Announcement: Update Regarding PHH’s Liberty Reverse Mortgage Business

Today, we’re sharing an update regarding the future of our reverse mortgage originations and servicing businesses (operating under Liberty Reverse Mortgage). PHH Mortgage has entered into agreements with Finance of America Reverse (FAR) to sell certain reverse mortgage originations assets and our reverse mortgage servicing portfolio.

If you are a reverse mortgage originator, here’s what you need to know:

• Timeline: The transaction is expected to close in the first quarter of 2026, pending regulatory approval and customary closing conditions.
• Transition: In connection with this transaction closing, we expect to wind down our third-party originations business.
• Business Continuity: We will continue to accept new reverse mortgage locks until the transaction closes. As we get closer to a specific closing date, we will provide additional details on dates and funding timeline expectations. 
• Servicing Commitment: PHH will sell reverse mortgage servicing rights (about 40,000 HECM loans as of September 30, 2025) and will become the subservicer for this portfolio.

Please be assured that we will continue to operate business as usual and honor all of our commitments during this period of time. We remain committed to meeting your mortgage needs.

Thank you for your continued trust in PHH Mortgage.