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Tagged: Finance of America Mortgage
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.
Expects to complete closing of its forward retail mortgage division by the end of 2022.
Unable to sell its forward mortgage origination unit, FoA decides to close it.
Fitch downgrades two nonbank residential mortgage lenders.
Also mutually agrees to end negotiations with Guaranteed Rate over sale of retail mortgage divison.
Company has posted 3 straight quarterly losses, reduced its workforce by 20% in 2022.
A 53% increase in Specialty Finance and Services (SF&S) segments revenue almost entirely offset the decline in mortgage revenue similarly experienced by the broader market.
Are you looking to help a wider range of borrowers? Finance of America Mortgage offers loan options outside of standard conventional guidelines.
Our Two-X Flex Suite of mortgage solutions was specifically designed with unconventional borrowers in mind. It redefines qualifying borrowers without the use of tax returns and with as little as 12 months of self-employment.
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• Two-X Flex—Conventional meets unconventional on a full doc loan,
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• Two-X Flex P&L—12 months P&L required,
• Two-X Flex Asset—No employment necessary,
• …and more.
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Licensed in:
All U.S. States, Puerto Rico, U.S. Virgin Islands