Longbridge Financial is set to issue a non-agency MBS backed by proprietary loans – a first for the reverse mortgage lender.
The MBS is sized at $229 million and has an average current unpaid principal balance of $673,882, according to a report by Insight Mortgage Finance. Subservicing will be handled by reverse specialist Celink.
Established in 2012, the New Jersey-based company originates 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, originated nearly 6,600 reverse mortgages totaling $1.2 billion last year and has a serving portfolio exceeding $4.5 billion.