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Reverse purchase financing: The financing option no one is talking about

Housing Wire

That’s where reverse purchase financing comes into play, the funding option specifically designed for older Americans. What is reverse purchase financing? 1 With over 12,000 Americans turning 65 every day in 2024, this burgeoning market will undoubtedly continue to bring more buyers and sellers to the table over the next decade.

Finance 450
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White House, federal agencies urge more commercial-to-residential property conversions

Housing Wire

Department of Housing and Urban Development (HUD) announced today the launch of a new inter-agency initiative to encourage more property conversions of commercial buildings into residential units. HUD also released a new edition of its “ Evidence Matters ” publication dedicated to commercial-to-residential conversions.

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Bill Dallas out at Finance of America Mortgage

Housing Wire

Veteran mortgage executive Bill Dallas has left his position as president of Finance of America Mortgage amid larger changes to the Texas-based nonbank lender’s C-Suite and business lines. His exit was first reported by Inside Mortgage Finance. Presented by: Finance of America. Last year, the lender funded $35.6

Finance 471
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FOA agrees to sell commercial lending business to Roc Capital

Housing Wire

Finance of America Companies (FOA) has entered into an agreement to sell the operational assets of its Finance of America Commercial vertical to Roc Capital Holdings LLC. Upon closing of the [deal], the company will no longer have a reportable commercial originations segment.”

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Finance of America cut 600 jobs in Q1

Housing Wire

Fast-rising interest rates hit Finance of America Companies hard in the first quarter of 2022 and the company cut almost 600 jobs compared to one year ago. . The executive mentioned that recently the company consolidated the wholesale channels in mortgage and commercial businesses to bring efficiency and enhance cross-sell.

Finance 370
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Finance of America eliminates big chunk of workforce as losses mount

Housing Wire

Finance of America posted steep losses in the second quarter and has pledged to eliminate a significant percentage of its workforce to contain the financial fallout. Spreads on both agency and non agency mortgages increased to new highs in a matter of weeks,” Johan Gericke, CFO of Finance of America, told analysts. on Thursday, down 1.5%

Finance 393
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Finance of America asks investors to look beyond traditional mortgage

Housing Wire

Finance of America Companies on Wednesday told investors that it managed to increase in originations in 2021, but a more competitive landscape reduced margins and, consequently, the company’s net income. Finance of America funded $35.6 billion in 2021, up 9% compared to 2020, mainly due to reverse and commercial businesses.

Finance 382