Quarterly report pursuant to Section 13 or 15(d)

Reverse Mortgages Portfolio Composition (Tables)

v3.21.2
Reverse Mortgages Portfolio Composition (Tables)
9 Months Ended
Sep. 30, 2021
Reverse Mortgages Portfolio Composition [Abstract]  
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 Company’s serviced reverse mortgage portfolio composition and the remaining UPBs of the reverse mortgage loan portfolio (in thousands):
 
    
September 30, 2021
    
December 31, 2020
 
    
Successor
    
Predecessor
 
Reverse mortgage loans:
      
 
        
Reverse mortgage loans held for investment, subject to HMBS related obligations
  
$
9,617,079
    
$
9,045,104  
Reverse mortgage loans held for investment:
      
 
        
Non-agency
reverse mortgages
  
 
346,705
       215,688  
Loans not securitized
(1)
  
 
270,273
       168,292  
Unpoolable loans
(2)
  
 
93,459
       197,395  
Unpoolable tails
  
 
10,575
       8,054  
    
 
 
    
 
 
 
Total reverse mortgage loans held for investment
  
 
721,012
       589,429  
Reverse mortgage loans held for investment, subject to nonrecourse debt:
                 
Performing HECM buyouts
  
 
276,351
       141,691  
Nonperforming HECM buyouts
  
 
614,824
       538,768  
Non-agency
reverse mortgages
  
 
4,095,701
       3,777,346  
    
 
 
    
 
 
 
Total reverse mortgage loans held for investment, subject to nonrecourse debt
  
 
4,986,876
       4,457,805  
    
 
 
    
 
 
 
Total owned reverse mortgage portfolio
  
 
15,324,967
       14,092,338  
Loans reclassified as government guaranteed receivable
  
 
44,333
       49,255  
Loans serviced for others
  
 
18,281
       123,324  
    
 
 
    
 
 
 
Total serviced reverse mortgage loan portfolio
  
$
15,387,581
     $ 14,264,917  
    
 
 
    
 
 
 
 
(1)
Loans not securitized represent primarily newly originated loans.
(2)
Unpoolable loans represent primarily loans that have reached 98% of their MCA.
Summarizes the Owned Reverse Mortgage Portfolio by Product Type
The table below summarizes the owned reverse mortgage portfolio by product type (in thousands):
 
    
September 30, 2021
    
December 31, 2020
 
    
Successor
    
Predecessor
 
Fixed rate loans
  
$
5,266,718
    
$
5,010,659  
Adjustable rate loans
  
 
10,058,249
       9,081,679  
    
 
 
    
 
 
 
Total owned reverse mortgage portfolio
  
$
15,324,967
    
$
14,092,338