Ellington Financial completes $243 million reverse mortgage securitization By Investing.com
Summary
OLD GREENWICH, Conn. - Ellington Financial Inc. (NYSE: NYSE: ), a $1.1 billion market cap financial firm currently trading below its InvestingPro Fair Value, has completed a $243 million securitization backed by a pool of proprietary reverse mortgage loans, the company announced today. The loans were originated by Longbridge Financial, LLC, a fully owned subsidiary of Ellington Financial, which will also continue to service the loans.The debt tranches from the securitization received ratings from Morningstar DBRS, with the highest tranches achieving AAA(sf) ratings. InvestingPro analysis reveals several additional positive indicators for investors seeking detailed insights.Longbridge Financial, the originator of the loans backing this securitization, specializes in home equity conversion mortgage loans (HECMs), and is recognized as a Title II, non-supervised direct endorsement mortgagee by the U.S. Department of Housing and Urban Development (NS: ). The company also expressed optimism about future securitizations and the performance of its credit portfolio, particularly in a declining interest rate environment.Looking ahead, Ellington Financial plans to release its estimated book value per share for October and has outlined plans for four to six non-QM securitizations in the coming year, market conditions permitting. Despite slight increases in commercial mortgage delinquencies and write-downs in the consumer loan portfolio, the company remains positioned conservatively to mitigate post-election market volatility.This article was generated with the support of AI and reviewed by an editor.