Onity to sell $5B reverse mortgage business to Finance of America

Onity Group will cash out of its reverse mortgage business in a deal with one of the largest providers of the product in the U.S. The West Palm Beach-based mortgage servicer received the green light from regulators to sell a portfolio of reverse mortgage servicing rights tied to $5.1 billion in loans to Plano, Texas-based Finance of America Reverse, according to an SEC filing on Tuesday. The deal comprises 20,000 Ginnie Mae-backed home equity conversion mortgages, as well as Onity’s pipeline of reverse mortgage loans. Once the deal closes, Onity expects to nab between $70 million and $80 million in […]

This article originally appeared on The Real Deal. Click here to read the full story.