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Finance of America Companies reported its first-quarter results for 2021, which included a total funded volume of $9.5 billion, a 78% increase compared to $5.3 billion in the first quarter of 2020. The company does note that its total funded volume for 1Q 2021 is down 3% compared to the previous quarter.
For the mortgage origination segment, FOA's funded volume was $8,404 million in 1Q 2021, up 99% compared to the previous year but down 5% compared to the previous quarter. Additionally, the mortgage originations segment saw a net rate lock volume of $8,405 million, up 35% year-over-year and up 7% from the previous quarter and bolstered by the continued strength of strong refinance volumes. Total revenue was up 116% year-over-year and down 14% from the prior quarter.
“Finance of America continued to deliver strong results across key performance metrics in the first quarter, further reinforcing the strength of our diversified and differentiated platform,” stated Patricia Cook, CEO. “Since inception, we built our business model to withstand uncertain and volatile market conditions. In addition, Finance of America is structured to thrive and quickly pivot to capitalize on market opportunities as these arise. To this point, our Reverse Originations business delivered near-record volumes and strong growth during the quarter despite the rise in interest rates. In addition, we closed on the acquisition of Renovate America and launched our EquityAvail product to further bolster our home improvement financing and reverse mortgage capabilities.
FOA reverse originations funded volume increased to $769 million, up 17% year-over-year. This marked the second-highest quarterly volume for the reverse segment, according to the company's report.
Click here to read more from FOA's 1Q 2021 results.