Longbridge rents a new head of credit policy, insurance
Halonen joins Longbridge after more than four years TD BankWhere he served as a senior vice president and head of insurance. He previously served with other major financial service providers such as Citi and US Bank. He also spent almost 15 years working in two large divisions Wells FargoIncluding the mortgage activities for home.
“We are happy that Patrick has a role in this newly formed role in the Longbridge financial team,” said Chief Operating Officer Bill Packer in a statement. “His experience and proven track record for various credit practices make him an invaluable addition because we try to improve our credit, insurance and quality control processes.”
For his part, Halonen said that his experience will be used to help Longbridge achieve his wider business objectives.
“While I am in my new role at Longbridge Financial Step, I am deeply committed to help set a benchmark in industrial standards by using innovative credit, insurance and quality control systems,” Halonen said in a statement. “With this position, Longbridge can benefit from advanced operational efficiency that are crucial because we want to expand our reach in today’s competing market.”
In the fourth quarter and the win of 2024 in 2024, Longbridge parent company Ellington Financial praised the power of the Longbridge activities and the addition of portfolio diversity to the broader efforts of the company.
“The most important factors of our results first include another excellent quarter of our Longbridge Reverse Mortgage -Segment, led by its own reverse mortgage activities,” said Laurence Penn, CEO of Ellington.
Penn also referred to the development of the company of new products that are not necessarily reverse mortgages, but are aimed at serving older Americans. They can share ‘many similar characteristics’ with inverted mortgages, he said.
