Real Estate
Onity Group Announces Closing of Transaction with Finance of America Reverse
Sells reverse mortgage assets and enters into subservicing agreementNet proceeds from the transaction of $70 to $80 million WEST PALM BEACH, Fla., July 01, 2026 (GLOBE NEWSWIRE) -- Onity Group Inc. (NYSE: ONIT) (“Onity” or the “Company”) today announced that its subsidiary, Onity Mortgage Corporation (“Onity Mortgage”), has completed the previously announced transaction with Finance of America Reverse LLC (“FAR”), effective June 30, 2026. The Company sold reverse mortgage servicing rights (“MSRs
About this update from Onity Group Inc.
Sells reverse mortgage assets and enters into subservicing agreementNet proceeds from the transaction of $70 to $80 million WEST PALM BEACH, Fla., July 01, 2026 (GLOBE NEWSWIRE) -- Onity Group Inc. (NYSE: ONIT) ("Onity" or the "Company") today announced that its subsidiary, Onity Mortgage Corporation ("Onity Mortgage"), has completed the previously announced transaction with Finance of America Reverse LLC ("FAR"), effective June 30, 2026. The Company sold reverse mortgage servicing rights ("MSRs") comprised of 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 reverse MSRs sold to FAR under a three-year subservicing agreement. Additionally, FAR acquired Onity Mortgage's pipeline of reverse mortgage loans as of the closing date and the Company has ceased originating reverse mortgages. Onity Mortgage will continue securitizations of reverse mortgage buyout loans. Net proceeds from the transaction are expected to be $70 to $80 million. The Company intends to use the net proceeds to support growth, reduce debt and for other corporate purposes. Glen A. Messina, Onity Group Chair, President and CEO, said "We are pleased to complete this transaction with FAR which repositions our role in the reverse mortgage market. This strategic transaction establishes a significant subservicing relationship with FAR, simplifies our business, and enables increased focus on more substantial growth and earnings opportunities. We look forward to our continued partnership with FAR and to future opportunities." About Onity Group Onity Group Inc. (NYSE: ONIT) is a leading non-bank financial services company delivering mortgage servicing and originations solutions through Onity Mortgage Corporation. As one of the largest mortgage servicers in the country, we help consumers and business clients achieve their homeownership and financial goals with a wide range of servicing and lending programs powered by a technology-enabled, customer-centric platform. Headquartered in West Palm Beach, Florida, with offices and operations in the United States, the U.S. Virgin Islands, India and the Philippines, we have been serving our customers since 1988. For additional information, please visit onitygroup.com or onitymortgage.com. Forward Looking Statements This press relea...