2017 HMBS Issuer Rankings – A Busy Fourth Quarter

AAG keeps the crown as the leading HMBS Issuer for 2017, issuing $2.3 billion of securities for a 21.9% market share, $211 million over #2 Reverse Mortgage Funding’s $2.1 billion and 19.9% market share. RMF issued a whopping $918 million in the fourth quarter, which included the issuance of highly seasoned pools, leapfrogging over Finance of America Reverse for the year. FAR wound up in third with $1.8 billion issued and 17.4% market share. Ocwen Loan Servicing and Live Well Financial once again round out the top five issuers. Ocwen issued $1.3 billion for a 12.2% market share, and Live Well was fifth with $945 million issued for a 9% market share. Longbridge Financial jumped two spots to #6 with $606 million issued.

The fourth quarter counted nearly $3.3 billion of HMBS, almost one third of calendar 2017’s entire issuance. December alone saw $1.35 billion of securities issued. The top five issuers accounted for 80.4% of all issuance, about the same as last quarter. Just 8.5% of 2017 HMBS issuance was fixed rate. There remain 16 active HMBS issuers in the industry.

Despite the month-to-month fluctuations in HECM endorsements, HMBS issuance remains robust, aided by growth in tail issuance and, in the fourth quarter, some issuance of highly seasoned pools. While endorsement count is an ok proxy for new origination volume, it does not provide a comprehensive picture of overall industry growth or health. HMBS issuance volume totaled $10.5 billion for 2017, just $160 million shy of 2010’s record year of $10.7 billion.

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


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