But executives put a sunny spin on it, saying that its recent exit from forward mortgages will allow it to leverage reverse lending, where tailwinds will lead to profitability next year, management said.
Amid the most challenging mortgage market in decades, multichannel lender Finance of America (FoA) plans to sell its retail mortgage division and shut down its wholesale channel, multiple sources told HousingWire.
Finance of America Companies, Inc. (NYSE:NYSE:FOA) Q2 2022 Earnings Conference Call August 4, 2022 5:00 PM ET Company Participants Michael Fant - Senior Vice President, Finance Graham.
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.