Blog content updated on 9/22/2021
Longtime reverse mortgage industry veteran Adrian Prieto has joined Mahwah, N.J.-based Longbridge Financial as its Vice President of Wholesale Lending, according to a statement the company shared with Reverse Mortgage Daily.
In his new role, Prieto will lead the Longbridge account executive and partner liaison team to focus on growing the wholesale business, with a particular emphasis on the broker channel.
His career in wholesale and retail management spans two decades, and he has been working in the reverse mortgage industry since 2003. His management experience in the space includes time at leading lenders including Financial Freedom, Senior Funding, American Advisors Group (AAG) and Liberty Home Equity Solutions.
A dynamic and diverse background in reverse mortgages.
During the 2000s, he benefited from working at industry pioneers Financial Freedom, Senior Funding and Senior Lending Network. He was SVP of Strategic Business Initiatives at AAG and National Sales Field Leader at Liberty Home Equity Solutions. And he most recently served in the reverse wholesale and retail branching division of HighTechLending. He has a proven track record in sales forecasts, vendor/client partnerships and distribution build-out.
“Adrian comes to us with years of experience in the reverse mortgage space,” said Melissa Macerato, Longbridge Financial EVP sales and marketing. “We’re excited to have him on board and are eager to tap into his valuable knowledge.”
Focused on growth in the wholesale division.
According to Macerato, Prieto’s most direct focus will be to help elevate Longbridge into a top-five reverse mortgage lender position by enhancing its wholesale division—and further growing the market share of its proprietary Platinum jumbo reverse mortgage.
“Adrian’s immediate and big-picture goal is to further develop all wholesale distribution platforms and propel Longbridge into a top-five lender position,” Macerato told Reverse Mortgage Daily.
“He will implement strategic plans to grow our market share in Wholesale, and further strengthen our focus on the competitive broker channel. He also plans on expanding the account executive and partner liaison team, and will be actively recruiting to bring more talented individuals on board.”
Working to maintain the momentum.
What attracted Prieto to Longbridge Financial? He says that it was the company’s growth and promising position in the reverse mortgage industry—and that he looks forward to building on its success.
“Longbridge is not only a rising star in the reverse industry—but has an exciting company culture which I feel very drawn to,” Prieto told Reverse Mortgage Daily. “It’s a group of professionals you want to do business with. Longbridge has big plans for the future, and I am looking forward to contributing to their success.”
In fact, Longbridge Financial ranked as the sixth-largest reverse mortgage lender by total originations in 2020, according to a report and analysis of data disclosed in 2020 by the Home Mortgage Disclosure Act released by the Consumer Financial Protection Bureau.*
This increased business and overall growth has been the primary motivator for Longbridge to expand its efforts in wholesale lending with strategic hires of reverse mortgage industry veterans such as Prieto. It reflects an industrywide trend in which the reverse mortgage industry saw its wholesale channel outperform the retail channel for the first time in five months this past June, according to data compiled by Reverse Market Insight.
To learn more about Adrian and the Longbridge Financial Wholesale Team, visit our website.
Read the full Reverse Mortgage Daily article here.
* Consumer Financial Protection Bureau, August 2021