Finance of America CEO on why mortgage companies are diving into the IPO space
Today’s Daily Download episode features an interview with Patti Cook, Finance of America CEO. In this episode, Cook discusses how the mortgage company has fared during the novel COVID-19 pandemic and delves into the lender and servicer’s recent announcement that it’s set to go public in the first half of 2021.
For some background on the interview, here’s a brief summary of the latest article discussing Finance of America joining the IPO craze:
End-to-end lending and services platform Finance of America Capital is the latest mortgage company to get in on the mushrooming IPO craze.
The lender and servicer, owned by the Blackstone Group’s Tactical Opportunities business, is slated to go public in the first half of 2021 through a special purpose acquisition company at a $1.9 billion valuation.
After it merges with Replay Acquisition Company, Finance of America will receive a $250 million investment from institutional investors, according to the Wall Street Journal, which first reported the merger. Blackstone will own 70% of the company, which is expected to go public in the first half of 2021.
Finance of America says its collection of companies has originated over $65 billion in loans since 2017. Its products include traditional mortgages, commercial real estate loans, reverse mortgages, fixed-income investing and title services. 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.
The Daily Download examines the most compelling articles reported from the HousingWire newsroom. Each afternoon, we provide our listeners with a deeper look into the stories coming across our newsroom that are helping Move Markets Forward. Hosted by the HW team and produced by Alcynna Lloyd and Victoria Wickham.
HousingWire articles covered in this episode: