Reverse mortgage lender American Advisors Group, which has more than doubled its monthly loan volume over the course of the last year, announced it is expanding to meet the needs of its growing sales force.
The Irvine, California-based lender said today it plans to expand its headquarters to nearly twice the size, by moving into 21,000 square feet of space in addition to the 26,000 feet of space it currently occupies. The new offices will be used exclusively for the company’s retail sales group, and make it the largest single-location housing reverse mortgage professionals in the country, AAG said.
“We are proud to announce that we have accomplished our 2011 goal to become the third-largest retail reverse mortgage originator in the country,” said AAG CEO Reza Jahangiri. “Our 2012 plans include doubling our sales floor to more than 180 reverse mortgage professionals and increasing our total AAG headcount to more than 350 people—an exciting new phase for the company andour great team.”
The company currently employs 200 between its Irvine and Atlanta offices comprising retail loan officers and operations in its call centers. AAG attributes much of its growth to the call center model and plans to continue with that model and its national TV ad campaigns featuring former Senator Fred Thompson.
AAG has grown its volume threefold since January 2011 to close more than 285 reverse mortgages in December 2011. According to the company, it expects that volume to grow to 500 loans monthly by year-end. It ranks No. 7 for overall loan volume according to the latest data from Reverse Market Insight.
Written by Elizabeth Ecker