2023Q1 HMBS Issuer League Tables – Consolidation Is Here

What a difference a quarter makes. With FAR’s acquisition of AAG, and RMF’s bankruptcy, FAR is now the lead HMBS issuer with $629 million issued and a commanding 42.7% market share. Longbridge is second, with $313.4 million issued and 21.3% market share, PHH is third with $231.2 million issued and 15.7% market share, and Mutual of Omaha is fourth with $155.4 million issued and 10.6% market share. The Top Four – formerly the Top Five – issuers account for 90% of all HMBS issuance.

2023Q1 saw $1.472 billion of HMBS issued, a run rate of less than $6 billion for calendar year 2023, what would be just 42% of 2022’s nearly $14 billion record issuance tally. There were only nine HMBS issuers during the quarter, the lowest issuer count since the earliest days of the program.

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

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