Welcome to our dedicated page for Finance Of America Companies news (Ticker: FOA), a resource for investors and traders seeking the latest updates and insights on Finance Of America Companies stock.
Finance of America Companies Inc. (NYSE: FOA) is a financial services holding company headquartered in Plano, Texas that focuses on home equity-based financing solutions for a modern retirement. The FOA news feed highlights company announcements, strategic partnerships, capital initiatives, and segment performance related to its Retirement Solutions and Portfolio Management businesses.
Readers can follow updates on Finance of America’s reverse mortgage and home-equity-based retirement offerings, including developments at its operating subsidiary Finance of America Reverse LLC. News items include earnings releases detailing funded volumes, segment results, and portfolio metrics, as well as disclosures about capital markets activity and balance sheet management.
The company regularly issues press releases on strategic relationships, such as its partnership with Better Home & Finance Holding Company to use the Tinman AI Platform for offering HELOCs and HELOANs for the first time, and its strategic partnership with funds managed by Blue Owl Capital Inc., which includes a $50 million equity investment and a broader capital commitment aimed at product innovation and distribution for the retirement demographic. Announcements also cover transactions like the agreement by Finance of America Reverse LLC to acquire a home equity conversion mortgage servicing portfolio and other reverse mortgage assets from PHH Mortgage Corporation, a subsidiary of Onity Group Inc.
In addition, FOA news includes information about corporate actions such as the repurchase of Blackstone’s equity stake, repayment of a working capital facility, and dual listing of FOA stock on NYSE Texas alongside its primary New York Stock Exchange listing. Investors and observers can use this news stream to monitor how Finance of America executes its stated mission of providing home equity-based retirement solutions and managing home-equity-focused portfolios.
Finance of America (NYSE: FOA) has promoted Jonathan Scarpati to the position of Chief Production Officer, a strategic move aimed at strengthening the company's leadership in home equity-based financing solutions. Scarpati, previously Senior Vice President of Wholesale Production, will now oversee both wholesale and retail production operations.
Under Scarpati's previous leadership, the wholesale team has maintained its position as one of the top producing wholesale originators in the reverse mortgage industry. With 15 years at Finance of America and current service on the Board of Directors for the National Reverse Mortgage Association, Scarpati brings extensive industry experience to the role.
This appointment follows recent additions of a Chief Information Officer, Chief Customer Officer, and two new Board of Directors members, aligning with the company's expansion and long-term growth strategy in making home equity for retirement a mainstream solution.
Finance of America Companies (NYSE: FOA) has announced two strategic appointments to its Board of Directors. Andrew Essex, former CEO of advertising agency Droga5, and former U.S. Senator Cory Gardner have joined the board, bringing expertise in marketing and public policy respectively.
Essex, recognized for his leadership in marketing and brand strategy, brings decades of experience in media, communications, and corporate storytelling. His expertise will support FOA's mission to educate and empower retirees. Gardner, who served as a U.S. Senator from Colorado (2015-2021), contributes extensive experience in legislative affairs, financial services, and regulatory policy.
Chairman and Founder Brian Libman emphasized that these appointments will strengthen FOA's position in providing financial solutions for older Americans, particularly in marketing innovation and public policy navigation.
Finance of America (NYSE: FOA) reported strong financial results for Q4 and full year 2024, marking a return to profitability. The company achieved $40 million in net income from continuing operations ($1.78 basic EPS) and $14 million in adjusted net income ($0.60 adjusted EPS) for the year.
Key highlights include:
- Adjusted EBITDA of $60 million for the year
- Reverse mortgage funded volume increased 19% with $534 million in Q4 production
- Total equity grew from $272 million to $316 million
- Tangible net worth improved 421% from $19 million to $99 million
The Retirement Solutions segment posted pre-tax income of $11 million and adjusted net income of $38 million, with total revenue increasing 38% year-over-year. The Portfolio Management segment achieved pre-tax income of $84 million and adjusted net income of $42 million in 2024.
Finance of America (NYSE: FOA) has announced two strategic executive appointments to drive digital transformation in its reverse mortgage business. Brian Conneen joins as Chief Information Officer, bringing extensive fintech experience from Best Egg where he helped scale operations to serve over two million customers. Karime Benaissa takes the role of Chief Customer Officer, leveraging his digital operations expertise from Amazon, Petco, and Neiman Marcus.
The appointments align with FOA's strategy to modernize the reverse mortgage market through technological innovation. Conneen will focus on implementing scalable solutions for consumers and lender partners, while Benaissa will lead a comprehensive digital transformation to improve customer experience for older homeowners seeking financial flexibility.
Finance of America (NYSE: FOA), a leading provider of home equity-based financing solutions for modern retirement, has scheduled its Fourth Quarter and Full Year 2024 earnings release for March 11, 2025, after market close.
The company will host a webcast and conference call at 5:00 pm Eastern Time on the same day to discuss the results. Management will make available the press release and investor presentation under the 'Investors' section of the company website prior to the call.
Investors can access the audio webcast through the company's website or join via phone using the following dial-in numbers:
- Domestic: 1-800-715-9871
- International: 1-646-307-1963
- Conference ID: 5706924
Horizon Media Holdings has appointed Bob Lord as its first President, reporting to CEO Bill Koenigsberg. Lord brings over three decades of experience in marketing, media, and technology, including roles as IBM's first Chief Digital Officer and AOL's President. In his new role, Lord will oversee the company's diversified businesses, focusing on integrating advanced technologies and leading international strategy.
Lord's previous achievements include revolutionizing IBM's go-to-market strategy, launching the Call for Code initiative, and leading The Weather Company. At AOL, he developed a leading programmatic media platform, and as Global CEO of Razorfish, he oversaw its transformation into a digital marketing leader.
The appointment aligns with Horizon's focus on enterprise innovation and technology transformation. Lord currently serves on several boards, including Integral Ad Science (IAS) and Finance of America, and is an Executive Fellow at Harvard Business School.
Finance of America (NYSE: FOA) reported strong Q3 2024 results with net income from continuing operations of $204 million or $8.48 basic earnings per share. The company achieved adjusted net income of $15 million ($0.67 per share) and adjusted EBITDA of $32 million. Total funded volume increased 15% quarter-over-quarter to $513 million. Book equity rose to $456 million ($20 per diluted share). The company completed a reverse stock split in July 2024 to maintain NYSE compliance and successfully closed an exchange offer with nearly 98% participation from senior unsecured note holders.
Finance of America has enhanced its HomeSafe Second reverse mortgage product by reducing the interest rate from 9.99% to 9.49% and expanding availability to four new states: Arizona, Nevada, Oregon, and Utah. The second-lien loan, designed for homeowners aged 55+, allows borrowing up to $1 million without monthly payments while keeping existing primary mortgages intact. Loan qualification is primarily based on age and home equity rather than annual income. The product is currently available in ten states, with plans for further expansion.
Finance of America (NYSE: FOA) announces a 97.892% participation rate in its Exchange Offer for 7.875% Senior Notes due 2025, with holders of $342,622,000 aggregate principal amount electing to participate. The company has extended the Exchange Offer and Consent Solicitation deadline to October 29, 2024, and modified the amortization payment due November 15, 2025, to $0.23 per $1.00 initial principal amount of New Senior Secured Notes. The settlement is expected on October 31, 2024, subject to conditions.
Finance of America (NYSE: FOA) has announced it will release its third quarter 2024 financial results on Wednesday, November 6, 2024, after market close. The company will host a webcast and conference call at 5:00 pm Eastern Time on the same day to discuss the quarterly results. Management will make available a press release and investor presentation prior to the call in the Investors section of the company's website. The conference call can be accessed via webcast or by phone, with replay options available until November 20, 2024.