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Get filing alertsOnity receives regulatory approval for $70-80M reverse mortgage sale, authorizes $20M buyback
Filed June 2, 2026 · Period ending May 28, 2026 · ~1 min read
Key Changes
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high
Regulatory approval received to sell reverse mortgage servicing portfolio of ~20,000 Ginnie Mae loans ($5.1B unpaid principal) to Finance of America Reverse; expects $70-80M net proceeds based on April 30, 2026 book value.
Item 8.01 — Other Events verify on EDGAR → -
high
Board authorized $20M share repurchase program through June 2027 via open market purchases; repurchased shares will be retired and canceled.
Item 8.01 — Other Events verify on EDGAR → -
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Onity will exit reverse mortgage origination but continue as subservicer for the sold portfolio under a three-year agreement, maintaining operational involvement and revenue stream.
Exhibit 99.1 view on EDGAR → -
medium
Transaction remains subject to customary closing conditions; FAR will acquire Onity's reverse mortgage loan pipeline at closing. No specific closing date disclosed.
Exhibit 99.1 view on EDGAR →
Summary
Onity Group received regulatory approval on May 28, 2026 to sell its reverse mortgage servicing portfolio to Finance of America Reverse LLC. The portfolio comprises approximately 20,000 Ginnie Mae home equity conversion mortgage loans with $5.1 billion in unpaid principal balance of $5.1 billion as of March 31, 2026. The company expects net proceeds of $70 to $80 million based on April 30, 2026 book value.
Rather than a complete exit, Onity will continue servicing the portfolio as subservicer under a three-year agreement while discontinuing all reverse mortgage origination activities. The board simultaneously authorized a $20 million share repurchase program running through June 2027, signaling confidence in the company's capital position post-transaction.
The combination of asset monetization and capital return suggests a strategic repositioning away from reverse mortgage origination while maintaining servicing revenue. The transaction remains subject to customary closing conditions with no specific closing date announced. Retail holders should watch for the actual closing and how management deploys the proceeds beyond the announced buyback.
Section-by-Section Diff
Event · Exhibit 99.1
Onity receives regulatory approval for reverse mortgage sale to FAR, expects $70-80M proceeds, and authorizes $20M share repurchase program.
Added in current filing · verify on EDGAR →
On June 1, 2026, Onity’s Board of Directors authorized a share repurchase program for an aggregate amount of up to $20 million of the Company’s issued and outstanding shares of common stock.
The board authorized up to $20 million in share repurchases through open market purchases. The program runs through June 2027 unless modified, discontinued, or the full amount is repurchased earlier. Timing and execution depend on market conditions and other factors.
Added in current filing · view on EDGAR →
Onity will become the subservicer for the reverse MSRs sold to FAR under a three-year subservicing agreement.
Rather than exiting the reverse mortgage business entirely, Onity will continue servicing the sold portfolio as subservicer for FAR over three years. This maintains operational involvement and revenue stream while transferring ownership and origination activities.
Added in current filing · view on EDGAR →
Upon closing, FAR also will acquire Onity’s pipeline of reverse mortgage loans as of the transaction closing date and the Company will discontinue originating reverse mortgage loans.
Onity will transfer its entire reverse mortgage loan pipeline to FAR at closing and cease all reverse mortgage origination activities. This represents a strategic exit from origination while maintaining servicing capabilities through the subservicing arrangement.
Added in current filing · verify on EDGAR →
The transaction remains subject to customary closing conditions. The Company will provide an update on the anticipated closing date at a later time.
Despite receiving regulatory approval, the transaction has not yet closed and remains subject to customary closing conditions. The company has not disclosed a specific closing timeline.
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Figures/quotes linked to EDGAR · Narrative written by AI · Jul 8, 2026 · How we verify