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Reverse Mortgages (Tables)

6 Months Ended

Jun. 30, 2022

Receivables [Abstract]

Schedule of Loans Held For Investment and HMBS Related Borrowings

			Three Months Ended June 30,
			2022												2021
			Loans Held for Investment - Reverse Mortgages						HMBS - Related Borrowings (2)						Loans Held for Investment - Reverse Mortgages						HMBS - Related Borrowings (2)
Beginning balance			$	7,451,555					$	(7,118,844)					$	7,044,374					$	(6,778,195)
Originations			524,618						—						393,707						—
Securitization of HECM loans accounted for as a financing			—						(565,977)						—						(379,650)
Additional proceeds from securitization of HECM loans and tails			—						(10,102)						—						(14,608)
Repayments (principal payments received)			(476,303)						476,108						(406,856)						403,770
Transfers to:
Loans held for sale, at fair value			(16,492)						—						(777)						—
Receivables, net			(36,933)						—						31						—
Other assets			—						—						(84)						—
Change in fair value included in earnings (3)			(69,917)						63,564						81,878						(55,228)
Ending balance			$	7,376,528					$	(7,155,251)					$	7,112,273					$	(6,823,911)
Securitized loans (pledged to HMBS-Related Borrowings)			$	7,220,774					$	(7,155,251)					$	6,928,459					$	(6,823,911)
Unsecuritized loans			155,754												183,814
Total			$	7,376,528											$	7,112,273

			Six Months Ended June 30,
			2022												2021
			Loans Held for Investment - Reverse Mortgages						HMBS - Related Borrowings (2)						Loans Held for Investment - Reverse Mortgages						HMBS - Related Borrowings (2)
Beginning balance			$	7,199,762					$	(6,885,022)					$	6,997,127					$	(6,772,711)
Originations			1,144,856						—						720,442						—
Securitization of HECM loans accounted for as a financing (incl. realized fair value changes)			—						(1,149,876)						—						(667,480)
Additional proceeds from securitization of HECM loans and tails			—						(22,299)						—						(27,173)
Acquisition (1)			211,258						(209,057)						—						—
Repayments (principal payments received)			(995,122)						993,487						(721,009)						715,332
Transfers to:
Loans held for sale, at fair value			(19,646)						—						(1,678)						—
Receivables, net			(49,395)						—						(85)						—
REO (Other assets)			(132)						—						(195)						—
Change in fair value (3)			(115,053)						117,516						117,671						(71,879)
Ending Balance			$	7,376,528					$	(7,155,251)					$	7,112,273					$	(6,823,911)
Securitized loans (pledged to HMBS-related borrowings)			$	7,220,774					$	(7,155,251)					$	6,928,459					$	(6,823,911)
Unsecuritized loans			155,754												183,814
Total			$	7,376,528											$	7,112,273

(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 June 30,												Six Months Ended June 30,
			2022						2021						2022						2021
Gain on new originations (1)			$	12,674					$	16,163					$	33,343					$	33,270
Change in fair value of securitized loans held for investment and HMBS-related borrowings, net			(19,028)						10,487						(30,881)						12,522
Change in fair value included in earnings, net (2)			(6,354)						26,650						2,462						45,792
Loan fees and other			3,738						2,651						8,032						5,335
			$	(2,616)					$	29,301					$	10,494					$	51,127

(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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Schedule of loans held for investment and HMBS related borrowings.

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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.

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