Finance of America Completes $5.2 Billion Reverse Mortgage Asset Acquisition from Onity
FOA sits 77% above its 52-week low of $15.77.
Summary
Finance of America (FOA) completed its acquisition of reverse mortgage servicing rights (MSRs) from Onity Mortgage Corporation. This all-cash transaction includes approximately 20,000 Ginnie Mae home equity conversion mortgage loans, totaling $5.2 billion in unpaid principal balance. This significantly expands FOA's HECM servicing portfolio and customer base, solidifying its market leadership in home equity-based retirement solutions. The company also established a three-year subservicing agreement with Onity. The $5.2 billion asset acquisition is highly material given FOA's market capitalization.
At the time of this announcement, FOA was trading at $27.90 on NYSE in the Finance sector, with a market capitalization of approximately $248.1M. The 52-week trading range was $15.77 to $29.79. This news item was assessed with positive market sentiment and an importance score of 9 out of 10. Source: Dow Jones Newswires.