AAG Retains Spot as Top Issuer of Reverse Mortgage Securities

The $6.7 billion issuance of Home Equity Conversion Mortgage mortgage-backed securities (HMBS) for the first nine months of 2015 has already exceeded last year’s total—and American Advisors Group (AAG) is leading the charge, according to the latest commentary from New View Advisors.

AAG retained its top spot as the number one HMBS issuer of the year through the third quarter ended September 30, 2015. During this time, the company issued $1.347 billion of securities for a 20% market share, comprising 123 total pools.

Following just $102 million behind, however, is Reverse Mortgage Solutions (RMS), which issued $1.245 billion for an 18.5% market share. After more than five years as industry leader, RMS ceded the number one slot to AAG in the first half of the year.Screen Shot 2015-10-08 at 3.22.15 PM

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Urban Financial of America, Reverse Mortgage Funding and Liberty Home Equity Solutions rounded out the top-five HMBS issuer rankings in 2015 through September, each issuing $1.236 billion (18.3%), $974 million (14.4%) and $804 million (11.9%), respectively.

These top-five issuers accounted fro more than 83% of all issuance, down just slightly from last quarter’s 84%, according to New View Advisors.

While there was not any movement among issuers from June, Silvergate Bank issued one pool, raising the total number of HMBS issuers to 13, which New View Advisors notes is the historical high watermarked for issuer count.

The $6.7 billion of HMBS issuance through three quarters is more than the $6.6 billion tally reported in all of 2014, however, New View Advisors notes that monthly HMBS volume has been declining since May.

Read the New View Advisors commentary.

Written by Jason Oliva

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