Longbridge Creates Third-Party Affiliate Business Longbridge Financial introduced a third-party affiliate business to support its wholesale and retail channels by identifying and executing new reverse mortgage origination opportunities. The business channel will build on established partnerships Longbridge has forged with homebuilders while providing direct support to the company’s national field sales division, which launched this past year. The affiliate will be led by Rob Cooper, national purchase and builder sales leader; Christian Mills, head of financial adviser relations; Larissa Morrell, director of product and strategic development; and Kelly Rogers, head of aging in place partnerships. FAR Launches Updated HomeSafe Second Product Finance of America Reverse (FAR) introduced an enhanced version of its HomeSafe Second product in February. HomeSafe Second is a fixed-rate reverse mortgage that allows borrowers to tap their home equity via a second mortgage with no monthly payment requirement—other than required tax and insurance payments and their existing mortgage payments—and no change to the interest rate on their first mortgage. The enhanced version of HomeSafe Second now makes homeowners 55 and older eligible for the loan. HomeSafe Second will initially be available in California, Colorado, Connecticut, Florida, South Carolina and Texas, with the goal of expanding to more states in the coming years. “More than 21 million homeowners age 55 or older had a mortgage in 2021, according to data from the U.S. Census Bureau. We believe many of these homeowners could be potential HomeSafe Second customers,” said FAR President Kristen Sieffert in a news release. “With inflation, rising healthcare costs and diminishing retirement accounts, older homeowners are facing a litany of challenges that are putting a strain on their finances. This game-changing product enables older homeowners to unlock the power of their home equity without impacting their household budget while they live in their home.” Patterson Becomes President of Draper and Kramer Draper and Kramer Mortgage Corp. announced that Matt Patterson has been named president. Patterson is an industry veteran and leader with 35 years of experience in mortgages who joined the company in 2014 as executive vice president of business development. Patterson will focus on company operations while CEO Paul Lueken will continue to provide executive oversight. Celink Receives Above-Average Assessment From Moody’s Celink received an affirmed SQ2 (above average) assessment as a reverse mortgage servicer from Moody’s Investor Service. Moody’s highlighted Celink’s strong performance in foreclosure, real estate owned and claims management. Celink also received an above-average assessment in key areas, such as loan administration, call center performance and maturity event monitoring. “Celink is proud of Moody’s recognition of the quality we are delivering to both reverse mortgage borrowers and our clients,” said Marion McDougall, Celink’s CEO, in a news release. “We have consistently pursued and invested in providing the best experience for our clients and their borrowers. We have made great technological strides. These advancements, coupled with a continued focus on high-touch borrower interaction, have been the real needle mover.” Member News Who’s Who in Reverse Mortgages 34 REVERSE MORTGAGE / MAY–JUNE 2023
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