American Advisors Group

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

History[edit]

American Advisors Group was founded in 2004 by Reza Jahangiri, the 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]

Scope[edit]

AAG provides government-insured HECM (Home Equity Conversion Mortgage) loans and has 81 HUD-approved areas for business.[3] The organization is headquartered in Orange County, California.[9][10][11]

AAG launched a wholesale division in June 2012.[12] It later named Kimberly Kerrigan Smith, who had been with Generation Mortgage, to be senior vice president of wholesale lending.[13]

Marketing[edit]

Spokesmen[edit]

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.[14]

Former U.S. Senator Fred Thompson of Tennessee became the AAG spokesman in May 2010. Thompson is an attorney, actor, author and commentator who is active in politics and hosts a nationally syndicated radio show.[15][16]

Thompson is featured in AAG’s national TV campaign, its website, its customer information packets and DVDs. Thompson’s commercials also promote the value and benefits of reverse mortgages for American seniors and air on cable and national networks.[15]

Awards and rankings[edit]

In September 2012, AAG won three awards from Reverse Mortgage Daily, for Best Retail Brand, Best Lead Provider and Best Celebrity Spokesperson (Fred Thompson).[17]

The Orange County Register named American Advisors Group in third place for the county's list of top workplaces for 2013. Jahangiri won the leadership award in that group.[9][11]

According to Reverse Mortgage Daily, in 2013 AAG was ranked first among the top reverse-mortgage retail and wholesale originators in the country.[18] It was fourth in retail by unit growth.[19] American Advisors Group is A+ rated by the Better Business Bureau,[20] it is a U.S Department of Housing and Urban Development approved Lender,[3] and it is a member of the National Reverse Mortgage Lenders Association.[21]

In November 2013, AAG was ranked by HECM World as No. 1 HECM lender (retail).[22]

Magazine[edit]

Beginning in January 2012, Reza Jahangiri, CEO of AAG Reverse, took over The Reverse Review, a magazine dedicated to advancing the availability and the quality of the reverse mortgage product.[23]

Philanthropy[edit]

The company's "anchor charity" is called AAGives Back, which supports the Kwagala Project to help victims of human trafficking in Africa. It also supports the Alzheimer's Association of Orange County, and a local food bank.[24][25]

References[edit]

  1. ^ "NMLS Consumer Access". Retrieved 7 August 2012. 
  2. ^ a b Billingsley, Eric. "Reverse Mortgage Lending Sees Consolidation, Stimulus Boost". Orange County Business Journal. Orange County Business Journal. Retrieved 19 January 2012. 
  3. ^ a b c U.S. Department of Housing and Urban Development. "Lender: AMERICAN ADVISORS GROUP". Lender AAFB Data. Retrieved 16 January 2012. 
  4. ^ Makkar, Aman (September 2011). "We Are CIS". The Reverse Review: 20–25. Retrieved 16 January 2012. 
  5. ^ Yedinak, John. "Exclusive: Interview With CEO of AAG". Reverse Mortgage Daily. Reverse Mortgage Daily. Retrieved 16 January 2012. 
  6. ^ Yedinak, John. "Reverse Mortgage Lender Raises $4 Million, Gears Up For Expansion". Reverse Mortgage Daily. Reverse Mortgage Daily. Retrieved 29 May 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. ^ a b Collins, Jeff. "Lender sees rapid growth". Orange County Register. Orange County Register. Retrieved 6 December 2013. 
  10. ^ Better Business Bureau®. "American Advisors Group". BBB Business Review. The Better Business Bureau of the Southland, Inc. Retrieved 10 August 2012. 
  11. ^ a b Jeff Collins, "American Advisers Group Sees Rapid Growth," Orange County Register, December 5, 2013, page 1
  12. ^ Yedinak, John. "AAG Launches Wholesale Reverse Mortgage Division, Hires Chargin as AE". Reverse Mortgage Daily. Retrieved 29 May 2013. 
  13. ^ Elizabeth Ecker, "AAG Hires Kim Smith to Oversee Reverse Mortgage Wholesale Channel," Reverse Mortgage Daily, January 6, 2013
  14. ^ Yedinak, John. "Reverse Mortgage Lender Rolls Out Celebrity Media Campaign". Reverse Mortgage Daily. Retrieved 16 January 2012. 
  15. ^ a b Yedinak, John. "AAG Announces Fred Thompson as Reverse Mortgage Spokesman". Reverse Mortgage Daily. Retrieved 16 January 2012. 
  16. ^ Sullivan, Bob. "From presidential candidate to paid mouthpiece, politicians cashing in". The RedTape Chronicles. NBC News. Retrieved 29 May 2013. 
  17. ^ reversemortgageawards.com
  18. ^ Jason Oliva, "Reverse Mortgage Endorsements Climb 15%, Western States Win Big," Reverse Mortgage Daily, January 28, 2014
  19. ^ Reverse Market Insight. "Industry Summary". HECM Originators (FHA & Non-FHA). Reverse Market Insight, Inc. Retrieved 16 January 2012. 
  20. ^ Better Business Bureau®. "American Advisors Group". BBB Business Review. The Better Business Bureau of the Southland, Inc. Retrieved 16 January 2012. 
  21. ^ National Reverse Mortgage Lenders Association. "Lender Locator". Your Guide to Reverse Mortgages. 2012 National Reverse Mortgage Lenders Association. Retrieved 16 January 2012. 
  22. ^ "The Top 100 HECM Lenders Report," HECM World, December 2, 2013
  23. ^ Yedinak, John. "After Closing of AppraiserLoft, Reverse Review Sold". Reverse Mortgage Daily. Reverse Mortgage Daily. Retrieved 16 January 2012. 
  24. ^ Jeff Collins, "American Advisers Group Sees Rapid Growth," Orange County Register, December 5, 2013, page 2
  25. ^ Elizabeth Ecker, "Reverse Mortgage Lenders Look Beyond Senior Population to Give Back," Reverse Mortgage Daily, April 7, 2012