| 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:
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September 30, 2022 |
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December 31, 2021 |
| Reverse mortgage loans: |
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| Reverse mortgage loans held for investment, subject to HMBS related obligations |
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$ |
10,609,500
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|
|
$ |
9,849,835 |
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| Reverse mortgage loans held for investment: |
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|
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| Non-agency reverse mortgages |
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839,877
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|
432,144 |
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Loans not securitized(1)
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|
137,477
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|
266,723 |
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Unpoolable loans(2)
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|
91,286
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|
|
104,551 |
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| Unpoolable tails |
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9,408
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|
|
12,008 |
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| Total reverse mortgage loans held for investment |
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1,078,048
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|
|
815,426 |
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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 |
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320,625
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|
|
289,089 |
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| Nonperforming HECM buyouts |
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584,206
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590,729 |
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| Non-agency reverse mortgages |
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5,596,371
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|
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4,285,661 |
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| Total reverse mortgage loans held for investment, subject to nonrecourse debt |
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6,501,202
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5,165,479 |
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| Total owned reverse mortgage portfolio |
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18,188,750
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|
|
15,830,740 |
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| Loans reclassified as government guaranteed receivable |
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67,706
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|
48,625 |
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| Loans serviced for others |
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12,991
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|
17,840 |
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| Total serviced reverse mortgage loan portfolio |
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$ |
18,269,447
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|
|
$ |
15,897,205 |
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(1) Loans not securitized represent primarily newly originated loans.
(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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September 30, 2022 |
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December 31, 2021 |
| Fixed rate loans |
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$ |
6,364,867
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|
|
$ |
5,384,865 |
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| Adjustable rate loans |
|
11,823,883
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|
|
10,445,875 |
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| Total owned reverse mortgage portfolio |
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$ |
18,188,750
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|
|
$ |
15,830,740 |
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