FOA closes on sale of Incenter’s title businesses

Finance of America (FOA) announced Thursday that its indirect subsidiary Incenter closed the sale of its title insurance businesses. The company previously announced that it would be selling its title insurance businesses in early February.

“The completion of this transaction marks another important step in the execution of Finance of America’s long-term growth strategy designed to help Americans achieve their retirement goals through the use of home equity,” Graham Fleming, the CEO of FOA, said in a statement.

Incenter sold its 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 to a wholly owned subsidiary of Essent Group Ltd., for $100 million, according to a filing with the U.S. Securities and Exchange Commission (SEC).

Finance of America shut down its forward mortgage origination unit, Finance of America 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.