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Jun 30, 2024
Onity Q2 2024 Earnings Report
Reported net income and progress on strategic initiatives.
Key Takeaways
Onity Group reported a GAAP net income of $11 million for the second quarter of 2024. The company is also acquiring reverse mortgage assets of Mortgage Assets Management.
GAAP net income of $11 million for the second quarter.
Adjusted pre-tax income of $32 million for the second quarter.
Entered into a letter of intent with Waterfall Asset Management, LLC to acquire reverse mortgage assets of Mortgage Assets Management, LLC.
The transaction would include a reverse mortgage servicing portfolio with a projected unpaid principal balance of approximately $3 billion.
Forward Guidance
The company expects the transaction with Waterfall to be accretive to earnings and cash flows immediately upon closing, while strengthening their position in reverse servicing as a hedge to forward MSRs, providing incremental asset management opportunities, and improving their capital structure.
Historical Earnings Impact
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Avg. Return Before/After Earnings
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