Quarterly report pursuant to Section 13 or 15(d)

Reverse Mortgages Portfolio Composition

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Reverse Mortgages Portfolio Composition
3 Months Ended
Mar. 31, 2024
Receivables [Abstract]  
Reverse Mortgage Portfolio Composition
7. Reverse Mortgage Portfolio Composition
The table below summarizes the composition and the outstanding UPB of the reverse mortgage loan portfolio serviced by the Company (in thousands):
March 31, 2024 December 31, 2023
Reverse mortgage loans:
Reverse mortgage loans held for investment, subject to HMBS related obligations $ 17,113,496  $ 16,875,437 
Reverse mortgage loans held for investment, subject to nonrecourse debt:
Performing HECM buyouts 215,839  216,184 
Nonperforming HECM buyouts 382,644  409,965 
Non-agency reverse mortgages 7,885,478  7,631,601 
Total reverse mortgage loans held for investment, subject to nonrecourse debt 8,483,961  8,257,750 
Reverse mortgage loans held for investment:
Non-agency reverse mortgages 243,500  241,424 
HECM loans not securitized(1)
107,309  101,820 
Unpoolable HECM loans(2)
157,032  203,957 
Unpoolable HECM tails 11,396  11,376 
Total reverse mortgage loans held for investment 519,237  558,577 
Total owned reverse mortgage portfolio 26,116,694  25,691,764 
Loans reclassified as government guaranteed receivable 72,981  94,636 
Loans serviced for others 156,220  164,742 
Total serviced reverse mortgage loan portfolio $ 26,345,895  $ 25,951,142 
(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):
March 31, 2024 December 31, 2023
Fixed rate loans $ 6,951,821  $ 6,817,176 
Adjustable rate loans 19,164,873  18,874,588 
Total owned reverse mortgage portfolio $ 26,116,694  $ 25,691,764 
As of March 31, 2024 and December 31, 2023, there were $463.1 million and $525.0 million, respectively, of foreclosure proceedings in process, which are included in loans held for investment, at fair value, or loans held for investment, subject to nonrecourse debt, at fair value, in the Condensed Consolidated Statements of Financial Condition.