“Beginning in late 2022 and taking place over the last 18 months, we worked to transform our operation to align with our refocused strategy centered on retirement, the 55-plus demographic, and home equity,” president Kristen Siefert said in FOA’s earnings call. “With most of the work completed, we’ve turned our attention to strategic initiatives to optimize our platform and pave the way for future growth.”
Sieffert also noted that the company had seen strong demand for its proprietary products, with a 168% increase in submission volume quarter-over-quarter and a 30% reduction in average term time. FOA plans to launch specific marketing campaigns for its HomeSafe Second product by the end of the third quarter.
CFO Matt Engel confirmed that July production is on track to meet third-quarter guidance. Engel also mentioned that new lender partnerships have helped reduce cash burn.
FOA expects third-quarter loan volumes to range between $475 million and $500 million. The company plans to continue investing in digital technologies to enhance customer experience and market penetration.
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Source: mpamag.com