HMBS Issuer 2015 First Half League Tables – AAG Overtakes RMS

AAG, which started its HMBS program just two years ago this month, is the leading HMBS issuer for the first half of 2015. After more than 5 years as industry leader, RMS ceded the number one slot by just $52 million.

AAG issued $907.3 million of securities for a 20.1% market share. RMS issued $855.2 million, a 10% increase over its first half 2014 $774 million, for an 18.9% market share. Urban Financial, RMF, and Liberty rounded out the Top-5 issuers with $834.6 million, $672.3 million, and $532.9 million respectively. The Top-5 issuers accounted for more than 84% of all issuance in the half, the most since late 2012 when the Top-5 accounted for 91% of all issuance. It is also the first time Cherry Creek has issued HMBS securities.

HMBS Issuers in the first half of 2015 sold $4.5 billion, a 44% increase over the $3.1 billion issued in the first half of 2014. New issuance was up 52%, tail issuance was up 23%, and new issue, seasoned pools increased twelve-fold as whole loan HECM buyers capitulated to HMBS’ superior execution. The dramatic volume increase is also likely attributable to last year’s FHA PLF increase and a pre-FA origination surge this spring.

HMBS rank

(Editor’s note: The following was published by New View Advisors, which compiled this data from publicly available Ginnie Mae data as well as private sources.)