Finance of America Companies Inc.

PHH, a subsidiary of Ocwen Financial, says deal offers opportunity to grow its reverse subservicing portfolio.

Also names Graham A. Fleming its CEO and promotes Kristen N. Sieffert to president.

Losses attributed to business lines it is vacating in 2023.

Agrees to pay up to $30M over a 3-year period, based on the performance of the purchased assets.

The transaction is expected to close in the first half of 2023.

Expects to complete closing of its forward retail mortgage division by the end of 2022.