Adam Constantine on MLK Jr.’s impact on housing equality

During the interview, Constantine explains why the industry needs to focus on evoking intentional change rather than launching lackluster initiatives.

Managing Credit Risk in 2021 and Beyond

Join a panel of industry experts as they provide an economic outlook for 2021 and a discussion with regional bankers on how they are managing credit risk over the next several years.

Amid record-high origination volumes, mortgage fraud risk is down

CoreLogic's recently released Mortgage Fraud Report is the industry standard for nationwide fraud monitoring and analysis. Read the findings here.

Empowering women to be financially great with Dava Davin

Women of Influence winner Dava Davin joins Girlfunds to discuss everything from her best financial tip to her advice on starting the home-buying process.


Finance of America reports record third quarter as it gears up for IPO

Blackstone-controlled lender originated $8.5 billion in Q3 and saw margins check in at 4.69%

Blackstone Group-controlled Finance of America posted record margins and originations in the third quarter, ahead of its public offering via a blank check company in 2021.

Finance of America, which operates through retail, wholesale and correspondent channels, reported $242 million in income during the third quarter, a 66% increase from the second quarter. The lender and servicer has earned $345 million in the first three quarters of 2020, up 466% from $61 million during the same period last year.

The company funded $9.17 billion in the third quarter, with about $8.5 billion of it coming through its forward-lending arm. About 65% of volume in the third quarter was in refinancings, filings show.

The gain-on-sale margin for the third quarter was 4.69%, well above the 4.19% recorded in the second quarter.

“Our platform was purpose-built to create a business that could better withstand the cyclicality of most consumer lending businesses,” CEO Mary Cook said on an earnings call. “So, while we continue to take advantage of the favorable rate environment within our forward-mortgage segment, we see continued growth in our other lending segments and our non-lending segments.”

WFG reports its highest volume months ever during Q2 and Q3 of 2020

As the company celebrates its 10th anniversary, WFG continues to look for new ways to serve its clients, consumers and industry.

Presented by: WFG

The nonbank lender and servicer is expected to make its public debut in the first half of 2021 via a merger with special purpose acquisition company Replay Acquisition Company, at an expected $1.9 billion valuation.

After the merger, Finance of America is slated to receive a $250 million investment from institutional investors. Blackstone will own 70% of the company.

Finance of America’s products include traditional mortgages, commercial real estate loans, reverse mortgages, fixed-income investing and title services. Its commercial business lost money in the second quarter and its reverse mortgage business contracted, filings show. Reverse mortgage originations declined 19% from the second quarter to $626 million. Income in the segment also dropped to $24 million from $33 million

Blackstone has expanded its Finance of America corporation through a number of acquisitions in recent years, including pickups of Gateway Funding, Pinnacle Capital Mortgage and Skyline Home Loans.

Leave a comment

Most Popular Articles

Prepare for the rise in mortgage rates

Economists offer their takes on how high mortgage rates will climb, how lenders will respond and what impact this will have on the housing market. HW+ Premium Content

Jan 18, 2021 By

Latest Articles

CFPB clarifies role of supervisory guidance

The Consumer Financial Protection Bureau issued a final rule Tuesday clarifying that supervisory guidance is not backed by the same force as law or regulation.

Jan 19, 2021 By
3d rendering of a row of luxury townhouses along a street

Log In

Forgot Password?

Don't have an account? Please