Onity receives regulatory approval for reverse mortgage asset sale to FAR; expects $70-80M proceeds

ONITY GROUP INC.

Regulatory approval received May 28 for sale of reverse MSRs on ~20,000 loans ($5.1B UPB) to Finance of America Reverse.
Expected net proceeds of $70-80M based on April 30 book value; Onity will subservice the portfolio for three years.
Upon closing, Onity will discontinue reverse originations and FAR will acquire the reverse loan pipeline.
Board authorized $20M share repurchase program through June 2027; repurchased shares will be retired and canceled.

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