On the back of stronger estimated financial earnings, Группа Онити — головная компания PHH Mortgage Corp. и Свобода обратная ипотека — raised $200 million through a debt offering to qualified investors on Monday, exceeding its initial target of $150 million.
The offering came amid the release of preliminary fourth-quarter 2025 financial results, with Онити estimating net income attributable to common stockholders of $107 million to $131 million — up from $18 million in the prior quarter. For full-year 2025, the company expects net income in the range of $166 million to $190 million.
The annual outlook reflects the release of a deferred tax valuation allowance of $102 million to $122 million. That’s partially offset by a $13 million to $15 million loss in its servicing segment tied to the закрытие федерального правительства and changes to the Федеральное жилищное управление's loan modification program, the company reported.
On the originations side, Onity estimated total funded loan volume of $14 billion in the fourth quarter and $43 billion for the full year. Consumer direct volume — which the company uses as a proxy for refinance recapture — totaled $800 million for the quarter and $1.9 billion for the year.
Its servicing portfolio averaged $323 billion in unpaid principal balance during the quarter. In November, Onity announced the sale of $9.6 billion in mortgage servicing rights (MSRs) to Финансы Америки, a transaction that will result in PHH and Liberty exiting the reverse mortgage originations business. The deal is expected to close in the first quarter of 2026.
Net proceeds from the debt offering will be used for general corporate purposes, including repayment of MSR-related indebtedness, the company said. PHH Mortgage Corp. and PHH Asset Services will guarantee the notes, with closing expected on Jan. 30, subject to customary conditions.
PHH Corp. и PHH Escrow Issuer LLC are offering senior notes due in 2029 at a price of 103.25% of principal, resulting in an effective yield of 8.515%. The notes will form a single series with $500 million in aggregate principal amount issued in November.
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