American Advisors Group, a reverse mortgage lender based in Irvine, Calif., said it has both a new management team and an infusion of investment capital. The capital comes from JAM Equity Partners LLC, El Segundo, Calif.; an affiliate had committed to make a $4 million investment in the firm. "The combination of a strong capital base from an industry-experienced partner — and one of the most seasoned and accomplished teams in the industry — positions us to be a substantial player in the reverse mortgage space in the coming year," said Reza Jahangiri, president of American Advisors Group. AAG is starting a direct mail campaign and television campaign with the theme of "The Best Advice for a Better Life." The campaign will have a celebrity spokesman whose name was not disclosed.
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Small lenders are turning to local sponsorships, social media, education and word-of-mouth to compete with big banks' massive marketing budgets.
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As Washington weighs a national housing emergency, U.S. homeownership has slipped year-over-year, according to Redfin.
September 3 -
A Tuesday night deadline has passed and some investors in certain senior notes now have a new expiration date for the closing of the tender offer and exchange.
September 3 -
Federal Reserve Bank of St. Louis President Alberto G. Musalem said central bank autonomy leads to lower inflation and stable employment numbers. His comments come amid the Trump administration's attempt to remove a Fed board member for cause.
September 3 -
A pickup in refinances was offset by the first pullback in purchases in four weeks in the run-up to Labor Day, according to the Mortgage Bankers Association.
September 3 -
The increase represents a spot of good news for homebuilders in a year marked by uncertainty surrounding tariffs and still-challenging interest rate levels.
September 3