Company: FOACW
Filing Date: 2025-05-20
Form Type: 10-Q
Source: 0001828937-25-000033
Chunk: 29

Company: Finance of America Companies Inc.
Filing Date: 2025-05-20
Form: 10-Q
Item: Item 1
Chunk 29
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 as of March 31, 2025 and December 31, 2024, respectively. The fair value for notes payable, net, was determined using quoted market prices adjusted for accrued interest, which is considered to be a Level 2 input. For other financial instruments that were not recorded at fair value, such as cash and cash equivalents including restricted cash, promissory notes receivable, and other financing lines of credit, the carrying value approximates fair value due to the short-term nature of such instruments. The fair value of assets and liabilities whose carrying value approximates fair value is determined using Level 3 inputs, with the exception of cash and cash equivalents, including restricted cash, which are Level 1 inputs.

28

Finance of America Companies Inc.Notes to Condensed Consolidated Financial Statements (Unaudited)

6.    Reverse Mortgage Portfolio CompositionThe table below summarizes the composition and the outstanding UPB of the reverse mortgage loan portfolio serviced by the Company (in thousands):March 31, 2025December 31, 2024Reverse mortgage loans held for investment, subject to HMBS related obligations$17,757,747 $17,652,495 Reverse mortgage loans held for investment, subject to nonrecourse debt:Non-agency reverse mortgages8,809,673 8,567,792 Performing HECM buyouts210,719 210,041 Nonperforming HECM buyouts391,913 408,614 Total reverse mortgage loans held for investment, subject to nonrecourse debt9,412,305 9,186,447 Reverse mortgage loans held for investment:Non-agency reverse mortgages331,338 270,956 HECM loans not securitized(1)116,544 101,100 Unpoolable HECM loans(2)144,843 131,671 Total reverse mortgage loans held for investment592,725 503,727 Total owned reverse mortgage portfolio27,762,777 27,342,669 Loans reclassified as government guaranteed receivable42,950 45,773 Loans serviced for others85,843 88,125 Total serviced reverse mortgage loan portfolio$27,891,570 $27,476,567 (1)  Loans not securitized primarily represent newly originated loans and poolable tails.(2)  Unpoolable loans primarily represent loans that have reached 98% of their maximum claim amount (“MCA”).The table