Annual report pursuant to Section 13 and 15(d)

HMBS Related Obligations, at Fair Value

v3.22.4
HMBS Related Obligations, at Fair Value
 12 Months Ended
Dec. 31, 2022
Debt Disclosure [Abstract]  
HMBS Related Obligations, at Fair Value
16. HMBS Related Obligations, at Fair Value
HMBS related obligations, at fair value, consisted of the following (in thousands):
December 31, 2022 December 31, 2021
Ginnie Mae loan pools - UPB $ 10,719,000  $ 9,849,835 
Fair value adjustments 277,755  572,523 
Total HMBS related obligations, at fair value $ 10,996,755  $ 10,422,358 
Weighted average remaining life (in years) 4.0 4.6
Weighted average interest rate 5.0  % 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 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 2,004 and 1,849 Ginnie Mae loan pools at December 31, 2022 and December 31, 2021, respectively.