Quarterly report pursuant to Section 13 or 15(d)

Reverse Mortgages Portfolio Composition

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Reverse Mortgages Portfolio Composition
6 Months Ended
Jun. 30, 2023
Receivables [Abstract]  
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:
June 30, 2023 December 31, 2022
Reverse mortgage loans:
Reverse mortgage loans held for investment, subject to HMBS related obligations $ 16,194,586  $ 10,719,000 
Reverse mortgage loans held for investment:
Non-agency reverse mortgages 317,641  489,038 
Loans not securitized(1)
158,308  88,029 
Unpoolable loans(2)
175,627  136,657 
Unpoolable tails 11,703  11,076 
Total reverse mortgage loans held for investment 663,279  724,800 
Reverse mortgage loans held for investment, subject to nonrecourse debt:
Performing HECM buyouts 276,436  328,845 
Nonperforming HECM buyouts 475,697  541,071 
Non-agency reverse mortgages 7,206,715  6,370,209 
Total reverse mortgage loans held for investment, subject to nonrecourse debt 7,958,848  7,240,125 
Total owned reverse mortgage portfolio 24,816,713  18,683,925 
Loans reclassified as government guaranteed receivable 99,626  76,033 
Loans serviced for others 182,578  81,436 
Total serviced reverse mortgage loan portfolio $ 25,098,917  $ 18,841,394 
(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):
June 30, 2023 December 31, 2022
Fixed rate loans $ 6,746,258  $ 6,548,902 
Adjustable rate loans 18,070,455  12,135,023 
Total owned reverse mortgage portfolio $ 24,816,713  $ 18,683,925 
As of June 30, 2023 and December 31, 2022, there were $550.8 million and $489.3 million, respectively, of foreclosure proceedings in process, which are included in loans held for investment, at fair value, in the Condensed Consolidated Statements of Financial Condition.