Quarterly report pursuant to Section 13 or 15(d)

HMBS Related Obligations, at Fair Value

v3.22.2
HMBS Related Obligations, at Fair Value
6 Months Ended
Jun. 30, 2022
Home Equity Conversion Mortgage Backed Security Related Obligations At Fair Value [Abstract]  
HMBS Related Obligations, at Fair Value
12.
HMBS Related Obligations, at Fair Value 
HMBS related obligations, at fair value, consisted of the following (in thousands):
 
    
June 30, 2022
   
December 31, 2021
 
Ginnie Mae loan pools—UPB
  
$
10,445,730
 
  $ 9,849,835  
Fair value adjustments
  
 
300,149
 
    572,523  
    
 
 
   
 
 
 
Total HMBS related obligations, at fair value
  
$
10,745,879
 
  $ 10,422,358  
    
 
 
   
 
 
 
Weighted average remaining life (in years)
  
 
4.1
 
    4.6  
Weighted average interest rate
  
 
3.3
    2.5
HMBS related obligations represent the issuance of pools of HMBS, which are guaranteed by GNMA, 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 the Condensed Consolidated Statements of Financial Condition as loans held for investment, subject to HMBS related obligations, at fair value, and recording the pooled HMBS as HMBS related obligations, at fair value. Monthly cash flows generated from the HECM loans are used to service the outstanding HMBS.
 
The Company was servicing 1,941 and 1,849 Ginnie Mae loan pools at June 30, 2022 and December 31, 2021, respectively.