Finance of America to acquire home equity conversion mortgage servicing portfolio and other reverse mortgage assets of PHH Mortgage.

Finance of America, a financial services holding company that specializes in home equity–based financing solutions, and provides capital markets, secondary trading, and portfolio management services, agreed to acquire home equity conversion mortgage servicing portfolio and other reverse mortgage assets of PHH Mortgage, a subsidiary of Onity Group, is a servicer of residential mortgages in the United States. Finacial terms are not disclosed. “Today’s announcement represents a major step forward in our growth strategy. Beyond the value of acquiring high-quality assets, we anticipate that our expanded relationship with Onity will meaningfully multiply our origination reach. Making our one-of-a-kind HomeSafe Second loan available to eligible borrowers in PHH’s forward mortgage servicing portfolio will position us to serve thousands more older homeowners seeking flexible ways to access their home equity. It’s a powerful catalyst for long-term, profitable growth,” Graham Fleming, Finance of America Chief Executive Officer.