Fast-rising interest rates hit Finance of America Companies hard in the first quarter of 2022 and the company cut almost 600 jobs compared to one year ago.  

Like many of its competitors, the lender reported that its traditional mortgage business saw reduced originations and margins from January to March, mainly due to a drop-off in refinance volumes and an increase in spreads on non-agency mortgage products, which resulted in a reduction in revenues.

The lender’s traditional mortgage business reached $5.1 billion in funded volume in the first quarter, down 26% quarter over quarter and 39% year over year. Meanwhile, gain-on-sale margins declined from 3.41% details ⇒

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