Finance of America (FOA) Reports Q1 Revenues of $499M

Finance of America (NYSE: FOA) reported Q1 revenue for the quarter came in at $499 million, versus $188 million reported last year.

First Quarter 2021 Highlights

• Total funded volume of $9.5 billion grew 78% compared to $5.3 billion in the first quarter of 2020 and was down 3% compared to the prior quarter
• Total net rate lock volume came in at $8.4 billion, up 35% compared to $6.2 billion in the first quarter of 2020, and up 7% compared to $7.9 billion in the prior quarter
• Total revenues were $499 million, more than double compared to $188 million in the first quarter of 2020, and a 7% decrease compared to $539 million in the prior quarter
• Pre-tax net income totaled $125 million, compared to a loss of $42 million in the first quarter of 2020, and a decrease of 18% compared to $153 million in the prior quarter
• Adjusted EBITDA* totaled $154 million, an increase of 340% compared to $35 million in the first quarter of 2020, and a decrease of 11% compared to $174 million in the prior quarter

*See reconciliation of Adjusted EBITDA to Net income before taxes.

“Finance of America continued to deliver strong results across key performance metrics in the first quarter, further reinforcing the strength of our diversified and differentiated platform,” stated Patricia Cook, Chief Executive Officer. “Since inception, we built our business model to withstand uncertain and volatile market conditions. In addition, Finance of America is structured to thrive and quickly pivot to capitalize on market opportunities as these arise. To this point, our Reverse Originations business delivered near record volumes and strong growth during the quarter despite the rise in interest rates. In addition, we closed on the acquisition of Renovate America and launched our EquityAvail product to further bolster our home improvement financing and reverse mortgage capabilities.

“On April 5, 2021, FOA officially started trading on the New York Stock Exchange, and I would like to express my gratitude to the entire Finance of America team and all of our clients who made this accomplishment possible. As we turn the page and enter our first chapter as a publicly listed company, we remain committed to driving long-term value for all of our stakeholders.”

For earnings history and earnings-related data on Finance of America (FOA) click here.

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