Reverse mortgage leader Finance of America (FOA) recorded a quarter-over-quarter loss in the fourth quarter of 2024, but still notched a full-year profit. In a Wednesday earnings call, company leaders outlined their assessment of the reverse mortgage market moving forward, describing 2024 as a year of “momentum” for the company owing to the achievement of
Global credit rating agency DBRS Morningstar this week assigned a “good” rating to reverse mortgage industry leader Finance of America (FOA), reconfirming the ranking the company was assigned at a similar point last year. The rating is officially classified as “MOR RVO2” by Morningstar. The agency noted the recent business history of FOA — including
Finance of America brand consolidation When Finance of America announced its intention to acquire then-industry leader American Advisors Group (AAG), the reverse mortgage industry initially reacted with cautious optimism. AAG had been a longtime leader not just in terms of the volume it was pulling in but also in the messaging of the industry through
Leading reverse mortgage lender Finance of America (FOA) has undergone a round of layoffs that are impacting multiple levels of the organization, including retail and corporate leadership positions. The news was first reported by National Mortgage News. While FOA catapulted to the top spot in the reverse mortgage industry virtually overnight last year after closing
The refi market continues to be anemic as higher rates are persisting, with refi volume dropping 3.4% compared to the prior month. Seven of the top nine lenders recorded gains in April, with Plaza Home Mortgage, Liberty Reverse Mortgage/PHH and Guild Mortgage standing out for their gains between 36% and 48%. When asked about whether