Finance Of America Companies Inc Stock Price, News & Analysis

Finance of America (NYSE: FOA) announced that CEO Patricia L. Cook will retire on June 30, 2022, to focus on her health due to an existing medical condition. Graham A. Fleming, currently President, has been appointed Interim CEO starting July 1, 2022. Cook had previously announced her retirement plans in February 2022 while awaiting her successor. The board expressed gratitude for her contributions, while Fleming committed to continuing the company's growth strategy. The company provides diverse home financing solutions and operates in consumer lending.

Finance of America reported a net loss of $(64) million or $(0.14) per basic share for Q1 2022, mainly due to negative fair value marks of $96 million from updated model assumptions due to widening spreads. However, adjusted net income was $37 million or $0.20 per fully diluted share. The company experienced a decline in funded volume across segments, with significant revenue drops in Mortgage Originations and Lender Services, leading to a total revenue of $267 million, down 30% QoQ and 47% YoY. Despite challenges, the Reverse Originations segment showed improvement with a record volume of $1.475 billion.

Finance of America Companies (NYSE: FOA) announced it will release its first quarter results for the period ending March 31, 2022 after market close on May 9, 2022. Management plans to host a webcast and conference call on the same day at 5:00 pm Eastern Time to discuss the results. Investors can access the press release and presentation on the company’s website prior to the call. The company provides various lending services including mortgages, reverse mortgages, and loans for home improvement.

Finance of America Companies (FOA) reported a net loss of $1,336 million or $(6.61) per share for Q4 2021, driven by a $1,381 million impairment of goodwill and intangible assets. Despite this, adjusted net income was $70 million, aligning with earnings guidance. Full year originations reached $35.6 billion, a 9% increase from 2020, mainly from Reverse and Commercial segments. However, total revenue declined 4% to $1,736 million. The company aims to focus on growth in its Reverse and Commercial business while adapting its Mortgage segment to a purchasing market.

Finance of America Companies Inc. (NYSE: FOA) has appointed Jason Rudman as Chief Customer Officer to enhance customer experience across its platform. Rudman will focus on personalized customer touchpoints to meet diverse financing needs.

CEO Patricia Cook emphasized the company’s commitment to supporting customers throughout their financial journey, aiming for improved customer retention and loyalty. Rudman brings extensive experience from USAA, KeyBank, and American Express, positioning FOA to strengthen its customer engagement and digital transformation.

Patricia L. Cook, CEO of Finance of America, has announced her retirement, effective once a successor is appointed. Cook will continue leading until the transition and is expected to stay on the Board until the 2022 Annual Meeting. Under her leadership, the company expanded to over 5,000 employees and achieved record revenue growth. Cook has been with Finance of America for six years, serving as CEO since October 2020. The Board is actively searching for her replacement.

Finance of America Companies (NYSE: FOA) will announce its fourth quarter and full year results for the period ending December 31, 2021, on March 2, 2021, after market close. A conference call is scheduled for March 3, 2022, at 8:00 am ET, where management will discuss these results. Interested parties can access the call via the company's website or by phone. A replay will be available until March 17, 2021, through designated numbers. Finance of America specializes in consumer and specialty lending, including mortgages and loans for real estate investors.

Finance of America Reverse released a study in the Journal of Financial Planning showing that incorporating reverse mortgages can enhance retirement outcomes and mitigate financial risks. The research indicates that retirees who include home equity as a non-correlated asset can potentially increase their net worth by reducing exposure to market volatility by nearly 10 times. This insight positions reverse mortgages as a vital tool for financial advisors to consider in client retirement strategies, especially for the 20 million mass affluent Americans, thus reshaping the reverse lending industry.

HouseCanary and Finance of America Mortgage will host a free webinar titled "How to Ensure Success with Your 2022 Purchase Market Playbook" on Tuesday, December 7, 2021, at 10 AM PT. The session, moderated by Rob Chrisman, features insights from HouseCanary's CEO Jeremy Sicklick and FAM President Bill Dallas, focusing on preparation for the 2022 real estate market. Key topics include retaining pre-approved borrowers, leveraging property valuation data, and enhancing customer engagement through technology.