AAG returned as the #1 HMBS Issuer for the first quarter of 2017, issuing $538.6 million of securities for a 23.3% market share, well ahead of Finance of America Reverse’s $388.5 million and 16.8% market share. Reverse Mortgage Funding slipped to third for the quarter with $364.4 million issued and 15.8% market share. Ocwen Loan Servicing and Nationstar round out the top five issuers. Ocwen issued $306.7 million for a 13.3% market share, and Nationstar was fifth with $237.9 million issued for a 10.3% market share. Live Well Financial remained in 6th place for the quarter. The top five issuers accounted for 79.6% of all issuance, down slightly from last quarter’s 80.8%. There were no new HMBS issuers in the first quarter of 2017.
Despite the much-reported slowdown in HECM endorsements, HMBS issuance remains robust, aided by growth in tail issuance and without highly seasoned pools. Issuance volume totaled $2.308 billion for 2017Q1, on pace with 2016’s full year production of $9.187 billion. 2010 was the record year for HMBS with $10.7 billion of securities issued.
(Editor’s note: This article was written by New View Advisors, which compiled this data from publicly available Ginnie Mae data as well as private sources.)