The RMMI increased to a reading of 511.99 up from 502.47 in the prior quarter and the highest level since the index was launched in 2000. The data tracks long-term trends in senior home values and equity to gauge potential demand for reverse mortgages. The latest release of the RMMI underscores the extraordinary level of housing wealth held by older Americans, NRMLA President Steve Irwin said.
Mazonas has worked in the reverse mortgage industry for 35 years, and in a prior role with Transamerica HomeFirst, he initiated the first housing counseling program in partnership with the San Mateo County Area Office on Aging. According to his LinkedIn account, Mazonas created and managed the first successful jumbo private reverse mortgage company operating in 17 states [and] created the first patented lifetime reverse mortgage products and developed the methods to securitize reverse mortgages as the first longevity valued asset class.
The steps taken by FHA today to increase HECM loan limits provide greater flexibility for America's older homeowners to monetize their home equity as part of a comprehensive retirement plan to meet everyday retirement needs, Steve Irwin, president of the National Reverse Mortgage Lenders Association (NRMLA), said in a statement. We appreciate the leadership at FHA for recognizing this critical need.
Onity said it wants to focus on other business channels, including conventional forward mortgages, non-QM loans, commercial loans and its servicing portfolios rather than reverse mortgage originations. FOA is doing quite the opposite it wants to grow in the reverse mortgage space and sees value in adding PHH's portfolio and team. As a result, FOA will take over PHH's pipeline of reverse mortgages and said it will hire some of PHH's employees working in that line of business.
FOA will acquire PHHs existing pipeline of reverse mortgages and expects to assume some of PHH's US-based reverse originations employees. And while PHH will stop originating reverse loans, it will continue to securitize reverse mortgage buyout loans. PHH agreed to sell reverse MSRs comprised of some 40,000 Ginnie Mae-backed HECMs. The loans had a total unpaid principal balance of $9.6 billion at the end of September.
The company essentially broke even in reverse originations during Q3 2025, posting a $1 million profit. Meanwhile, Onity's reverse servicing segment recorded $4 million in adjusted pretax income, a rebound from a $3 million loss in Q2 2025 but down from a $10 million gain in Q3 2024. Reverse originations maintained profitability with higher margins on lower volume, Sean O'Neil, Onitys chief financial officer, said during the company's third-quarter earnings call on Thursday morning.
We are working on expanding our wholesale and retail presence, which I think will essentially capture the market share that we're going to need to be at spot one, two or three, so to speak, Kinder said. Expanding retail, expanding wholesale, and just continue to offer good service to partners, good pricing, I think that will lead in itself to capturing more market share as we go on.
FOA reported an $80 million profit in the second quarter flat compared to the first quarter but a sharp turnaround from the $5 million loss in the same period last year. CEO Graham Fleming attributed the performance to consistent execution, rising profitability, and the growing relevance of home equity solutions for retirement. FOA's origination volume topped the high end of its quarterly guidance, reaching $602 million from April through June a 7% increase from the prior quarter and 35% higher year over year.
The entire structure of the arrangement is designed to put Unison in the same position, and to have the same right to payment, as an unadorned nonrecourse obligation to pay Unison 70% of the home's equity, less $194,250.
A reverse mortgage, or lifetime mortgage, allows homeowners aged 55 and over to borrow against their home's equity, requiring no monthly repayments.
We're the first loan originators in the retail space for them, and we're hoping to make an impact in it. They've been very supportive, and I'm honored to be in this next chapter with them.
âMost of what weâre focused on now is riding the wave dailyâ¦weâre focused on execution, getting our sales force in front of customers.â â Jesse Allen, emphasizing the importance of execution and daily operations.
