Onity Group Inc. won regulatory approval for a revised sale of most of its reverse mortgage servicing rights to Finance of America (FOA), the company said Tuesday.

Under the new agreement, Onity will sell MSRs on about 20,000 Home Equity Conversion Mortgages (HECMs) with an unpaid principal balance of $5.1 billion as of March 31. The initial deal included roughly 40,000 loans with $9.6 billion in UPB. Onity will subservice the transferred loans under a three-year agreement with FOA.

FOA will also acquire Onity’s pipeline of reverse mortgage loans, and Onity will exit the reverse mortgage details ⇒

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