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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The deal for the Class A office building owner will be funded from Rithm's cash as well as liquidity on the balance sheets, plus possible co-investors.
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Mortgage applications saw a significant jump for the second consecutive week, as homeowners took advantage of plummeting rates, the MBA said.
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The government-sponsored enterprise is making changes to mortgage-backed securities and servicing disclosure files to support use of the advanced credit score.
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Underserved markets advocates also want to keep the 30-year mortgage and do more to expand rural and manufactured housing while preserving low cost homes.
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As fulfillment spills into sales operations and artificial intelligence takes over more originator duties, executives emphasize maintaining a human in the loop.
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New research from National Mortgage News finds that nonbank mortgage firms are leading the pack of tech adopters, outpacing many financial institutions.
10h ago