Short answer
ONITY GROUP INC. (ONIT) filed an 8-K current report with the SEC on July 1, 2026 reporting Item 8.01 (Other Events), Item EX-99.1 (Exhibit EX-99.1). Onity sold reverse mortgage servicing rights covering approximately 20,000 Ginnie Mae HECM loans.
ONITY GROUP INC. 8-K event analysis
AI summary of each reported item and its exhibits
Item 8.01 · Other Events
- Onity sold reverse mortgage servicing rights covering approximately 20,000 Ginnie Mae HECM loans
- Portfolio unpaid principal balance totaled $5.2 billion as of May 31, 2026
- Transaction included reverse mortgage origination pipeline and a three-year subservicing arrangement
- Sale reduces Onity’s reverse mortgage servicing exposure while preserving servicing-related activity through the subservicing agreement
Item EX-99.1 · Exhibit EX-99.1
- Closed sale of approximately 20,000 reverse mortgage MSRs totaling $5.2B unpaid principal balance to Finance of America Reverse
- Expected net proceeds of $70–$80M for growth investment, debt reduction and other corporate purposes
- Three-year subservicing agreement preserves servicing revenue while transferring reverse mortgage asset ownership
- Ceased reverse mortgage originations, simplifying operations but reducing future origination exposure
- FAR acquired Onity’s reverse mortgage pipeline; Onity will continue reverse mortgage buyout securitizations
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