Finance of America leads the HMBS market with a 30% share

Longbridge financial followed in second place with $1.44 billion, or 23% of the market. Mutuality of Omaha Mortgage And PHH Mortgage Corp. rounded out the top four with issuance of $1.16 billion (19%) and $1.09 billion (18%), respectively.

In his latest commentarypublished Monday, New View Advisors said there would be 10 HMBS issuers by 2025, with the four largest issuers accounting for nearly 90% of volume.

Ten years earlier, the HMBS market was completely different. In 2015, the industry spent $9.45 billion on HMBS, about 50% more than the 2025 total. But New View pointed out that only a handful of that year’s largest issuers remain active in the current rankings.

Finance of America and Liberty Reverse Mortgage (now part of PHH Mortgage) are among the few survivors, joined by Plaza Home Mortgage And SunWest Mortgage.

Prominent issuers from 2015 such as American consultant group (recorded by FOA in 2023), Nationstar Mortgage And Reverse Mortgage Financinghave disappeared from the list of issuers, among other things.

Although overall HMBS issuance has declined from its peak in mid-2010, a concentrated group of issuers now dominate the activity. First, FOA now has 30.2% of the market share, up from 17% in 2015. Longbridge Financial, the second largest issuer, was not on the 2015 list.

FOA’s hold on the top spot is likely to strengthen in the near future after the company announced in November that it was acquiring Liberty/PHH’s current reverse mortgage pipeline.