Annual report pursuant to Section 13 and 15(d)

Reverse Mortgages Portfolio Composition

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Reverse Mortgages Portfolio Composition
 12 Months Ended
Dec. 31, 2021
Reverse Mortgages Portfolio Composition [Abstract]  
Reverse Mortgages Portfolio Composition
6. Reverse Mortgages Portfolio Composition
The table below summarizes the composition and the remaining UPB (in thousands) of the reverse mortgage loan portfolio serviced by the Company:
                 
    
December 31, 2021
     
December 31, 2020
  
    
Successor
     
Predecessor
  
Reverse mortgage loans:
       
 
         
Reverse mortgage loans held for investment, subject to HMBS related obligations
   
$
9,849,835
 
    $ 9,045,104  
Reverse mortgage loans held for investment:
       
 
         
Non-agency
reverse mortgages
   
 
432,144
 
      215,688  
Loans not securitized
(1)
   
 
266,723
 
      168,292  
Unpoolable loans
(2)
   
 
104,551
 
      197,395  
Unpoolable tails
   
 
12,008
 
      8,054  
    
 
 
     
 
 
  
Total reverse mortgage loans held for investment
   
 
815,426
 
      589,429  
Reverse mortgage loans held for investment, subject to nonrecourse debt:
                  
Performing HECM buyouts
   
 
289,089
 
      141,691  
Nonperforming HECM buyouts
   
 
590,729
 
      538,768  
Non-agency
reverse mortgages
   
 
4,285,661
 
      3,777,346  
    
 
 
     
 
 
  
Total reverse mortgage loans held for investment, subject to nonrecourse debt
   
 
5,165,479
 
      4,457,805  
    
 
 
     
 
 
  
Total owned reverse mortgage portfolio
   
 
15,830,740
 
      14,092,338  
Loans reclassified as government guaranteed receivable
   
 
48,625
 
      49,255  
Loans serviced for others
   
 
17,840
 
      123,324  
    
 
 
     
 
 
  
Total serviced reverse mortgage loan portfolio
   
$
15,897,205
 
    $ 14,264,917  
    
 
 
     
 
 
  
 
(1)
Loans not securitized represent primarily newly originated loans.
(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):
                 
    
December 31, 2021
     
December 31, 2020
  
    
Successor
     
Predecessor
  
Fixed rate loans
   
$
5,384,865
 
    $ 5,010,659  
Adjustable rate loans
   
 
10,445,875
 
      9,081,679  
    
 
 
     
 
 
  
Total owned reverse mortgage portfolio
   
$
15,830,740
 
    $ 14,092,338  
    
 
 
     
 
 
  
 
As of December 31, 2021 (Successor) and December 31, 2020 (Predecessor), there were $599.1 million and $163.2 million, respectively, of foreclosure proceedings in process, which are included in loans held for investment, at fair value, on the Consolidated Statements of Financial Condition.