DBRS Morningstar Publishes Residential Reverse Mortgage Originator Ranking Report on Longbridge Financial, LLC

DBRS, Inc. (DBRS Morningstar) published its residential reverse mortgage originator ranking report on Longbridge Financial, LLC (Longbridge or the Company).

DBRS Morningstar previously confirmed its MOR RVO2 residential reverse mortgage originator ranking to Longbridge. The trend on the ranking is Stable.

Longbridge was formed as a Delaware LLC in 2012 primarily to originate and service reverse mortgages. The Company originates and acquires agency-backed home equity conversion mortgages and a suite of private reverse mortgage products under the Platinum name through retail, wholesale, and correspondent channels. The company is licensed to lend in all 50 states and Washington, D.C., and is authorized to service in all 50 states. Longbridge is wholly owned by Ellington Financial Inc. (Ellington, listed on the New York Stock Exchange (NYSE) under the ticker EFC). Ellington completed its acquisition of Longbridge during Q4 2022 by purchasing substantially all of the shares of Longbridge that it did not already own. In 2022, the Company originated or acquired over 11,300 reverse mortgages totaling over $2.5 billion and has a servicing portfolio exceeding $8.6 billion.

All rankings are subject to surveillance, which could result in rankings being raised, lowered, placed under review, confirmed, or discontinued by DBRS Morningstar.

DBRS Morningstar mortgage originator rankings are not credit ratings. Instead, they are designed to evaluate the quality of the parties that originate residential mortgage loans. Although the originator’s financial condition contributes to the applicable ranking, its relative importance is such that an originator’s ranking should never be considered as a proxy of its creditworthiness.

Notes:
All figures are in U.S. dollars unless otherwise noted.

The principal methodology is U.S. Residential Mortgage Originator Rankings (June 26, 2023), which can be found on dbrsmorningstar.com under Methodologies & Criteria.

For more information on this industry, visit www.dbrsmorningstar.com or contact us at [email protected].

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