Annual report [Section 13 and 15(d), not S-K Item 405]

Reverse Mortgages Portfolio Composition

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Reverse Mortgages Portfolio Composition
 12 Months Ended
Dec. 31, 2024
Receivables [Abstract]  
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):
December 31, 2024 December 31, 2023
Reverse mortgage loans held for investment, subject to HMBS related obligations $ 17,652,495  $ 16,875,437 
Reverse mortgage loans held for investment, subject to nonrecourse debt:
Non-agency reverse mortgages 8,567,792  7,631,601 
Performing HECM buyouts 210,041  216,184 
Nonperforming HECM buyouts 408,614  409,965 
Total reverse mortgage loans held for investment, subject to nonrecourse debt 9,186,447  8,257,750 
Reverse mortgage loans held for investment:
Non-agency reverse mortgages 270,956  241,424 
HECM loans not securitized(1)
101,100  101,820 
Unpoolable HECM loans(2)
131,671  215,333 
Total reverse mortgage loans held for investment 503,727  558,577 
Total owned reverse mortgage portfolio 27,342,669  25,691,764 
Loans reclassified as government guaranteed receivable 45,773  94,636 
Loans serviced for others 88,125  164,742 
Total serviced reverse mortgage loan portfolio $ 27,476,567  $ 25,951,142 
(1) Loans not securitized primarily represent newly originated loans and poolable tails.
(2) Unpoolable loans primarily represent 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):
December 31, 2024 December 31, 2023
Adjustable rate loans $ 19,966,185  $ 18,874,588 
Fixed rate loans 7,376,484  6,817,176 
Total owned reverse mortgage portfolio $ 27,342,669  $ 25,691,764 

As of December 31, 2024 and December 31, 2023, there were $497.6 million and $478.8 million, respectively, of foreclosure proceedings in process, which are included in Loans held for investment, subject to HMBS related obligations, at fair value, Loans held for investment, subject to nonrecourse debt, at fair value, or Loans held for investment, at fair value, in the Consolidated Statements of Financial Condition, and $7.1 million and $46.2 million, respectively, of foreclosure proceedings in process, which are included in loans serviced for others in the table above.