Finance of America Reverse LLC, a subsidiary of Finance of America Companies Inc. and one of the nation’s leading providers of home equity-based retirement solutions, announced on July 1st 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.
“Completing this transaction represents an important milestone in our growth strategy,” said Graham Fleming, Chief Executive Officer of Finance of America. “We are pleased to welcome these customers to our platform while establishing a meaningful servicing relationship with Onity. This acquisition strengthens our market leadership and enhances our ability to deliver innovative reverse mortgage solutions to more American homeowners.”
