Finance of America Mortgage will shut down by the end of the year, following news of layoffs and its decision to exit the wholesale market.
According to Housing Wire, the company’s board of directors indicated plans to discontinue the operations per the firm’s 8-K filings.
“The discontinuation of the forward mortgage originations segment will allow Finance of America Companies to optimize its resources and prioritize businesses that have a distinct market opportunity and greater growth potential,” Graham Fleming, interim chief executive officer at Finance of America, said in a statement.
Finance of America reportedly plans to fund loans relating to its mortgage originations segment in the first half of 2023.