{"id":58253,"date":"2024-08-02T03:03:10","date_gmt":"2024-08-02T01:03:10","guid":{"rendered":"https:\/\/housesmarketplace.com\/liberty-reverse-parent-doubles-down-on-reverse-through-new-acquisition\/"},"modified":"2024-08-02T03:03:10","modified_gmt":"2024-08-02T01:03:10","slug":"liberty-reverse-parent-doubles-down-on-reverse-through-new-acquisition","status":"publish","type":"post","link":"https:\/\/housesmarketplace.trio-tv.com\/ru\/liberty-reverse-parent-doubles-down-on-reverse-through-new-acquisition\/","title":{"rendered":"\u041c\u0430\u0442\u0435\u0440\u0438\u043d\u0441\u043a\u0430\u044f \u043a\u043e\u043c\u043f\u0430\u043d\u0438\u044f Liberty Reverse \u0443\u0434\u0432\u043e\u0438\u043b\u0430 \u043f\u0440\u0438\u0431\u044b\u043b\u044c \u0431\u043b\u0430\u0433\u043e\u0434\u0430\u0440\u044f \u043d\u043e\u0432\u043e\u043c\u0443 \u043f\u0440\u0438\u043e\u0431\u0440\u0435\u0442\u0435\u043d\u0438\u044e"},"content":{"rendered":"
\n

West Palm Beach, Florida-based Onity Group<\/strong><\/a>, the parent company of top-five reverse mortgage lender Liberty Reverse Mortgage<\/strong><\/a>, recorded a decline in income during the second quarter of 2024.<\/p>\n

Despite the financial result, Onity \u2014 formerly known as Ocwen Financial Corp<\/strong><\/a>. \u2014 is doubling down on the reverse mortgage space by entering into an agreement to acquire the reverse lending assets of Mortgage Assets Management<\/strong><\/a> (MAM) from Waterfall Asset Management<\/strong><\/a>.<\/p>\n

This is according to the company\u2019s second-quarter earnings results and a subsequent conference call with company leaders on Thursday.<\/p>\n

Acquisition of MAM reverse assets<\/h2>\n

Onity and Waterfall executed a letter of intent for the acquisition on July 26, marking another interaction with MAM\u2019s reverse mortgage assets after the company \u2014 then under the Ocwen name<\/a> \u2014 acquired the assets of Reverse Mortgage Solutions<\/strong> (RMS) from MAM in late 2021<\/a>.<\/p>\n

\u201cThe transaction would include a reverse mortgage servicing portfolio, which is currently subserviced by PHH Mortgage<\/strong><\/a>, with a projected unpaid principal balance of approximately $3 billion,\u201d Onity announced. \u201cThe company intends to issue $51.7 million in par value of new, non-convertible, cumulative preferred stock to Waterfall in consideration of the acquisition.\u201d<\/p>\n

The deal is still subject to regulatory approval but is expected to close sometime in the second half of 2024.<\/p>\n

\u201cWe are pleased to announce the proposed transaction with Waterfall,\u201d Onity CEO Glen Messina said in a statement. \u201cWe expect this transaction to be accretive to earnings and cash flows immediately upon closing, while strengthening our position in reverse servicing as a hedge to forward [mortgage servicing rights (MSRs)], providing incremental asset management opportunities, and improving our capital structure.\u201d<\/p>\n

Messina went on to call MAM a \u201cvalued subservicing client.\u201d And Sean O\u2019Neil, Onity\u2019s chief financial officer, offered further details during the earnings call.<\/p>\n

\u201cThis transaction strengthens and expands an already healthy relationship between our two firms\u201c O\u2019Neil said. \u201cThe Waterfall affiliate MAM has been a subservicing client of ours for some time now, so we know these assets well from a performance perspective. <\/p>\n

\u201cThis deal is also accompanied by seller-provided financing, and it is accretive to both earnings per share and cash. Our intent is that, on close, we use the proceeds to further reduce corporate debt by an anticipated amount of $40 million.\u201c<\/p>\n

Earnings results<\/h2>\n

A decline in values of certain MSRs slightly diminished income at Onity in Q2 2024, but the company touted improvements in several other metrics. Servicing unpaid principal balance (UPB) and subservicing UPB increased by 6% and 10%, respectively, compared to the end of 2023. Meanwhile, while its year-over-year originations and servicing cost structures decreased by 22% and 17%, respectively.<\/p>\n

Total origination volume rose 51% on a quarterly basis to $7 billion, which demonstrates \u201cMSR replenishment capability,\u201d the company said. As of June 30, total liquidity improved to $231 million and book value per share rose to $57.<\/p>\n

The company remains bullish on its forward and reverse mortgage servicing businesses, but it was the forward side that helped lead to better operating results in the second quarter, O\u2019Neil said.<\/p>\n

\u201cServicing yet again improved its contribution to adjusted pretax (income) for the quarter,\u201d he explained. \u201cThis was driven by the forward servicing business where higher revenue \u2014including higher servicing fees and seasonally higher float \u2014 plus continued improvements in our cost structure combined to generate an additional $16 million in adjusted [payment-to-income (PTI)] versus the prior quarter.\u201d<\/p>\n

Reverse origination volume grew to $184 million in Q2, up from $166 million in Q1, but the benefit of higher volume was offset somewhat by lower margins on loans that contributed to a lower PTI ratio for the reverse originations segment.<\/p>\n

Remaining bullish on reverse<\/h2>\n

Despite some of these challenges, company leaders expressed continued optimism about Onity\u2019s presence in the reverse space, which echoed previous statements regarding Liberty\u2019s contribution to the company\u2019s diverse portfolio.<\/p>\n

\u201cWe believe our position as a top reverse lender creates additional earnings upside opportunity with lower interest rates,\u201d Messina said. \u201cReverse originations volume and profitability have historically increased with falling interest rates.\u201d<\/p>\n

In a Q&A segment at the end of the call, O\u2019Neil was asked specifically about the reverse servicing segment, where he said Onity continues to see a lot of upside.<\/p>\n

\u201cIn terms of reverse servicing, the returns are very strong,\u201d O\u2019Neil said. \u201cIt just happens to be a smaller business. It\u2019s a smaller pool of either subservicing candidates, or just fewer assets to originate and own. <\/p>\n

\u201cSo, as you can imagine, there is a correspondent and a broker market on the originations reverse side that we do participate in to acquire the reverse MSRs, but that doesn\u2019t have quite the volume that the forward market has. It continues to be profitable for us.\u201d<\/p>\n<\/div>\n","protected":false},"excerpt":{"rendered":"

West Palm Beach, Florida-based Onity Group, the parent company of top-five reverse mortgage lender Liberty Reverse Mortgage, recorded a decline in income during the second quarter of 2024. Despite the financial result, Onity \u2014 formerly known as Ocwen Financial Corp. \u2014 is doubling down on the reverse mortgage space by entering into an agreement to […]<\/p>\n","protected":false},"author":1,"featured_media":0,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[1],"tags":[],"class_list":["post-58253","post","type-post","status-publish","format-standard","hentry","category-uncategorized"],"yoast_head":"\nLiberty Reverse parent doubles down on reverse through new acquisition - Houses Marketplace<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/housesmarketplace.trio-tv.com\/ru\/liberty-reverse-parent-doubles-down-on-reverse-through-new-acquisition\/\" \/>\n<meta property=\"og:locale\" content=\"ru_RU\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Liberty Reverse parent doubles down on reverse through new acquisition - Houses Marketplace\" \/>\n<meta property=\"og:description\" content=\"West Palm Beach, Florida-based Onity Group, the parent company of top-five reverse mortgage lender Liberty Reverse Mortgage, recorded a decline in income during the second quarter of 2024. 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