Continuing its streak at the top of the list is Finance of America (FOA), with 31% market share and issuance of 315 pools for a total of more than $1.8 billion. FOA issued 83 fewer HMBS pools than it did in 2023, according to the data. Company leaders highlighted both its HMBS market position and the elevated levels of home equity held by older Americans as indications of its market presence in the reverse mortgage space.
Longbridge Financial also maintained its position in the 2024 rankings with 139 pools issued for a total of nearly $1.4 billion, coming in with only three fewer pools than it did in 2023. Corporate leadership at Ellington Financial, Longbridge's parent company, explained in certain earnings calls that it had faced challenges with HMBS issuance stemming from wider yield spreads that impacted the value of mortgage servicing rights.
Mutual of Omaha Mortgage, which overtook FOA on 2024's HECM endorsements leaderboard, issued fewer pools than PHH Mortgage Corp but managed to reach a higher spot on the rankings with a total of $1.1 billion on only 60 pools. This underscores the competitive dynamics in the reverse mortgage sector where strategic positioning and product offerings can lead to significant market share shifts.
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