Company: FOACW
Filing Date: 2025-03-14
Form Type: 10-K
Source: 0001828937-25-000009
Chunk: 15

Company: Finance of America Companies Inc.
Filing Date: 2025-03-14
Form: 10-K
Item: Item 7
Chunk 15
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 on sale and other income from loans held for sale, net(76)(6,303)Total revenues$206,314 $148,510 

For the year ended December 31, 2024 versus the year ended December 31, 2023

Total revenues increased $57.8 million or 38.9% as a result of the following:

•Net origination gains increased $58.2 million or 47.8% as a result of higher reverse mortgage loan origination volumes and higher margins associated with the increase in volumes from our retail platform acquired from AAG/Bloom. We originated $1.9 billion of reverse mortgage loans for the year ended December 31, 2024, an increase of 18.7%, compared to $1.6 billion for the comparable 2023 period. During the year ended December 31, 2024, the weighted average margin on reverse mortgage loan production was 9.38% compared to 7.53% in 2023, an increase of 1.85% primarily due to the increase in retail production mix associated with the onboarding of our retail platform acquired from AAG/Bloom.

73

•Fee income decreased $6.6 million primarily due to fees associated with the previous operations of the home improvement lending business, partially offset by higher reverse loan origination fees generated through our retail platform acquired from AAG/Bloom. 

•Loss on sale and other income from loans held for sale, net, improved $6.2 million due to lower losses related to the previous operations of the home improvement lending business.

Expenses

In the table below is a summary of the components of our Retirement Solutions segment’s total expenses (in thousands):

For the year ended December 31, 2024For the year ended December 31, 2023Salaries$54,674 $64,753 Commissions and bonuses18,770 22,717 Other salary related expenses10,004 9,104 Total salaries, benefits, and related expenses83,448 96,574 Loan production expenses7,887 9,555 Marketing and advertising expenses39,337 31,668 Depreciation and amortization37,751 40,571 General and administrative expenses26,521 30,468 Total expenses$194,944 $208,836 

For the year ended December 31, 2024 versus the year ended December