HMBS Issuer Rankings 2016Q2 – AAG Remains the Leader

AAG stays as #1 HMBS Issuer for the first six months of 2016, with Reverse Mortgage Funding and Finance of America Reverse in second and third places, respectively. Liberty Home Equity, now issuing HMBS as Ocwen Loan Servicing, and Live Well Financial round out the top five issuers. No change in ranking order occurred this quarter although The Money Source is a new HMBS issuer at #11, bringing the total number of issuers back to 14. AAG issued $955.2 million of securities for a 21.8% market share. RMF closed ranks by issuing $931.3 million for a 21.2% market share, just $24 million behind AAG. Finance of America Reverse issued $716.8 million for a 16.3% market share, Liberty was fourth with $521.2 million and an 11.9% market share, and Live Well was fifth with $463.5 million issued for a 10.6% market share. The top five issuers accounted for 81.8% of all issuance, up slightly from last quarter’s 79.8%.

Despite the much-reported slowdown in HECM endorsements, HMBS issuance remains robust, aided by growth in tail issuance and highly seasoned pools. Continued strength in home price appreciation and capital markets execution also help the industry maintain volume in the face of increased mortgage lending scrutiny and regulatory oversight, and ongoing HECM program changes such as financial assessment. Issuance volume totaled $4.386 billion for the first half of 2016, only $137 million less than 2015Q2’s $4.523 billion. 2010 was the record year for HMBS with $10.7 billion of securities issued.

New View Advisors compiled this data from publicly available Ginnie Mae data as well as private sources.

 

 

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