. Find out what’s behind the increase, the good news for First Time Home Buyers, and other nuggets in our Box Score and Seller Reports.

CLICK HERE to read 5 Things You Need To Know About Agency Issuances – March 2016.

CLICK HERE to view Agency Combined Box Score Report – March 2016.

CLICK HERE to view Fannie Mae Box Score Report – March 2016.

CLICK HERE to view Fannie Mae Top 50 Sellers By Pool Prefix – March 2016.

CLICK HERE to view Freddie Mac Box Score Report – March 2016.

CLICK HERE to view Freddie Mac Top 50 Sellers By Pool Prefix – March 2016.

VINTAGE QUALITY INDEX – MARCH 2016

The Vintage Quality Index (VQI) has decreased month-over-month to 88.0 in March, reversing a the post-crisis high of 90.4 seen in February. March’s value represents restricted underwriting standards relative to our baseline level observed in January 2003, and is roughly 40% below its peak of 139.10, observed in January 2007. Since the end of 2013, the Index has remained relatively flat, fluctuating in the mid-to-high 80s after rising from lows in the 60s during the period of very tight underwriting standards during and after the housing crisis. The loosening of underwriting standards coming out of the housing crisis has been driven by increased lending to borrowers with a greater than 80% LTV, as well as higher shares of investor and high DTI loans. Lending to borrowers with FICO scores less than 660 remains well below historical highs (11% in November compared to 29% from 2007).

CLICK HERE to read more about the RiskSpan VQI – March 2016.

CLICK HERE to download the data set.

 

 

NRMLA INDEX Q4 2015

he NRMLA/RiskSpan Reverse Mortgage Market Index (RMMI) rose to another all-time high of 203.20 in Q4 2015, up from a revised 198.53 in Q3.  The fourth quarter of 2015 was the 8th consecutive quarter in which the index set a new high and 19th consecutive quarter in which senior home equity levels have risen.  The current estimate of $5.83 trillion for the aggregate value of senior home equity represents a 64% recovery from the post-Recession trough in Q1 2009, when senior equity levels had fallen to an estimated $3.57 trillion. The Q4 senior equity value also represents a 16% increase from the pre-Recession peak, when senior equity levels hit an estimated $5.04 trillion in Q4 2006.  On a quarter-over-quarter basis, the index rose 2.4% in the fourth quarter, as senior home equity increased by $134.0 billion. The increase in senior home equity relative to the third quarter was driven by an estimated $140.2 billion increase in the aggregate value of senior housing, which was offset by a $6.2 billion increase in senior-held mortgage debt.  On a year-over-year basis, the index increased 8.1% in 2015, compared to an increase of 7.8% in 2014 and 17.5% in 2013.

The RMMI in Q3 2015 was revised from 200.19 to 198.53 primarily due to the updated total housing value from Federal Reserve's Z.1 release of historical data on March 10, 2016.

CLICK HERE to visit the NRMLA website.

CLICK HERE to download the full presentation.

5 THINGS TO KNOW ABOUT AGENCY ISSUANCES – FEBRUARY 2016

February Issuance volume fell $7.4B from January’s total, settling at $49.8B. February’s year-over-year change was even more stark, missing February 2015’s volume by $17.4B. Find out the full story in our Box Score reports, and check out the RiskSpan VQI for February’s silver lining.


CLICK HERE to read 5 Things You Need To Know About Agency Issuances – February 2016.

CLICK HERE to view Agency Combined Box Score Report – February 2016.

CLICK HERE to view Fannie Mae Box Score Report – February 2016.

CLICK HERE to view Fannie Mae Top 50 Sellers By Pool Prefix – February 2016.

CLICK HERE to view Freddie Mac Box Score Report – February 2016.

CLICK HERE to view Freddie Mac Top 50 Sellers By Pool Prefix – February 2016.
 

VINTAGE QUALITY INDEX – FEBRUARY 2016

The Vintage Quality Index (VQI) has increased month-over-month to 90.4 in February, the highest level its hit post-crisis. We’ll have to wait and see if this is the start of a trend toward loosening underwriting or simply a continuation of the minor fluctuations we’ve seen since the end of 2013. February’s value still represents restricted underwriting standards relative to our baseline level observed in January 2003, and is roughly 40% below its peak of 139.10, observed in January 2007. Since the end of 2013, the Index has remained relatively flat, fluctuating in the mid-to-high 80s after rising from lows in the 60s during the period of very tight underwriting standards during and after the housing crisis. The loosening of underwriting standards coming out of the housing crisis has been driven by increased lending to borrowers with a greater than 80% LTV, as well as higher shares of investor and high DTI loans. Lending to borrowers with FICO scores less than 660 remains well below historical highs (11% in November compared to 29% from 2007).

CLICK HERE to read more about the RiskSpan VQI – February 2016.

CLICK HERE to download the data set.

5 THINGS TO KNOW ABOUT AGENCY ISSUANCES – JANUARY 2016

With January’s Issuance volume of $57.2B, the agencies started 2016 in about the same way they started 2015.  Check out our “5 Things to Know”, Box Score Reports, and Seller Reports to see what nuances made January 2016 interesting.

CLICK HERE to read 5 Things You Need To Know About Agency Issuances – January 2016.

CLICK HERE to view Agency Combined Box Score Report – January 2016.

CLICK HERE to view Fannie Mae Box Score Report – January 2016.

CLICK HERE to view Fannie Mae Top 50 Sellers By Pool Prefix – January 2016.

CLICK HERE to view Freddie Mac Box Score Report – January 2016.

CLICK HERE to view Freddie Mac Top 50 Sellers By Pool Prefix – January 2016.

VINTAGE QUALITY INDEX – JANUARY 2016

The Vintage Quality Index (VQI) started 2016 at 88.7, a value representing restricted underwriting standards relative to our baseline level observed in January 2003, and roughly 40% below its peak of 139.10, observed in January 2007. Since the end of 2013, the Index has remained relatively flat, fluctuating in the mid-to-high 80s, after rising from lows in the 60s during a period of very tight underwriting standards during and after the housing crisis. The loosening of underwriting standards coming out of the housing crisis has been driven by increased lending to borrowers with a greater than 80% LTV, as well as higher shares of investor and high DTI loans. Lending to borrowers with FICO scores less than 660 remains well below historical highs (11% in November compared to 29% from 2007).

CLICK HERE to read more about the RiskSpan VQI – January 2016.

CLICK HERE to download the data set.

5 THINGS TO KNOW ABOUT AGENCY ISSUANCES – DECEMBER 2015

After a sharp drop in November, issuance volume recovered in December to $59.6B, but still fell short of the $64.3B seen in December 2014.  This shortfall, which seems to cement November’s weakness, was driven by lower refinance activity, mostly at Fannie Mae.  Check out our full coverage of December in the reports below.

CLICK HERE to read 5 Things You Need To Know About Agency Issuances – December 2015.

CLICK HERE to view Agency Combined Box Score Report – December 2015.

CLICK HERE to view Fannie Mae Box Score Report – December 2015.

CLICK HERE to view Fannie Mae Top 50 Sellers By Pool Prefix – December 2015.

CLICK HERE to view Freddie Mac Box Score Report – December 2015.

CLICK HERE to view Freddie Mac Top 50 Sellers By Pool Prefix – December 2015.