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American Advisors Agrees to 2 Acquisitions

2 deals negotiated this year

Feb. 12, 2014

By Mortgage Daily staff

Fresh with new capital from a private equity firm, American Advisors Group has negotiated a pair of acquisitions.

The Orange, Calif.-based company said that it "rolled up" the addition of Reverse Mortgage USA employees, which it reportedly acquired on Jan. 2.

American Advisors is known for its reverse mortgage television commercials featuring former presidential candidate and senator Fred Thompson.

During the 12 months ended Jan. 31, American Advisors was the second-biggest originator of home-equity conversion mortgages with 7,607 endorsements by the Federal Housing Administration.

On Wednesday, the Orange, Calif.-based firm said that it has reached an agreement to acquire the assets of Associated Mortgage Bankers.

The statement indicated that the acquisition will enable American Advisors "to further develop its national field sales model and add to the lender's existing call center capabilities."

"The AMB acquisition further solidifies our plan to scale our newest retail channel while leveraging the infrastructure and resources AAG has available," American Advisors Group Chief Executive Officer and Founder Reza Jahangiri said in the announcement.

Associated Mortgage Banker executives Kevin Blakeney leading national field sales, and Adam Salti, business development initiatives, will continue in their roles at the combined organization.

Associated Mortgage Bankers President Donald Moran will not be staying on. He noted that he already had a long-term partnership with America Advisors -- which he called "an innovative market leader."

Headcount at American Advisors will increase by 85 as a result of the acquisition -- bringing staffing to nearly 800.

Employee transitions will complete when all necessary licensing and regulatory approvals are received.

The two recent deals were made possible through a second-half 2013 capital infusion from FFL, a private equity firm.

In addition to the acquisitions, American Advisors plans to use new capital to strengthen its balance sheet in connection with its growing Ginnie Mae portfolio in 2014.

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