Finance of America Sharpens Focus on Specialty Finance and Services Business, Plans to Discontinue Forward Mortgage Originations

Strategic pivot aimed at enabling greater investment in high-growth business including reverse mortgages, home improvement & commercial loans, and lender services

PLANO, Texas, October 21, 2022–(BUSINESS WIRE)–Finance of America Companies Inc. (NYSE: FOA) (the “Company” or “FOA”), a leading specialty finance solutions platform, today announced its decision to discontinue the operations of its forward mortgage originations segment across both retail and wholesale channels by the end of the year.

The Finance of America Strategy

FOA was created to provide pathways for consumers to achieve greater financial freedom through the use of the equity in their home. FOA has built many businesses that have become leaders in their areas, including Reverse, Commercial and Lender Services. Collectively, with Portfolio Management and the Home Improvement business, they comprise FOA’s Specialty Finance and Services (SF&S) solutions platform.

FOA Interim Chief Executive Officer Graham Fleming, said: “The discontinuation of the forward mortgage originations segment will allow FOA to optimize its resources and prioritize businesses that have a distinct market opportunity and greater growth potential. In addition, the move will accelerate the company’s ability to partner with large mortgage lenders and other financial services companies to offer FOA’s SF&S solutions on their platforms. Our decision was made with careful consideration, and we understand the impact this action will have on…