Waterfall Asset Management Expands Partnership with Onity Through Transfer of Reverse Mortgage Assets

NEW YORK, Aug. 13, 2024 /PRNewswire/ -- Waterfall Asset Management, LLC ("Waterfall" or the "Firm"), a global alternative investment adviser with a focus on specialized asset oriented markets, announced today that it has entered into a letter of intent with Onity Group Inc. (NYSE: ONIT)("Onity"), a leading non-bank mortgage servicer and originator that Waterfall has long partnered with on reverse mortgage servicing, under which Onity will acquire reverse mortgage assets from Mortgage Assets Management, LLC ("MAM"), a subsidiary of investment funds managed by Waterfall.

"This transaction is an exciting development for Waterfall, showcasing our commitment to growing our reverse mortgage initiatives through partnerships with top firms like Onity," said Leo Wong, Partner at Waterfall. "This strategic partnership combines our capital and expertise with Onity's operational capabilities, enabling us to seek exceptional investment opportunities. We look forward to expanding this collaboration to leverage our complementary strengths."

"We are excited about today's announcement and what it means for our ability to continue growing our Home Equity Conversion Mortgage activities," said Wong. "We see HECMs as a valuable tool for homeowners in today's environment, many of whom have accumulated substantial equity but also benefit from low mortgage rates so want to access that equity without selling their home, and are pleased to be able to support the growth of this dynamic sector of real estate finance."

The assets expected to be transferred are already subserviced by PHH Mortgage Corporation, which is a subsidiary of Onity, and include Home Equity Conversion Mortgages ("HECM") together with Home Equity Conversion Mortgage-Backed Security related borrowings and certain related reverse mortgage assets.

About Waterfall Asset Management
Waterfall Asset Management is a global alternative investment manager focused on specialty finance opportunities within asset-backed credit, whole loans, real assets, and related strategies. Founded in 2005, the firm utilizes a relative value approach for sourcing and investing in the private and public markets, across 60+ sectors of the asset-based finance arena. Through this multi-sector specialization, Waterfall seeks to provide its clients a compelling risk/return profile which is generally uncorrelated to most traditional investment opportunities. Waterfall is also the external manager to Ready Capital Corporation (NYSE: RC), a multi-strategy real estate finance company and small business lender. Waterfall is headquartered in New York City, with additional offices in London and Dublin. As of January 1, 2024, Waterfall manages approximately $12.6 billion in assets under management. To learn more, please visit www.waterfallam.com.

Media Contact
Prosek Partners
Josh Clarkson / Devin Shorey
[email protected] 

SOURCE Waterfall Asset Management