Mahwah, N.J.-based reverse mortgage lender Longbridge Financial announced just prior to the Thanksgiving holiday that it had engaged in a partnership with U.S.-based hunger-relief organization Feeding America, and will make a donation to the charity based on the number of applications the lender received between November 1 and November 25.
“Longbridge will make a $25 donation for every retail loan application received between November 1 and November 25 and on behalf of every Longbridge employee,” the lender said in a statement about the promotion. “In total, the campaign will help deliver thousands of meals to Americans across the country.”
It’s the lender’s way of seeking to give back to the community around a major holiday that is geared around the prospect of sharing goodwill and giving thanks according to Chris Mayer, CEO of Longbridge.
“It’s our hope that through this important initiative, we give back to the communities across the country where our borrowers and employees call home,” Mayer said. “With Thanksgiving and the start of the holiday season just around the corner, we at Longbridge make it a priority to truly reflect on our growth and just how thankful we are for our employees, customers and partners – all of whom have contributed significantly to our success.”
In terms of recent industry moves, Longbridge also recently ran a first-of-its-kind promotion for the company last month by establishing a campaign involving its broker partners. The promotion gave partners the ability to can gain the lender’s support in creating a personalized, partner-specific video that the selected organization could then use in its own advertising efforts.
According to data from New View Advisors, Longbridge is ranked the third-largest Home Equity Conversion Mortgage (HECM)-backed securities (HMBS) issuer for the first nine months of 2021, reaching $1.530 billion issued and 16.5% market share.
According to HECM endorsement data compiled by Reverse Market Insight (RMI), Longbridge is the sixth-largest reverse mortgage lender in the industry, logging 2,301 HECM endorsements for the 12-month period ending in October, 2021.