Finance of America (FOA) has closed an all-cash acquisition of reverse mortgage servicing rights from Onity Mortgage Corp., adding roughly 20,000 Home Equity Conversion Mortgages (HECMs) with a combined $5.2 billion in unpaid principal balance (UPB) to its portfolio, the companies announced Wednesday.

The deal, disclosed by FOA in an 8-K filing with the Securities and Exchange Commission (SEC), transfers Ginnie Mae servicing rights from Onity. Finance of America said in a press release that the acquisition materially expands its servicing footprint and its customer base of homeowners ages 55 and older who use home equity as part details ⇒

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