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
pro-waterfallpr@prosek.com
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SOURCE Waterfall Asset Management