Onity Group, parent company of Liberty Reverse Mortgage, is acquiring reverse lending assets from Mortgage Assets Management to strengthen its position in reverse servicing.
The transaction includes a reverse mortgage servicing portfolio with a projected unpaid principal balance of approximately $3 billion. Onity plans to issue $51.7 million in par value of new preferred stock to Waterfall for this acquisition.
Onity CEO Glen Messina expressed optimism about the acquisition, expecting it to be accretive to earnings and cash flows. The deal aims to enhance Onity's position in reverse servicing and improve its capital structure.
Onity's CFO, Sean O'Neil, emphasized that the acquisition strengthens the relationship between Onity and Mortgage Assets Management, positioning the companies for further growth and opportunities.
#onity-group #liberty-reverse-mortgage #reverse-mortgage-servicing #financial-acquisition #strategic-partnership
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