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Reverse Mortgages (Tables) | 9 Months Ended
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Sep. 30, 2021
Receivables [Abstract] |
Schedule of Loans Held For Investment and HMBS Related Borrowings |
| Three Months Ended September 30,
| 2021 |  | 2020
| Loans Held for Investment - Reverse Mortgages |  | HMBS - Related Borrowings |  | Loans Held for Investment - Reverse Mortgages |  | HMBS - Related Borrowings
Beginning balance | $ | 7,112,273 |  |  | $ | (6,823,911) |  |  | $ | 6,718,992 |  |  | $ | (6,477,616) |
Originations | 494,330 |  |  | — |  |  | 299,628 |  |  | — |
Securitization of HECM loans accounted for as a financing | — |  |  | (452,262) |  |  | — |  |  | (295,347) |
Additional proceeds from securitization of HECM loans and tails | — |  |  | (7,751) |  |  | — |  |  | (12,407) |
Repayments (principal payments received) | (449,236) |  |  | 446,277 |  |  | (249,372) |  |  | 247,793 |
Transfers to: |  |  |  |  |  |  |
Loans held for sale, at fair value | (1,220) |  |  | — |  |  | (781) |  |  | — |
Receivables, net | (84) |  |  | — |  |  | 105 |  |  | — |
Other assets | (121) |  |  | — |  |  | (38) |  |  | — |
Change in fair value included in earnings | (55,216) |  |  | 55,083 |  |  | 81,396 |  |  | (68,966) |
Ending Balance | $ | 7,100,726 |  |  | $ | (6,782,564) |  |  | $ | 6,849,930 |  |  | $ | (6,606,543) |
Securitized loans (pledged to HMBS-Related Borrowings) | $ | 6,874,025 |  |  | $ | (6,782,564) |  |  | $ | 6,715,093 |  |  | $ | (6,606,543) |
Unsecuritized loans | 226,701 |  |  |  |  | 134,837 |  |  | — |
Total | $ | 7,100,726 |  |  |  |  | $ | 6,849,930 |  |  |
| Nine Months Ended September 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 |  |  | $ | (6,063,435) |
Cumulative effect of fair value election (1) | — |  |  | — |  |  | 47,038 |  |  | — |
Originations | 1,214,772 |  |  | — |  |  | 867,702 |  |  | — |
Securitization of HECM loans accounted for as a financing (incl. realized fair value changes) | — |  |  | (1,119,742) |  |  | — |  |  | (885,987) |
Additional proceeds from securitization of HECM loans and tails | — |  |  | (34,918) |  |  | — |  |  | (28,572) |
Repayments (principal payments received) | (1,170,245) |  |  | 1,161,609 |  |  | (619,486) |  |  | 613,026 |
Transfers to: |  |  |  |  |  |  |
Loans held for sale, at fair value | (2,898) |  |  | — |  |  | (1,900) |  |  | — |
Receivables, net | (169) |  |  | — |  |  | (181) |  |  | — |
REO (Other assets) | (316) |  |  | — |  |  | (403) |  |  | — |
Change in fair value | 62,455 |  |  | (16,802) |  |  | 287,564 |  |  | (241,575) |
Ending Balance | $ | 7,100,726 |  |  | $ | (6,782,564) |  |  | $ | 6,849,930 |  |  | $ | (6,606,543) |
Securitized | $ | 6,874,025 |  |  | $ | (6,782,564) |  |  | $ | 6,715,093 |  |  | $ | (6,606,543) |
Unsecuritized | 226,701 |  |  |  |  | 134,837 |  |  |
| $ | 7,100,726 |  |  |  |  | $ | 6,849,930 |  |  |
(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 September 30, |  | Nine Months Ended September 30,
| 2021 |  | 2020 |  | 2021 |  | 2020
Gain on new originations (1) | $ | 12,900 |  |  | $ | 13,545 |  |  | $ | 46,170 |  |  | $ | 33,156 |
Change in fair value of securitized loans held for investment and HMBS-related borrowings, net | (13,033) |  |  | (1,115) |  |  | (517) |  |  | 12,833 |
Change in fair value included in earnings, net | (133) |  |  | 12,430 |  |  | 45,653 |  |  | 45,989 |
Loan fees and other | 5,168 |  |  | 2,069 |  |  | 10,509 |  |  | 5,066 |
| $ | 5,035 |  |  | $ | 14,499 |  |  | $ | 56,162 |  |  | $ | 51,055 |
(1)Includes the changes in fair value of newly originated loans held for investment in the period through securitization date.

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