HMBS Issuer Rankings 2016Q3 – RMF Squeaks Past AAG to Capture the Crown

RMF has overtaken AAG as #1 HMBS issuer for the first nine months of 2016, issuing $1.519 billion of securities for a 22% market share, just $12 million more than AAG’s $1.507 billion and 21.8% market share. AAG had been the leading HMBS issuer since 2015Q2. RMF first issued HMBS in 2014Q1. Finance of America Reverse, Liberty Home Equity, now issuing HMBS as Ocwen Loan Servicing, and Live Well Financial round out the top five issuers. The Money House is the newest HMBS entrant, bringing the total number of issuers to a record 15. Finance of America Reverse issued $1.086 billion for a 15.7% market share, Liberty was fourth with $815.8 million and an 11.8% market share, and Live Well was fifth with $648.4 million issued for a 9.4% market share. The top five issuers accounted for 80.6% of all issuance, down slightly from last quarter’s 81.8%.

Despite the much-reported slowdown in HECM endorsements, HMBS issuance remains robust, aided by growth in tail issuance and highly seasoned pools. As earlier reported, September new original HMBS issuance was up 34% over August. 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 $6.922 billion for the first nine months of 2016, $179 million more than 2015Q3’s $6.743 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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