Annual report pursuant to Section 13 and 15(d)

HMBS Related Obligations, at Fair Value

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HMBS Related Obligations, at Fair Value
 12 Months Ended
Dec. 31, 2021
Home Equity Conversion Mortgage Backed Security Related Obligations At Fair Value [Abstract]  
HMBS Related Obligations, at Fair Value
17. HMBS Related Obligations, at Fair Value
HMBS related obligations, at fair value, consisted of the following (in thousands):
                 
    
December 31, 2021
     
December 31, 2020
  
    
Successor
     
Predecessor
  
Ginnie Mae loan pools—UPB
   
$
9,849,835
 
    $ 9,045,104  
Fair value adjustments
   
 
572,523
 
      743,564  
    
 
 
     
 
 
  
Total HMBS related obligations, at fair value
   
$
10,422,358
 
    $ 9,788,668  
    
 
 
     
 
 
  
Weighted average remaining life
   
 
4.6
 
      4.5  
Weighted average interest rate
   
 
2.5
% 
      3.0 % 
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, at fair value, are used to service the outstanding HMBS.
The Company was servicing 1,849 and 1,693 Ginnie Mae loan pools at December 31, 2021 (Successor) and December 31, 2020 (Predecessor), respectively.