Longbridge Reports Record Reverse Mortgage Volume, Expands Wholesale Operations

Mahwah, N.J.-based reverse mortgage lender Longbridge Financial reports that it has seen a significant uptick in loan volume during the COVID-19 coronavirus pandemic, which has led to a major expansion of its wholesale operations and staff in order to compensate for the higher level of business during the second quarter of the year. That higher […]

Major Lenders Buck April Endorsement Dive With Big Gains

Home Equity Conversion Mortgage (HECM) endorsements fell by 45% in the month of April 2020, for a total of 1,597 loans according to the latest HECM Originators report from Reverse Market Insight (RMI). The fall was led by the wholesale endorsement segment of business, which experienced a decrease of 47.8% that month, while retail levels […]

Longbridge Introduces ‘Reverse Made Easy’ to Streamline Access for Forward Mortgage Brokers

Mahwah, N.J.-based reverse mortgage lender Longbridge Financial has launched a new initiative aimed at broker partners called “Reverse Made Easy,” designed to streamline the process for new brokers to incorporate reverse mortgages into their lending operations. For those brokers who are interested in reverse business but have little-to-no familiarity with its processes, Reverse Made Easy […]

Unfrozen LIBOR SWAP Rate Creates Opportunities for Reverse Mortgage Lenders, Borrowers

Last week, the Intercontinental Exchange (ICE) Benchmark Administration published a new 10-year London Interbank Offered Rate (LIBOR) SWAP rate for the first time since February 27, which came in this week at an estimated 45% lower than the previously-published rate. This presents a new opportunity for reverse mortgage borrowers to get a higher level of […]

Reverse Mortgage Potential Remains High in a Post-Coronavirus Future

When it comes to the global economic impact of the COVID-19 coronavirus pandemic, no business sector has been sheltered. While service, hospitality and travel industries are making headlines for particular hardship being faced by the pandemic, the economic ripple effect stemming from this outbreak is sure to reach every corner of the global economy to […]

Longbridge Announces Platinum Changes, Commitment to Private Reverse Mortgages

Longbridge Financial is making a series of changes to its “Platinum” line of proprietary reverse mortgages which will affect all of its variations, including a new maximum lending limit, a new minimum home value, modified loan-to-value (LTV) ratios, and a new minimum FICO credit score. There are also changes being made specifically to the fixed-rate […]

Reverse Mortgage Capital Markets Stabilizing Post-Coronavirus Shock

Reverse mortgage capital markets were not spared from the economic impact of the COVID-19 coronavirus pandemic shortly after a national emergency was declared in the United States. However, new data on secondary market trading of Home Equity Conversion Mortgage (HECM)-backed securities (HMBS) appears to be showing increasing signs of stability, potentially signaling that additional stability […]

Reverse Mortgage Industry Adapts in Eye of Coronavirus ‘Hurricane’

The reverse mortgage industry is taking a series of major steps in order to prepare for the full impact of the coronavirus pandemic, mobilizing working groups, changing or amending company policies to encourage social distancing with borrowers and employees, and seeking new regulatory relief in order to ensure that continuity of business is maintained for […]

Reverse Mortgage Lenders Take Action on Coronavirus Fears

The outbreak of the COVID-19 coronavirus across the world has had a demonstrable effect on multiple facets of life, with financial markets reacting strongly while the federal government prepares a more robust response to support communities and businesses that have been affected by the virus’ spread. While at first glance the reverse mortgage industry may […]