Finance of America Funded Volume Rises 24%
The mortgage lender's third-quarter volume growth came alongside negative total revenue and a net loss.
Updated on Nov. 4, 2026 in Corporate Finance
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Finance of America reported third-quarter funded volume of $748 million, up 24% year over year and 2% from the second quarter. The company posted negative $58 million in total revenue and a net loss of $110 million for the quarter.
Why it matters
The volume gains reflect steady demand for retirement-related mortgage products, while the negative revenue and net loss point to pressure in the company's retirement solutions segment. Rising benchmark rates during the quarter weighed on segment margins, a factor relevant to reverse mortgage lenders across the United States.
Finance of America's third-quarter funded volume reached $748 million, up 24% year over year, while total revenue was negative $58 million and net income was -$110 million. Adjusted net income of $6 million, or $0.28 per share, fell below the S&P Capital IQ Pro consensus estimate of $1.26, and the reasons behind the gap between adjusted and reported results were not detailed.
The players
Finance of America
Finance of America is a U.S. mortgage lender that specializes in reverse mortgage and retirement-focused lending products.
Fleming
Fleming is an executive who assumed a CEO role at Finance of America in 2023.
Sieffert
Sieffert is an executive who assumed a President role at Finance of America in 2023.
Mortgage Bankers Association
The Mortgage Bankers Association is a national trade group representing the mortgage lending and real estate finance industry in the United States.
The details
Growth was driven by retirement-related demand rather than refinancing incentives, with the company attributing its negative revenue to lower margins in its retirement solutions segment. Fleming and Sieffert assumed the CEO and President roles in 2023, and the company has expanded volumes by an average of 20% each year since then.
Timeline
2023: Fleming and Sieffert assumed the CEO and President roles.
Second quarter of 2026: Net income was -$29 million.
Third quarter of 2026: Funded volume rose 24% year over year and total revenue was negative $58 million.
Next year (2027): Finance of America plans to expand its product suite further.
Market Dynamics
The Mortgage Bankers Association has forecast the forward mortgage market to shrink 5%, which makes Finance of America's 24% year-over-year funded volume growth stand out against a contracting broader market. The gains come as rising benchmark rates pressure margins across the reverse mortgage sector.
Investors weighing exposure to reverse mortgage lenders should note that adjusted earnings of $0.28 per share missed the $1.26 consensus estimate, while reported net income was negative. The gap between adjusted and reported results is a factor to review in the company's filings before drawing conclusions about portfolio allocation.
The takeaway
Growth in funded volume does not guarantee profitability when margins compress, so the gap between volume and revenue is the figure to track in future quarters. Readers following retirement lending should watch whether the company's product launches offset the segment's margin pressure.
What happens next
The line of credit version of HomeSafe Second is expected to launch soon, and Finance of America plans to expand its product suite next year.
Further reading
For more on how company results like these fit into the broader sector, see Corporate Finance coverage.
Source note: This article includes information reported by National Mortgage News.
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