 | |
| Founded | Irvine, California, USA (2004) |
|---|---|
| Headquarters | 18200 Von Karman Ave., Suite 300 Irvine, California 92612 United States |
| Key people | Reza Jahangiri, CEO/Founder |
| Employees | 1000+ (2015) |
| URL | www.aag.com |
American Advisors Group (AAG) is an American reverse mortgage lender. [1] [2] It provides government-insured Home Equity Conversion Mortgage (HECM) loans and has 81 geographical areas approved for business by HUD. [3]
The group was founded in 2004 by Reza Jahangiri, president and chief executive officer. [2] [4]
In June 2009 the company received a capital-infusion commitment from private-equity firm JAM Equity Partners of El Segundo, California, an investment said to give AAG "the resources needed to compete on a national level with a celebrity spokesperson and [to] build a recognizable brand." At the same time, the company announced "a new management team" from Liberty Reverse Mortgage/Genworth and the Senior Lending Network. Jahangiri told Reverse Mortgage Daily that the company would be "sticking with retail" rather than moving to other aspects of the business. [5] [6]
The firm completed its first Home Mortgage-Backed Security (HMBS) issuance in July 2013, after receiving approval from Ginnie Mae, [7] in a program said to be "an essential financial solution for a growing number of senior citizens.". [8] The company was named as the leading HMBS issuer for the first half of 2015, according to NewView Advisors, LLC. [9]
AAG provides government-insured Home Equity Conversion Mortgage (HECM) loans and has 81 HUD-approved areas for business. [3] The organization is headquartered in Orange County, California. [10] [11] [12]
The firm launched its wholesale division in June 2012. [13] It launched its National Field Sales (NFS) division in 2014. [14]
In October 2009, the firm announced that film and television actor Peter Graves had been selected as the spokesperson for the second half of the company's national media campaign, which in its first phase had featured "personalized stories" of the way that reverse mortgages had affected homeowners. He remained spokesman until his death in March 2010. [15]
Former U.S. Senator Fred Thompson of Tennessee became the AAG spokesman in May 2010 until his death on November 1, 2015. [16] [17] Their latest spokesman as of 2021 is actor Tom Selleck. [18]
The Federal Housing Administration (FHA), also known as the Office of Housing within the Department of Housing and Urban Development (HUD), is a United States government agency founded by President Franklin Delano Roosevelt, established in part by the National Housing Act of 1934. Its primary function is to provide insurance for mortgages originated by private lenders for various types of properties, including single-family homes, multifamily rental properties, hospitals, and residential care facilities. FHA mortgage insurance serves to safeguard these private lenders from financial losses. In the event that a property owner defaults on their mortgage, FHA steps in to compensate the lender for the outstanding principal balance.
Redlining is a discriminatory practice in which financial services are withheld from neighborhoods that have significant numbers of racial and ethnic minorities. Redlining has been most prominent in the United States, and has mostly been directed against African-Americans. The most common examples involve denial of credit and insurance, denial of healthcare, and the development of food deserts in minority neighborhoods.
This aims to be a complete list of the articles on real estate.
Thomas William Selleck is an American actor. His breakout role was playing private investigator Thomas Magnum in the television series Magnum, P.I. (1980–1988), for which he received five Emmy Award nominations for Outstanding Lead Actor in a Drama Series, winning in 1985. Since 2010, Selleck has co-starred as New York City Police Commissioner Frank Reagan in the series Blue Bloods. Beginning in 2005, he has portrayed troubled small-town police chief Jesse Stone in nine television films based on the Robert B. Parker novels.
The Government National Mortgage Association (GNMA), or Ginnie Mae, is a government-owned corporation of the United States Federal Government within the Department of Housing and Urban Development (HUD). It was founded in 1968 and works to expand affordable housing by guaranteeing housing loans (mortgages) thereby lowering financing costs such as interest rates for those loans. It does that through guaranteeing to investors the on-time payment of mortgage-backed securities (MBS) even if homeowners default on the underlying mortgages and the homes are foreclosed upon.
The Federal National Mortgage Association (FNMA), commonly known as Fannie Mae, is a United States government-sponsored enterprise (GSE) and, since 1968, a publicly traded company. Founded in 1938 during the Great Depression as part of the New Deal, the corporation's purpose is to expand the secondary mortgage market by securitizing mortgage loans in the form of mortgage-backed securities (MBS), allowing lenders to reinvest their assets into more lending and in effect increasing the number of lenders in the mortgage market by reducing the reliance on locally based savings and loan associations. Its brother organization is the Federal Home Loan Mortgage Corporation (FHLMC), better known as Freddie Mac.
A reverse mortgage is a mortgage loan, usually secured by a residential property, that enables the borrower to access the unencumbered value of the property. The loans are typically promoted to older homeowners and typically do not require monthly mortgage payments. Borrowers are still responsible for property taxes or homeowner's insurance. Reverse mortgages allow older people to immediately access the home equity they have built up in their homes, and defer payment of the loan until they die, sell, or move out of the home. Because there are no required mortgage payments on a reverse mortgage, the interest is added to the loan balance each month. The rising loan balance can eventually grow to exceed the value of the home, particularly in times of declining home values or if the borrower continues to live in the home for many years. However, the borrower is generally not required to repay any additional loan balance in excess of the value of the home.
Freedom Communications, Inc., was an American media conglomerate that operated daily and weekly newspapers, websites and mobile applications, as well as Coast Magazine and other specialty publications. Headquartered at 625 N. Grand Avenue in Santa Ana, California, it was owned by a private equity firm, 2100 Trust, established in 2010 by investor Aaron Kushner Freedom's flagship newspaper was the Orange County Register, based in Santa Ana.
An FHA insured loan is a US Federal Housing Administration mortgage insurance backed mortgage loan that is provided by an FHA-approved lender. FHA mortgage insurance protects lenders against losses. They have historically allowed lower-income Americans to borrow money to purchase a home that they would not otherwise be able to afford. Because this type of loan is more geared towards new house owners than real estate investors, FHA loans are different from conventional loans in the sense that the house must be owner-occupant for at least a year. Since loans with lower down-payments usually involve more risk to the lender, the home-buyer must pay a two-part mortgage insurance that involves a one-time bulk payment and a monthly payment to compensate for the increased risk. Frequently, individuals "refinance" or replace their FHA loan to remove their monthly mortgage insurance premium. Removing mortgage insurance premium by paying down the loan has become more difficult with FHA loans as of 2013.
Genworth Financial, headquartered in Richmond, Virginia, provides life insurance, long-term care insurance, mortgage insurance, and annuities.
OneWest Bank, a division of First Citizens BancShares, was a regional bank with over 60 retail branches in Southern California. OneWest Bank specialized in consumer deposit and lending including personal checking and savings accounts, Money Market accounts, CDs, and home loan products. OneWest offered small business checking, savings, CD, and money market accounts as well as small business loans and treasury management products.
A mortgage loan or simply mortgage, in civil law jurisdictions known also as a hypothec loan, is a loan used either by purchasers of real property to raise funds to buy real estate, or by existing property owners to raise funds for any purpose while putting a lien on the property being mortgaged. The loan is "secured" on the borrower's property through a process known as mortgage origination. This means that a legal mechanism is put into place which allows the lender to take possession and sell the secured property to pay off the loan in the event the borrower defaults on the loan or otherwise fails to abide by its terms. The word mortgage is derived from a Law French term used in Britain in the Middle Ages meaning "death pledge" and refers to the pledge ending (dying) when either the obligation is fulfilled or the property is taken through foreclosure. A mortgage can also be described as "a borrower giving consideration in the form of a collateral for a benefit (loan)".
Prospect Mortgage was a residential retail mortgage lender that offered a range of home loans. The company was founded in 2007 and was headquartered in Sherman Oaks, California with retail offices across the United States. The company was backed by the private equity firm Sullivan Partners. In 2011, Prospect Mortgage was ranked number 2 on Mortgage Executive Magazine's list of the "Top 100 Mortgage Companies in America", and was a top 10 national home purchase lender in 2012.
The HUD-1 Settlement Statement is a standardized mortgage lending form in use in the United States of America on which creditors or their closing agents itemize all charges imposed on buyers and sellers in consumer credit mortgage transactions. The HUD-1 is used primarily for reverse mortgages and mortgage refinance transactions. The reference to 'HUD' in the form's name refers to the Department of Housing and Urban Development.
Lend America was a national mortgage banking organization based on Melville, New York. The company used cable television infomercials and toll-free numbers to promote its services which include refinancing of mortgages with fixed-rate loans guaranteed by the Federal Housing Administration.
Jack Mack Guttentag was an American banker and academic who was a professor of finance at the Wharton School of the University of Pennsylvania. He was also a consumer advocate and creator of The Mortgage Professor, a website that provides free and disinterested advice to consumers on mortgage-related issues.
Reza Jahangiri is an American entrepreneur. He is the CEO of American Advisors Group (AAG) and past co-chair of the National Reverse Mortgage Lenders Association (NRMLA). He was also senior publisher for The Reverse Review until it was sold to HousingWire in 2018.
The Housing and Community Development Act of 1987, P.L. 100-242, 101 Stat. 1815, is a United States federal law which amended the Housing and Community Development Act laws with regards to the Housing Act of 1937. The amendments revised sections of the Act concerning community and neighborhood development, family and single housing, and preservation for low income home owners. The law provided insurance for FHA Home Equity Conversion Mortgages (HECM) better known as a home equity conversion loan or reverse mortgage.
Embrace Home Loans Inc., formerly Advanced Financial Services Inc. (AFS), is an American full service direct mortgage lender. It is headquartered in Newport, Rhode Island. Embrace provides residential mortgage loans directly to its customers and is licensed in 46 states and Washington, D.C. The company employs 600+ people spanning 25 branches along the East Coast of the U.S.
Live Well Financial, Inc. ("LWF") was an American privately owned mortgage originator, servicer and investor that operated between 2005 and 2019 when it was put into involuntary bankruptcy.
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