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Onity Targets $150m Debt Raise Via Phh Subsidiaries

Onity Group — the parent company of PHH Mortgage Corp. and its subsidiary, Liberty Reverse Mortgage — plans to raise $150 million through a debt offering to qualified investors via two of its subsidiaries, the company announced Monday.

PHH Corp. and PHH Escrow Issuer LLC are offering senior notes due in 2029 at an interest rate of 9.875%. The notes will form a single series of debt securities with $500 million in aggregate principal amount of notes originally issued in early November, carrying the same rate and maturity.

PHH Mortgage Corp. (PMC) and PHH Asset Services (PAS) will guarantee the notes. The closing is subject to market and other customary conditions.

“The net proceeds from the offering will be used for general corporate purposes, including the repayment of certain indebtedness of PMC and PAS,” the company said in a news release.

Onity has recently made several strategic moves, including the sale in November of $9.6 billion in mortgage servicing rights (MSRs) to Finance of America. As a result of the transaction, PHH and Liberty will no longer originate reverse mortgages. The deal is expected to close in the first quarter of 2026.

Several mortgage lenders — including United Wholesale Mortgage, CrossCountry Mortgage, Rithm Capital and Rocket Mortgage — have issued debt over the past two years, leveraging refinancing opportunities and extending maturities.

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Onity Targets $150m Debt Raise Via Phh Subsidiaries

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