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Reverse Mortgages (Tables) | 3 Months Ended
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Mar. 31, 2022
Receivables [Abstract] |
Schedule of Loans Held For Investment and HMBS Related Borrowings |
| Three Months Ended March 31,
| 2022 |  | 2021
| Loans Held for Investment - Reverse Mortgages |  | HMBS - Related Borrowings (2) |  | Loans Held for Investment - Reverse Mortgages |  | HMBS - Related Borrowings (1)
Beginning balance | $ | 7,199,762 |  |  | $ | (6,885,022) |  |  | $ | 6,997,127 |  |  | $ | (6,772,711) |
Originations | 620,237 |  |  | — |  |  | 326,735 |  |  | — |
Securitization of HECM loans accounted for as a financing | — |  |  | (583,899) |  |  | — |  |  | (287,830) |
Additional proceeds from securitization of HECM loans and tails | — |  |  | (12,200) |  |  | — |  |  | (12,565) |
Acquisition (1) | 211,258 |  |  | (209,057) |  |  | — |  |  | — |
Repayments (principal payments received) | (518,818) |  |  | 517,380 |  |  | (314,153) |  |  | 311,562 |
Transfers to: |  |  |  |  |  |  |
Loans held for sale, at fair value | (3,154) |  |  | — |  |  | (901) |  |  | — |
Receivables, net | (12,462) |  |  | — |  |  | (116) |  |  | — |
Other assets | (132) |  |  | — |  |  | (111) |  |  | — |
Change in fair value included in earnings (3) | (45,136) |  |  | 53,954 |  |  | 35,793 |  |  | (16,651) |
Ending balance | $ | 7,451,555 |  |  | $ | (7,118,844) |  |  | $ | 7,044,374 |  |  | $ | (6,778,195) |
Securitized loans (pledged to HMBS-Related Borrowings) | $ | 7,202,045 |  |  | $ | (7,118,844) |  |  | $ | 6,874,880 |  |  | $ | (6,778,195) |
Unsecuritized loans | 249,510 |  |  |  |  | 169,494 |  |  |
Total | $ | 7,451,555 |  |  |  |  | $ | 7,044,374 |  |  |
(1)During the first quarter of 2022, we purchased a reverse mortgage servicing portfolio of HECM loans securitized in Ginnie Mae pools. As the Ginnie Mae HMBS program does not qualify for sale accounting, the transaction conveyed the HECM loans and associated HMBS-related borrowings to us. We have accounted for this transaction as a secured financing, as a purchase of loans held for investment and assumption of an HMBS securitization liability for the obligation to Ginnie Mae. (2)Represents amounts due to the holders of beneficial interests in Ginnie Mae guaranteed HMBS that did not qualify for sale accounting treatment of HECM loans. Under this accounting treatment, the HECM loans securitized with Ginnie Mae remain on our consolidated balance sheets and the proceeds from the sale are recognized as a financing liability, which is recorded at fair value consistent with the related HECM loans. The beneficial interests in Ginnie Mae guaranteed HMBS have no maturity dates, and the borrowings mature as the related loans are repaid. The interest rate is the pass-through rate of the loans less applicable margin. See Note 2 – Securitizations and Variable Interest Entities (3)See further breakdown in the table below.
Schedule of Reverse Mortgage Revenue, Net |
Reverse Mortgage Revenue, net | Three Months Ended March 31, |  |
| 2022 |  | 2021 |  |  |  |
Gain on new originations (1) | $ | 20,671 |  |  | $ | 17,107 |  |  |  |  |
Change in fair value of securitized loans held for investment and HMBS-related borrowings, net | (11,853) |  |  | 2,035 |  |  |  |  |
Change in fair value included in earnings, net (2) | 8,818 |  |  | 19,142 |  |  |  |  |
Loan fees and other | 4,292 |  |  | 2,684 |  |  |  |  |
| $ | 13,110 |  |  | $ | 21,826 |  |  |  |  |
(1)Includes the changes in fair value of newly originated loans held for investment in the period through securitization date. (2)See breakdown between loans held-for-investment and HMBS - related borrowings in the table above.

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- Definition Tabular disclosure of the extent of the entity's reliance on its major customers, if revenues from transactions with a single external customer amount to 10 percent or more of entity revenues, including the disclosure of that fact, the total amount of revenues from each such customer, and the identity of the reportable segment or segments reporting the revenues. The entity need not disclose the identity of a major customer or the amount of revenues that each segment reports from that customer. For these purposes, a group of companies known to the entity to be under common control is considered a single customer, and the federal government, a state government, a local government such as a county or municipality, or a foreign government is each considered a single customer. + References No definition available. + Details
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