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© 2025 Onity Group Inc. All rights reserved. Second Quarter 2025 Business Update August 5, 2025
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© 2025 Onity Group Inc. All rights reserved. 2 Disclaimer FORWARD-LOOKING STATEMENTS This presentation contains forward-looking statements within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended. These forward-looking statements may be identified by a reference to a future period or by the use of forward-looking terminology. Forward- looking statements are typically identified by words such as “expect”, “believe”, “foresee”, “anticipate”, “intend”, “estimate”, “goal”, “strategy”, “plan”, “target” and “project” or conditional verbs such as “will”, “may”, “should”, “could” or “would” or the negative of these terms, although not all forward-looking statements contain these words, and includes statements in this presentation regarding our expectation of releasing some or all of our deferred tax valuation allowance by year-end 2025, our ability to drive growth, and navigate interest volatility and economic uncertainties. Forward-looking statements by their nature address matters that are, to different degrees, uncertain. Readers should bear these factors in mind when considering such statements and should not place undue reliance on such statements. Forward-looking statements involve a number of assumptions, risks and uncertainties that could cause actual results to differ materially. In the past, actual results have differed from those suggested by forward looking statements and this may happen again. Important factors that could cause actual results to differ materially from those suggested by the forward-looking statements include, but are not limited to, the potential for ongoing disruption in the financial markets and in commercial activity generally as a result of U.S. and global political events, changes in monetary and fiscal policy, and other sources of instability; the impacts of inflation, employment disruption, and other financial difficulties facing our borrowers; whether we will release some or all of the valuation allowance offsetting our net U.S. deferred tax asset, and the timing and amount of such release; the adequacy of our financial resources, including our sources of liquidity and ability to sell, fund and recover servicing advances, forward and reverse whole loans, future draws on existing reverse loans, and HECM and forward loan buyouts and put backs, as well as repay, renew and extend borrowings, borrow additional amounts as and when required, meet our MSR or other asset investment objectives and comply with our debt agreements, including the financial and other covenants contained in them; our ability to interpret correctly and comply with current or future liquidity, net worth and other financial and other requirements of regulators, the Federal National Mortgage Association (Fannie Mae), and Federal Home Loan Mortgage Corporation (Freddie Mac) (together, the GSEs), and the Government National Mortgage Association (Ginnie Mae); the impact of cost-reduction initiatives on our business and operations; the impact of our rebranding initiative; the amount of senior debt or common stock that we may repurchase under any repurchase programs, the timing of such repurchases, and the long-term impact, if any, of repurchases on the trading price of our securities or our financial condition; breach or failure of Onity’s, our contractual counterparties’, or our vendors’ information technology or other security systems or privacy protections, including any failure to protect customers’ data, resulting in disruption to our operations, loss of income, reputational damage, costly litigation and regulatory penalties; our reliance on our technology vendors to adequately maintain and support our systems, including our servicing systems, loan originations and financial reporting systems, and uncertainty relating to our ability to transition to alternative vendors, if necessary, without incurring significant cost or disruption to our operations; the future of our long-term relationship with Rithm Capital Corp. (Rithm); the extent to which MSR Asset Vehicle LLC (MAV) will exercise its rights to sell MSRs subserviced by PHH and the impact to our subservicing portfolio; our ability to close acquisitions of MSRs and other transactions, including the ability to obtain regulatory approvals; our ability to grow our reverse servicing business; our ability to retain clients and employees of acquired businesses, and the extent to which acquisitions and our other strategic initiatives will contribute to achieving our growth objectives; increased servicing costs based on increased borrower delinquency levels or other factors; uncertainty related to past, present or future claims, litigation, cease and desist orders and investigations regarding our servicing, foreclosure, modification, origination and other practices brought by government agencies and private parties, including state regulators, the Consumer Financial Protection Bureau (CFPB), State Attorneys General, the Securities and Exchange Commission (SEC), the Department of Justice or the Department of Housing and Urban Development (HUD); the reactions of key counterparties, including lenders, the GSEs and Ginnie Mae, to our regulatory engagements and litigation matters; increased regulatory scrutiny and media attention; any adverse developments in existing legal proceedings or the initiation of new legal proceedings; our ability to effectively manage our regulatory and contractual compliance obligations; our ability to comply with our servicing agreements, including our ability to comply with the requirements of the GSEs and Ginnie Mae and maintain our seller/servicer and other statuses with them; our ability to fund future draws on existing loans in our reverse mortgage portfolio; our servicer and credit ratings as well as other actions from various rating agencies, including any future downgrades; as well as other risks and uncertainties detailed in our reports and filings with the SEC, including our annual report on Form 10-K for the year ended December 31, 2024. Anyone wishing to understand Onity’s business should review our SEC filings. Our forward-looking statements speak only as of the date they are made and, we disclaim any obligation to update or revise forward-looking statements whether as a result of new information, future events or otherwise. NON-GAAP FINANCIAL MEASURES This presentation contains references to adjusted pre-tax income (loss) and adjusted pre-tax return on equity, both non-GAAP financial measures. We believe these non-GAAP financial measures provide a useful supplement to discussions and analysis of our financial condition, because they are measures that management uses to assess the financial performance of our operations and allocate resources. In addition, management believes that this presentation may assist investors with understanding and evaluating our initiatives to drive improved financial performance. Management believes, specifically, that the removal of fair value changes of our net MSR exposure due to changes in market interest rates and assumptions provides a useful, supplemental financial measure as it enables an assessment of our ability to generate earnings regardless of market conditions and the trends in our underlying businesses by removing the impact of fair value changes due to market interest rates and assumptions, which can vary significantly between periods. However, these measures should not be analyzed in isolation or as a substitute to analysis of our GAAP pre-tax income (loss) or GAAP pre-tax return on equity, nor a substitute for cash flows from operations. There are certain limitations to the analytical usefulness of the adjustments we make to GAAP pre-tax income (loss) and GAAP pre-tax return on equity and, accordingly, we use these adjustments only for purposes of supplemental analysis. Non-GAAP financial measures should be viewed in addition to, and not as an alternative for, Onity’s reported results under accounting principles generally accepted in the United States. Other companies may use non-GAAP financial measures with the same or similar titles that are calculated differently to our non-GAAP financial measures. As a result, comparability may be limited. Readers are cautioned not to place undue reliance on analysis of the adjustments we make to GAAP pre-tax income (loss) and GAAP pre-tax return on equity. The Company has not provided reconciliations of guidance for Adjusted ROE, in reliance on the unreasonable efforts exception provided under Item 10(e)(1)(i)(B) of Regulation S-K. The Company is unable, without unreasonable efforts, to forecast certain items required to develop meaningful comparable GAAP financial measures. These items include the change in fair value of our net MSR exposure due to changes in market interest rates and assumptions which can vary significantly between periods and are difficult to predict in advance in order to include in a GAAP estimate. See slide titled “Note Regarding Non-GAAP Financial Measures” for additional information.
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© 2025 Onity Group Inc. All rights reserved. Sustained, robust net income is driving book value growth, demonstrating our sound strategy and high-caliber execution Balanced business is consistently delivering sustainable results across Servicing and Originations, even amid market volatility Reaffirming annual Adjusted ROE guidance(a) of 16-18%, underscoring our commitment to strong shareholder returns 3 Delivered strong second quarter results NYSE: ONIT
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© 2025 Onity Group Inc. All rights reserved. Steady financial performance amid market uncertainty and volatility 4 *attributable to common stockholders Q4’24 $20M GAAP Net Income* 11th quarter of positive Adj PTI$16M Adjusted PTI(a) 17% ROE Strong Operating Performance Second Quarter 2025 vs Q2’24 FY’24 14% Adjusted ROE(a) $307B Servicing Avg UPB +$2B YoY $9.4BOriginations Delivering Profitable Growth maintaining 16-18% guidance(b) Second Quarter 2025 vs Q2’24 $2.40 Diluted EPS +35% YoY $60 Book Value Per Share +$2.94 YoY
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© 2025 Onity Group Inc. All rights reserved. 5 Demonstrated resiliency has enabled us to successfully navigate elevated interest rates and economic uncertainty Maintaining agility to capitalize on all opportunities to create value for shareholders Prior Expectations What Occurred in Q2 Outlook Market volatility Continued interest rate and market volatility will drive higher hedge costs Market volatility impaired gain on sale results Continued volatility and uncertain interest rate environment Industry volume Originations industry volume(a) forecasted up 17% FY’25 vs FY’24 Strong originations despite higher rate environment Originations industry volume(c) forecasted up 14% FY’25 vs FY’24 Refinance activity Unpredictable surges of refinancing activity Solid refinance activity, MBA refi application index up 43% YoY(b) Expect will follow interest rate environment Industry M&A Increased industry M&A following RKT/COOP acquisition announcement Additional M&A including Guild Mortgage Potential for continued consolidation Recession probability Increased probability of recession Improved outlook of stronger economy Unclear outlook for the economy and Fed actions
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© 2025 Onity Group Inc. All rights reserved. 4 31 22 9 27 40 Q2'21 Q2'25 Originations Servicing 6 Balanced business designed to perform well in high and low interest rates 3.0% 6.8% 1.6% 4.4% Avg Rates(b) 30-year Fixed Rate Mortgage 10-year Treasury Yield ($M) Originations and Servicing complement each other Adjusted Pre-tax Income(a) 2021 reflects the last year before sharp rise in interest rates Impact of market scenarios on profitability Rates Down Rates Up Originations Forward Owned Servicing Reverse Owned Servicing Subservicing Scenarios based on change in mortgage rates going forward and financial expectations from end of Q2’25; assumes parallel rate shifts
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© 2025 Onity Group Inc. All rights reserved. 7 Achieved UPB growth QoQ and YoY, further reinforcing our growth trajectory Servicing UPB rose steadily driven by growth in MSR 132 147 153 Q2'24 Q1'25 Q2'25 ($B) Total Servicing Avg UPB $305B $307B$305B Owned Servicing Avg UPB Growth in MSR offsets client portfolio changes and opportunistic asset management Servicing Ending UPB 304 (6) (10) (15) 36 310 Q2'24 RITM Transfer MAV Sales MSR Sales Net Servicing Additions Q2'25 Opportunistic asset management ($B)
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© 2025 Onity Group Inc. All rights reserved. 8 Originations driving consistent profitable growth MSR originations up 35% YoY, exceeding industry growth of 23%(a) 7.0 7.0 9.4 Q2'24 Q1'25 Q2'25 ($B) • Originations drives MSR and subservicing replenishment and growth through all market cycles consistent with our return objectives • Clients benefit from our wide-range of products, delivery methods, and competitive pricing due to a cost-effective and highly scalable platform • New products boosting profitability and expanding range of opportunities for our borrowers • Continuous and disciplined technology investments enhance customer experience and competitiveness • Consumer Direct focuses on customer retention and MSR recapture, improving returns for subservicing clients Multi-channel strategy in Originations with a focus on B2B and customer retention
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© 2025 Onity Group Inc. All rights reserved. 9 Achieved top-tier recapture performance 158 384 Q2'24 Q2'25 ($M) Consumer Direct funded volume up 2.4x YoY Platform flexibility addresses mortgage rate volatility Refinance recapture rate 1.5x industry average(b) and leading peers in Q2’25 0% 20% 40% 60% ICE Avg Large Nonbank 1 Large Nonbank 2 ONIT Large Nonbank 3 Q2'25 LTM Q2'25 Avg 30yr Fixed Mortgage Rate(a) 7.0% 6.8% ONIT includes 88% recapture rate where previous loan was originated by our Consumer Direct channel (c)
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© 2025 Onity Group Inc. All rights reserved. Top-Tier Investor Performance(a) Customer Experience(c) Top-tier servicing performance delivers value for customers and investors 2023 and 2024 Affiliate Company of the Year for Reverse Mortgage Commitment to Technology 2024 Best-in-Class Center of Excellence Intelligent Automation Award Competitive Cost Structure(b) 23%+ Lower 52%+ Lower Performing Loans Non-Performing Loans 4.6 Positive Experience Call Center 4.0 Positive Experience Loan Boarding 55 Subservicing Client Net Promoter Score 10
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© 2025 Onity Group Inc. All rights reserved. ONITY Drive Cost Leadership $ Expanding our AI powered platform to grow revenue, reduce cost, and drive service excellence Smarter decisions & measurable value Next generation AI/ML fuels our strategic vision Robotics Elevate the digital customer experience and utility Natural Language Processing (NLP) Power intelligent communication Vision (OCR/IDP) Streamline document management Machine Learning (ML) Unlock predictive insights Accelerate Revenue Growth Maximize Customer Retention Deliver Operational Superiority 11
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© 2025 Onity Group Inc. All rights reserved. Leveraging leading-edge technologies to create value for all stakeholders Drive Cost Leadership $ ✓ Robotic Process Automation (RPA) performing 190+ processes, completing the work of ~400 FTE ✓ Machine Learning (ML) predicting borrower behavior to help reach our customers Accelerate Revenue Growth ✓ ML predicting payment patterns to reduce delinquency ✓ ML modeling likelihood of a refinance is integral to driving top-tier recapture performance Maximize Customer Retention ✓ Improving borrower satisfaction by resolving 88% of customer inquiries through digital channels ✓ Increasing real-time responsiveness through 28 chatbots and Gen AI assisted LASI 2.0(a) Deliver Operational Superiority ✓ Awarded 2024 Best-in-Class Center of Excellence Intelligent Automation Award ✓ Automated processes increasing accuracy and consistency Tomorrow’s VisionToday’s Reality 12 All data YTD as of Q2’25 Outcomes Integrate RPA, LLMs, and ML across all processes Predictive models and GenAI proactively solve customer needs Unify operations under a single AI- driven framework Data-enabled intelligence to guide decisions
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© 2025 Onity Group Inc. All rights reserved. 13 Strong growth in net income YoY drives book value increase 9.6% 18.7% 17.4% Q2'24 Q1'25 Q2'25 GAAP Net Income Attributable to Common Stockholders GAAP ROE up ~8pp YoY on +$10M net income $57 $58 $60 Q2'24 Q1'25 Q2'25 Diluted Earnings Per Share Book value per share up ~$3 YoY $10.5M $20.5M$21.1M $1.33 $2.40$2.50
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© 2025 Onity Group Inc. All rights reserved. 14 Delivered 11 straight quarters of profitable Adjusted PTI through mortgage industry seasonality and market volatility 4 6 23 10 11 15 32 31 11 25 16 0 5 10 15 20 25 30 35 Q4'22 Q1'23 Q2'23 Q3'23 Q4'23 Q1'24 Q2'24 Q3'24 Q4'24 Q1'25 Q2'25 Adjusted ROE at 17.9% for 1H’25, at upper end of guidance(b) Q2’25 vs Q2’24 • +$3M 16% increase owned MSR • +$4M Corporate debt interest expense • ($4M) 15% ownership stake in MAV • ($4M) Impact of April market volatility on Originations • ($6M) Reverse Servicing fair value volatility • ($8M) Component of MSR runoff due to higher prepayment speeds ($M) 15% CAGR Adjusted Pre-Tax Income(a)
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© 2025 Onity Group Inc. All rights reserved. 15 Originations delivers consistent profitability despite elevated rates and April volatility ($M) (1) 1 9 6 6 1 2 3 10 10 9 Q2'24 Q1'25 Q2'25 Consumer Direct B2B Reverse Originations Adjusted Pre-Tax Income(a) • Consumer Direct lock volume up 2.5x vs Q2’24 driving increased pre-tax income • Originations quarterly performance impacted by April market volatility ($4M) • Reverse maintaining marginal profitability amid challenging environment
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© 2025 Onity Group Inc. All rights reserved. 16 Originations margins rebounded after market volatility $158M $298M $384M 385 319 321 Funded volume & revenue margins(a) Consumer Direct $184M $176M $166M 309 392 367 Q2'24 Q1'25 Q2'25 revenue margin (bps) $6.6B $6.6B $8.9B 32 22 17 Business-to-Business (B2B) Reverse 5 10 15 20 25 Jan Feb Mar Apr May Jun 1H’25, based on fundings 100 200 300 400 500 Jan Feb Mar Apr May Jun 1H’25, based on pull-through adjusted locks(b) Consumer Direct B2B Revenue margins recover following April volatility
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© 2025 Onity Group Inc. All rights reserved. 46 36 34 4 2 (3) 50 38 31 Q2'24 Q1'25 Q2'25 Reverse Forward 17 Servicing Adjusted Pre-Tax Income(a) Servicing continues to contribute robust returns with higher UPB growth offset by MSR Runoff and reduced Reverse profitability • Forward owned average servicing UPB up 14% YoY and 4% QoQ • Forward servicing revenue +$9M YoY and +$8M QoQ while opex improved slightly • MSR runoff expense of ($14M) YoY and ($8M) QoQ consistent with MSR portfolio growth plus higher prepayment • Reverse servicing lower vs Q2’24 driven by valuation adjustments on buyout loans • Servicing portfolio delinquency continues to improve, outpacing industry(b) ($M)
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© 2025 Onity Group Inc. All rights reserved. 18 ($M) (60) (40) (20) - 20 40 60 Q1'23 Q2'23 Q3'23 Q4'23 Q1'24 Q2'24 Q3'24 Q4'24 Q1'25 Q2'25 MSR hedge strategy cost-effectively manages interest rate risk • Hedge strategy has offset interest rate changes effectively since Q1’24 • Our performance has been favorable vs peers with a similar strategy • We adjust hedge targets frequently to manage risk and optimize performance as we assess market conditions • Due to April market volatility, we adjusted our hedge target to 80-100% to optimize liquidity and MSR returns MSR valuation adjustments due to rates and assumption changes, net(a) Effective hedge strategy and execution Hedge Coverage Ratio Range 80-100%90-110%95-105%60%+25-30%+ Effective hedging strategy
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© 2025 Onity Group Inc. All rights reserved. 19 Confirming our Adjusted ROE guidance for 2025 Financial Objectives ❖ Sustain Adjusted PTI(a) performance ❖ Maintain earnings stability ❖ Increase scale of platform ❖ Capitalize on market-cycle opportunities Full-Year 2025 Guidance(b) Adjusted ROE(c) of 16-18% Increase total servicing UPB 10+%(d) High hedge effectiveness to protect value of MSR(e) Maintain efficiency ratio(f) Release of some or all of our deferred tax valuation allowance (VA) by year-end** • Accretive to net income and book value • We continue our tax analysis, but a full release of VA would result in a benefit of ~$22 per share(g); a partial release would be lower ** As a result of improving earnings and other factors, it is reasonably possible we could release some or all of our US VA by year-end; $180M total VA (US) as of 12/31/24 = confirmed guidance = updated or new guidance
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© 2025 Onity Group Inc. All rights reserved. ❑ Strong second quarter results and outlook for the year ❑ Balanced and diversified business built to perform through market cycles with multiple opportunities for growth ❑ Track record of increasing market position by driving growth and winning new clients ❑ Technology-enabled, low-cost, award-winning platform drives differentiated performance and service excellence ❑ Profitability comparable to peers at a more attractive valuation Focused on accelerating profitable growth and creating value for all stakeholders © 2 0 2 4 O n i t y G r o u p I n c . A l l r i g h t s r e s e r v e d . 20
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© 2025 Onity Group Inc. All rights reserved. 21 Appendix
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© 2025 Onity Group Inc. All rights reserved. 22 Sound strategy and strong execution are delivering results ❑ Retain more MSRs ❑ Add new products ❑ Increase recapture / win rate ❑ Broaden asset management ❑ Align value drivers ❑ Increase predictive analytics ❑ Expand robotics and AI ❑ Engaged and personalized ❑ High-tech, high-touch ❑ Low customer effort Balance and Diversification | Prudent Capital-Light Growth | Industry-Leading Cost Structure(a) Top-Tier Operating Performance and Capabilities(b) | Dynamic Asset Management Maintaining agility to capitalize on all opportunities to create value for shareholders Accelerate Growth Differentiate Operating Performance Elevate the Customer Experience Operating Priorities Strategy
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© 2025 Onity Group Inc. All rights reserved. 23 Delivered 11th straight quarter of positive Adjusted Pre-tax Income (Dollars in millions, except per share metrics) Q2’24 Q1’25 Q2’25 Adjusted pre-tax income(a) 32 25 16 MSR valuation adjustments due to rates and assumption changes, net(b) (17) (2) 6 Other notables (2) (14) 0 Income tax benefit (expense) (3) 13 (1) GAAP net income (loss) 11 22 22 Preferred stock dividend - (1) (1) GAAP net income (loss) attributable to common stockholders 11 21 20 Diluted earnings (loss) per share(c) $1.33 $2.50 $2.40 Basic earnings (loss) per share(c) $1.34 $2.68 $2.55 Book value per common share $57 $58 $60 GAAP ROE(d) 10% 19% 17% Adjusted ROE(e) 29% 22% 14% Available liquidity(f) end of period 231 239 218 Servicing additions ($B) $19 $17 $15 Servicing average UPB ($B) $305 $305 $307
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© 2025 Onity Group Inc. All rights reserved. 24 Diversified servicing portfolio mitigates risk MSR to be hedged Owned Servicing(a) ~50% Subservicing ~50% MAV Other Subservicing Freddie Fannie Reverse GNMA Fwd MSR ~7% PLS MSR ~4% GSE MSR ~35% % of Servicing UPB end of Q2’25 $310B total servicing UPB end of Q2’25 Reverse Owned ~4% ($M) 1,815 249 570 2,633 Q2'25 Rithm, MAV and other pledged MSR Excess Servicing Spread (ESS) MSR to be hedged GAAP MSR Fair Value end of period ($M) (b) (b)
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© 2025 Onity Group Inc. All rights reserved. 25 MSR(a) Valuation a) Forward owned MSR; includes pledged ESS b) Includes government MSR with GNMA and non-GNMA investors c) 3rd party broker assumptions as of 6/30/2024 GSE Gov’t(b) Non-Agency Total Retained UPB 91,501 17,416 13,038 121,955 Loan Count (000s) 358 86 83 528 Fair Value 1,315 296 110 1,720 Fair Value (% of UPB) 1.44% 1.70% 0.84% 1.41% Collateral Metrics: Weighted Average Note Rate 4.074 4.775 4.712 4.242 Weighted Average Svc Fee 0.256 0.408 0.328 0.285 Weighted Average Rem Term 298 308 163 285 % D30 (MBA definition) 1.4% 6.1% 7.6% 3.1% % D60 (MBA definition) 0.2% 1.9% 2.4% 0.9% % D90+ (MBA definition) 0.5% 4.1% 5.5% 1.9% % D30-60-90+ 2.1% 12.1% 15.5% 5.8% Fair Value Assumptions(c): Lifetime CPR(d) 6.70 7.53 7.85 6.94 Cost to Service - Lifetime Total (e) $68.6 $108.3 $168.2 $84.9 Cost to Service - Lifetime Perf. (e)(f) $65 $75 $130 $77 Cost to Service - Lifetime NPL (e)(f) $552 $663 $899 $749 Ancillary Income(e) $42.2 $45.5 $67.1 $45.3 Discount Rate 9.7 11.0 10.7 10.0 MSR Valuation Multiple 5.61x 4.19x 2.56x 4.95x as of 3/31/2025 GSE Gov’t(b) Non-Agency Total Retained 105,665 20,113 12,028 137,805 411 93 78 582 1,508 347 101 1,956 1.43% 1.73% 0.84% 1.42% 4.314 4.880 4.651 4.426 0.255 0.417 0.328 0.285 301 309 143 288 1.3% 4.6% 6.4% 2.5% 0.2% 1.4% 1.8% 0.6% 0.5% 4.0% 4.9% 1.6% 2.0% 9.9% 13.1% 4.7% 7.05 8.19 7.74 7.27 $68.6 $107.7 $170.4 $83.2 $65 $75 $130 $75 $550 $665 $894 $734 $42.8 $45.8 $67.7 $45.4 9.4 10.5 10.7 9.6 5.60x 4.17x 2.55x 4.99x (Dollars in millions) as of 6/30/2025 GSE Gov’t(b) Non-Agency Total Retained 109,176 21,579 11,694 142,448 420 96 76 593 1,563 391 98 2,052 1.43% 1.81% 0.84% 1.44% 4.430 4.952 4.603 4.523 0.255 0.417 0.328 0.285 300 312 152 290 1.1% 4.9% 6.7% 2.4% 0.2% 1.5% 1.8% 0.6% 0.4% 3.1% 4.7% 1.4% 1.7% 9.5% 13.2% 4.4% 7.21 7.49 7.72 7.30 $68.5 $104.6 $172.4 $82.5 $65 $75 $130 $75 $535 $662 $904 $733 $43.0 $46.2 $68.2 $45.6 9.2 10.6 10.7 9.5 5.62x 4.37x 2.56x 5.05x d) Total voluntary payoffs and involuntary defaults; does not include scheduled payments e) Annual $ per loan; ancillary includes REO fee income on Non-Agency MSRs f) Performing represents Current and D30; NPL represents D60+
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© 2025 Onity Group Inc. All rights reserved. 26 Managing owned MSRs to a targeted investment range (Dollars in billions) Q3’23 Q4’23 Q1’24 Q2’24 Q3’24 Q4’24 Q1’25 Q2’25 Forward Owned 121 122 124 124 123 124 135 141 Reverse Owned 8 8 8 8 9 11 12 12 Total Owned MSR Servicing(a) Avg UPB 129 130 132 132 132 135 147 153 Forward Owned w/ ESS 26 26 25 24 24 24 25 24 Owned MSR Servicing excluding ESS Avg UPB 103 104 107 107 108 111 122 128 (Dollars in billions) Q3’23 Q4’23 Q1’24 Q2’24 Q3’24 Q4’24 Q1’25 Q2’25 Servicing Released 0.0 0.0 0.0 6.2 8.6 0.0 0.0 0.0 Subservicing Retained 6.9 0.2 0.4 0.8 0.5 0.7 0.5 0.6 MSR Sales 6.9 0.2 0.5 7.0 9.0 0.7 0.6 0.6 Originations Funded Volume 7.5 5.6 4.6 7.0 8.5 9.6 7.0 9.4 Bulk MSR Purchases 0.1 0.1 0.8 0.3 1.5 8.3 4.9 0.3 MSR Additions 7.6 5.7 5.4 7.3 10.1 17.9 11.9 9.7 MSR Investment Range • $115-135B including ESS 2023-2024 • $115-150B excluding ESS beginning in Q1’25
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© 2025 Onity Group Inc. All rights reserved. Scale and diligent cost management maintaining operating efficiency ($M) ($M) Servicing(a) 94% 52% 52% 56% 56% 61% 0 10 20 30 40 50 Q2'22 Q2'24 Q3'24 Q4'24 Q1'25 Q2'25 Operating Efficiency = Adj Opex (excl. overhead allocation) as % of Adj Revenue (excl. float earnings) 27 Originations Operating Efficiency by Segment 50% 34% 32% 37% 34% 34% 0 50 100 150 200 Q2'22 Q2'24 Q3'24 Q4'24 Q1'25 Q2'25
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© 2025 Onity Group Inc. All rights reserved. 28 Reverse benefits our balanced business model Reverse Combined Adjusted Pre-Tax Income(a) ✓ Creates upside potential on originations market if rates decline ✓ Offers cost-efficient hedge to the forward MSR ✓ Creates product and service breadth for Correspondent clients who offer both forward and reverse products and want a one-stop solution ✓ Enables operational expertise necessary to acquire distressed reverse assets ✓ Generates significant liquidity and accretive earnings through securitizations $23M $38M $24M FY'22 FY'23 FY'24 1H'25 12 (3) 2 1 11 41 22 (1)Servicing Originations $0M* $166M Reverse Originations Q2’25 ➢ 2% of total volume $20B Reverse Owned Servicing and Subservicing Avg UPB Q2’25 ➢ 7% of total book ~13% Natural hedge for forward MSR in Q2’25 * Prior to Q2 '25, delivered profitable growth in 12 of the last 13 quarters. Breakeven first half with reverse originations profitability offset by reverse servicing profitability mainly due to valuation adjustments on buyout loans.
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© 2025 Onity Group Inc. All rights reserved. 29 Dilution controlled by Onity due to updated agreements As of 6/30/25 Remaining Oaktree Warrant* Settlement Method at Onity’s discretion ONIT Share Price $38.17 Gross Shares Settlement Net Settlement in Shares Net Settlement in Cash Book Value in $M Book Value Share Count Book Value Share Count Book Value Share Count I Equity and Outstanding Shares 481.9 8,055,222 481.9 8,055,222 481.9 8,055,222 II Exercise of Warrants* (at Onity’s discretion) 31.8 1,184,768 - 352,295 (13.5) - III Equity and Shares After Dilution of Warrants [ I + II ] 513.6 9,239,990 481.9 8,407,517 468.4 8,055,222 IV Awards & Options 0.2 535,524 0.2 535,524 0.2 535,524 Estimated Equity and Shares After Dilution of Warrants, Awards and Options [ III + IV ] 513.8 9,775,514 482.1 8,943,041 468.6 8,590,746 Book Value Per Share (BVPS) Reported $59.82 $59.82 $59.82 BVPS After Dilution of Warrants $55.59 $57.31 $58.15 BVPS After Dilution of Warrants, Awards and Options $52.56 $53.90 $54.55 Implied Dilution of Warrants ($4.23) ($2.51) ($1.67) Implied Dilution of Warrants % of BVPS (7.1%) (4.2%) (2.8%) Data is end of period; share and equity data after dilution assumes exercise of all dilutive stock options and warrants and vesting of all equity-settled restricted stock units, assuming target performance where applicable *We issued to Oaktree warrants to purchase 1,184,768 shares of our common stock at a price per share of $26.82 that may be exercised at any time through March 4, 2027
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© 2025 Onity Group Inc. All rights reserved. 30 Condensed Consolidated Balance Sheets (unaudited) Assets (Dollars in millions) June 30, 2024 March 31, 2025 June 30, 2025 Cash and cash equivalents 203 178 194 Restricted cash 46 59 62 Mortgage servicing rights (MSRs), at fair value 2,328 2,547 2,633 Advances, net 551 514 461 Loans held for sale, at fair value 1,107 1,402 2,048 Loans held for investment, at fair value 8,228 10,813 10,471 Receivables, net 153 222 205 Investment in equity method investee 31 - - Premises and equipment, net 12 11 10 Other assets 84 106 129 Contingent loan repurchase asset 341 407 318 Total Assets 13,085 16,259 16,531 Liabilities, Mezzanine & Stockholders’ Equity June 30, 2024 March 31, 2025 June 30, 2025 Home Equity Conversion Mortgage-Backed Securities (HMBS) related borrowings, at fair value 8,035 10,588 10,253 Other financing liabilities, at fair value 846 836 818 Advance match funded liabilities 405 377 342 Mortgage loan financing facilities, net 1,190 1,577 2,196 MSR financing facilities, net 928 1,136 1,219 Senior notes, net 555 488 489 Other liabilities 338 340 365 Contingent loan repurchase liability 341 407 318 Total Liabilities 12,638 15,749 16,000 Mezzanine Equity 50 50 Stockholders’ Equity 446 460 482 Total Liabilities, Mezzanine and Stockholders’ Equity 13,085 16,259 16,531
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© 2025 Onity Group Inc. All rights reserved. 31 Condensed Balance Sheets Breakdown Assets (Dollars in millions) June 30, 2025 unaudited Rithm, MAV & other pledged MSR Reverse mortgages GNMA EBO All others Cash and cash equivalents 194 194 Restricted cash 62 62 Mortgage servicing rights (MSRs), at fair value 2,633 570 2,063 Advances, net 461 461 Loans held for sale, at fair value 2,048 2,048 Loans held for investment, at fair value 10,471 10,253 218 Receivables, net 205 205 Premises and equipment, net 10 10 Other assets 129 129 Contingent loan repurchase asset 318 318 Total Assets 16,531 570 10,253 318 5,391 Liabilities, Mezzanine & Stockholders’ Equity June 30, 2025 unaudited Rithm, MAV & other pledged MSR Reverse mortgages GNMA EBO All others Home Equity Conversion Mortgage-Backed Securities (HMBS) related borrowings, at fair value 10,253 10,253 Other financing liabilities, at fair value 818 570 249 Advance match funded liabilities 342 342 Mortgage loan financing facilities, net 2,196 2,196 MSR financing facilities, net 1,219 1,219 Senior notes, net 489 489 Other liabilities 365 365 Contingent loan repurchase liability 318 318 Total Liabilities 16,000 570 10,253 318 4,859 Mezzanine Equity 50 50 Stockholders’ Equity 482 482 Total Mezzanine and Stockholders’ Equity 532 532 Equity to Asset Ratio 3.2% 9.9%
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© 2025 Onity Group Inc. All rights reserved. 32 Condensed Consolidated Statements of Operations (unaudited) (Dollars in millions) June 30, 2024 March 31, 2025 June 30, 2025 Revenue Servicing and subservicing fees 211 203 211 Gain on reverse loans held for investment and HMBS-related borrowings, net 8 24 12 Gain on loans held for sale, net 16 12 10 Other revenue, net 11 11 13 Total Revenue 246 250 247 MSR Valuation Adjustments, net (33) (39) (27) Operating Expenses Compensation and benefits 55 57 61 Servicing and origination 14 13 13 Technology and communications 13 15 15 Professional services 11 23 8 Occupancy, equipment and mailing 7 8 8 Other expenses 4 4 4 Total Operating Expenses 104 120 110 Other Income (Expense) Interest income 23 26 32 Interest expense (73) (67) (76) Pledged MSR liability expense (46) (42) (43) Earnings of equity method investee 3 - - Other, net (3) 1 (0) Total Other Income (Expense), net (96) (82) (87) Income (loss) before income taxes 14 9 23 Income tax expense (benefit) 3 (13) 1 Net income (loss) 11 22 22 Preferred stock dividend - (1) (1) Net Income (loss) attributable to common stockholders 11 21 20 Three months ended
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© 2025 Onity Group Inc. All rights reserved. 33 Note Regarding Non-GAAP Financial Measures In the following slides, we present supplemental information (including reconciliations) relating to certain illustrative adjustments to GAAP pre-tax income (loss) and GAAP pre-tax return on equity. We believe these non-GAAP financial measures provide a useful supplement to discussions and analysis of our financial condition, because they are measures that management uses to assess the financial performance of our operations and allocate resources. In addition, management believes that this presentation may assist investors with understanding and evaluating our initiatives to drive improved financial performance. Management believes, specifically, that the removal of fair value changes of our net MSR exposure due to changes in market interest rates and assumptions provides a useful, supplemental financial measure as it enables an assessment of our ability to generate earnings regardless of market conditions and the trends in our underlying businesses by removing the impact of fair value changes due to market interest rates and assumptions, which can vary significantly between periods. However, these measures should not be analyzed in isolation or as a substitute to analysis of our GAAP pre-tax income (loss) or GAAP pre-tax return on equity, nor a substitute for cash flows from operations. There are certain limitations to the analytical usefulness of the adjustments we make to GAAP pre-tax income (loss) and GAAP pre-tax return on equity and, accordingly, we use these adjustments only for purposes of supplemental analysis. Non-GAAP financial measures should be viewed in addition to, and not as an alternative for, Onity’s reported results under accounting principles generally accepted in the United States. Other companies may use non-GAAP financial measures with the same or similar titles that are calculated differently to our non-GAAP financial measures. As a result, comparability may be limited. Readers are cautioned not to place undue reliance on analysis of the adjustments we make to GAAP pre-tax income (loss) and GAAP pre-tax return on equity. The Company has not provided reconciliations of guidance for Adjusted ROE, in reliance on the unreasonable efforts exception provided under Item 10(e)(1)(i)(B) of Regulation S-K. The Company is unable, without unreasonable efforts, to forecast certain items required to develop meaningful comparable GAAP financial measures. These items include the change in fair value of our net MSR exposure due to changes in market interest rates and assumptions which can vary significantly between periods and are difficult to predict in advance in order to include in a GAAP estimate. Beginning with the three months ended December 31, 2024, for purposes of calculating Income Statement Notables and Adjusted Pre-Tax Income, we changed the methodology used to calculate Other Income Statement Notables to include change in fair value due to interest rates for reverse loan buyouts (reported in gain/loss on loans held for sale, at fair value). We made this change to align with the change to our risk management approach to include changes in fair value of reverse loan buyouts due to interest rates in our MSR hedge strategy, consistent with other notables, such as Forward MSR Valuation Adjustments due to rates and assumption changes, net and Reverse Mortgage Fair Value Change due to rates and assumption changes. Other Income Statement Notables (a component of Other Notables) for the first three quarters of 2024 have been revised from prior presentations to reflect the methodology we adopted during the fourth quarter of 2024. On the slide titled “Notables and Adjusted Pre-tax Income (Loss) Calculation”, we adjust GAAP pre-tax income (loss) for the following factors: MSR valuation adjustments, expense notables, and other income statement notables. MSR valuation adjustments are comprised of changes to Forward MSR and Reverse mortgage valuations due to rates and assumption changes. Expense notables include significant legal and regulatory settlement expenses, expense recoveries, severance and retention costs, LTIP stock price changes, consolidation of office facilities and other expenses (such as costs associated with strategic transactions). Other income statement notables include non-routine transactions that are not categorized in the above. On the slide titled “ROE Calculations”, we present our calculation of annualized return on equity based on GAAP net income, as well as an annualized return on equity calculation based on adjusted pre-tax income (loss) as calculated in the following slide.
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© 2025 Onity Group Inc. All rights reserved. 34 Notables and Adjusted Pre-tax Income (Loss) Calculation (Dollars in millions) Q2’21 Q4’22 Q1’23 Q2’23 Q3’23 Q4’23 Q1’24 Q2’24 Q3’24 Q4’24 I Reported net income (loss) (10) (80) (40) 15 8 (47) 30 11 21 (28) A Income tax benefit (expense) 12 (1) (2) (1) (1) (2) (2) (3) (6) 6 II Reported pre-tax income (loss) [ I – A ] (22) (79) (38) 16 10 (46) 32 14 28 (34) Forward MSR valuation adjustments due to rates and assumption changes, net(a)(b) (20) (72) (46) (23) 13 (64) 18 (13) (1) 14 Reverse mortgage fair value change due to rates and assumption changes(b)(c) 5 4 7 (10) (12) 13 1 (4) 9 (15) III Total MSR valuation adjustments due to rates and assumption changes, net (15) (68) (39) (33) 0 (51) 19 (17) 8 (1) Significant legal and regulatory settlement expenses (6) (1) (2) 28 (3) (3) (2) 2 (6) (2) Expense recoveries - (0) 0 - - - - - - - Severance and retention(d) - (6) (4) (1) (0) (2) (2) (1) (0) (0) LTIP stock price changes(e) (2) (6) 2 (1) 2 (1) 3 1 (1) (1) Office facilities consolidation - (1) (0) 0 0 0 (0) 0 (0) (0) Other expense notables(f) (5) 1 0 0 1 1 (1) (1) 0 (0) B Total expense notables (13) (13) (4) 28 (1) (5) (2) 1 (7) (4) C Gain (loss) on extinguishment of debt - - - - 1 0 1 0 0 (51) D Gain on sale of MAV canopy - - - - - - - - - 14 E Other income statement notables(g) - (1) (1) (1) (1) (1) (2) (3) (5) (3) IV Total other notables [ B + C + D + E ] (13) (14) (5) 27 (0) (5) (2) (2) (12) (44) V Total notables(h) [ III + IV ] (28) (83) (44) (6) (0) (56) 17 (19) (4) (45) Adjusted pre-tax income (loss)(i) [ II – V ] 6 4 6 23 10 11 15 32 31 11 Weighted average common shares outstanding (diluted) in M 9.0 7.6 7.5 7.9 8.1 7.7 8.0 7.9 8.1 7.9
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© 2025 Onity Group Inc. All rights reserved. 35 Notables and Adjusted Pre-tax Income (Loss) Calculation (Dollars in millions) Q1’25 Q2’25 FY’21 FY’22 FY’23 FY’24 1H’25 I Reported net income (loss) 22 22 18 26 (64) 34 44 A Income tax benefit (expense) 13 (1) 22 1 (6) (5) 12 II Reported pre-tax income (loss) [ I – A ] 9 23 (4) 25 (58) 39 32 Forward MSR valuation adjustments due to rates and assumption changes, net(a)(b) (12) 6 11 151 (121) 17 (7) Reverse mortgage fair value change due to rates and assumption changes(b)(c) 10 1 (23) (48) (3) (7) 11 III Total MSR valuation adjustments due to rates and assumption changes, net (2) 6 (12) 103 (124) 10 4 Significant legal and regulatory settlement expenses (14) 2 (12) 7 21 (8) (12) Expense recoveries - - (3) 4 - - - Severance and retention(d) (0) (0) - (19) (7) (3) (0) LTIP stock price changes(e) 0 (2) (6) 6 3 1 (1) Office facilities consolidation (0) (0) (0) (4) 0 (0) (0) Other expense notables(f) 1 1 (16) 1 2 (2) 1 B Total expense notables (14) 1 (37) (5) 18 (12) (12) C Gain (loss) on extinguishment of debt - - (15) 1 1 (49) - D Gain on sale of MAV canopy - - - - - 14 - E Other income statement notables(g) (0) (1) (1) (4) (2) (13) (1) IV Total other notables [ B + C + D + E ] (14) 0 (52) (9) 17 (60) (14) V Total notables(h) [ III + IV ] (16) 6 (64) 94 (107) (51) (10) Adjusted pre-tax income (loss)(i) [ II – V ] 25 16 59 (70) 49 90 42 Weighted average common shares outstanding (diluted) in M 8.4 8.5 9.4 9.0 7.6 8.1 8.5
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© 2025 Onity Group Inc. All rights reserved. 36 ROE Calculations (Dollars in millions) Q2’24 Q1’25 Q2’25 1H’25 I Reported net income (loss) 11 22 22 44 A Preferred stock dividend - (1) (1) (2) II Reported net income (loss) attributable to common stockholders [ I + A ] 11 21 20 42 III Annualized net income (loss) [ II * 4 for qtr.] 42 84 82 83 B Beginning period common equity 432 443 460 443 C Ending period common equity 446 460 482 482 IV Average equity [ ( B + C ) / 2 ] 439 452 471 462 GAAP ROE [ III / IV ] (after tax) 10% 19% 17% 18% (Dollars in millions) Q2’24 Q1’25 Q2’25 1H’25 I Reported net income (loss) 11 22 22 44 II Notable items (19) (16) 6 (10) III Income tax benefit (expense) (3) 13 (1) 12 IV Adjusted pre-tax income (loss)(a) [ I – II – III ] 32 25 16 42 V Annualized adjusted pre-tax income (loss) [ IV * 4 for qtr.] 128 102 66 84 A Beginning period common equity 432 443 460 443 C Ending period common equity 446 460 482 482 D Equity impact of notables 19 16 (6) 10 B Adjusted ending period equity [ C + D ] 465 477 475 492 VI Average adjusted equity [ ( A + B ) / 2 ] 448 460 468 467 Adjusted ROE(a) [ V / VI ] (pre-tax) 29% 22% 14% 18%
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© 2025 Onity Group Inc. All rights reserved. 37 Q2’25 P&L GAAP to Adjusted Bridge Servicing Segment (Dollars in millions) GAAP Rithm, MAV & Other Pledged MSR Reclass Reverse Reclass MSR FV Adjustments Notables Other Notables Inter-Segment Reclass Adjusted Revenue 217 (30) 5 (1) 1 192 MSR Valuation Adjustments, net (31) (4) (6) (41) Operating Expenses (63) 0 (1) (4) 13 (55) Other Income (Expense) (83) 30 (0) (52) Corporate Overhead Allocations - (13) (13) Pre-tax Income 40 - - (6) (3) - 31 Originations Segment (Dollars in millions) GAAP Rithm, MAV & Other Pledged MSR Reclass Reverse Reclass MSR FV Adjustments Notables Other Notables Inter-Segment Reclass Adjusted Revenue 29 6 35 MSR Valuation Adjustments, net 4 (6) (0) (2) Operating Expenses (26) 0 0 4 (22) Other Income (Expense) 1 (0) 1 Corporate Overhead Allocations - (4) (4) Pre-tax Income 9 - - - 0 - 9 Consolidated (Dollars in millions) GAAP Rithm, MAV & Other Pledged MSR Reclass Reverse Reclass MSR FV Adjustments Notables Other Notables Inter-Segment Reclass Adjusted Revenue 247 (30) 5 5 1 227 MSR Valuation Adjustments, net (27) (4) (11) (42) Operating Expenses (110) 0 (1) (0) (1) (112) Other Income (Expense) (87) 30 (0) (57) Pre-tax Income 23 - - (6) (0) - 16
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© 2025 Onity Group Inc. All rights reserved. 38 End Notes
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© 2025 Onity Group Inc. All rights reserved. 39 End Notes SLIDE 3 a) Adjusted ROE refers to annualized adjusted PTI return on common equity; see slides 33-37 for discussion of non-GAAP measures; guidance assumes we achieve our objectives and there are no adverse changes to market, industry, or business conditions or legal and regulatory matters; in the past, results have differed materially from our expectations, and this may happen again SLIDE 4 a) See slides 33-37 for discussion of non-GAAP measures; adjusted ROE refers to annualized adjusted PTI return on common equity (see slide 36 for calculation) b) Guidance provided on slide 16 of our Q4’24 earnings presentation; assumes we achieve our objectives and there are no adverse changes to market, industry, or business conditions or legal and regulatory matters; in the past, results have differed materially from our expectations, and this may happen again SLIDE 5 a) Industry growth is avg of MBA Mortgage Finance Forecast as of 4/11/25 and FNMA Housing Forecast as of 4/11/25 b) Preliminary forecast for Q2’25 based on data from MBA’s Weekly Applications Survey; Q2’25 vs Q2’24 c) Industry growth is avg of MBA Mortgage Finance Forecast as of 7/17/25 and FNMA Housing Forecast as of 7/11/25 SLIDE 6 a) See slides 33-37 for discussion of non-GAAP measures b) Sources: Freddie Mac Primary Mortgage Market Survey, U.S. Department of the Treasury Resource Center SLIDE 8 a) YoY comparison of Q2’25 to Q2’24; industry growth is avg of MBA Mortgage Finance Forecast as of 7/17/25 and FNMA Housing Forecast as of 7/11/25 SLIDE 9 a) Source: Freddie Mac Primary Mortgage Market Survey SLIDE 9 cont. b) Onity’s refinance recapture rate by balance (Q3’24 through Q2’25) as a multiple of industry rate (avg of Q3’24, Q4’24 and Q1’25); industry data source: ICE Mortgage Monitor report Jun’25; LTM refinance recapture rates for other nonbanks are estimates of Q3’24 through Q2’25 using data from their earnings materials; Q2’25 LTM rates for large nonbanks 1 and 2 are their refinance recapture rates (excl. closed-end seconds) for FY’24, Q1’25 and Q2’25 as reported in their Q4’24, Q1’25, and Q2’25 earnings materials – weighted by estimated quarterly refinance payoff volume; Q2’25 LTM rate for large nonbank 3 is their refinance recapture rate as reported in their Q3’24, Q4’24, Q1’25, and Q2’25 earnings materials – weighted by estimated quarterly refinance payoff volume; Q2’25 rates for large nonbanks 1 and 3 are as reported in their Q2’25 earnings materials; Q2’25 rate for large nonbank 2 is imputed from their Q1’25 rate reported in their Q1’25 earnings materials and their 1H’25 rate reported in their Q2’25 earnings materials c) Q2’25 LTM refinance recapture rate for loans initially originated in our Consumer Direct channel SLIDE 10 a) GSE Awards for last 4 years include FNMA STAR and FHLMC SHARP (2023-2024 recognized as a subservicer for SHARP) b) Cost per loan (CPL) comparison of Onity to large banks/nonbanks (excl. Onity) in FY’24 for forward residential mortgages (source: MBA’s 2025 Servicing Operations Study); CPL defined as fully-loaded opex divided by avg loan count; large banks/nonbanks have at least 1 million loans serviced; survey results: Onity’s CPL is 23% lower than large nonbanks and 25% lower than large banks for performing loans (< 60 days past due), as well as 52% lower than large nonbanks and 70% lower than large banks for non-performing loans (60+ days past due) c) Positive experience scores for call center and loan boarding based on responses to borrower surveys in 1H’25 (based on a 5-star rating); client net promoter score based on subservicing client surveys in 1H’25 SLIDE 12 a) LoanSpan’s AI assistant (LASI) is focused on making it easier for clients to access the vast amounts of data within the platform; LASI can quickly analyze text queries and provide personalized and accurate responses SLIDE 14 a) See slides 33-37 for discussion of non-GAAP measures; effective in Q4’24, change in fair value due to interest rates for reverse loan buyouts is now recognized as a notable (previously reported in gain/loss on loans held for sale, at fair value); presentation of past periods has been conformed to the current presentation; without this change, adjusted PTI would be $14M in Q1’24, $32M in Q2’24, $35M in Q3’24, $8M in Q4’24; see slide titled “Note Regarding Non-GAAP Financial Measures” for more information b) Adjusted ROE refers to annualized adjusted PTI return on common equity (see slide 36 for calculation); see slides 33-37 for discussion of non-GAAP measures; guidance assumes we achieve our objectives and there are no adverse changes to market, industry, or business conditions or legal and regulatory matters; in the past, results have differed materially from our expectations, and this may happen again SLIDE 15 a) See slides 33-37 for discussion of non-GAAP measures SLIDE 16 a) Revenue margin defined as total revenue for the channel divided by its funded UPB (pull-through adjusted locks UPB for Consumer Direct) b) Lock pipeline multiplied by the percentage expected to fund based on loan characteristics and historical performance SLIDE 17 a) See slides 33-37 for discussion of non-GAAP measures; effective in Q4’24, change in fair value due to interest rates for reverse loan buyouts is now recognized as a notable (previously reported in gain/loss on loans held for sale, at fair value); presentation of past periods has been conformed to the current presentation; without this change, Reverse Servicing adjusted PTI would be $3M in Q2’24, and total Servicing adjusted PTI would still be ~$50M in Q2’24; see slide titled “Note Regarding Non-GAAP Financial Measures” for more information b) Comparison of change in 30+, 60+, and 90+ delinquency rates YTD and YoY for forward servicing; industry data as of 6/30/25 from Intercontinental Exchange
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© 2025 Onity Group Inc. All rights reserved. 40 End Notes SLIDE 18 a) MSR valuation adjustments that are due to changes in market interest rates, valuation inputs or other assumptions, net of overall fair value gains / (losses) on MSR hedge, including FV changes of Pledged MSR liabilities associated with MSR transferred to MAV, RITM and others and ESS financing liabilities that are due to changes in market interest rates, valuation inputs or other assumptions, a component of MSR valuation adjustments, net; effective in Q4’24, change in fair value due to interest rates for reverse loan buyouts is now recognized as a notable (previously reported in gain/loss on loans held for sale, at fair value); presentation of past periods has been conformed to the current presentation; without this change, MSR valuation adjustments due to rates and assumption changes, net would be $20M in Q1’24, ($16M) in Q2’24, $4M in Q3’24, and $3M in Q4’24 SLIDE 19 a) See slides 33-37 for discussion of non-GAAP measures b) Assumes we achieve our objectives and there are no adverse changes to market, industry, or business conditions or legal and regulatory matters; in the past, results have differed materially from our expectations, and this may happen again c) Annualized adjusted PTI return on common equity; see slides 33-37 for discussion of non-GAAP measures d) 10+% increase in total servicing UPB from year-end 2024 to year-end 2025 e) Due to April market volatility, we adjusted our hedge target from 90- 110% to 80-100% to optimize liquidity and MSR returns; we regularly evaluate the hedge coverage ratio at the intended shock interval to determine if it is relevant or warrants adjustment based on market conditions, symmetry of interest rate risk exposure, liquidity impacts under shock scenarios and other factors; as the market dictates, we may choose to maintain the hedge coverage ratio at different thresholds to preserve liquidity, improve hedge effectiveness and/or optimize asset returns f) Efficiency ratio defined as adjusted operating expenses (which excludes overhead allocation at segment level) divided by adjusted revenue (excluding float earnings) g) US deferred tax valuation allowance per outstanding shares 12/31/24; at this time, we do not know when or how much of the valuation allowance may be released; investors are cautioned not to assume that a benefit of ~$22 per share will be realized SLIDE 22 a) See slide 10 for cost structure comparison to peers from MBA’s 2025 Servicing Operations Study b) See slide 10 for servicer awards that include HUD Tier 1 ranking for 4 consecutive years SLIDE 23 a) See slides 33-37 for discussion of non-GAAP measures; effective in Q4’24, change in fair value due to interest rates for reverse loan buyouts is now recognized as a notable (previously reported in gain/loss on loans held for sale, at fair value); presentation of past periods has been conformed to the current presentation; without this change, adjusted PTI would still have been $32M in Q2’24; see slide titled “Note Regarding Non-GAAP Financial Measures” for more information b) MSR valuation adjustments that are due to changes in market interest rates, valuation inputs or other assumptions, net of overall fair value gains / (losses) on MSR hedge, including FV changes of Pledged MSR liabilities associated with MSR transferred to MAV, RITM and others and ESS financing liabilities that are due to changes in market interest rates, valuation inputs or other assumptions, a component of MSR valuation adjustments, net; effective in Q4’24, change in fair value due to interest rates for reverse loan buyouts is now recognized as a notable (previously reported in gain/loss on loans held for sale, at fair value); presentation of past periods has been conformed to the current presentation; without this change, MSR valuation adjustments due to rates and assumption changes, net would be ($16M) in Q2’24; see slide titled “Note Regarding Non-GAAP Financial Measures” for more information c) GAAP net income (loss) attributable to common stockholders per share d) GAAP annualized return on common equity; see slide 36 for calculation e) Annualized adjusted PTI return on common equity; see slide 36 for calculation; effective in Q4’24, change in fair value due to interest rates for reverse loan buyouts is now recognized as a notable (previously reported in gain/loss on loans held for sale, at fair value); presentation of past periods has been conformed to the current presentation; without this change, adjusted ROE would be 28% for Q2’24; see slide titled “Note Regarding Non-GAAP Financial Measures” for more information f) Unrestricted cash plus available credit SLIDE 24 a) Includes owned MSRs, reverse mortgage loans (referred to as our reverse MSR) and other whole loans b) Fair value of the pledged liability for Rithm, MAV and other pledged MSRs, and for ESS SLIDE 26 a) Includes owned MSRs, reverse mortgage loans (referred to as our reverse MSR) and other whole loans SLIDE 27 a) Effective in Q4’24, change in fair value due to interest rates for reverse loan buyouts is now recognized as a notable (previously reported in gain/loss on loans held for sale, at fair value); presentation of past periods has been conformed to the current presentation; without this change, Servicing operating efficiency ratio would be 34% in Q2’24, 31% in Q3’24, and 38% in Q4’24 SLIDE 28 a) See slides 33-37 for discussion of non-GAAP measures; effective in Q4’24, change in fair value due to interest rates for reverse loan buyouts is now recognized as a notable (previously reported in gain/loss on loans held for sale, at fair value); presentation of past periods has been conformed to the current presentation; without this change, Reverse Servicing adjusted PTI would still be ~$22M and Reverse combined adjusted PTI would still be ~$24M in FY’24; see slide titled “Note Regarding Non-GAAP Financial Measures” for more information
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© 2025 Onity Group Inc. All rights reserved. 41 End Notes SLIDE 34 & 35 a) MSR valuation adjustments that are due to changes in market interest rates, valuation inputs or other assumptions, net of overall fair value gains / (losses) on MSR hedge, including FV changes of Pledged MSR liabilities associated with MSR transferred to MAV, Rithm and others and ESS financing liabilities that are due to changes in market interest rates, valuation inputs or other assumptions, a component of MSR valuation adjustments, net; adjustments exclude valuation gains on MSR purchases of $8.8M for Q2’21, $2.6M for Q4’22, $1.9M for Q1’23, $19.6M for FY’21, $9.9M for FY’22, and $1.9M for FY’23; effective in Q4’24, change in fair value due to interest rates for reverse loan buyouts is now recognized as a notable (previously reported in gain/loss on loans held for sale, at fair value); presentation of past periods has been conformed to the current presentation; without this change, MSR valuation adjustments due to rates and assumption changes, net would be $20M in Q1’24, ($16M) in Q2’24, $4M in Q3’24, $3M in Q4’24, and $11M in FY’24 b) The changes in fair value due to market interest rates were measured by isolating the impact of market interest rate changes on the valuation model output as provided by our third-party valuation expert c) FV changes of loans HFI and HMBS related borrowings due to market interest rates and assumptions, a component of gain on reverse loans held for investment and HMBS-related borrowings, net d) Severance and retention due to organizational rightsizing or reorganization e) Long-term incentive program (LTIP) compensation expense changes attributable to stock price changes during the period f) Contains costs associated with but not limited to rebranding, MAV upsize, costs related to the reverse subservicing acquisition from RMS (MAM), and other strategic initiatives and transactions g) Contains non-routine transactions including but not limited to early payoff expense and fair value assumption changes on other investments recorded in other income/expense h) Certain previously presented notable categories with nil numbers for each period shown have been omitted SLIDE 34 & 35 cont. i) Effective in Q4’24, change in fair value due to interest rates for reverse loan buyouts is now recognized as a notable (previously reported in gain/loss on loans held for sale, at fair value); presentation of past periods has been conformed to the current presentation; without this change, adjusted PTI would be $14M in Q1’24, $32M in Q2’24, $35M in Q3’24, $8M in Q4’24, and $89M in FY’24; see slide titled “Note Regarding Non-GAAP Financial Measures” for more information SLIDE 36 a) Effective in Q4’24, change in fair value due to interest rates for reverse loan buyouts is now recognized as a notable (previously reported in gain/loss on loans held for sale, at fair value); presentation of past periods has been conformed to the current presentation; without this change, adjusted pre-tax income would be $32M and adjusted ROE would be 28% in Q2’24; see slide titled “Note Regarding Non-GAAP Financial Measures” for more information
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© 2025 Onity Group Inc. All rights reserved. • Adj / Adjusted: Non-GAAP measure of PTI, ROE, revenue, opex (See slide titled “Note Regarding Non-GAAP Financial Measures”) • Agency: FHLMC, FNMA, and/or GNMA • AI: Artificial Intelligence • B: Billion • B2B: Business-to-Business (includes Correspondent and Co-Issue origination channels) • bps: Basis Points (1/100th of a percent) • BVPS: Book Value Per Share • CAGR: Compound Annual Growth Rate • CFPB: Consumer Financial Protection Bureau • COOP: Mr. Cooper Inc. • CPL: Cost per Loan • CPR: Conditional Prepayment Rate • D##: ## Days past due (MBA methodology) • EBO: Early Buyout (GNMA) • EPS: Earnings (Loss) Per Share • EquityIQ: Onity’s proprietary reverse mortgage product • ESS: Excess Servicing Spread • FHLMC / Freddie (Mac): Federal Home Loan Mortgage Corporation • FNMA / Fannie (Mae): Federal National Mortgage Association • FTE: Full-Time Equivalent • FV: Fair Value • Fwd: Forward Mortgage • FY: Fiscal Year • GAAP: Generally Accepted Accounting Principles • GNMA / Ginnie (Mae): Government National Mortgage Association • Gov’t: Government loan types • GSE: Government Sponsored Enterprise (FNMA, FHLMC) • #H: Half of the fiscal year • HECM: Home Equity Conversion Mortgage • HFI: Loans Held for Investment • HMBS: Home Equity Conversion Mortgage-Backed Securities • HUD: U.S. Department of Housing and Urban Development • ICE: Intercontinental Exchange (parent company of Black Knight, Inc. which produces the ICE mortgage monitor report) • IDP: Intelligent Document Processing • Fitch: Fitch Ratings (credit rating agency) • k: Thousand • LASI: LoanSpan’s AI assistant (Generative AI assisted subservicing client support) • LLM: Large Language Model • LTIP: Long-term Incentive Program • LTM: Last 12 Months • M: Million • M&A: Mergers and Acquisitions • MAM: Mortgage Assets Management, LLC • MAV: MSR Asset Vehicle, LLC (Onity subservices for MAV) • MBA: Mortgage Bankers Association • ML: Machine Learning • Moody’s: Moody’s Ratings (credit rating agency) • MSR: Mortgage Servicing Rights • NAMB: National Association of Mortgage Brokers • Nonbank: Financial institution that originates and/or services mortgages but does not have a banking license • NLP: Natural Language Processing • NPL: Non-Performing Loan • NPS: Net Promoter Score • OCR: Optical Character Recognition • ONIT: Onity Group, Inc. NYSE stock symbol • Opex: Operating Expenses • Orig: Mortgage Originations Business Segment • Perf: Performing Loan • PHH: PHH Mortgage Corporation, a wholly-owned subsidiary of ONIT • PIF: Paid-in-Full • PLS: Private-Label Securities • pp(s): Percentage Points • PTI: Pre-Tax Income (Loss) • Q#: Quarter of the fiscal year • QoQ: Quarter-over-Quarter • Refi: Mortgage Refinance • Rem Term: Remaining Term • REO: Real Estate Owned • RITM: Rithm Capital Corp. • RKT: Rocket Companies, Inc. • RMS: Reverse Mortgage Solutions, Inc. • ROE: Annualized Return on Common Equity • RPA: Robotic Process Automation • Rvs: Reverse Mortgage • SEC: Securities and Exchange Commission • Serv: Mortgage Servicing Business Segment • SHARP: Servicer Honors and Rewards Program (FHLMC) • S&P: S&P Global Ratings (credit rating agency) • SSON: Shared Services & Outsourcing Network • STAR: Servicer Total Achievement Rewards (FNMA) • Svc Fee: Servicing Fee • T: Trillion • UPB: Unpaid Principal Balance • VA: Deferred Tax Valuation Allowance • YE: Year-End • YoY: Year-over-Year • YTD: Year-to-Date 42 Abbreviations & Definitions
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Customer first. Better together. We say. We do.