The following is a
summary of residential mortgage loans as of December 31, 2013, all of which are classified as held for investment:
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December 31, 2013 |
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| Loan Type |
|
Outstanding
Face Amount
(A) |
|
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Carrying
Value (A) |
|
|
Loan
Count |
|
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Wtd.
Avg.
Yield |
|
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Weighted
Average
Coupon
(B) |
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Weighted
Average
Life
(Years) (C) |
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Floating
Rate Loans
as a % of
Face Amount |
|
|
Delinquent
Face Amount
(A)(D) |
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| Residential Mortgage Loans Held-for-Investment (E) |
|
$ |
57,552 |
|
|
$ |
33,539 |
|
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|
328 |
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|
10.3 |
% |
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5.1 |
% |
|
|
3.7 |
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|
22.0 |
% |
|
$ |
48,696 |
|
| (A) |
Represents a 70% interest New Residential holds in the reverse mortgage loans, which had an aggregate United States federal income tax basis of $33.9 million. The average loan balance outstanding based on total UPB is $0.2 million. |
| (B) |
Represents the stated interest rate on the loans. Accrued interest on reverse mortgage loans is generally added to the principal balance and paid when the loan is resolved. |
| (C) |
The weighted average life is based on the expected timing of the receipt of cash flows. |
| (D) |
Includes loans that have either experienced (i) a termination event or (ii) an event of default, substantially all of which are more than 90 days past the time at which they were considered delinquent or real estate owned (“REO”). Collateral value underlying loans considered delinquent is generally sufficient, however $1.6 million face amount of REO loans, representing New Residential’s 70% interest therein, was on non-accrual status resulting from the uncertainty of cash collections as of December 31, 2013. |
| (E) |
82% of these loans have reached a termination event. As a result, the borrower can no longer make draws on these loans. Each loan matures upon the occurrence of a termination event. | |