Quarterly report pursuant to Section 13 or 15(d)

HMBS Related Obligations, at Fair Value

v3.21.2
HMBS Related Obligations, at Fair Value
 9 Months Ended
Sep. 30, 2021
Home Equity Conversion Mortgage Backed Security Related Obligations At Fair Value [Abstract]  
HMBS Related Obligations, at Fair Value
15.
HMBS Related Obligations, at Fair Value
HMBS related obligations, at fair value, consisted of the following (in thousands):
 
    
September 30, 2021
    
December 31, 2020
  
    
Successor
    
Predecessor
  
Ginnie Mae loan pools - UPB
   
$
9,617,079
     $ 9,045,104  
Fair value adjustments
   
 
599,231
       743,564  
    
 
 
    
 
 
  
Total HMBS related obligations, at fair value
   
$
10,216,310
     $ 9,788,668  
    
 
 
    
 
 
  
     
Weighted average remaining life
   
 
4.4
       4.5  
Weighted average interest rate
   
 
2.5
% 
     3.0 % 
HMBS related obligations represent the issuance of pools of HMBS, which are guaranteed by Ginnie Mae, to third party security holders. The Company accounts for the transfers of these advances in the related HECM loans as secured borrowings, retaining the initial HECM loans in its Consolidated Statements of Financial Condition as reverse mortgage loans held for investment, subject to HMBS related obligations, and recording the pooled HMBS as HMBS related obligations. Monthly cash flows generated from the HECM loans are used to service the outstanding HMBS.
The Company was servicing 1,810 and 1,693 Ginnie Mae loan pools at September 30, 2021 (Successor) and December 31, 2020 (Predecessor), respectively.