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MortgagePoint » Your Trusted Source for Mortgage Banking and Servicing News 30 August 2024 I N D U S T R Y U P D A T E ter in our history of strategic acquisitions to build a leading mortgage banking franchise—a core strategy of Rithm's growth as we scale and diversify as an alternative asset manager," said Michael Nierenberg, Chairman, CEO and Presi- dent of Rithm Capital. "SLS will further expand our robust subservicing business and brings with it a great reputation in the market—the team and Newrez share a commitment to delivering a best-in-class experience to both clients and homeowners," said Baron Silverstein, President of Newrez. "The power of the combined platform will strengthen Newrez's positioning in the market." FINANCE OF AMERICA UNIFIES FAR, AAG UNDER SINGLE BRAND F inance of America Reverse LLC (Finance of America or the Com- pany), a provider of home equi- ty-based financing solutions for modern retirement, has announced plans to consolidate its American Advisors Group (AAG) and Finance of America Reverse (FAR) brands under the single brand name, Finance of America. The change is generally expected to take effect in Q3 2024 and will remain subject to regulato- ry considerations in certain jurisdictions. Kristen Sieffert, President of Finance of America, said, "This is another key moment in our evolution and the result of ongoing collaboration among our teams to optimize our operational platform. We see this as the precursor to our plan to break the reverse mortgage adoption barrier and make home equity a core component of a modern retirement." Chris Moschner, Chief Marketing Officer of Finance of America, said, "Fo- cusing our resources on a single Finance of America brand increases our market- ing efficacy and enables us to create a recognizable and powerful brand in the market. We are preparing for an exciting path forward over the months and years ahead, and this is a necessary first step on that journey." The announcement is the first phase of a longer-term brand strategy that will culminate with an official launch of the new brand platform and messaging slated to go live in early 2025. PRETIUM COMPLETES ACQUISITION OF BH MANAGEMENT SERVICES P retium, an investment firm with over $50 billion in assets under management, has announced that it has completed its acquisition of BH Management Services (BH), one of the nation's biggest property manage- ment platforms in multifamily, student, and single-family housing. The addition of BH to Pretium creates one of the most robust residential eco- systems in the United States, with more than 7,200 employees, over 210,000 homes managed, and approximately 700,000 res- idents and homeowners served annually. Pretium's portfolio now includes invest- ments spanning single-family, multifamily, student, affordable, and build-to-rent housing communities. "The addition of BH enhances Pre- tium's residential ecosystem, enabling us to deploy capital across all major residen- tial asset classes in both debt and equity," said Jonathan Pruzan, President of Pretium. "This transaction creates addi- tional opportunities for our investors and will drive more investment in residential real estate, contributing to a healthier housing economy and increased housing options for families across the country." "Combining BH's multifamily port- folio with Pretium's residential platform will help us execute on our shared vision to build better communities," said Joanna Zabriskie, CEO of BH. "As an operating company of Pretium, the BH team is positioned to sustain and grow our leadership in multifamily and deliver on our important mission of creating spaces where people live and thrive." As a Pretium operating company, BH will continue to be led by CEO Joanna Zabriskie and the current management team, with its headquarters remaining in Des Moines, Iowa.