Waterfall Asset Management Expands Partnership with Onity Through Transfer of Reverse Mortgage Assets
Waterfall Asset Management has announced a strategic partnership expansion with Onity Group Inc. (NYSE: ONIT), involving the transfer of reverse mortgage assets from Waterfall's subsidiary, Mortgage Assets Management, (MAM), to Onity. The assets include Home Equity Conversion Mortgages (HECMs) and related securities, which are already subserviced by Onity's subsidiary, PHH Mortgage
Leo Wong, Partner at Waterfall, emphasized the transaction's importance in growing their reverse mortgage initiatives and leveraging complementary strengths with Onity. Wong also highlighted the value of HECMs for homeowners seeking to access equity without selling their homes, especially in the current low mortgage rate environment.
This move demonstrates Waterfall's commitment to expanding its presence in the reverse mortgage sector while capitalizing on Onity's operational capabilities.
Waterfall Asset Management ha annunciato un'espansione della partnership strategica con Onity Group Inc. (NYSE: ONIT), che comporta il trasferimento di asset legati ai mutui inversi dalla controllata di Waterfall, Mortgage Assets Management (MAM), a Onity. Gli asset includono Mutui di Conversione del Valore Neto della Casa (HECM) e titoli correlati, già gestiti in sub-servizio dalla controllata di Onity, PHH Mortgage.
Leo Wong, Partner di Waterfall, ha sottolineato l'importanza della transazione per far crescere le loro iniziative sui mutui inversi e per sfruttare punti di forza complementari con Onity. Wong ha anche evidenziato il valore degli HECM per i proprietari di casa che cercano di accedere al capitale senza vendere le proprie abitazioni, soprattutto nell'attuale contesto di bassi tassi ipotecari.
Questa mossa dimostra l'impegno di Waterfall ad espandere la propria presenza nel settore dei mutui inversi, capitalizzando al contempo sulle capacità operative di Onity.
Waterfall Asset Management ha anunciado una expansión de la asociación estratégica con Onity Group Inc. (NYSE: ONIT), que implica la transferencia de activos de hipotecas inversas de la subsidiaria de Waterfall, Mortgage Assets Management (MAM), a Onity. Los activos incluyen Hipotecas de Conversión de Equidad en el Hogar (HECM) y valores relacionados, que ya son subgestores de la subsidiaria de Onity, PHH Mortgage.
Leo Wong, socio de Waterfall, enfatizó la importancia de la transacción para hacer crecer sus iniciativas de hipotecas inversas y aprovechar los puntos fuertes complementarios con Onity. Wong también destacó el valor de los HECM para los propietarios que buscan acceder al capital sin vender sus casas, especialmente en el actual entorno de bajas tasas hipotecarias.
Este movimiento demuestra el compromiso de Waterfall para expandir su presencia en el sector de hipotecas inversas, mientras capitaliza las capacidades operativas de Onity.
워터폴 자산 관리는 오니티 그룹 주식회사 (NYSE: ONIT)와의 전략적 파트너십 확장을 발표했으며, 이는 워터폴의 자회사인 모기지 자산 관리 (MAM)에서 오니티로의 역모기지 자산 이전을 포함합니다. 이 자산에는 주택 자산 전환 모기지 (HECM) 및 관련 증권이 포함되어 있으며, 이미 오니티의 자회사인 PHH 모기지에 의해 하청 서비스되고 있습니다.
워터폴의 파트너인 레오 웡은 이번 거래가 역모기지 사업을 성장시키고 오니티와의 상호 보완적 강점을 활용하는 데 중요하다고 강조했습니다. 웡은 또한 주택을 판매하지 않고 자산에 접근하려는 주택 소유자에게 HECM의 가치가 특히 현재의 낮은 모기지 금리 환경에서 얼마나 중요한지를 강조했습니다.
이번 조치는 워터폴이 역모기지 부문에서의 입지를 확대하겠다는 의지를 보여주며, 동시에 오니티의 운영 능력을 활용하려고 합니다.
Waterfall Asset Management a annoncé une expansion de son partenariat stratégique avec Onity Group Inc. (NYSE: ONIT), impliquant le transfert d'actifs de prêts hypothécaires inversés de la filiale de Waterfall, Mortgage Assets Management (MAM), à Onity. Les actifs comprennent Prêts Hypothécaire de Conversion d'Equité (HECM) et des valeurs mobilières associées, qui sont déjà sous-traitées par la filiale d'Onity, PHH Mortgage.
Leo Wong, partenaire chez Waterfall, a souligné l'importance de cette transaction pour faire croître leurs initiatives en matière de prêts hypothécaires inversés et tirer parti des forces complémentaires avec Onity. Wong a également mis en avant la valeur des HECM pour les propriétaires cherchant à accéder à leur capital sans vendre leur maison, particulièrement dans l'environnement actuel de faibles taux d'intérêt hypothécaires.
Ce mouvement démontre l'engagement de Waterfall à élargir sa présence dans le secteur des prêts hypothécaires inversés tout en capitalisant sur les capacités opérationnelles d'Onity.
Waterfall Asset Management hat eine Erweiterung der strategischen Partnerschaft mit Onity Group Inc. (NYSE: ONIT) angekündigt, die die Übertragung von umgekehrten Hypothekenvermögen von der Tochtergesellschaft von Waterfall, Mortgage Assets Management (MAM), an Onity umfasst. Zu den Vermögenswerten gehören Home Equity Conversion Mortgages (HECM) und zugehörige Wertpapiere, die bereits von Onitys Tochtergesellschaft, PHH Mortgage, unterverarbeitet werden.
Leo Wong, Partner bei Waterfall, betonte die Bedeutung der Transaktion für das Wachstum ihrer Initiativen im Bereich der umgekehrten Hypotheken und die Nutzung komplementärer Stärken mit Onity. Wong hob auch den Wert von HECMs für Hausbesitzer hervor, die auf Eigenkapital zugreifen möchten, ohne ihre Häuser verkaufen zu müssen, besonders in der aktuellen Umgebung niedriger Hypothekenzinsen.
Dieser Schritt zeigt Waterfalls Engagement zur Erweiterung seiner Präsenz im Bereich der umgekehrten Hypotheken, während gleichzeitig die operativen Fähigkeiten von Onity genutzt werden.
- Strategic partnership expansion with Onity Group Inc. (NYSE: ONIT)
- Transfer of valuable reverse mortgage assets to Onity
- Potential for growth in the Home Equity Conversion Mortgage (HECM) sector
- Leveraging complementary strengths between Waterfall and Onity
- None.
Insights
This transaction signifies a strategic shift in Waterfall's approach to reverse mortgage assets. By transferring these assets to Onity, Waterfall is streamlining its operations while maintaining exposure to the HECM market through a partnership model. This move could potentially reduce operational costs and risks for Waterfall, while allowing them to focus on their core competencies in asset management.
The deal's financial impact remains unclear without specific figures, but it's likely to improve Waterfall's liquidity position. For Onity, this acquisition could boost its market share in the reverse mortgage sector, potentially leading to increased revenue and economies of scale. Investors should monitor how this transaction affects both companies' financial statements in the coming quarters.
The reverse mortgage market is experiencing a resurgence, driven by an aging population and rising home values. This transaction positions both Waterfall and Onity to capitalize on this trend. The partnership model allows Waterfall to maintain exposure to the sector while potentially reducing risk, a prudent move given the complex regulatory environment surrounding HECMs.
For Onity, this acquisition could strengthen its competitive position in the non-bank mortgage servicing space. The reverse mortgage market, while niche, offers significant growth potential, especially as traditional mortgage originations face headwinds from rising interest rates. Investors should view this deal as a strategic positioning for both companies in a promising market segment.
"This transaction is an exciting development for Waterfall, showcasing our commitment to growing our reverse mortgage initiatives through partnerships with top firms like Onity," said Leo Wong, Partner at Waterfall. "This strategic partnership combines our capital and expertise with Onity's operational capabilities, enabling us to seek exceptional investment opportunities. We look forward to expanding this collaboration to leverage our complementary strengths."
"We are excited about today's announcement and what it means for our ability to continue growing our Home Equity Conversion Mortgage activities," said Wong. "We see HECMs as a valuable tool for homeowners in today's environment, many of whom have accumulated substantial equity but also benefit from low mortgage rates so want to access that equity without selling their home, and are pleased to be able to support the growth of this dynamic sector of real estate finance."
The assets expected to be transferred are already subserviced by PHH Mortgage Corporation, which is a subsidiary of Onity, and include Home Equity Conversion Mortgages ("HECM") together with Home Equity Conversion Mortgage-Backed Security related borrowings and certain related reverse mortgage assets.
About Waterfall Asset Management
Waterfall Asset Management is a global alternative investment manager focused on specialty finance opportunities within asset-backed credit, whole loans, real assets, and related strategies. Founded in 2005, the firm utilizes a relative value approach for sourcing and investing in the private and public markets, across 60+ sectors of the asset-based finance arena. Through this multi-sector specialization, Waterfall seeks to provide its clients a compelling risk/return profile which is generally uncorrelated to most traditional investment opportunities. Waterfall is also the external manager to Ready Capital Corporation (NYSE: RC), a multi-strategy real estate finance company and small business lender. Waterfall is headquartered in New York City, with additional offices in London and Dublin. As of January 1, 2024, Waterfall manages approximately
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SOURCE Waterfall Asset Management
FAQ
What assets is Waterfall Asset Management transferring to Onity Group Inc. (NYSE: ONIT)?
How does the asset transfer affect the current servicing of the mortgages?
What is the strategic importance of this partnership for Waterfall Asset Management?
When was the letter of intent for this asset transfer announced?
