Reverse mortgage lender Longbridge Financial announced the launch of the Platinum Origination Channel, a new distribution outlet for its line of proprietary reverse mortgages offered under the “Platinum” brand name.
The new channel will provide the ability for those who have their own third-party networks to offer Platinum products to their partners as part of their previously-existing product lines. That way, Platinum products can be extended to a wider pool of originators that would not have access to the program unless they worked directly with Longbridge.
Longbridge will also continue to develop its program by working with large traditional mortgage lenders who will offer the Platinum product suite to brokers, many of whom have primarily only originated forward mortgages in the past.
“We had been hearing directly from clients who have their own broker networks that they would like to offer a proprietary program to their broker partners,” said Longbridge VP of Products and Strategic Accounts Peter Sciandra in an email to RMD. “This new process will give our partners a dedicated channel to allow them to offer industry-leading Platinum products to their clients.”
The announcement of this new origination channel follows closely on the heels of Longbridge’s most recent product announcement, the Platinum LOC private reverse mortgage with a line of credit feature. The relatively quick succession between the announcement of Platinum LOC and the…