Finance of America leads 2025 HMBS market with 30% share

Finance of America (FOA) maintained its position as the top issuer of Home Equity Conversion Mortgage-backed Securities (HMBS) in 2025, underscoring significant changes in the reverse mortgage securitization market over the past decade.

FOA issued $1.87 billion in HMBS last year, capturing roughly 30% of total market share, according to league tables compiled by New View Advisors from publicly available Ginnie Mae data and private sources.

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

In its latest commentary, released on Monday, New View Advisors said that there were 10 HMBS issuers in 2025, and the top four issuers accounted for nearly 90% of volume.

A decade earlier, the HMBS market was vastly different. In 2015, the industry issued $9.45 billion in HMBS, about 50% more than 2025’s total. But New View pointed out that only a handful of the top issuers from that year remain active in today’s 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 Advisors Group (absorbed by FOA in 2023), Nationstar Mortgage and Reverse Mortgage Funding, among others, have faded from the issuer list.

While total HMBS issuance has declined from its mid-2010s peak, a concentrated group of issuers now dominates activity. For one, FOA now has 30.2% of the market share, up from 17% in 2015. Longbridge Financial, the second largest issuer, was nonexistent on the 2015 list.

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