What happened to September HECM Endorsements?

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EPISODE #746
AAG cuts workforce- Finance of America to close forward division

A rapidly-changing market has led two of our industry’s largest lenders to make big changes. One reduces its reverse mortgage workforce, another will close its traditional/forward division and focus on its productive reverse mortgage channel.

Other Stories:

  • Finance of America Mortgage closes forward unit- reverse remains the focus

  • Reverse Market Insight’s monthly market update

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1 comment

James E. Veale, MBT November 1, 2022 at 12:49 pm

As to the confusion over FAR and FAM, it is true that FAM is closing and it has HECM endorsements. What seems to be missing is the concept that FAM had a retail division inside of FAM that focused on reverse mortgages. The so called divisional lines between FAR and FAM are fussy at best and most likely nonexistent other than there was no real focus in FAR on forward mortgages, other than maybe Equity Avail.

In tax and accounting terminology, FAM and FAR are two related corporations through a common parent corporation. It is my understanding that under income tax law they are subsidiary corporations of FACI (Finance of America Companies, Inc.) BUT that information is sourced strictly in anecdote.

It always seemed strange that people dedicated to originating reverse mortgages were employees of FAM but some felt that its organizational purpose was to help camouflage the fact that there was a group of retail reverse mortgage originators with FACI.

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