Finance of America Completes $5.2B Reverse Mortgage Portfolio Acquisition
Finance of America Companies Inc., through its subsidiary Finance of America Reverse LLC, has completed the acquisition of a reverse mortgage servicing portfolio and certain origination assets from Onity Mortgage Corporation. The all-cash transaction includes mortgage servicing rights for approximately 20,000 home equity conversion mortgage (HECM) loans with an unpaid principal balance of $5.2 billion, significantly expanding Finance of America's HECM servicing portfolio. Additionally, the deal includes Onity Mortgage's pipeline of reverse mortgage loans and establishes a three-year subservicing arrangement with Onity Mortgage, reinforcing Finance of America's market leadership in home equity-based retirement solutions.
Key Highlights
- Acquired reverse mortgage servicing portfolio and certain origination assets from Onity Mortgage Corporation.
- The purchase included mortgage servicing rights for approximately 20,000 HECM loans.
- The acquired loans represent an unpaid principal balance of $5.2 billion.
- The acquisition also included Onity Mortgage Corporation's pipeline of reverse mortgage loans.
- A three-year subservicing arrangement was established with Onity Mortgage Corporation.
- The transaction was an all-cash acquisition.
Price Impact
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