FAR kept its lead HMBS issuer status for all of 2025 with $1.87 billion issued and 30% market share. Longbridge stayed in second, with $1.44 billion issued and 23% market share. Mutual of Omaha and PHH swapped places, with MoO in 3rd issuing $1.16 billion for a 19% share, and PHH fourth issuing $1.09 billion for an 18% market share. There were ten issuers in 2025, and the top four issuers continue to account for just under 90% of HMBS issuance volume.
Ten years ago, for all of 2015, the industry issued $9.45 billion of HMBS. Yes, 50% more issuance but also, only two of the top eight issuers from 2015 remain, FAR and Liberty/PHH, four when you include Plaza and Sunwest. AAG was the perennial HMBS issuer champ back then, yet they as well as RMS, RMF, Live Well, Wells Fargo, BoA, CIT, Silvergate and Nationstar now just footnotes in HMBS history.
New View Advisors compiled these rankings from publicly available Ginnie Mae data as well as private sources.
