Reverse Mortgage Solutions maintained the top position among the HECM-backed mortgage securities rankings for the first quarter of 2014, with a total issuance of $414.7 million during the quarter.
RMS was followed by Urban Financial of America and American Advisors Group, with $353.7 million and $275.0 million in issuance, respectively, according to a quarterly tally compiled by New View Advisors.
“RMS has been the consistent leader of HMBS issuance the last three years…” New View Advisors writes in its commentary published this week. “How long will RMS stay on top?”
American Advisors group, which only recently began issuing HMBS, rose to the No. 3 spot, surpassing the issuance of Liberty Home Equity Solutions, with $226.3 million in issuance, and Generation Mortgage Company, with $123.7 million in total issuance.
New entrant Reverse Mortgage Funding contributed $8.5 million in HMBS, New View notes. “Despite lower volume, this is the highest number of issuers for a given quarter since the program began in 2007,” according to its commentary.
Comprising the total $1.71 billion issued in the first quarter, tail issuance comprised about $400 million or 111 of the 248 pools issued.
Fixed rate issuance comprised 26% of the total, which, along with the fourth quarter of 2013, marked the lowest percentage of fixed rate HMBS in a given quarter since the early days of HMBS under Ginnie Mae, New View notes.
Written by Elizabeth Ecker