Finance of America (FOA) indirect subsidiary Incenter is selling its title insurance businesses, according to an announcement made on Thursday.
Incenter has entered into an agreement with a wholly owned subsidiary of Essent Group Ltd. to sell the issued and outstanding shares of Agents National Title Holding Company (ANTIC) and the issues and outstanding membership interest of Boston National Holding LLC (BNT) — as well as the direct subsidiaries of ANTIC and BNT — for a price of $100 million, according to its filing with the U.S. Securities and Exchange Commission (SEC).
“FOA’s strategic direction and long-term growth initiatives are centered on providing an innovative suite of solutions to help Americans achieve their retirement goals through the use of their home equity,” the firm wrote in a statement.
“This transformation has included the decision to discontinue the operations of our forward mortgage originations segment and expand on this vision through our announcement to acquire the assets of AAG. Today’s transaction is part of our continued execution of this strategy which is supported by some of the industry’s most powerful macro themes.”
Finance of America shut down its forward mortgage origination unit, Finance of American Mortgage LLC, in 2022, following its decision to exit the wholesale channel and the collapse of a forward retail deal with Guaranteed Rate in early October 2022.
Credit Suisse Securities (US) LLC, acted as FOA’s financial advisor in the transaction. While all parties expect the sale to close, the transaction is still subject to regulatory approvals.