2021Q2 HMBS Issuer League Tables – “Top Five” Still Account for 94%

AAG continued its #1 HMBS issuer dominance for the first six months of 2021 with $1.576 billion of issuance and 27% market share. FAR stayed firmly in second with $1.256 billion issued and 21.5% market share. RMF moved up a notch to third with $997 million issued and 17.1% market share, and Longbridge was fourth with $991 million issued and 17% market share. PHH Mortgage again rounded out the Top Five, with $667 million and a 11.4% 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 the first half of 2021, one more than last year, with Mutual of Omaha returning to market and issuing two pools in Q1.

2021Q2 saw $3.16 billion of HMBS issued, up 18% from last quarter’s $2.68 billion and itself a quarterly record. Doubling first half production would put the industry annual total at a record $11.7 billion, though higher interest rates and refinance burnout 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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