Top reverse mortgage lender by volume American Advisors Group is increasing its footprint with its newest mortgage banking license in New York state.
The company announced Thursday it has received its mortgage banking license in New York, bringing its state count to 48 for wholesale and retail reverse mortgage lending.
“We are extremely excited to work with reverse mortgage professionals in New York, the fourth ranked state in product endorsement volume in the country,” said Kimberly Smith, vice president of AAG’s wholesale division. “The license provides AAG another opportunity to secure new broker business partnerships and the potential to increase our market share in the wholesale space.”
AAG, which lays claim to a national television advertising campaign featuring former Senator Fred Thompson as spokesman, has quickly risen over the last year to become the top reverse lender by volume.
Earlier this year, the company rolled the operations of 1st Reverse Mortgage USA into AAG and subsequently acquired the reverse mortgage division of New York-based Associated Mortgage Bankers.
An expansion across wholesale, retail and field originations has led AAG to become the top producer in the nation, having closed more than 11,677 loans over the last 12 months as of August, according to data published by Reverse Market Insight. Liberty Home Equity Solutions stands as the second reverse mortgage lender by volume, having closed 7,726 loans over the same period.
Written by Elizabeth Ecker
