Finance of America Completes Acquisition of Reverse Mortgage Assets from Onity
The acquisition reinforces Finance of America's position as the nation's leading provider of home equity-based retirement solutions
Finance of America Reverse LLC ("Finance of America" or the “Company”), a subsidiary of Finance of America Companies Inc. (NYSE: FOA) and the nation's leading provider of home equity-based retirement solutions, today announced the completion of its acquisition of reverse mortgage servicing rights (MSRs) from Onity Group Inc.'s subsidiary, Onity Mortgage Corporation. The all-cash transaction includes approximately 20,000 Ginnie Mae home equity conversion mortgage loans representing $5.2 billion in unpaid principal balance.
The acquisition significantly expands Finance of America's HECM servicing portfolio and customer base, positioning the Company to serve more homeowners age 55 and older seeking responsible home equity access. In connection with the transaction, Finance of America has engaged Onity Mortgage as a subservicer under a three-year agreement, enabling operational continuity and allowing Finance of America to diversify its servicing footprint with a talented subservicing partner.
