Following the recent addition of Reverse Mortgage USA employees who previously worked for Reverse Mortgage USA, American Advisors Group continues its efforts to expand its team and strengthen its presence in the reverse mortgage sales force.
The company announced today that it will acquire the reverse mortgage business of Associated Mortgage Bankers, based in Garden City, New York. The terms of the deal were not disclosed. Associated Mortgage Bankers will continue its forward mortgage business and remain committed to its remaining business channels.
The acquisition will further strengthen AAG’s presence as a reverse mortgage sales force provider in addition to its call center operations in Irvine, Calif., Bringing AAG’s total workforce to more than 800.
AMB has grown in volume in recent months, having taken out 121 loans in January 2014 and joining the top 10 lender rankings compiled by Reverse Market Insight.
“We are excited to add one of the strongest national field service management teams to our business,” said Reza Jahangiri, CEO and founder of the American Advisors Group. “The AMB acquisition solidifies our plan to scale our newest retail channel while leveraging the infrastructure and resources available to AAG.”
The company will introduce a new approach to national sales force, he said.
AMB will continue to be led by Kevin Blakeney, Senior Vice President of Sales, while Adam Salti will lead new business initiatives.
“AMB’s reverse mortgage team is excited to join AAG, the country’s leading reverse mortgage company,” said Blakeney. “Management, brand and corporate culture are a perfect match for us. We’re excited to offer something completely different, and we believe our field service partners will experience exceptional service and support, including access to the best-known brand in the industry. “
AMB said it remains committed to its forward origination business.
“We have a longstanding partnership with AAG in developing our reverse platform,” said Donald Moran, president of Associated Mortgage Bankers. “I’ve had the great pleasure of working in reverse with the most talented team, and while it’s hard to say goodbye, our team is joining an innovative leader who will continue to set the standard. The AMB brand will continue while we remain committed to our forward business. “
The AAG takeovers follow a capital injection from the private equity company FFL, which was completed in the second half of 2013. AAG intends to use this capital injection to strengthen its presence through acquisitions and to strengthen its balance sheet related to its Ginnie Mae portfolio in the coming year.
Written by Elisabeth Ecker