Reverse mortgage lender Longbridge preps first non-agency MBS
Longbridge Financial will issue an agency-less MBS backed by proprietary loans – a first for the reverse mortgage lender.
The MBS is $ 229 million in size and has an average current unpaid principal balance of $ 673,882, according to a report from Insight Mortgage Finance. The reverse specialist Celink takes on the subservicing.
Founded in 2012 and based in New Jersey, the New Jersey company provides agency-backed home equity conversion mortgages and a private reverse mortgage product, Longbridge Platinum, through its retail and wholesale channels. Longbridge, majority-owned by Ellington Financial and Homepoint, took out nearly 6,600 reverse mortgages last year, valued at $ 1.2 billion, and has a portfolio of over $ 4.5 billion.