In Q4 2024, the lender bolstered its net income by 30 cents per share, aided by a successful reverse mortgage securitization of proprietary loans. Longbridge, a wholly-owned subsidiary, has become a leading originator in this market with significant pricing power and visibility. The quarter also saw an 18% increase in origination volumes, improved margins on Home Equity Conversion Mortgages, and gains from mortgage servicing rights. However, the Longbridge portfolio saw a 15% sequential decline to $420 million, but overall performance remained robust due to high securitization activity.
The lender contributed 30 cents per share to net income and 17 cents per share in adjusted distributable earnings (ADE) in Q4 2024.
Our wholly owned subsidiary Longbridge has become one of the largest originators of proprietary reverse mortgages, so we have good pricing power in that market.
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