American Advisors Group Obtains Full Eagle Designation

Posted by Orb Staff on March 30, 2010 No Comments
Categories : Residential Mortgage

Irvine, Calif.-based reverse mortgage provider American Advisors Group (AAG) has activated a $10 million warehouse facility specifically for the funding of home equity conversion mortgages (HECMs). The new funding line and ‘full eagle’ Federal Housing Administration lender designation allows AAG to fulfill its objective of transitioning to a mortgage banker.

‘The capacity this line provides allows us to move our production onto our newly established banking platform,’ says Reza Jahangiri, CEO of AAG.

AAG says it will now begin further expansion of its centralized retail operation. Additionally, the company has recently added more states to its national licensing platform, operating in 35 states covering more than 85% of the U.S. senior population.

‘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 adds.

SOURCE: American Advisors Group

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