American Advisors Group
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American Advisors Group
American Advisors Group, In
AAG reverse mortgage logo.png
FoundedIrvine, California, USA (2004)
Headquarters3800 W. Chapman Avenue
Orange, California 92868
United States
Key peopleReza Jahangiri, CEO/Founder
Employees1000+ (2015)
Websitewww.aag.com

American Advisors Group (AAG) is the top lender in the American reverse mortgage industry, licensed to operate in 48 states.[1][2] The company provides government-insured Home Equity Conversion Mortgage (HECM) loans and has 81 geographical areas approved for business by HUD.[3]

History

American Advisors Group was founded in 2004 by Reza Jahangiri, president and chief executive officer.[2][4]

In June 2009 the company received a capital-infusion commitment from private-equity firm JAM Equity Partners of El Segundo, California, an investment said to give AAG "the resources needed to compete on a national level with a celebrity spokesperson and [to] build a recognizable brand." At the same time, the company announced it had brought in "a new management team" from Liberty Reverse Mortgage/Genworth and the Senior Lending Network. Jahangiri told Reverse Mortgage Daily that the company would be "sticking with retail" rather than moving to other aspects of the business.[5][6]

AAG completed its first Home Mortgage-Backed Security (HMBS) issuance in July 2013, after receiving approval from Ginnie Mae,[7] in a program said to be "an essential financial solution for a growing number of senior citizens.".[8] The company was named as the leading HMBS issuer for the first half of 2015, according to NewView Advisors, LLC.[9]

Scope

AAG provides government-insured Home Equity Conversion Mortgage (HECM) loans and has 81 HUD-approved areas for business.[3] The organization is headquartered in Orange County, California.[10][11][12]

AAG launched its wholesale division in June 2012.[13] It later named Kimberly Kerrigan Smith, who had been with Generation Mortgage, as senior vice president of wholesale lending.[14]

AAG launched its National Field Sales (NFS) division in 2016. It later names Jesse Allen, who had previously run Bank of America's reverse division, to lead the channel. [15] In August 2017 they brought on Ted Zepfel to run both Wholesale and National Field Sales Operations. [16]

Marketing

Spokespeople

In October 2009, AAG announced that film and television actor Peter Graves had been selected as the spokesperson for the second half of the company's national media campaign, which in its first phase had featured "personalized stories" of the way that reverse mortgages hads affected homeowners. He remained spokesman until his death in March 2010.[17]

Former U.S. Senator Fred Thompson of Tennessee became the AAG spokesman in May 2010 until his death on November 1st, 2015. Thompson was an attorney, actor, author and commentator who was active in politics and hosted a nationally syndicated radio show.[18][19]

AAG's current spokesman is actor Tom Selleck.

References

  1. ^ "NMLS Consumer Access". Retrieved 2012.
  2. ^ a b Billingsley, Eric. "Reverse Mortgage Lending Sees Consolidation, Stimulus Boost". Orange County Business Journal. Orange County Business Journal. Retrieved 2012.
  3. ^ a b U.S. Department of Housing and Urban Development. "Lender: AMERICAN ADVISORS GROUP". Lender AAFB Data. Retrieved 2012.
  4. ^ Makkar, Aman (September 2011). "We Are CIS". The Reverse Review: 20-25. Retrieved 2012.
  5. ^ Yedinak, John. "Exclusive: Interview With CEO of AAG". Reverse Mortgage Daily. Reverse Mortgage Daily. Retrieved 2012.
  6. ^ Yedinak, John. "Reverse Mortgage Lender Raises $4 Million, Gears Up For Expansion". Reverse Mortgage Daily. Reverse Mortgage Daily. Retrieved 2013.
  7. ^ Elizabeth Ecker, "Despite Market Changes, AAG Looks to Set New Reverse Mortgage Records," Reverse Mortgage Daily, August 5, 2013
  8. ^ "Home Equity Conversion Mortgage-Backed Security (HMBS) Program," GinnieMae, January 18, 2013
  9. ^ http://newviewadvisors.com/commentary/hmbs-issuer-2015-first-half-league-tables-aag-overtakes-rms/
  10. ^ Collins, Jeff. "Lender sees rapid growth". Orange County Register. Orange County Register. Retrieved 2013.
  11. ^ Better Business Bureau®. "American Advisors Group". BBB Business Review. The Better Business Bureau of the Southland, Inc. Retrieved 2012.
  12. ^ Jeff Collins, "American Advisers Group Sees Rapid Growth," Orange County Register, December 5, 2013, page 1
  13. ^ Yedinak, John. "AAG Launches Wholesale Reverse Mortgage Division, Hires Chargin as AE". Reverse Mortgage Daily. Retrieved 2013.
  14. ^ Elizabeth Ecker, "AAG Hires Kim Smith to Oversee Reverse Mortgage Wholesale Channel," Reverse Mortgage Daily, January 6, 2013
  15. ^ https://www.housingwire.com/articles/38556-american-advisors-group-brings-in-new-hire-to-lead-national-sales-channel
  16. ^ https://nationalmortgageprofessional.com/news/64154/zepfel-joins-operations
  17. ^ Yedinak, John. "Reverse Mortgage Lender Rolls Out Celebrity Media Campaign". Reverse Mortgage Daily. Retrieved 2012.
  18. ^ Yedinak, John. "AAG Announces Fred Thompson as Reverse Mortgage Spokesman". Reverse Mortgage Daily. Retrieved 2012.
  19. ^ Sullivan, Bob. "From presidential candidate to paid mouthpiece, politicians cashing in". The RedTape Chronicles. NBC News. Archived from the original on 2013-03-13. Retrieved 2013.

  This article uses material from the Wikipedia page available here. It is released under the Creative Commons Attribution-Share-Alike License 3.0.

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