Reverse mortgage company Longbridge Financial announced this week it is welcoming former MetLife division and sales leader Melissa Macerato as its newest partner and vice president of sales and marketing.
The company is relatively new to the reverse mortgage business, having been established by a small group of former New York Life employees who announced their plans to gain licensing in the reverse mortgage space earlier this year.
With the help of Macerato, the company expects to be establishing licensing in all 50 states eventually and is currently hiring for loan originator positions.
“We’re on a very aggressive plan to quickly get licensed in the largest states,” Macerato says. Currently, Longbridge has obtained licensing in three states and is beginning efforts to recruit and hire originators.
While New York Life was rumored to have been developing a proprietary product, it is something Longbridge will explore in the near future, Macerato says.
“One of our strategies is the development of a proprietary product,” she says. “Our partners have a long history of longevity planning and the experience to bring a unique and proprietary product to the market.”
Longbridge’s founding partners have said from the start the development of a new product is on the horizon. While they have not indicated acquisition plans, they have stated they will not rule that option out.
“Nothing is off the table at this point,” Macerato says. “Our strategy calls for building organically but we’re looking at everything.”
In terms of the timing of the company’s launch and its plans to build an origination team, Longbridge expects to be originating loans within 30 days based on sales leads purchased from outside sources as well as self-generated leads gained in part from a newly-launched website.
The company sees reverse mortgage market changes as a time of opportunity.
“You can take the path of steering away when there’s change, or the path of looking at it as a great opportunity,” Macerato says. “We believe this is a time of opportunity.”
Written by Elizabeth Ecker
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