Quarterly report pursuant to Section 13 or 15(d)

Reverse Mortgage Portfolio Composition (Tables)

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Reverse Mortgage Portfolio Composition (Tables)
6 Months Ended
Jun. 30, 2024
Receivables [Abstract]  
Summary of the Company's Serviced Reverse Mortgage Portfolio Composition and the Remaining UPBs of the Reverse Mortgage Loan Portfolio
The table below summarizes the composition and the outstanding UPB of the reverse mortgage loan portfolio serviced by the Company (in thousands):
June 30, 2024 December 31, 2023
Reverse mortgage loans:
Reverse mortgage loans held for investment, subject to HMBS related obligations $ 17,320,933  $ 16,875,437 
Reverse mortgage loans held for investment, subject to nonrecourse debt:
Performing HECM buyouts 218,411  216,184 
Nonperforming HECM buyouts 349,694  409,965 
Non-agency reverse mortgages 7,923,628  7,631,601 
Total reverse mortgage loans held for investment, subject to nonrecourse debt 8,491,733  8,257,750 
Reverse mortgage loans held for investment:
Non-agency reverse mortgages 370,975  241,424 
HECM loans not securitized(1)
89,558  101,820 
Unpoolable HECM loans(2)
168,285  203,957 
Unpoolable HECM tails 11,334  11,376 
Total reverse mortgage loans held for investment 640,152  558,577 
Total owned reverse mortgage portfolio 26,452,818  25,691,764 
Loans reclassified as government guaranteed receivable 67,737  94,636 
Loans serviced for others 148,871  164,742 
Total serviced reverse mortgage loan portfolio $ 26,669,426  $ 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 maximum claim amount (“MCA”).
Summarizes the Owned Reverse Mortgage Portfolio by Product Type
The table below summarizes the reverse mortgage portfolio owned by the Company by product type (in thousands):
June 30, 2024 December 31, 2023
Fixed rate loans $ 7,088,944  $ 6,817,176 
Adjustable rate loans 19,363,874  18,874,588 
Total owned reverse mortgage portfolio $ 26,452,818  $ 25,691,764