On the heels of a recent addition of field reverse mortgage originations staff formerly employed by Reverse Mortgage USA, American Advisors Group is continuing on its spree to grow its team and boost its presence in reverse mortgage field sales.
The company today announced it will acquire the reverse mortgage division of Garden City, New York-based Associated Mortgage Bankers. Terms of the deal were not disclosed. Associated Mortgage Bankers will continue its forward mortgage operations and remains committed to its remaining business channels.
The acquisition will further drive AAG’s presence as a field originator of reverse mortgages in addition to its Irvine, California-based call center operations and will bring AAG’s employee count to more than 800 in total.
AMB has grown its volume in recent months, having closed 121 loans in January 2014 and joining the ranks of the Top-10 lender count compiled by Reverse Market Insight.
“We are excited to incorporate one of the strongest national field sales management teams into our business,” said Reza Jahangiri, CEO and founder of American Advisors Group. “The AMB acquisition further solidifies our plan to scale our newest retail channel while leveraging the infrastructure and resources AAG has available.”
The company will be incorporating a new approach to national field sales, he said.
AMB will continue to be led by Kevin Blakeney, senior vice president of sales with Adam Salti leading new business initiatives.
“The AMB reverse mortgage team is looking forward to joining AAG, the leading reverse mortgage company in the country,” Blakeney said. “The management team, brand and company culture are a perfect fit for us. We are excited to offer something very different and we believe our field partners will experience exceptional service and support, including access to the most recognized brand in the industry.”
AMB said it remains committed to its forward origination business.
“We have enjoyed a longtime partnership with AAG in developing our reverse platform”, said Donald Moran, President of Associated Mortgage Bankers. “I’ve had the great pleasure to work with the most talented team in reverse and while hard to say goodbye, our team is joining an innovative market leader who will set the standard well into the future. The AMB brand will continue as we remain committed to our forward business.”
The AAG acquisitions coming following a capital infusion from private equity firm FFL that closed in the second half of 2013. AAG says it intends to use this capital infusion to boost its presence through acquisitions and strengthen its balance sheet in connecting with its Ginnie Mae portfolio in the coming year.
Written by Elizabeth Ecker
