Quarterly report pursuant to Section 13 or 15(d)

HMBS Related Obligations, at Fair Value

v3.23.1
HMBS Related Obligations, at Fair Value
 3 Months Ended
Mar. 31, 2023
Debt Disclosure [Abstract]  
HMBS Related Obligations, at Fair Value
15. HMBS Related Obligations, at Fair Value
HMBS related obligations, at fair value, consisted of the following (in thousands):
March 31, 2023 December 31, 2022
Ginnie Mae loan pools - UPB $ 15,850,053  $ 10,719,000
Fair value adjustments 557,576  277,755
Total HMBS related obligations, at fair value $ 16,407,629  $ 10,996,755
Weighted average remaining life (in years) 4.4 4.0
Weighted average interest rate 5.7  % 5.0  %

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 2,229 and 2,004 Ginnie Mae loan pools at March 31, 2023 and December 31, 2022, respectively.