Who Owns Finance Of America?
Who Owns Finance of America?
Introduction
Finance of America is one of the largest mortgage lenders in the United States. Founded in 2003, the company has been providing quality mortgage services to homeowners and homebuyers alike for over 18 years. For most of its existence, Finance of America has been owned by large financial institutions, but in recent years, the ownership of the company has changed hands.
History of Ownership
Finance of America was initially owned by Lehman Brothers. In 2008, Lehman Brothers filed for bankruptcy, and the company was taken over by a consortium of banks led by Bank of America. The company then changed hands several times, with ownership changing hands from Bank of America to CitiGroup, and then to Ocwen Financial Corporation. In 2018, Finance of America was acquired by Stone Point Capital and TPG Capital for $1.2 billion.
Current Ownership
Finance of America is currently owned by a joint venture between Stone Point Capital and TPG Capital. Stone Point Capital is a private equity firm located in Connecticut that specializes in investments in the financial services sector. TPG Capital is a private equity firm located in Texas that has invested in a wide range of industries, including financial services, retail, technology, and healthcare.
Impact of Ownership Change
The change in ownership has had a positive effect on Finance of America. The company has been able to grow significantly since the change in ownership, expanding into new markets and offering more services to their customers. The company has also become more financially stable, allowing them to offer more competitive rates and better products to their customers.
Conclusion
Finance of America is currently owned by a joint venture between Stone Point Capital and TPG Capital. The change in ownership has had a positive effect on the company, allowing them to grow and offer more competitive rates and better products to their customers. If you are looking for a mortgage lender, Finance of America is a great choice.
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