AAG continued its #1 HMBS issuer ranking for the first nine months of 2021 with $2.585 billion of issuance and 28% market share. FAR stayed close behind in second with $1.985 billion issued and 21.4% market share. Longbridge eked past RMF to third with $1.530 billion issued and 16.5% market share. RMF at fourth had $1.506 billion issued with a 16.2% market share. PHH Mortgage again rounded out the Top Five, with $1.120 billion and a 12% market share. These five issuers continue to account for 94% of all HMBS issuance, consistent with past performance. There are 14 active HMBS issuers year to date, though Mutual of Omaha and The Money House did not issue in the third quarter.
2021Q3 saw $3.45 billion of HMBS issued, up 9% from last quarter’s $3.16 billion and the third consecutive quarterly issuance record. With three months to go, the industry is on track to exceed $12 billion of HMBS issuance in 2021.
(Editor’s note: The following article was republished with permission from New View Advisors, which compiled these rankings from publicly available Ginnie Mae data as well as private sources.)