Exceeding Funded Volume Guidance
Finance of America delivered $561 million in funded volume during the first quarter, surpassing the guidance range of $525 million to $550 million and marking a 32% improvement over the first quarter of 2024.
GAAP Net Income Turnaround
Generated $80 million in GAAP net income or $3.17 basic earnings per share, compared to a GAAP net loss of $16 million or $0.58 per basic share in the first quarter of 2024.
Operational Improvements
Doubled the percentage of retail loans funded within the first 30 days from submission, increased initial 30-day sales conversion rates by 40%, and reduced cost per opportunity by 12% quarter-over-quarter.
Adjusted Net Income Improvement
Adjusted net income improved by $20 million year-over-year, reaching $13 million or $0.52 per share, up from an adjusted net loss of $7 million in the first quarter of 2024.
Cost Management Success
General and administrative expenses declined by $4.3 million, a 25% year-over-year reduction, and a 35% decrease in communication and data processing expenses.