| Reverse Mortgage Portfolio Composition |
7. Reverse Mortgage Portfolio Composition
The table below summarizes the composition and the outstanding UPB of the reverse mortgage loan portfolio serviced by the Company (in thousands):
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September 30, 2024 |
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December 31, 2023 |
| Reverse mortgage loans: |
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| Reverse mortgage loans held for investment, subject to HMBS related obligations |
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$ |
17,493,824
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$ |
16,875,437 |
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| Reverse mortgage loans held for investment, subject to nonrecourse debt: |
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| Non-agency reverse mortgages |
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8,236,314
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7,631,601 |
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| Performing HECM buyouts |
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201,406
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216,184 |
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| Nonperforming HECM buyouts |
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345,382
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409,965 |
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| Total reverse mortgage loans held for investment, subject to nonrecourse debt |
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8,783,102
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8,257,750 |
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| Reverse mortgage loans held for investment: |
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| Non-agency reverse mortgages |
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352,308
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241,424 |
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HECM loans not securitized(1)
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98,916
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101,820 |
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Unpoolable HECM loans(2)
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184,738
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203,957 |
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| Unpoolable HECM tails |
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12,382
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11,376 |
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| Total reverse mortgage loans held for investment |
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648,344
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558,577 |
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| Total owned reverse mortgage portfolio |
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26,925,270
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25,691,764 |
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| Loans reclassified as government guaranteed receivable |
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54,270
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94,636 |
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| Loans serviced for others |
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141,267
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164,742 |
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| Total serviced reverse mortgage loan portfolio |
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$ |
27,120,807
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$ |
25,951,142 |
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(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”).
The table below summarizes the reverse mortgage portfolio owned by the Company by product type (in thousands):
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September 30, 2024 |
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December 31, 2023 |
| Adjustable rate loans |
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$ |
19,682,414
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$ |
18,874,588 |
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| Fixed rate loans |
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7,242,856
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6,817,176 |
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| Total owned reverse mortgage portfolio |
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$ |
26,925,270
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$ |
25,691,764 |
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As of September 30, 2024 and December 31, 2023, there were $460.5 million and $478.8 million, respectively, of foreclosure proceedings in process, which are included in loans held for investment, subject to HMBS related obligations, at fair value, loans held for investment, subject to nonrecourse debt, at fair value, or loans held for investment, at fair value, in the Condensed Consolidated Statements of Financial Condition, and $37.1 million and $46.2 million, respectively, of foreclosure proceedings in process, which are included in loans serviced for others in the table above.
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