American Advisors Group (AAG) announced the activation of a new $10 million warehouse facility to fund its reverse mortgage production. The new fuding capacity along with its “full eagle” authority allow it to transition from a broker to a reverse mortgage banker.
“The capacity this line provides allows us to move our production onto our newly established banking platform. It also gives us the control and flexibility to provide an even higher level of customer service.” said Reza Jahangiri, CEO of AAG.
The company raised $4 million from JAM Equity Partners last year and tells RMD it will continue to expand its centralized retail operation in Irvine, California. Additionally, it recently added more states to its licensing platform, which operates in 35 states and covers more than 85% of the U.S. senior population said the company.
“American Advisors Group has worked extremely hard to ensure we get ahead of the licensing and compliance curve and to implement the necessary infrastructure to not only survive during this difficult period but to sustain substantial growth in the coming months and years.” Jahangiri added.
According to HUD data, the company has endorsed 196 HECMs during FY 2010.