Quarterly report pursuant to Section 13 or 15(d)

Reverse Mortgages Portfolio Composition

v3.21.2
Reverse Mortgages Portfolio Composition
 9 Months Ended
Sep. 30, 2021
Reverse Mortgages Portfolio Composition [Abstract]  
Reverse Mortgages Portfolio Composition
6. Reverse Mortgages Portfolio Composition
The table below summarizes the Company’s serviced reverse mortgage portfolio composition and the remaining UPBs of the reverse mortgage loan portfolio (in thousands):
 
    
September 30, 2021
     
December 31, 2020
  
    
Successor
     
Predecessor
  
Reverse mortgage loans:
       
 
         
Reverse mortgage loans held for investment, subject to HMBS related obligations
   
$
9,617,079
     
$
 9,045,104  
Reverse mortgage loans held for investment:
       
 
         
Non-agency
reverse mortgages
   
 
346,705
        215,688  
Loans not securitized
(1)
   
 
270,273
        168,292  
Unpoolable loans
(2)
   
 
93,459
        197,395  
Unpoolable tails
   
 
10,575
        8,054  
    
 
 
     
 
 
  
Total reverse mortgage loans held for investment
   
 
721,012
        589,429  
Reverse mortgage loans held for investment, subject to nonrecourse debt:
                  
Performing HECM buyouts
   
 
276,351
        141,691  
Nonperforming HECM buyouts
   
 
614,824
        538,768  
Non-agency
reverse mortgages
   
 
4,095,701
        3,777,346  
    
 
 
     
 
 
  
Total reverse mortgage loans held for investment, subject to nonrecourse debt
   
 
4,986,876
        4,457,805  
    
 
 
     
 
 
  
Total owned reverse mortgage portfolio
   
 
15,324,967
        14,092,338  
Loans reclassified as government guaranteed receivable
   
 
44,333
        49,255  
Loans serviced for others
   
 
18,281
        123,324  
    
 
 
     
 
 
  
Total serviced reverse mortgage loan portfolio
   
$
15,387,581
      $ 14,264,917  
    
 
 
     
 
 
  
 
(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 owned reverse mortgage portfolio by product type (in thousands):
 
    
September 30, 2021
     
December 31, 2020
  
    
Successor
     
Predecessor
  
Fixed rate loans
   
$
5,266,718
     
$
 5,010,659  
Adjustable rate loans
   
 
10,058,249
        9,081,679  
    
 
 
     
 
 
  
Total owned reverse mortgage portfolio
   
$
15,324,967
     
$
 14,092,338