– Full Year Pre-Tax Income and Adjusted EBITDA Exceed Previously Increased Guidance –

– Funded Volume Grew 7% From Prior Quarter and 70% in 2020 –

– Investor Call Scheduled For Tuesday, March 2, 2021 At 5:00 pm Eastern Time –

IRVING, Texas--(BUSINESS WIRE)--Finance of America Companies, (“Finance of America”) which intends to merge in a business combination with Replay Acquisition Corp. (NYSE: RPLA) (“Replay Acquisition”) that will result in Finance of America becoming a publicly-listed company, reported fourth quarter and full year results for the period ended December 31, 2020. Finance of America is a diversified, vertically integrated consumer lending platform operating in three lending segments: Mortgage Originations, Reverse Originations, Commercial Originations, and two non-lending segments: Lender Services and Portfolio Management.

Fourth Quarter 2020 Highlights

• Total funded volume grew 7% to $9.77 billion, compared to $9.17 billion in the prior quarter
• Total net rate lock volume came in at $7.86 billion, compared to $9.29 billion in the prior quarter
• Total revenues were $539 million, compared to $605 million in the prior quarter
• Pre-tax net income totaled $153 million, compared to $242 million in the prior quarter
• Adjusted EBITDA* totaled $174 million, compared to $235 million in the prior quarter

Full Year 2020 Highlights

• Total funded volume increased 70% to $32.63 billion, compared to $19.16 billion in 2019
• Total net rate lock volume grew 83% to $30.16 billion, compared to $16.52 billion in 2019
• Total revenues rose 101% to $1.80 billion, compared to $894 million in 2019
• Pre-tax net income grew 541% to $500 million, compared to $78 million in 2019
• Adjusted EBITDA* increased 381% to $597 million, compared to $124 million in 2019
• Adjusted EBITDA of $597 million exceeded high-end of previously increased guidance of $565 million

*See reconciliation of Adjusted EBITDA to Net income before taxes.

“Finance of America delivered on all fronts as strong fourth quarter results drove record full-year performance beating the high-end of our upwardly revised guidance,” stated Patricia Cook, CEO of Finance of America. “Our central tenet is to engage in businesses that complement one another, with a broadly diversified platform to generate sustainable growth across economic cycles and capitalize on tailwinds as they present themselves. Persistent low interest rates facilitated record mortgage originations volumes and margins, while other segments continued to gain traction and perform well. Our Portfolio Management business invested in its first MSRs fund last quarter, and we continue to launch new products and extend Reverse and Commercial Originations footprints. Finally, as we near the milestone of becoming a public company, our team remains energized to continue to deliver market leading results while driving shareholder value.”

Fourth Quarter Financial Summary

Discussion of Fourth Quarter 2020 Results:

• Pre-tax net income totaled $153 million for the quarter and $500 million for the year 2020, compared to $15 million and $78 million in the prior year periods, respectively.

• Generated record origination volume of $9,769 million (funded volume) and $7,855 million (net lock volume), as well as continuing strong gain-on-sale margins.

• Successfully resumed Commercial Originations in June 2020 with strong market response and growth driving profitability in the fourth quarter.

• Completed two asset securitizations in Portfolio Management segment for $555 million during the fourth quarter and ten asset securitizations for $3,270 million during 2020, including non-agency reverse mortgage, rehab/construction commercial loans and HECM buyout loans.

Balance Sheet Highlights

• Cash and cash equivalents excluding restricted cash grew 97% to $233 million.

• Total assets and liabilities grew $2,981 million and $2,858 million, respectively, during 2020 primarily as a result of the growth in our mortgage loans held for sale and related interest-rate lock pipeline of $1,048 million and securitized mortgage loans held for investment of $2,334 million. Increases in these assets were partially offset by a reduction in unsecuritized loans held for investment of $683 million.

• Retained or purchased mortgage servicing rights (MSRs) grew by $178 million during 2020.

• Completed issuance of $350 million in senior unsecured notes due in 2025.

• Equity, including CRNCI (Contingently Redeemable Noncontrolling Interest), increased $123 million in 2020 primarily as a result of $498 million of net income partially offset by member distributions.

Segment Results

Mortgage Originations

The Mortgage Originations segment generates revenue through fee income from loan originations and gain on sale of mortgage loans into the secondary market.

• Produced record originations of $8,808 million (funded volume) and $7,855 million (net rate lock volume) and pre-tax net income of $129 million during the fourth quarter. Pre-tax earnings were up meaningfully compared to the prior year quarter, while the sequential decline was largely a function of lower net rate lock volume.

• Full year 2020 funded volume grew 88% and net rate lock volume increased 83% compared to the prior year.

• Pre-tax net income of $460 million for the year was up considerably compared to $20 million in 2019.

• Growth in segment profitability has been a function of the overall robust mortgage market as well as increased gain on sale margins and Company productivity.

Reverse Originations

The Reverse Originations segment generates revenue and earnings in the form of net origination gains and origination fees earned on the origination of reverse mortgage loans.

• Reverse Originations generated pre-tax net income of $33 million during the fourth quarter compared to $24 million in the prior quarter and $13 million in the prior-year period.

• With funded volume increasing 9% in 2020, pre-tax net income was up 65% compared to full year 2019 levels due to improved margins in the segment.

Commercial Originations

The Commercial Originations segment provides business purpose lending solutions for residential real estate investors. The Commercial Originations segment generates revenue and earnings in the form of net origination gains and origination fees earned on the origination of mortgage loans.