| Reverse Mortgage Portfolio Composition |
6. Reverse Mortgage Portfolio Composition
The table below summarizes the composition and the remaining UPB (in thousands) of the reverse mortgage loan portfolio serviced by the Company:
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December 31, 2022 |
|
December 31, 2021 |
| Reverse mortgage loans: |
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| Reverse mortgage loans held for investment, subject to HMBS related obligations |
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$ |
10,719,000
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|
|
$ |
9,849,835 |
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| Reverse mortgage loans held for investment: |
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|
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| Non-agency reverse mortgages |
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489,038
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|
|
432,144 |
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Loans not securitized(1)
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|
88,029
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|
|
266,723 |
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Unpoolable loans(2)
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|
136,657
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|
|
104,551 |
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| Unpoolable tails |
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11,076
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|
|
12,008 |
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| Total reverse mortgage loans held for investment |
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724,800
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|
|
815,426 |
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|
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| Reverse mortgage loans held for investment, subject to nonrecourse debt: |
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|
|
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| Performing HECM buyouts |
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328,845
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|
|
289,089 |
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| Nonperforming HECM buyouts |
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541,071
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590,729 |
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| Non-agency reverse mortgages |
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6,370,209
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|
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4,285,661 |
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| Total reverse mortgage loans held for investment, subject to nonrecourse debt |
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7,240,125
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|
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5,165,479 |
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| Total owned reverse mortgage portfolio |
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18,683,925
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|
|
15,830,740 |
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| Loans reclassified as government guaranteed receivable |
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76,033
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48,625 |
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| Loans serviced for others |
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81,436
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|
|
17,840 |
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| Total serviced reverse mortgage loan portfolio |
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$ |
18,841,394
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|
|
$ |
15,897,205 |
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(1) Loans not securitized represent primarily newly originated loans and poolable tails.
(2) Unpoolable loans represent primarily loans that have reached 98% of their MCA.
The table below summarizes the reverse mortgage portfolio owned by the Company by product type (in thousands):
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December 31, 2022 |
|
December 31, 2021 |
| Fixed rate loans |
|
$ |
6,548,902
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|
|
$ |
5,384,865 |
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| Adjustable rate loans |
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12,135,023
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|
|
10,445,875 |
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| Total owned reverse mortgage portfolio |
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$ |
18,683,925
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|
|
$ |
15,830,740 |
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