PHH Mortgage, a subsidiary of Onity Group Inc., is selling reverse mortgage assets to Finance of America Reverse (FAR) and entering a subservicing agreement. The estimated net proceeds from the sale will be approximately $100 to $110 million. PHH will sell reverse mortgage servicing rights comprised of 40,000 Ginnie Mae HECM loans with an unpaid principal balance of $9.6 billion. FAR will acquire PHH’s pipeline of reverse mortgage loans and some US-based reverse originations employees. The transaction is expected to close in the first quarter of 2026 pending regulatory approval. This move will allow PHH to focus on other growth opportunities.

Read more at GlobeNewswire: Onity Group Announces Strategic Relationship with Finance