American Advisors Group (AAG) is the top lender in the American reverse mortgage industry, licensed to operate in 49 states. The company provides government-insured Home Equity Conversion Mortgage (HECM) loans and has 81 geographical areas approved for business by HUD. In addition to its headquarters in Orange, California, the company has offices in Austin, Texas; Kennesaw, Georgia; and Melville, New York; as well as a national field sales force. The company employs more than 1,100 people, and has been named a Top Workplace by the Orange County Register every year since 2013.
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History
American Advisors Group was founded in 2004 by Reza Jahangiri, president and chief executive officer, and became an FHA-approved reverse mortgage lender in 2005.
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 composed of industry veterans.
AAG completed its first Home Mortgage-Backed Security (HMBS) issuance in July 2013, after receiving approval from Ginnie Mae, in a program said to be "an essential financial solution for a growing number of senior citizens".
In January 2014, the company entered the distributed retail model by hiring the majority of the field reverse mortgage originators formerly employed by Reverse Mortgage USA. The company further expanded its national field sales presence with the acquisition of New York-based Associated Mortgage Bankers' reverse mortgage platform. That same year, AAG became the number one reverse mortgage lender by total volume and market share.
The company was named as the leading HMBS issuer for the first half of 2015, according to NewView Advisors, LLC.
In 2016, AGG's CEO, Reza Jahangiri, and EVP of Retail Sales, Paul Fiore, were re-elected to the 2017 board of the National Reverse Mortgage Lenders Association (NRMLA), the trade group for the industry. Jahangiri serves as a co-chair and Fiore as a director.
American Advisory Group Video
Scope
AAG provides government-insured Home Equity Conversion Mortgage (HECM) loans and has 81 HUD-approved areas for business. The organization is headquartered in Orange County, California.
AAG launched its wholesale division in June 2012. It later named Kimberly Kerrigan Smith, who had been with Generation Mortgage, as senior vice president of wholesale lending.
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 had affected homeowners. He remained spokesman until his death in March 2010.
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. His last commercial for AAG debuted October 2015.
AAG's current spokesman is actor Tom Selleck, who said he was,
"...pleased and proud to be working with AAG. It was, after all, Fred Thompson who sparked my interest in reverse mortgages. I strongly believe that it is important for many Americans 62 and older, and just as importantly for their families, to know that a reverse mortgage can help them stay in their homes without giving up their ownership."
Source of the article : Wikipedia
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