Finance Of America Companies Inc Stock Price, News & Analysis

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.

Finance of America Reverse has launched a new website, FAR.com, and introduced a brand refresh featuring a new spokescharacter named Gary, aimed at engaging multigenerational homeowners. This initiative reflects a shift towards a more youthful and relatable branding approach, tailored for today's pretirees and retirees. Enhanced customer engagement strategies are expected to leverage innovative financing solutions like EquityAvail. The brand refresh highlights FAR's commitment to empowering retirement planning through modern resources.

Finance of America reported robust financial results for Q3 2021, achieving a revenue of $457 million, up 17% from the previous quarter and 7% year-to-date at $1.4 billion. The company posted a net income of $50 million or $0.22 per diluted share. Growth was strong across all segments, with Mortgage Originations increasing by 15% and Reverse Originations achieving a record pre-tax income of $69 million. Adjusted net income rose by 32% to $75 million. This diverse performance highlights Finance of America's strategic growth objectives.