Quarterly report pursuant to Section 13 or 15(d)

HMBS Related Obligations, at Fair Value

v3.22.2.2
HMBS Related Obligations, at Fair Value
 9 Months Ended
Sep. 30, 2022
Debt Disclosure [Abstract]  
HMBS Related Obligations, at Fair Value
14. HMBS Related Obligations, at Fair Value
HMBS related obligations, at fair value, consisted of the following (in thousands):
September 30, 2022 December 31, 2021
Ginnie Mae loan pools - UPB $ 10,587,475  $ 9,849,835 
Fair value adjustments 197,366  572,523 
Total HMBS related obligations, at fair value $ 10,784,841  $ 10,422,358 
Weighted average remaining life (in years) 3.9 4.6
Weighted average interest rate 4.1  % 2.5  %

HMBS related obligations represent the issuance of pools of HMBS, which are guaranteed by GNMA, to third party security holders. The Company accounts for the transfers of these advances in the related HECM loans as secured borrowings, retaining the initial HECM loans in the Condensed Consolidated Statements of Financial Condition as loans held for investment, subject to HMBS related obligations, at fair value, and recording the pooled HMBS as HMBS related obligations, at fair value. Monthly cash flows generated from the HECM loans are used to service the outstanding HMBS.
The Company was servicing 1,980 and 1,849 Ginnie Mae loan pools at September 30, 2022 and December 31, 2021, respectively.