2021Q1 HMBS Issuer League Tables – “Top Five” Account for 94% of all Issuance

AAG maintained its #1 HMBS issuer ranking for the first quarter of 2021 with $704.6 million of issuance and 26.3% market share. FAR held on to second with $544.2 million issued and 20.3% market share. Longbridge was third, again just behind FAR, with $541.2 million issued and 20.2% market share, and RMF was fourth with $442.7 million issued and 16.5% market share. PHH Mortgage rounded out the Top Five again, with $287.8 million and a 10.7% market share. These five issuers accounted for more than 94% of all HMBS issuance in the quarter, consistent with past performance. There were 14 active HMBS issuers in 2021Q1, one more than last year, with Mutual of Omaha returning to market and issuing two pools.

2021Q1 saw $2.68 billion of HMBS issued, slightly off last quarter’s $3.04 billion but up 28% from 2020’s first quarter $2.09 billion tally. While the quarter’s run rate would put the industry annual total over $10 billion, higher interest rates may challenge volume in the later months of 2021.

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

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