Packer
Longbridge Financial LLC, a national reverse mortgage loan provider headquartered in Mahwah, announced May 19 that Bill Packer was named chief operating officer, pending regulatory approval.
Packer will work alongside Chief Revenue and Marketing Officer Melissa Macerato and serve as a member of the company’s executive leadership under CEO Christopher Mayer. He will be responsible for helping to strengthen Longbridge’s technology and streamline its processes, positioning the company to bring reverse mortgages to seniors.
“Bill has a proven track record of innovation and transforming businesses across the mortgage industry to meet the evolving needs of borrowers, partners, and brokers, and we are thrilled to welcome him to the Longbridge team,” Mayer said in a statement. “His deep mortgage experience will also help the company as we continue to expand our partnerships with traditional mortgage companies looking to add business by offering reverse mortgages to their clientele.”
Packer brings more than two decades of operational and strategic mortgage industry experience to Longbridge, including as chairperson for the Mortgage Bankers Association Residential Technology Committee and Residential/Single Family board of governors. At American Financial Resources, based in Parsippany, he oversaw all operations, technology, project management, product development, facilities and marketing and helped launch its eCASH Home Financing program, which allowed customers to buy a home with an all-cash offer. Packer also served in leadership positions at Bank of America and has served on several advisory boards, including Snapdocs, Flatworld Mortgage Solutions, EllieMae Technology and the Rutgers University Customer Experience program.
Packer earned a bachelor’s degree in economics from New York University and an MBA from Hofstra University. He is a certified project manager and earned a GIAC Security Essentials certification from the SANS institute.
“Given the reverse mortgage industry has not yet realized the full opportunities of technological innovation, I look forward to the tremendous opportunity to modernize processes and programs at Longbridge,” Packer said. “I am pleased to join the Company at this exciting time and help seniors tap more than $12 trillion of home value for a better retirement.”
In a deal that’s currently in the works, Ellington Financial of Old Greenwich, Conn., announced Feb. 23 that it entered into a definitive agreement to purchase an additional 49.6% ownership interest in Longbridge from Home Point Capital Inc. for approximately $75 million. The transaction is expected to close in the second quarter of 2022.
