Once again, RMS led all HMBS Issuers in the first quarter of 2014 with $414.7 million of securities for a 24% market share. RMS has been the consistent leader of HMBS issuance the last three years. Urban Financial, AAG, Liberty, and Generation rounded out the top 5 with $353.7 million, $275.0 million, $226.6 million, and $123.7 million respectively. There were 13 different issuers, with new entrant RMF contributing $8.5 million of HMBS this quarter. Despite lower volume, this is the highest number of issuers for a given quarter since the program began in 2007. Of the total $1.7 billion of issuance, 23% or just under $400 million were tail issuances, 111 of the 248 pools issued.
Fixed rate HMBS totaled $439 million for the quarter, 26% of total issuance. Along with the fourth quarter of 2013, this is the lowest percentage of fixed rate HMBS issued in a quarter since the early days of Ginnie Mae’s HMBS program. By comparison, 47% of total production was fixed rate for all of 2013, and 65% of total production was fixed rate in 2012. Of the $1.27 billion of adjustable rate HMBS, just $14.6 million was CMT based, the rest being LIBOR indexed HMBS.
New View Advisors compiled this data from publicly available Ginnie Mae data as well as private sources.
