Onity Group sells $9.6B reverse mortgage portfolio to Finance of America Reverse for net proceeds of $100-110M

ONITY GROUP INC.

Selling ~40,000 HECM loans with $9.6B UPB; net proceeds estimated at $100-110M after adjustments.
PHH will subservice sold MSRs under a three-year agreement; FAR commits to minimum new subservicing volume.
PHH to discontinue reverse originations upon closing; some US-based employees expected to transfer to FAR.
Transaction expected to close in Q1 2026, subject to regulatory approvals and customary conditions.
Onity plans to use net proceeds to support growth, reduce debt, and explore share repurchase program.

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