By Kathryn Hardison
Shares of Finance of America Cos. Inc. fell 1.2% to $1.66 during after-hours trading on Friday after the company said it plans to discontinue operations of its forward mortgage originations segment by the end of the year.
The specialty finance solutions platform said it will wind down those operations across both retail and wholesale channels, which interim Chief Executive Graham Fleming said will allow the company to focus on businesses with greater growth potential.
Finance of America said it plans to refocus on its specialty finance and services business.
Mr. Fleming said the company is providing support and resources to “assist our departing employees,” but didn’t say how many people would be affected.
Write to Kathryn Hardison at kathryn.hardison@wsj.com
