March 28, 2023

“FOA’s strategic route and long-term progress initiatives are centered on offering an progressive suite of options to assist Individuals obtain their retirement objectives via the usage of their house fairness,” Fleming mentioned. “This transformation has included the choice to discontinue the operations of our ahead mortgage originations phase and increase on this imaginative and prescient via our announcement to amass the property of AAG. Immediately’s transaction is a part of our continued execution of this technique which is supported by among the trade’s strongest macro themes.”

FOA exited the retail and wholesale channels in 2022, closing its financially troubled mortgage origination unit, Finance of America Mortgage. In an announcement launched in October, Fleming mentioned the discontinuation would allow FOA to concentrate on its specialty finance and repair enterprise. Two months after the announcement, the agency struck a deal to amass FHA reverse lender American Advisors Group (AAG) for $10 million in money and sure FOA shares.

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