Industry Watch: Finance of America acquires AAG, Carrington adds second-lien program and more

Windermere Real Estate launched Windermere Offers, powered by real estate brokerage tech innovator Zavvie. Using Windermere Offers, agents can now help sellers compare and choose between an instant sale, an ibuyer, a buy-before-you-sell modern bridge solution or listing their home on the open market. Agents also can help buyers compare cash offers, mortgage options or Homeownership Accelerator (rent-to-own) programs. For homeowners working with participating agents, Windermere Offers is available in Arizona, California, Colorado, Idaho, Montana, Nevada, Oregon, Utah and Washington.

Finance of America (FOA) announced that it will acquire the assets of reverse mortgage lender American Advisors Group (AAG) in exchange for a combination of cash and equity. Upon the deal’s completion, FOA’s subsidiary, Finance of America Reverse LLC, will operate a separate direct-to-consumer retail channel under the AAG brand. (Notably, the brand will retain the use of celebrity spokesperson Tom Selleck.) The transaction is expected to close in the first half of 2023, subject to customary closing conditions and regulatory approvals.

Carrington Mortgage Services (CMS) introduced a second-lien loan program, providing a source of liquidity to existing CMS servicing clients who have seen the value of their homes increase in a market where cash-out refinances aren’t an ideal option. Loan officers are reaching out to eligible Carrington homeowners to let them know of the program’s availability, and the company also is sending direct marketing to these borrowers. If interested, potential second-lien borrowers can call CMS or submit an application online. The product is available in all states where CMS operates, with the exceptions of Texas, Maryland and North Dakota.

Calyx announced the launch of Path TPO, a new cloud-based third-party origination capability for Path Software. Integrated with the Path suite, Path TPO can be used by brokers to prequalify loans in less than 10 minutes, as well as upload documents, acquire credit reports, keep an eye on loan statuses and more.

Pylon, a provider of mortgage infrastructure software, announced that it has raised $8.5 million in seed funding, led by Conversion Capital with participation from Fifth Wall, Peter Thiel, QED Investors, Montage Ventures and Village Global, alongside angel investors from Ramp, Blend, Zillow, SoFi and Figure. The round will accelerate Pylon’s product development and recruitment efforts.


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