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

Company: Finance of America Companies Inc.
Filing Date: 2025-03-14
Form: 10-K
Item: Item 7
Chunk 14
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 business. This transaction closed on September 15, 2023. In connection with such transaction, the Company began the process of winding down the operations of the home improvement lending business, which was substantially complete as of March 31, 2024. As of March 31, 2024, there were no loans in the home improvement lending pipeline. The wind-down of the home improvement lending business was not considered by the Company to be a strategic shift that has had or will have a major effect on our operations and financial results. Therefore, the previous operations of the home improvement lending business are reported as part of the Company’s Retirement Solutions segment rather than as discontinued operations.

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Key Metrics

The following table provides a summary of our Retirement Solutions segment’s key metrics (in thousands, except units):

For the year ended December 31, 2024For the year ended December 31, 2023Reverse mortgage loan origination volumeLoan origination volume(1)$1,917,298 $1,615,133 Loan origination volume - tails(2)1,022,379 1,041,470 Total loan origination volume$2,939,677 $2,656,603 Total reverse mortgage loan origination volume - units8,995 8,763 Reverse mortgage loan origination volume - by channel(1)TPO$1,159,382 $982,687 Retail757,916 632,446 Total reverse mortgage loan origination volume$1,917,298 $1,615,133 Home improvement loan origination volumeTotal loan origination volume$807 $146,696 Total loan origination volume - units36 11,606 

(1) Loan origination volumes consist of initial reverse mortgage loan borrowing amounts.

(2) Tails consist of subsequent borrower draws, mortgage insurance premiums, service fees, and other advances, which we are able to subsequently securitize.

Revenues

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

For the year ended December 31, 2024For the year ended December 31, 2023Net origination gains:TPO$147,961 $108,016 Retail81,026 58,412 Acquisition costs(49,150)(44,782)Total net origination gains179,837 121,646 Fee income26,553 33,167 Loss