| Reverse Mortgage Portfolio Composition |
7. Reverse Mortgage Portfolio Composition
The table below summarizes the composition and the outstanding UPB of the reverse mortgage loan portfolio serviced by the Company (in thousands):
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June 30, 2024 |
|
December 31, 2023 |
| Reverse mortgage loans: |
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|
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| Reverse mortgage loans held for investment, subject to HMBS related obligations |
|
$ |
17,320,933
|
|
|
$ |
16,875,437 |
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|
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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 |
|
218,411
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|
|
216,184 |
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| Nonperforming HECM buyouts |
|
349,694
|
|
|
409,965 |
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| Non-agency reverse mortgages |
|
7,923,628
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|
|
7,631,601 |
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| Total reverse mortgage loans held for investment, subject to nonrecourse debt |
|
8,491,733
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|
|
8,257,750 |
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|
|
|
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| Reverse mortgage loans held for investment: |
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|
|
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| Non-agency reverse mortgages |
|
370,975
|
|
|
241,424 |
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HECM loans not securitized(1)
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|
89,558
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|
|
101,820 |
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Unpoolable HECM loans(2)
|
|
168,285
|
|
|
203,957 |
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| Unpoolable HECM tails |
|
11,334
|
|
|
11,376 |
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| Total reverse mortgage loans held for investment |
|
640,152
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|
|
558,577 |
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|
|
|
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| Total owned reverse mortgage portfolio |
|
26,452,818
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|
|
25,691,764 |
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| Loans reclassified as government guaranteed receivable |
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67,737
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|
|
94,636 |
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| Loans serviced for others |
|
148,871
|
|
|
164,742 |
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| Total serviced reverse mortgage loan portfolio |
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$ |
26,669,426
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|
|
$ |
25,951,142 |
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(1) Loans not securitized primarily represent newly originated loans and poolable tails.
(2) Unpoolable loans primarily represent 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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|
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June 30, 2024 |
|
December 31, 2023 |
| Fixed rate loans |
|
$ |
7,088,944
|
|
|
$ |
6,817,176 |
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| Adjustable rate loans |
|
19,363,874
|
|
|
18,874,588 |
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| Total owned reverse mortgage portfolio |
|
$ |
26,452,818
|
|
|
$ |
25,691,764 |
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