| Summary of the Company's Serviced Reverse Mortgage Portfolio Composition and the Remaining UPBs of the Reverse Mortgage Loan Portfolio |
The table below summarizes the composition and the outstanding UPB of the reverse mortgage loan portfolio serviced by the Company (in thousands):
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March 31, 2024 |
|
December 31, 2023 |
| Reverse mortgage loans: |
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|
|
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| Reverse mortgage loans held for investment, subject to HMBS related obligations |
|
$ |
17,113,496
|
|
|
$ |
16,875,437 |
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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 |
|
215,839
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|
|
216,184 |
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| Nonperforming HECM buyouts |
|
382,644
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|
|
409,965 |
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| Non-agency reverse mortgages |
|
7,885,478
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|
|
7,631,601 |
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| Total reverse mortgage loans held for investment, subject to nonrecourse debt |
|
8,483,961
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|
|
8,257,750 |
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|
|
|
|
|
| Reverse mortgage loans held for investment: |
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|
|
|
| Non-agency reverse mortgages |
|
243,500
|
|
|
241,424 |
|
HECM loans not securitized(1)
|
|
107,309
|
|
|
101,820 |
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Unpoolable HECM loans(2)
|
|
157,032
|
|
|
203,957 |
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| Unpoolable HECM tails |
|
11,396
|
|
|
11,376 |
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| Total reverse mortgage loans held for investment |
|
519,237
|
|
|
558,577 |
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|
|
|
|
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| Total owned reverse mortgage portfolio |
|
26,116,694
|
|
|
25,691,764 |
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| Loans reclassified as government guaranteed receivable |
|
72,981
|
|
|
94,636 |
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| Loans serviced for others |
|
156,220
|
|
|
164,742 |
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| 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”).
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| Summarizes the Owned Reverse Mortgage Portfolio by Product Type |
The table below summarizes the reverse mortgage portfolio owned by the Company by product type (in thousands):
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|
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March 31, 2024 |
|
December 31, 2023 |
| Fixed rate loans |
|
$ |
6,951,821
|
|
|
$ |
6,817,176 |
|
| Adjustable rate loans |
|
19,164,873
|
|
|
18,874,588 |
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| Total owned reverse mortgage portfolio |
|
$ |
26,116,694
|
|
|
$ |
25,691,764 |
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