Since I last outlined the history of HMBS issuance in the November 2014 issue of TRR, the HECM program has experienced several reforms—issuers have come and gone and the product mix continues to change. Despite this, the average quarterly issuance remains steady at the historical average of approximately $2.1 billion per quarter, helped by the surge in HMBS “tail” issuance of $2.1 billion over the last four full quarters. Adjustable-rate issuance has increased in the last year, peaking in the second quarter at… well, you can probably guess.