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Reverse Mortgages (Tables)

6 Months Ended

Jun. 30, 2021

Receivables [Abstract]

Schedule of Loans Held For Investment and HMBS Related Borrowings


			Three Months Ended June 30,
			2021												2020
			Loans Held for Investment - Reverse Mortgages						HMBS - Related Borrowings						Loans Held for Investment - Reverse Mortgages						HMBS - Related Borrowings
Beginning balance			7,044,374						(6,778,195)						$	6,568,821					$	(6,323,091)

Originations			393,707						—						273,142						—
Securitization of HECM loans accounted for as a financing			—						(379,650)						—						(278,391)
Additional proceeds from securitization of HECM loans and tails			—						(14,608)						—						(7,467)
Repayments (principal payments received)			(406,856)						403,770						(195,019)						192,804
Transfers to:
Loans held for sale, at fair value			(777)						—						(541)						—
Receivables, net			31						—						(157)						—
Other assets			(84)						—						(100)						—
Change in fair value included in earnings			81,878						(55,228)						72,846						(61,471)
Ending Balance			$	7,112,273					$	(6,823,911)					$	6,718,992					$	(6,477,616)
Securitized loans (pledged to HMBS-Related Borrowings)			$	6,928,459					$	(6,823,911)					$	6,587,943					$	(6,477,616)
Unsecuritized loans			183,814												131,049
Total			$	7,112,273											$	6,718,992



			Six Months Ended June 30,
			2021												2020
			Loans Held for Investment - Reverse Mortgages						HMBS - Related Borrowings						Loans Held for Investment - Reverse Mortgages						HMBS - Related Borrowings
Beginning balance			$	6,997,127					$	(6,772,711)					$	6,269,596					$	(6,063,434)
Cumulative effect of fair value election (1)			—						—						47,038						—
Originations			720,442						—						568,074						—
Securitization of HECM loans accounted for as a financing (incl. realized fair value changes)			—						(667,480)						—						(590,640)
Additional proceeds from securitization of HECM loans and tails			—						(27,173)						—						(16,165)
Repayments (principal payments received)			(721,009)						715,332						(370,114)						365,233
Transfers to:
Loans held for sale, at fair value			(1,678)						—						(1,119)						—
Receivables, net			(85)						—						(286)						—
REO (Other assets)			(195)						—						(365)						—
Change in fair value			117,671						(71,879)						206,168						(172,610)
Ending Balance			$	7,112,273					$	(6,823,911)					$	6,718,992					$	(6,477,616)
Securitized			$	6,928,459					$	(6,823,911)					$	6,587,943					$	(6,477,616)
Unsecuritized			183,814												131,049
			$	7,112,273											$	6,718,992

(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 stockholders’ equity on January 1, 2020.

Schedule of Reverse Mortgage Revenue, Net


Reverse Mortgage Revenue, net			Three Months Ended June 30,												Six Months Ended June 30,
			2021						2020						2021						2020
Gain on new originations (1)			$	16,163					$	14,096					$	33,270					$	19,611
Change in fair value of securitized loans held for investment and HMBS-related borrowings, net			10,487						(2,721)						12,522						13,947

Change in fair value included in earnings, net			26,650						11,375						45,792						33,558
Loan fees and other			2,651						2,384						5,335						2,998
			$	29,301					$	13,759					$	51,127					$	36,556

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