Onity Group (ONIT) Registration Filing summary

Company overview and business model

• Operates as a financial services company focused on servicing and originating forward and reverse mortgage loans through subsidiaries, primarily PHH Mortgage Corporation under PHH Mortgage and Liberty Reverse Mortgage brands.

• Headquartered in West Palm Beach, Florida, with operations in the U.S., U.S. Virgin Islands, India, and the Philippines, employing about 4,300 people as of December 31, 2024.

• Services mortgage portfolios for its own account and on behalf of third parties, including major investors and government agencies such as Fannie Mae, Freddie Mac, and Ginnie Mae.

• Sources servicing portfolio through retail, wholesale, correspondent, flow MSR purchase agreements, and bulk MSR purchases; originates, sells, and securitizes both conventional and government-insured loans.

Financial performance and metrics

• Acquired assets from Mortgage Assets Management, LLC with an estimated book value of $55.1 million, including HECM reverse mortgage loans and servicing rights with a projected UPB of $3.0 billion and $20 million in cash.

• As of March 31, 2025, serviced a portfolio of reverse mortgage assets with a total UPB of approximately $5.2 billion on behalf of Waterfall.

Use of proceeds and capital allocation

• Will not receive any proceeds from the resale of Series B Preferred Stock by selling stockholders; proceeds go directly to selling stockholders.

• Fees and expenses related to registration are shared between the company and selling stockholders as per the Registration Rights Agreement.