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v3.22.2.2

Reverse Mortgages (Tables) | 9 Months Ended
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Sep. 30, 2022
Receivables [Abstract] |
Schedule of Loans Held For Investment and HMBS Related Borrowings |
| Three Months Ended September 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 | $ | 7,376,527 |  |  | $ | (7,155,251) |  |  | $ | 7,112,273 |  |  | $ | (6,823,911) |
Originations | 349,095 |  |  | — |  |  | 494,330 |  |  | — |
Securitization of HECM loans accounted for as a financing | — |  |  | (357,741) |  |  | — |  |  | (452,262) |
Additional proceeds from securitization of HECM loans and tails | — |  |  | (7,822) |  |  | — |  |  | (7,751) |
Repayments (principal payments received) | (326,320) |  |  | 326,323 |  |  | (449,236) |  |  | 446,277 |
Transfers to: |  |  |  |  |  |  |
Loans held for sale, at fair value | (6,541) |  |  | — |  |  | (1,220) |  |  | — |
Receivables, net | (16,727) |  |  | — |  |  | (84) |  |  | — |
Other assets | (108) |  |  | — |  |  | (121) |  |  | — |
Change in fair value included in earnings (3) | 19,557 |  |  | (13,894) |  |  | (55,216) |  |  | 55,083 |
Ending balance | $ | 7,395,483 |  |  | $ | (7,208,385) |  |  | $ | 7,100,726 |  |  | $ | (6,782,564) |
Securitized loans (pledged to HMBS-Related Borrowings) | $ | 7,267,982 |  |  | $ | (7,208,385) |  |  | $ | 6,874,025 |  |  | $ | (6,782,564) |
Unsecuritized loans | 127,501 |  |  |  |  | 226,701 |  |  |
Total | $ | 7,395,483 |  |  |  |  | $ | 7,100,726 |  |  |
| Nine Months Ended September 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 | 1,493,951 |  |  | — |  |  | 1,214,772 |  |  | — |
Securitization of HECM loans accounted for as a financing (incl. realized fair value changes) | — |  |  | (1,507,617) |  |  | — |  |  | (1,119,742) |
Additional proceeds from securitization of HECM loans and tails | — |  |  | (30,124) |  |  | — |  |  | (34,918) |
Acquisition (1) | 211,258 |  |  | (209,057) |  |  | — |  |  | — |
Repayments (principal payments received) | (1,321,442) |  |  | 1,319,811 |  |  | (1,170,245) |  |  | 1,161,609 |
Transfers to: |  |  |  |  |  |  |
Loans held for sale, at fair value | (26,187) |  |  | — |  |  | (2,898) |  |  | — |
Receivables, net | (66,121) |  |  | — |  |  | (169) |  |  | — |
REO (Other assets) | (240) |  |  | — |  |  | (316) |  |  | — |
Change in fair value (3) | (95,498) |  |  | 103,624 |  |  | 62,455 |  |  | (16,802) |
Ending balance | $ | 7,395,483 |  |  | $ | (7,208,385) |  |  | $ | 7,100,726 |  |  | $ | (6,782,564) |
(1)During the three months ended March 31, 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 September 30, |  | Nine Months Ended September 30,
| 2022 |  | 2021 |  | 2022 |  | 2021
Gain on new originations (1) | $ | 9,299 |  |  | $ | 12,900 |  |  | $ | 42,642 |  |  | $ | 46,170 |
Change in fair value of securitized loans held for investment and HMBS-related borrowings, net | (3,636) |  |  | (13,033) |  |  | (34,517) |  |  | (517) |
Change in fair value included in earnings, net (2) | 5,663 |  |  | (133) |  |  | 8,125 |  |  | 45,653 |
Loan fees and other | 1,222 |  |  | 5,168 |  |  | 9,254 |  |  | 10,509 |
| $ | 6,885 |  |  | $ | 5,035 |  |  | $ | 17,379 |  |  | $ | 56,162 |
(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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