Finance of America Companies Inc. - FOA STOCK NEWS

Finance of America Reverse (FAR) has entered into a partnership with Morningstar, enabling access to retirement education for 150,000 financial advisors in the U.S. FAR will provide tools showing how home equity can stabilize retirement plans, targeting clients aged 55 and older. This initiative aims to improve financial advisors' understanding of reverse mortgages and home equity products. A recent survey indicates many advisors do not discuss home equity options, despite clients wanting such discussions. FAR's collaboration seeks to bridge this gap and empower both advisors and clients in retirement planning.

Finance of America Companies Inc. (NYSE: FOA) reported a net loss of $168 million for Q2 2022, equating to $(0.65) per basic share, driven by negative fair value marks amid rising credit spreads. The adjusted net loss was $22 million, or $(0.12) per diluted share. Total revenue fell by 47% to $141 million while total expenses decreased by 10% to $310 million. The Mortgage Originations segment faced significant challenges with a 39% drop in funded volume year-over-year. The company aims to enhance margins and has reduced operational expenses in response to market volatility.

Finance of America Companies (NYSE: FOA) will release its second quarter results for the period ending June 30, 2022, on August 4, 2022, after market close. A conference call and webcast will follow at 5:00 PM Eastern Time on the same day to discuss the financial results. Interested parties can access the investor presentation via the company’s website. The call can be joined by dialing 800-267-6316 (domestic) or 203-518-9783 (international), with the conference ID FOAQ222. A replay will be available until August 11, 2022.

Finance of America Reverse (FAR) has been Certified™ by Great Place to Work® for the second consecutive year, with 92% of employees affirming it as a great workplace. This certification, effective from June 2022 to June 2023, highlights FAR’s employee-driven culture and commitment to empowerment. FAR's '10 Star' program promotes employee growth and relationships, leading to initiatives like an official mentorship program. FAR aims to strengthen its workplace environment, which contributes to its customer-focused service in the retirement solutions sector.

Finance of America (NYSE: FOA) announced that CEO Patricia L. Cook will retire on June 30, 2022, to focus on her health due to an existing medical condition. Graham A. Fleming, currently President, has been appointed Interim CEO starting July 1, 2022. Cook had previously announced her retirement plans in February 2022 while awaiting her successor. The board expressed gratitude for her contributions, while Fleming committed to continuing the company's growth strategy. The company provides diverse home financing solutions and operates in consumer lending.

Finance of America reported a net loss of $(64) million or $(0.14) per basic share for Q1 2022, mainly due to negative fair value marks of $96 million from updated model assumptions due to widening spreads. However, adjusted net income was $37 million or $0.20 per fully diluted share. The company experienced a decline in funded volume across segments, with significant revenue drops in Mortgage Originations and Lender Services, leading to a total revenue of $267 million, down 30% QoQ and 47% YoY. Despite challenges, the Reverse Originations segment showed improvement with a record volume of $1.475 billion.

Finance of America Companies (NYSE: FOA) announced it will release its first quarter results for the period ending March 31, 2022 after market close on May 9, 2022. Management plans to host a webcast and conference call on the same day at 5:00 pm Eastern Time to discuss the results. Investors can access the press release and presentation on the company’s website prior to the call. The company provides various lending services including mortgages, reverse mortgages, and loans for home improvement.