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Reverse Mortgages (Tables)

9 Months Ended

Sep. 30, 2020

Receivables [Abstract]

Schedule of Loans Held For Investment and HMBS Related Borrowings


			Three Months Ended September 30,
			2020												2019
			Loans Held for Investment - Reverse Mortgages						HMBS - Related Borrowings						Loans Held for Investment - Reverse Mortgages						HMBS - Related Borrowings
Beginning balance			$	6,718,992					$	(6,477,616)					$	5,872,407					$	(5,745,383)
Originations			299,628						—						248,877						—
Securitization of HECM loans accounted for as a financing (incl. realized fair value changes)			—						(307,754)						—						(246,734)
Repayments (principal payments received)			(249,372)						247,793						(151,292)						149,079
Transfers to:
Loans held for sale, at fair value			(781)						—						(521)						—
Receivables, net			105						—						(89)						—
REO (Other assets)			(38)						—						(211)						—
Change in fair value			81,396						(68,966)						80,071						(60,927)
Ending Balance			$	6,849,930					$	(6,606,543)					$	6,049,242					$	(5,903,965)
Securitized loans (pledged to HMBS-Related Borrowings)			$	6,715,093					$	(6,606,543)					$	5,960,959					$	(5,903,965)
Unsecuritized loans			134,837												88,283
Total			$	6,849,930											$	6,049,242


			Nine Months Ended September 30,
			2020												2019
			Loans Held for Investment - Reverse Mortgages						HMBS - Related Borrowings						Loans Held for Investment - Reverse Mortgages						HMBS - Related Borrowings
Beginning balance			$	6,269,596					$	(6,063,435)					$	5,472,199					$	(5,380,448)
Cumulative effect of fair value election (1)			47,038						—						—						—
Originations			867,702						—						675,169						—
Securitization of HECM loans accounted for as a financing (incl. realized fair value changes)			—						(914,559)						—						(681,681)
Repayments (principal payments received)			(619,486)						613,026						(383,806)						377,094
Transfers to:
Loans held for sale, at fair value			(1,900)						—						(1,405)						—
Receivables, net			(181)						—						(202)						—
REO (Other assets)			(403)						—						(366)						—
Change in fair value			287,564						(241,575)						287,653						(218,930)
Ending Balance			$	6,849,930					$	(6,606,543)					$	6,049,242					$	(5,903,965)

(1)In conjunction with the adoption of ASU 2016-13, we elected the fair value option for future draw commitments (tails) on HECM reverse mortgage loans purchased or originated before December 31, 2018, which resulted in the recognition of the fair value of such tails through shareholders’ equity on January 1, 2020.

Schedule of Reverse Mortgage Revenue, Net


Reverse Mortgage Revenue, net			Three Months Ended September 30,												Nine Months Ended September 30,
			2020						2019						2020						2019
Gain on new originations (1)			$	13,545					$	5,075					$	33,156					$	10,422
Change in fair value of securitized loans held for investment and HMBS-related borrowings, net			(1,115)						14,069						12,832						58,301

Loan fees and other			2,069						1,116						5,067						4,153
			$	14,499					$	20,260					$	51,055					$	72,876

(1)Includes the changes in fair value of newly originated loans held for investment in the period through securitization date.