Finance of America's Unit Signs Agreement To Acquire Home Equity Conversion Mortgage Servicing Portfolio From Onity's PHH Mortgage Unit; Financial Terms Not Disclosed

Finance of America Reverse LLC ("Finance of America"), the operating subsidiary of Finance of America Companies Inc. (NYSE: FOA) ("FOA") and the nation's leading provider of home equity–based retirement solutions, today announced it has entered into an agreement to acquire the home equity conversion mortgage (HECM) servicing portfolio, and certain other reverse mortgage assets, from PHH Mortgage Corporation ("PHH"), a subsidiary of Onity Group Inc. (NYSE:ONIT) ("Onity"), in an all-cash transaction.

In connection with the transaction, Finance of America will also acquire PHH's pipeline of reverse mortgage loans, bring select members of PHH's experienced origination team into its platform and enter into a subservicing agreement with PHH, allowing for operational continuity while also diversifying Finance of America's servicing footprint.

The acquisition is expected to be immediately accretive to earnings, Adjusted Earnings per Share and cash flow. The purchase price will be funded primarily by warehouse and asset-level financing along with available liquidity at the time of closing.