| Reverse Mortgage Portfolio Composition |
7. Reverse Mortgage Portfolio Composition
The table below summarizes the composition and the outstanding UPB (in thousands) of the reverse mortgage loan portfolio serviced by the Company:
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|
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March 31, 2023 |
|
December 31, 2022 |
| Reverse mortgage loans: |
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|
|
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| Reverse mortgage loans held for investment, subject to HMBS related obligations |
|
$ |
15,850,053
|
|
|
$ |
10,719,000 |
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|
|
|
|
|
| Reverse mortgage loans held for investment: |
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|
|
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| Non-agency reverse mortgages |
|
275,390
|
|
|
489,038 |
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Loans not securitized(1)
|
|
199,145
|
|
|
88,029 |
|
Unpoolable loans(2)
|
|
200,686
|
|
|
136,657 |
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| Unpoolable tails |
|
10,703
|
|
|
11,076 |
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| Total reverse mortgage loans held for investment |
|
685,924
|
|
|
724,800 |
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|
|
|
|
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| Reverse mortgage loans held for investment, subject to nonrecourse debt: |
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|
|
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| Performing HECM buyouts |
|
333,324
|
|
|
328,845 |
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| Nonperforming HECM buyouts |
|
515,502
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|
|
541,071 |
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| Non-agency reverse mortgages |
|
7,125,555
|
|
|
6,370,209 |
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| Total reverse mortgage loans held for investment, subject to nonrecourse debt |
|
7,974,381
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|
|
7,240,125 |
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|
|
|
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| Total owned reverse mortgage portfolio |
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24,510,358
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|
|
18,683,925 |
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| Loans reclassified as government guaranteed receivable |
|
92,905
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|
|
76,033 |
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| Loans serviced for others |
|
209,243
|
|
|
81,436 |
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| Total serviced reverse mortgage loan portfolio |
|
$ |
24,812,506
|
|
|
$ |
18,841,394 |
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(1) Loans not securitized represent primarily newly originated loans and poolable tails.
(2) Unpoolable loans represent primarily 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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|
|
March 31, 2023 |
|
December 31, 2022 |
| Fixed rate loans |
|
$ |
6,776,128
|
|
|
$ |
6,548,902 |
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| Adjustable rate loans |
|
17,734,230
|
|
|
12,135,023 |
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| Total owned reverse mortgage portfolio |
|
$ |
24,510,358
|
|
|
$ |
18,683,925 |
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