| Reverse Mortgage Portfolio Composition |
7. Reverse Mortgage Portfolio Composition
The table below summarizes the composition and the outstanding UPB (in thousands) of the reverse mortgage loan portfolio serviced by the Company:
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|
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|
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June 30, 2023 |
|
December 31, 2022 |
| Reverse mortgage loans: |
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|
|
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| Reverse mortgage loans held for investment, subject to HMBS related obligations |
|
$ |
16,194,586
|
|
|
$ |
10,719,000 |
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|
|
|
|
|
| Reverse mortgage loans held for investment: |
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|
|
|
| Non-agency reverse mortgages |
|
317,641
|
|
|
489,038 |
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Loans not securitized(1)
|
|
158,308
|
|
|
88,029 |
|
Unpoolable loans(2)
|
|
175,627
|
|
|
136,657 |
|
| Unpoolable tails |
|
11,703
|
|
|
11,076 |
|
| Total reverse mortgage loans held for investment |
|
663,279
|
|
|
724,800 |
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|
|
|
|
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| Reverse mortgage loans held for investment, subject to nonrecourse debt: |
|
|
|
|
| Performing HECM buyouts |
|
276,436
|
|
|
328,845 |
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| Nonperforming HECM buyouts |
|
475,697
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|
|
541,071 |
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| Non-agency reverse mortgages |
|
7,206,715
|
|
|
6,370,209 |
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| Total reverse mortgage loans held for investment, subject to nonrecourse debt |
|
7,958,848
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|
|
7,240,125 |
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|
|
|
|
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| Total owned reverse mortgage portfolio |
|
24,816,713
|
|
|
18,683,925 |
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| Loans reclassified as government guaranteed receivable |
|
99,626
|
|
|
76,033 |
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| Loans serviced for others |
|
182,578
|
|
|
81,436 |
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| Total serviced reverse mortgage loan portfolio |
|
$ |
25,098,917
|
|
|
$ |
18,841,394 |
|
(1) Loans not securitized represent primarily newly originated loans and poolable tails.
(2) Unpoolable loans represent primarily loans that have reached 98% of their maximum claim amount ("MCA").
The table below summarizes the reverse mortgage portfolio owned by the Company by product type (in thousands):
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|
|
June 30, 2023 |
|
December 31, 2022 |
| Fixed rate loans |
|
$ |
6,746,258
|
|
|
$ |
6,548,902 |
|
| Adjustable rate loans |
|
18,070,455
|
|
|
12,135,023 |
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| Total owned reverse mortgage portfolio |
|
$ |
24,816,713
|
|
|
$ |
18,683,925 |
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