| Reverse Mortgage Portfolio Composition |
7. Reverse Mortgage Portfolio Composition
The table below summarizes the composition and the outstanding UPB (in thousands) of the reverse mortgage loan portfolio serviced by the Company:
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September 30, 2023 |
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December 31, 2022 |
| Reverse mortgage loans: |
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| Reverse mortgage loans held for investment, subject to HMBS related obligations |
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$ |
16,522,369
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|
|
$ |
10,719,000 |
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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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227,760
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|
|
328,845 |
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| Nonperforming HECM buyouts |
|
446,944
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|
|
541,071 |
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| Non-agency reverse mortgages |
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7,525,518
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|
|
6,370,209 |
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| Total reverse mortgage loans held for investment, subject to nonrecourse debt |
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8,200,222
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|
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7,240,125 |
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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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141,506
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|
|
489,038 |
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HECM loans not securitized(1)
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|
152,002
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|
88,029 |
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Unpoolable HECM loans(2)
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182,692
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|
|
136,657 |
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| Unpoolable HECM tails |
|
11,510
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|
|
11,076 |
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| Total reverse mortgage loans held for investment |
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487,710
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|
724,800 |
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| Total owned reverse mortgage portfolio |
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25,210,301
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|
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18,683,925 |
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| Loans reclassified as government guaranteed receivable |
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93,296
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|
76,033 |
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| Loans serviced for others |
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168,951
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|
|
81,436 |
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| Total serviced reverse mortgage loan portfolio |
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$ |
25,472,548
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|
|
$ |
18,841,394 |
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(1) Loans not securitized represent primarily newly originated loans and poolable tails.
(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, 2023 |
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December 31, 2022 |
| Fixed rate loans |
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$ |
6,734,204
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|
|
$ |
6,548,902 |
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| Adjustable rate loans |
|
18,476,097
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|
|
12,135,023 |
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| Total owned reverse mortgage portfolio |
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$ |
25,210,301
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|
|
$ |
18,683,925 |
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