Onity Group closes reverse mortgage asset sale to Finance of America Reverse

Corporate Action
โดย GlobeNewswire·Read original
Summary · why it matters

Onity Group has completed the sale of reverse mortgage servicing rights and its origination pipeline to Finance of America Reverse, with net proceeds expected between $70 and $80 million. The servicing rights cover approximately 20,000 Ginnie Mae home equity conversion mortgage loans with an unpaid principal balance of $5.2 billion as of May 31, 2026. Onity Mortgage will subservice the sold reverse mortgage servicing rights under a three-year agreement and will continue securitizations of reverse mortgage buyout loans, while ceasing new reverse mortgage originations. The company intends to use the net proceeds to support growth, reduce debt, and for other corporate purposes.

Impact on stocks 1

Financials▲ · 1 stocks
Onity Group Inc.
ONIT
▲ PositiveCapitalrelevance

Completed sale of reverse mortgage assets for $70-80M net proceeds, used to reduce debt and support growth.

Off-coverage companies 2

Finance of America Reverse LLCPrivate▲ Positive
Demandrelevance

Acquired reverse mortgage servicing rights and origination pipeline, expanding its business.

Onity Mortgage CorporationPrivate▲ Positive
Demandrelevance

Secured a three-year subservicing agreement for the sold reverse mortgage servicing rights.

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