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.
In 2015, the industry issued $9.45 billion in 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, are now just footnotes in HMBS history.
(Editor’s note: Reprinted with permission from New View Advisors, which compiled these rankings from publicly available Ginnie Mae data as well as private sources.)
