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Finance of America Companies Inc. reported a net loss of $16 million or $0.06 per share for the first quarter of 2024. Adjusted EBITDA for the quarter was near break-even at a loss of $1 million. The company saw a 69% improvement in pre-tax basis in Retirement Solutions. Total revenues decreased by 73% compared to the prior quarter. Total assets and liabilities increased by 2% each from the previous quarter. The company remains focused on returning to sustained profitability.
Finance of America Reverse , a leading provider of home equity-based financing solutions, has announced plans to consolidate its American Advisors Group (AAG) and Finance of America Reverse (FAR) brands under the single brand name, Finance of America. The change is expected to take effect in the third quarter of 2024, subject to regulatory considerations. This strategic move aims to drive long-term growth, streamline the company's offering, and enhance the customer experience.