Quarterly report pursuant to Section 13 or 15(d)

Reverse Mortgage Portfolio Composition

v3.22.1
Reverse Mortgage Portfolio Composition
 3 Months Ended
Mar. 31, 2022
Reverse Mortgages Portfolio Composition [Abstract]  
Reverse Mortgage Portfolio Composition
5. Reverse Mortgage Portfolio Composition
The table below summarizes the composition and the remaining UPB (in thousands) of the reverse mortgage loan portfolio serviced by the Company:
 
    
March 31,
2022
     
December 31,
2021
  
Reverse mortgage loans:
                  
Reverse mortgage loans held for investment, subject to HMBS related obligations
   
$
10,109,820
 
    $ 9,849,835  
Reverse mortgage loans held for investment:
                  
Non-agency
reverse mortgages
   
 
601,067
 
      432,144  
Loans not securitized
(1)
   
 
313,569
 
      266,723  
Unpoolable loans
(2)
   
 
65,303
 
      104,551  
Unpoolable tails
   
 
8,382
 
      12,008  
    
 
 
     
 
 
  
Total reverse mortgage loans held for investment
   
 
988,321
 
      815,426  
Reverse mortgage loans held for investment, subject to nonrecourse debt:
                  
Performing HECM buyouts
   
 
304,503
 
      289,089  
Nonperforming HECM buyouts
   
 
656,608
 
      590,729  
Non-agency
reverse mortgages
   
 
4,520,841
 
      4,285,661  
    
 
 
     
 
 
  
Total reverse mortgage loans held for investment, subject to nonrecourse debt
   
 
5,481,952
 
      5,165,479  
    
 
 
     
 
 
  
Total owned reverse mortgage portfolio
   
 
16,580,093
 
      15,830,740  
Loans reclassified as government guaranteed receivable
   
 
56,372
 
      48,625  
Loans serviced for others
   
 
13,959
 
      17,840  
    
 
 
     
 
 
  
Total serviced reverse mortgage loan portfolio
   
$
16,650,424
 
    $ 15,897,205  
    
 
 
     
 
 
  
 
(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):
 
    
March 31,
2022
     
December 31,
2021
  
Fixed rate loans
   
$
6,566,169
 
    $ 5,384,865  
Adjustable rate loans
   
 
10,013,924
 
      10,445,875  
    
 
 
     
 
 
  
Total owned reverse mortgage portfolio
   
$
16,580,093
 
    $ 15,830,740  
    
 
 
     
 
 
  
As of March 31, 2022 and December 31, 2021, there were $595.7 million and $599.1 million, respectively, of foreclosure proceedings in process, which are included in loans held for investment, at fair value, on the Condensed Consolidated Statements of Financial Condition.