v3.26.1
Reverse Mortgage Loan Portfolio
 3 Months Ended
Mar. 31, 2026
Receivables [Abstract]  
Reverse Mortgage Loan Portfolio
6. Reverse Mortgage Loan Portfolio
The following table presents the composition and the outstanding UPB of the reverse mortgage loan portfolio serviced by the Company (in thousands):
March 31, 2026December 31, 2025
Loans held for investment, subject to HMBS related obligations$18,056,054 $17,983,144 
Loans held for investment, subject to nonrecourse debt:
Non-agency reverse mortgages9,555,033 8,887,778 
Performing HECM buyouts266,648 251,051 
Nonperforming HECM buyouts462,873 428,903 
Total loans held for investment, subject to nonrecourse debt10,284,554 9,567,732 
Loans held for investment:
Non-agency reverse mortgages225,348 614,515 
HECM loans not securitized(1)
133,471 103,825 
Unpoolable HECM loans(2)
56,274 64,983 
Total loans held for investment(3)
415,093 783,323 
Other assets:
Loans held for sale(3)
77,460 32,761 
Total owned loan portfolio28,833,161 28,366,960 
Loans reclassified as government guaranteed receivable50,817 50,922 
Loans serviced for others512,116 590,192 
Total serviced loan portfolio$29,396,094 $29,008,074 
(1) HECM loans not securitized primarily represent newly originated loans and poolable tails.
(2) Unpoolable HECM loans primarily represent loans that have reached 98% of their maximum claim amount (“MCA”).
(3) As of March 31, 2026 and December 31, 2025, there was $422.3 million and $753.2 million, respectively, in UPB in loans pledged as collateral for financing lines of credit.

The following table presents our owned loan portfolio by mortgage rate type (in thousands):
March 31, 2026December 31, 2025
Adjustable rate loans$20,927,395 $20,662,839 
Fixed rate loans7,905,766 7,704,121 
Total owned loan portfolio$28,833,161 $28,366,960 

As of March 31, 2026 and December 31, 2025, there were $539.5 million and $550.4 million, respectively, of foreclosure proceedings in process, which are included in Loans held for investment, subject to HMBS related obligations, at fair value, Loans held for investment, subject to nonrecourse debt, at fair value, or Loans held for investment, at fair value, in the Condensed Consolidated Statements of Financial Condition, and $10.3 million and $8.9 million, respectively, of foreclosure proceedings in process, which are included in loans serviced for others in the table above.