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Finance of America Completes Acquisition of Reverse Mortgage Assets from Onity

  • Finance of America Reverse LLC completed an all-cash acquisition of reverse mortgage servicing rights from Onity Mortgage Corporation, a subsidiary of Onity Group Inc.
  • The transaction includes approximately 20,000 Ginnie Mae home equity conversion mortgage loans with a combined unpaid principal balance of $5.2 billion.
  • The deal significantly expands Finance of America's HECM servicing portfolio & customer base, targeting homeowners age 55 & older.
  • Onity Mortgage has been engaged as a subservicer under a three-year agreement to ensure operational continuity & diversify the servicing footprint.
  • Graham Fleming, Chief Executive Officer of Finance of America, stated the acquisition strengthens market leadership & supports the company's growth strategy.
  • A Current Report on Form 8-K regarding the transaction was filed with the Securities & Exchange Commission & is available on the SEC website & Finance of America's investor relations site.