2022 Full Year HMBS Issuer League Tables – Quarterly Volume Off Another 26%

AAG captured the crown in 2022, with $3.08 billion HMBS and 22% market share. FAR settled for second, issuing $2.73 billion for a 19.5% market share. Longbridge tied down third with $2.54 billion issued and 18.2% market share, RMF finished in fourth with $2.38 billion issued and 17% market share, and PHH topped off the Top Five with $1.78 billion issued for a 12.7% market share. Expect the 2023 rankings to be almost unrecognizable over time as the industry consolidates and confronts the realities of the RMF bankruptcy, higher interest rates, and lower home values.

The Top Five issuers accounted for 90% of all HMBS issuance, down another percent from last quarter. Mutual of Omaha Mortgage is now firmly entrenched at #6, continuing its issuance trend and helping to explain the continued drop in aggregate volume for the Top Five issuers. This metric will undergo radical change in the coming months.

2022Q4 saw $2.34 billion of HMBS issued, down 26% from last quarter’s $3.15 billion, which was down 29% from Q2. However, even with the issuance slowdown, total 2022 volume totaled $13.98 billion, a new annual issuance record. It may stand awhile.

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

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