2020Q1 HMBS Issuer League Tables – AAG Extends Its Lead

AAG increased its lead in 2020Q1 HMBS issuer rankings, with $586.6 million of issuance and 28% market share. FAR moved up two places to second, with $412.6 million issued and 20% market share. RMF stayed in third with $358.8 million issued and 17% market share. PHH Mortgage aka Liberty Reverse Mortgage moved up a notch to fourth, with $312.2 million and 15% market share, and Longbridge slipped three places back to fifth with $228.2 million of issuance and 21% share. Regardless of order, these same five issuers accounted for almost 91% of all issuance this quarter, matching their Top-5 concentration high at year-end 2018. There were 13 HMBS issuers active during the quarter.

2020Q1 saw $2.09 billion of HMBS issued, down again from 2019Q4’s $2.28 billion, and 2019Q3’s $2.33 billion. With impact from the Coronavirus pandemic unknown, Q1 production is a meaningless metric to project annual volume. 2019 full year volume landed at $8.26 billion, off 14% from full year 2018. Total HMBS issuance in 2018 was $9.58 billion.

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

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