West Palm Beach, Florida-based Onity Group has struck a deal to acquire all assets of Mortgage Asset Management (MAM), which are estimated at a net value of $55 million, the company announced on Friday. The parties entered into an agreement on Oct. 9.

The deal includes Home Equity Conversion Mortgages (HECMs) and mortgage servicing rights (MSRs) with an estimated $3 billion in unpaid principal balance (UPB). The MSRs are currently subserviced by Onity subsidiary PHH Mortgage Corp.  

Onity is also acquiring $20 million in cash and other related assets from MAM. Adding proceeds details ⇒

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