2019Q1 HMBS Issuer League Tables – Look Who’s Back

After a full year away from #1, AAG recaptured the lead HMBS issuer slot for the first quarter of 2019, with $391 million of issuance for a 23.5% market share.  RMF was second, with $323.5 million issued and 19.5% market share, and FAR remained in third with $244 million issued and 14.7% market share.  Ocwen Loan Servicing and Nationstar round out the top five issuers.  Ocwen issued $210.6 million for a 12.7% market share, and Nationstar was fifth with $142.7 million and 8.6% market share.  These five issuers accounted for approximately 79% of all issuance, down from 2018’s record 92%. There were 15 active HMBS issuers during the quarter, including first-time issuer Synergy One Lending, now owned by Mutual of Omaha.

2019Q1 saw only $1.67 billion of HMBS issued, a 44% decline from one year ago, and an almost five-year quarterly low.  For comparison, total HMBS issuance volume in the first quarter of 2018 equaled $2.97 billion.  As previously noted, unless highly seasoned pool issuance makes a meaningful and lasting return, expect lower HMBS issuance volume going forward.

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

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