FOA · Finance Of America Companies Inc.

Finance of America Reverse LLC (FAR), an indirect subsidiary of Finance of America Companies Inc., has amended its existing agreements with Onity Mortgage Corporation (OMC) to acquire a substantial reverse mortgage servicing portfolio. The transaction involves the purchase of mortgage servicing rights (MSRs) on approximately 20,000 Home Equity Conversion Mortgage (HECM) loans with an unpaid principal balance of $5.1 billion as of March 31, 2026. These loans are pooled into Ginnie Mae HECM-backed securities. FAR will also acquire OMC's reverse mortgage loan pipeline and expects to assume certain of OMC's US-based reverse origination employees, first in May 2026 and additional in July 2026. In exchange, FAR will pay the estimated book value of the purchased assets, subject to adjustments, holdbacks, and post-closing price adjustments. OMC will continue as subservicer for the acquired MSRs under a three-year agreement with automatic renewal provisions. OMC has agreed to exit the reverse origination business upon closing, except for recapture activities on loans not transferred. The transaction is subject to Ginnie Mae consent and other customary conditions, with a termination date of August 1, 2026. This acquisition significantly expands FAR's reverse mortgage servicing portfolio and aligns with its strategic focus on the reverse mortgage market.