The number of eliminated positions was not disclosed, but cuts were spread across departments, the company confirmed. 

"Finance of America continually evaluates all aspects of our business to improve operating performance and execute against our strategic plan for long-term growth," Finance of America Cos. President Kristen Sieffert said in a statement sent to National Mortgage News. 

"Accordingly, we are refining our expenses and eliminating some roles in our retail and corporate divisions as our business simplifies." 

Once active across multiple origination channels, the company exited forward-mortgage lending completely in 2022 and shed various units as businesses across the industry dealt with significantly reduced volumes. In the aftermath of that decision, Finance of America conducted multiple rounds of layoffs in 2022 and 2023, turning its focus exclusively to home equity-related products in the reverse market. 

At the end of 2023, the company employed 922 individuals in the U.S., according to its annual report filed with the Securities and Exchange Commission. The number reflected a reduction of 53% from a headcount of 1,943 at the end of 2022. 

"Our core focus is on creating a modern retirement that centers on home equity, and we will continue to make decisions that strengthen our platform and our ability to deliver for our customers, teammates and investors," Sieffert noted. 

In the first quarter, Finance of America reported employee salaries, benefits and related costs amounted to approximately $39 million in expenses. Meanwhile, the company's unrestricted cash balance at the end of March was $48 million. In its earnings call, officials also stated it was looking at options to address high-yield debt maturing in the fourth quarter of 2025. 

The layoffs come after Finance of America successfully finished integrating the assets of fellow reverse mortgage lender American Advisors Group, which it acquired in late 2022, to its own operations earlier this year. Following consolidation, company leadership said that they would retire the AAG brand and develop a new unified marketing strategy to reach the older reverse-mortgage homeowner client base, who saw property values boom this decade. 

Finance of America recently set a goal year of eventually originating $300 million worth of reverse mortgages per month. Tappable home equity in the U.S. hit a record high of $11 trillion this year, according to a recent report from ICE Mortgage Technology. 

In recent months, the Plano, Texas-based company has also faced scrutiny and warnings of potential delisting from the New York Stock Exchange due to low equity value. As specified by the NYSE, the average closing stock price for listed companies must stay above $1.00 over 30 consecutive days.

At the time of the first warning issued to Finance of America on Dec. 12, its stock closed trading at 86 cents. Approximately two months later, the company received a second warning, with its value at 98 cents. Following each notice, the company said it would notify the NYSE of actions it planned to take to gain compliance within a six-month cure window.

At the close of trading on Tuesday, shares of Finance of America sat at 60 cents, finishing above the $1.00 threshold on only 10 days so far this year.