| Nonrecourse Debt, at Fair Value |
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Nonrecourse Debt, at Fair Value |
Nonrecourse debt, at fair value, consisted of the following (in thousands):
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Securitization of performing / nonperforming HECM loans |
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July 2020 -
February
2022 |
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July 2030 -
February
2032 |
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0.88% -
9.32% |
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$ |
1,805,528 |
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$ |
922,970 |
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Securitization of non-agency reverse loans |
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May 2018 -
February
2022 |
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May 2023 -
November
2069 |
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1.25% -
4.50% |
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7,205,543 |
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4,630,203 |
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Securitization of Fix & Flip loans |
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April 2021 |
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November
2024 - May
2025 |
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2.10% -
5.40% |
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$ |
268,511 |
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268,511 |
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Total consolidated VIE nonrecourse debt UPB |
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5,821,684 |
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Nonrecourse MSR financing liability, at fair value |
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142,435 |
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Nonrecourse commercial loan financing liability
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107,744 |
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39,379 |
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Total nonrecourse debt, at fair value |
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6,111,242 |
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Nonrecourse commercial loan financing liability is comprised of the balance of the nonrecourse debt for the applicable period associated with the CAPT securitization. As the CAPT securitization was determined to be an unconsolidated VIE and failed sale treatment, the associated nonrecourse debt is accounted for by FoA and presented separately from the other nonrecourse debts. Refer to Note 3 - Variable Interest Entities and Securitizations for additional information. |
Future repayment of nonrecourse debt issued by securitization trusts is dependent on the receipt of cash flows from the corresponding encumbered loans receivable. As of June 30, 2022, estimated maturities for nonrecourse debt, at fair value, for the next five years and thereafter are as follows (in thousands):
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Total payments on nonrecourse debt |
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Nonrecourse MSR financing liability is excluded from this balance, because the timing of the payments of the nonrecourse MSR financing liability is dependent on the payments received on the underlying MSRs, and no contractual maturity date is applicable. |
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