American Advisors Group

Good Afternoon-AAG has provided the Consumer with a detailed and transparent accounting of what transpired on her loan application in the previously attached response letter. Contrary to the Consumer's assertion that AAG did not provide assurances that it would not place a lien on her home, the following excerpt from the aforementioned response letter, third last paragraph states:Per your request ,  we would like to assure you that AAG will never place a lien on your property for any reason. Regarding your second request- that you not be responsible for any costs incurred relative to the application in question- I have attached AAG’s Release, Indemnification and Hold Harmless Agreement which you signed on September 2, 2015. The second paragraph reads in part “…Borrower acknowledges and agrees that pursuant to the terms of the loan the, the Borrower is solely responsible for the payment of all third party fees and expenses actually incurred in connection with the mortgage loan regardless of whether Borrower is approved or denied for the mortgage loan, or if the mortgage loan does not close.” Because you read and acknowledged the terms of this document, AAG regrets  it cannot promise that “… the applicant is not responsible for any costs incurred relative to the application in question; that the applicant will be reimbursed for any and all other AAG application related expenses including but not limited to all legal fees relative to this AAG application process.”AAG also included all fees the borrower WOULD be responsible for due to her decision to cancel the loan:"Per the attached Invoice from [redacted], you are responsible for the third party costs incurred for the foundation inspection because you voluntarily cancelled the loan process (Attached)."AAG considers this matter satisfactorily resolved and is confident its processes were in compliance with all industry, state and federal guidelines.We would like to apologize again for any inconvenience you experienced as a result of your decision to cancel your loan application. We will be more than happy to accept a re-application should you change your mind about obtaining a reverse mortgage.Please do not hesitate to call or email me with any questions.Sincerely[redacted]CARES ManagerAmerican Advisors Group866-948-0003 Ext. [redacted]

Good Afternoon,Please accept my apologies for the tardy response to this matter. A copy of the attached response letter has been mailed to the Consumer. AAG is satisfied that we originated and processed this loan in accordance with standard industry, state and federal lending guidelines. The income and credit challenges were not too great for the loan to work, despite AAG's best efforts.Please do not hesitate to call or email me with any questions.Sincerely,[redacted]American Advisors GroupCARES Manager[redacted] Ext. [redacted]Dear Ms. [redacted]American Advisors Group, (hereinafter AAG), is in receipt of correspondence from the Revdex.com received on May 6, 2016. We appreciate the opportunity to respond to your concerns, and apologize for the delay in responding to your important concerns.In your correspondence, you stated the following:“In February 2016 I contacted AAG reference a reverse mortgage. I was planning on buying a home for cash then getting a reverse mortgage to help pay for improvements. [redacted], a reverse mortgage professional, stated that there was a reverse mortgage purchase, they would pay for half of the cost of the home and I would pay the other half. From the very beginning I told Mr. [redacted] that I had credit issues. He said that it was not a problem as | only needed to explain what happened and they would approve me. I found a home and put $2000 down, also had to pay $125 for their counseling session. I also ended up paying $450 for an appraisal and $350 for a survey report. March 8, 2016 Mr. [redacted] sent out an email stating that I was approved for a Reverse Mortgage purchase. As the process continued there were other things to sign, arrange home owners insurance, utilities, get estimate for moving. We were told closing was on 4/29/2016, my loan number was [redacted]. Again Mr. [redacted] sent out an email stating I was approved for the reverse mortgage purchase. Four days before April 29, 2016 AAG called saying that I needed to show more income. explained that I worked full time and was receiving social security, I could not get any more income. At that point AAG said that I did not qualify for the reverse mortgage purchase. I am not sure why this was not the first thing they checked, but they let the process continue until I had paid a lot of money out of pocket and now at four days to closing they reneged on the contract stating that I was approved for the reverse mortgage purchase. I am not sure if this organization is a ripoff to seniors, a scam, or that they are just incompetent. I am writing to get $2925 returned to me as the cost of dealing with this inept company. I can not even value the stress and frustration I had dealing with all of this. AAG and [redacted] are by far the most ineffectual I have ever dealt with. I have copies of every email sent to me from this company.”Firstly, AAG would like to apologize for any inconvenience you may have experienced during the processing of your loan. While we at AAG try out best to fund loans in a smooth and timely manner, there are occasions when this is not possible due to factors beyond our control.In the case of your loan, you were advised by AAG that you needed to provide proof of additional income in order to qualify for the HECM for Purchase loan. Our Processing Department confirmed during the process, that your only source of income was Social Security benefits and Employment income, which did not qualify for the transaction. I would like to advise you of the three issues your loan faced, which that department shared with you:“There were three major issues on Ms. [redacted]'s file, income being the biggest problem of the three. She also had derogatory accounts that would require the underwriter to ensure Ms. [redacted] has a fully funded LESA (Lifetime Estimated Set Aside) if extenuating circumstances were not documented. Ms. [redacted] also had two large judgments that would need to be paid off in full as she was not on a satisfactory payment plan. See the below breakdown.Derogatory Accounts:Ms. [redacted] had recent derogatory accounts of which we needed to document extenuating circumstances in order to get the fully funded LESA (Lifetime Estimated Set Aside) waived. When discussed this with her she understood exactly what I was asking for and said it would not be an issue for her to provide. After I spoke to her about this she had contacted the former **, [redacted] and sent him the attached e-mail. She was questioning the fact that we wouldn't close until her “Credit history was approved.” Judgments:Ms. [redacted] has two large judgments reporting on credit report that needed to be paid off before we could close as she had not been on a satisfactory payment plan for at least 3 months. She was aware that these judgments existed and confirmed that she had not been on a payment plan with the creditors to get them resolved.Income shortfall:At the time the loan was denied, we had a negative residual income shortfall of $361.77 and a $890.77 residual income shortfall. I confirmed with the borrower that she had no additional income. Social security and her $2,110 employment income was all she received. She was retaining her current residence so we were accounting for the mortgage on the property, taxes and insurance in our expense calculations—this is what caused the shortfall. I informed her that she needed to provide additional income or sell her current residence prior to our closing. [end].Definition of Fully Funded LESA:HUD/FHA provided this component of the Home equity Conversion Mortgage (HECM) to ensure that borrowers would not become incapable of paying property taxes and homeowners insurance over the life of the loan, and so jeopardize their ability to continue living in the property due to default.The Financial Assessment, which reviews all borrower income and expenses, results in a calculated determination as to whether the borrower is capable of making on time payments towards property taxes and homeowners insurance, and still have funds left over for food, utilities, and other essentials. If, from credit history, income, and other factors, it appears the borrower would be unable to make timely payments on their own during the life of the loan, the fully funded LESA (Lifetime Estimated Set Aside) is required to be imposed. This means that an actuarially calculated lump sum amount is withheld from borrower funds at closing and used to pay make these critical payments when they become due for the estimated life of the borrower.We apologize that, because of the three factors detailed above, namely derogatory accounts, judgments, and income shortfall, your loan, and the fact that you are retaining your current home, for which we have to factor in property charges for that home as long as you own it and have to pay property taxes, homeowners insurance and other expenses, for purposes of determining residual income, your loan could not fund.The Financial Assessment process was explained to you and you acknowledged that you understood your loan would not be able to close unless we managed to prove extra income. You stated that it would not be a problem to provide proof of such income, or extenuating circumstances necessary to get your fully funded LESA waived. Because you were unable to provide proof of additional income, your loan was denied. AAG is sorry we could not fund your loan. We cannot and do not guarantee that loans will fund, and cannot provide refunds for expenses incurred during the loan process. The delays on the loan were not caused by AAG, but rather by the income shortfall, derogatory accounts and judgments your loan faced, and our inability, despite our best efforts to overcome those challenges.We hope this letter has addressed all of your concerns. Please do not hesitate to contact me if you have any questions.Sincerely,[redacted] American Advisors Group CARES Manager[redacted] Ext. [redacted]

Our questions were answered promptly and completely. Our transaction was handled efficiently.

AAG is supposedly one of the more recognized reversed mortgage providers.
I started my application for a reversed mortgage on November 26, 2015. The process was estimated to close early January 2016. Although, during the first 4 to 5 weeks, I was kept up-to-date about the status, thereafter my telephone calls and emails were ignored most of the time. When I finally got to talk to their representative on March 2nd, (2 months after the estimated closing date) I was told that my application was on hold waiting for some more documentation from me, which I provided the same day. About 2 weeks thereafter, I received a telephone call that my application was denied due to insufficient income. That despite the fact that I provided proof about my income, sufficient enough to cover my normal expenses and more. On March 24, 2016, I received a letter from AAG that my application was cancelled due to “Borrower does not want to proceed”. Obviously this was incorrect and makes me wonder and doubt about the seriousness of AAG’s business behavior.

Dear Sir/Madam,
 
Please let me begin this response to your rebuttal by reiterating our sincerest apologies that we were not able to work with you to complete this transaction.
As an FHA approved lender, AAG has the duty and responsibility to every borrower to originate the loan in compliance with all HUD/FHA guidelines. Part of that obligation is to provide them with every opportunity to obtain the loan. There are many components to a reverse mortgage, and credit history is a very important but only one part of that process. AAG cannot deny or refuse to assist a borrower merely because there may be derogatory items on their credit history. We are often able to work with the borrower to provide letters of explanation for derogatory credit. While we are working to provide these explanations, an appraisal and inspection must be done on the property, and the loan must be underwritten to determine if the borrower satisfies all the criteria for a reverse mortgage based on that credit and other factors. I have attached an example of your explanation letters to explain collections, charge offs and judgments. (For Revdex.com reference only).
 
In your case, you were approved for the loan pending satisfaction of certain credit conditions. AAG tried its best to overcome those conditions but we were not able to do so. I have attached the outstanding debt you would have had to pay in order to proceed to funding. The outstanding loans, which would have hat to be paid when the loan funded, caused your loan to be short to close. below is the explanation from the Sr. Processor.
 
AAG regrets that you had to forfeit your $2000.00 earnest money deposit. A reverse mortgage is not guaranteed and this is explained to every borrower. At no time is a borrower advised that they will definitely qualify for the loan. 
I know that this explanation will probably not be satisfactory, but AAG believes it originated your your loan in compliance with all industry, state and federal guidelines and cannot provide the refunds you seek.
Sincerely,
[redacted]
CARES Manager
American Advisors Group
[redacted] Ext [redacted]
[redacted]
 
 
 
1. Income Shortfall: We have a total income shortfall of $685.76.
a. We are including the mortgages and property charges of the borrowers departure home (3129 Laird Drive) in the monthly expenses as she will be retaining this property. This accounts for $769.14 of her monthly expenses.
b. As she has collection accounts with a balance of over $2000, we are including 5% of each account in our monthly expenses as well. This accounts for $1,197.25 of her monthly expenses.

2. Satisfactory Credit is not met:

3. The borrower has the judgments filed against her and they are reporting on her credit report. As she has not been on a satisfactory payment plan for a minimum of 3 months, the judgments must be paid in full prior to our closing.
1. Income Shortfall: We have a total income shortfall of $685.76.
a. We are including the mortgages and property charges of the borrowers departure home (3129 Laird Drive) in the monthly expenses as she will be retaining this property. This accounts for $769.14 of her monthly expenses.
b. As she has collection accounts with a balance of over $2000, we are including 5% of each account in our monthly expenses as well. This accounts for $1,197.25 of her monthly expenses.

2. Satisfactory Credit is not met:

3. The borrower has the judgments filed against her and they are reporting on her credit report. As she has not been on a satisfactory payment plan for a minimum of 3 months, the judgments must be paid in full prior to our closing.

Dear Sir/Madam,I would like to apologize to the Consumer for the tardy response to his request for information on why the loan was denied. The uploaded written response explains what transpired on the loan and the reason for the loan denial.The Consumer is welcome to re-apply for a reverse mortgage when his financial situation improves or he is able to document or verify his income.Sincerely,[redacted]CARES ManagerAmerican Advisors Group866-948-0003 Ext. [redacted]

Dear Ms. [redacted],
American Advisors Group (herein AAG) is in receipt of your complaint filed with the RevDex.com on April12, 2014. We appreciate the opportunity to address your concerns.
In your complaint, you stated that AAG provided very poor customer...

service during the
processing of your reverse mortgage. You also wanted AAG to provide the correct reason for
the denial of your loan, and to provide an apology.
Regarding your concern that AAG provided very poor customer service, AAG strives to provide
our borrowers with the highest level of service at all times. Our company policy specifically
demands that all borrowers are provided with timely updates on their reverse mortgage
applications. All incoming calls or emails are answered promptly. Our company policy also
demands that all employees treat our borrowers with the respect and patience that they
deserve.
In your case, the Loan Origination Department and Processing Department employees did not
provide you with the level of customer experience expected of our employees. Please accept
our sincerest apologies for this lapse in our standards. It should never have occurred, and is
definitely not characteristic of the high standards to which we hold ourselves. The employees
with whom you worked in loan Origination and loan Processing, have received re-training in
customer service issues.
Regarding the reason for the denial of your loan, AAG apologizes for its error. The Underwriter
who generated the Notice of Denial worked from a drop down menu in our software. The
reason, "Unable to Verify Residence" was inadvertently chosen and generated. The correct
reason for the denial should have read "Property Not Vested in the Borrower's Name at the
time of Application." We apologize for this error, and again, your complaint has helped us to
identify an area that employees need to receive ongoing training so this does not happen again.
AAG is sorry that we were unable to fund your loan. We apologize for your total customer
experience, which fell short of our expected standards of service. We appreciate you bringing
these concerns to our attention so AAG can elevate its standards to a level that makes all of its
borrowers confident in its abilities to provide the best service at all times.
We are happy that you were able ultimately, to receive a reverse mortgage.
I have included an amended copy of your Notice of Denial, Termination or Change with the
correct reason for the denial of your loan.
Please feel free to contact me anytime if you have any questions.
Sincerely,
Sinclair [redacted]
American Advisors Group
Complaint Resolution Specialist

Revdex.com:
I have reviewed the response made by the business in reference to complaint ID [redacted], and have determined that this proposed action would not resolve my complaint.  For your reference, details of the offer I reviewed appear below.
AAG,
 You still have not answered my question. When the notary came in Aug. 2015, I gave him all the required documents including income. When AAG received this documents from the notary, I should have been notify by AAG that I did not meet the income requirements at this time and the whole process should have been stop. So my question is: "Why did AAG continue with the loan process, when clearly back in Aug. 2015 AAG knew that I did not meet the income requirement?"
Regards,
[redacted]

Good Afternoon,
Please accept my apologies for the tardy response to this matter.
 
A copy of the attached response letter has been mailed to the Consumer. AAG is satisfied that we originated and processed this loan in accordance with standard industry, state and federal...

lending guidelines. The income and credit challenges were not too great for the loan to work, despite AAG's best efforts.Please do not hesitate to call or email me with any questions.
Sincerely,
[redacted]
American Advisors Group
CARES Manager
[redacted] Ext. [redacted]

Dear Sir/Madam,
Please find the attached Written Response from AAG to the Consumer mailed on January 27,2014.
It is important to clarify a few points raised by the Consumer in this complaint:
1. AAG did not misrepresent itself regarding' full requirements' for homeowners...

with private wells and septic/leachfields. The Consumer gives the impression that AAG was aware, prior to the Appraisal, that potential obstacles would arise with regard to the well/septic/leachfields. There are many properties with similar characteristics which are FHA eligible and go on to fund. FHA guidelines dictate that an appraisal be done-(just like every other reverse mortgage application)- to determine if the private well/septic system/leachfield measuremants meet minimum specifications. Without an appraisal, a reverse mortgage application cannot go forward. AAG has absloutely no idea if a particular private well/septic system will meet minimum FHA guidelines prior to the appraisal. All reverse mortgage applicants are made aware, prior to the appraisal being done, that it is a necessary part of the process and no refunds of the fee can be made. AAG cannot refund HECM counseling fees as these are regulated by HUD to educate the HECM applicant of the pros and cons of the reverse mortgage process.  Reverse mortgage companies are prohibited from making refunds of this fee as it could appear it was an inducement for the applicant to do a reverse mortgage when they otherwise migh not have done so.
 2. The Consumer states that she was not advised of the private well/septic system requirements until after her loan was approved. This loan never reached the approval stage. It was still being underwritten and required the clearing of conditions required by FHA in order to be approved including Power of Attorney issues that the Consumer was unwilling to discuss with AAG, but without which the reverse mortgage process could not move forward.
 3. Please see below: AAG believes that the application for a reverse mortgage by the Consumer deserved its due process. in terms of the Equal Credit Opportunity Act [ECOA]. In the event that there were no issues with the private well/spetic system, this loan stood a good possibility of funding. The Consumer was unwilling to have an AAG vendor come out to make the necessary measurements and carry out corrective work. We understand completely the Consumer's financial situation, and appreciate that the two fees spent are keenly felt on a tight budget.
4. AAG regrets that it was unable to fund this loan. We appreciate the concerns raised by the Consumer and hope that the attached Written Response and this summary provide a satisfactory explanation of events as they took place. The Consumer is welcome to re-apply for a reverse mortgage in the event she feels comfortable with addressing the private well/septic system/leachfield, and Power of Attorney Issues.
Sincerely,
[redacted]
AMERICAN ADVISORS GROUP
Complaint Resolution Specialist
Ph: 866-948-0003 Ext. [redacted]

The closing was lengthy and tedious because AAA outsourced all five or so steps, but everyone was very pleasant and patient and helpful. Glad I chose them.

Service was great!!!!

Good Afternoon,
AAG's Response is uploaded for the Consumer's review. AAG is satisfied that it originated and processed this loan with all the due diligence required by industry lending standards, and by state and federal guidelines. 
We believe we have provided the Consumer with a detailed and transparent explanation for the denial of his loan, and consider this matter closed.
Please feel free to call or email me with any questions.
Sincerely,
[redacted]
CARES Manager
American Advisors Group
866-948-0003 Ext. [redacted]

Revdex.com:
I have reviewed the response made by the business in reference to complaint ID [redacted], and have determined that this proposed action would not resolve my complaint.  For your reference, details of the offer I reviewed appear below.I do realize that I signed the paper stating that I would be responsible for the cost, which at the time I signed it I was told would be an appraisal and financial counseling.  When all other services kept being added I would inform them (the loan holders that had already told me I had been approved) that I had no money to pay for these services.  When I would make this statement I was ASSURED THAT IT WOULD COME FROM MY LOAN AMOUNT.  With this assurance I went ahead and accepted that these services be performed.  When the engineer came out and inspected the basement/crawl space due to the water issue it was determined that the water was indeed from run off from the hill across the road from me.  We had an extremely wet spring all the way up into the summer and therefore it had no chance to dry up.  All of the issues that were mentioned as needing to be corrected were issues that I wanted to repair but was in need of money to do so, I made it clear to AAG upon applying for the reversed mortgage that my intention was to pay off my mortgage and make needed improvements to my property/dwelling.  I feel that due to the HOLDER OF THE MONEY after I was APPROVED FOR THE LOAN assuring me that I would have NO out of pocket expense and AAG apparently understanding my financial situation that I should not be held responsible for these expenses that I am receiving bills for.  I cannot afford to pay them and thought that REVERSED MORTGAGES were intended to help seniors that needed help, but apparently I was mistaken.  
Regards,
[redacted]

Good Afternoon,AAG's Response is uploaded for the Consumer's review. AAG is satisfied that it originated and processed this loan with all the due diligence required by industry lending standards, and by state and federal guidelines. We believe we have provided the Consumer with a detailed and transparent explanation for the denial of his loan, and consider this matter closed.Please feel free to call or email me with any questions.Sincerely,[redacted]CARES ManagerAmerican Advisors Group866-948-0003 Ext. 581[redacted] Dear Mr. [redacted],American Advisors Group (herein AAG) is in receipt of the above referenced correspondence via the Revdex.com received on May 16, 2016. We appreciate the opportunity to address your concerns.Your rebuttal is in response to AAG's written response mailed to you and uploaded to the Revdex.com portal on May 11, 2016:“AAG didn't answer my questions. First of all I was never told about the income requirement and since there is one now, so why did AAG proceed with my loan application after the notary came on Aug. 10, 2015? AGG knew at this time what income I had and that [redacted] lived on the property. The loan should never have gone past this point. I had to pay for an appraisal, (which I have never received an appraisal report) and AAG asked me to do some repairs to the property. I never complained about AAG wanting a copy of the Trust, but having to amend the trust. It was not my lawyer, [redacted] who held up the process but [redacted]. I felt that AAG put [redacted] and me through six months of stress for nothing, when AAG knew from the very beginning that I didn't meet the income requirement and never mentioned that there was an income requirement till the final letter.” [End].As stated in our previous response letter, AAG sincerely apologizes for any misunderstanding you may have experienced during the loan process. We would, however, like to again dispute your claim that AAG never advised you of the income requirement. AAG requested various forms of income verification from you very early in the process. With your permission, AAG requested IRS Form 4506-T Request for Transcript of Tax Return for 2012, 2013, and 2014 to confirm your income for those years. I will mail you the document in question but will not include it in the response to the Revdex.com due to consumer privacy responsibilities we owe you as a borrower and consumer. AAG also requested, and you supplied, a Social Security Administration Notice of Award letter showing your monthly income from that source. Like the document above, AAG cannot share this with the Revdex.com due to privacy issues but you have a signed copy that you may refer to. Additionally, you signed Fannie Mae Form 1009-Residential Loan Application- on August 15, 2015. In the Addendum to this form, you were asked, very early in the process, to provide Gross Monthly Income and Combined Property Expense Information which included the following:Base Employment Income OvertimeBonusesCommissions Social Security Income Pension/Retirement Benefits Rental Income Disability Benefits Annuity Income Other IncomeYou were asked on the same form to provide 2 years of employment history, a list of liabilities, and assets, and a schedule of real estate owned. Again, AAG regrets it cannot share this form on an open portal with the Revdex.com due to consumer privacy issues. However, you may refer to your copy signed on August 15, 2016.You referenced your fiancé [redacted] and her occupation of the property with you. Her presence on the property was not a reason for the denial of your loan. The sole reason for the denial of your loan was your inability to document your income required to meet AAG's Lending Guidelines. I have enclosed a copy of that Notice of Denial, Termination or Change, dated February 10, 2016 and mailed to your address that same day.I believe AAG has provided a transparent and detailed explanation of the reason your loan was denied. We are never happy when a loan does not fund as you, the borrower have not gotten what you came to AAG for. AAG is sorry it could not fund your loan. We also feel some of the pain in expending the number of employee and vendor hours for no return. We would like to encourage you to re-apply for a reverse mortgage when you are in a position to document your income that our underwriters can use to make a credit decision.On the day your response rebuttal was received, I personally emailed you a copy of your Appraisal Report which should have been mailed with the Notice of Denial. Please accept our sincerest apologies if you did not receive a copy at that time.Please do not hesitate to contact me anytime by telephone or email if you have any questions.Sincerely,[redacted] American Advisors Group CARES Manager 1-866–948-0003 Ext. [redacted]

Dear Sir/Madam,
Please find AAG's response to this complaint as an attachment. After conducting thorough research,  there is no evidence of unfair treatment or rudeness by the loan originator named in the complaint. Despite that, AAG would like to apologize to the Consumer for...

any inconvenience arising from any negative emotions she may have gone through while her loan was in process. Sometimes, borrowers can become exasperated when reverse mortgage companies request proof of certain actions-such as the filing of a bankruptcy that potentially wipes out certain debts-so processing can move to the next level. We have reached out to the Consumer and she is working with AAG on critical requirements to move her loan application forward.
Please do not hesitate to contact me if you have any questions.
July 25, 2014
Mrs. [redacted]
[redacted] Court
[redacted], GA [redacted]
Dear Ms. [redacted],
Re: Revdex.com Complaint ID [redacted] Filed on July 21, 2014
American Advisors Group (herein AAG) is in receipt of your Revdex.com complaint ID dated July 21, 2014 and received in our offices on July 25, 2014.We appreciate the opportunity to address your concerns and apologize for not providing a written response earlier.
On July 24, 2014, AAG Sr. Complaint Resolution Specialist [redacted] reached out to you. Mr. [redacted] assured you that he would conduct a fair review of your complaint. Mr. [redacted] reached out to loan Origination Manager [redacted] to provide a statement regarding the allegations.
Below is his statement:
I started working with Mrs. [redacted] it looks to be on 6/2. This loan was transferred to my team and had been originated by a [redacted], that, I guess, was no longer with company. I realized that the file was a case transfer with One Reverse mortgage. At that point I let the client know that in order for us to proceed with her file that she would have to make payment for the appraisal with One Reverse. She was not happy, but never indicated that to be a problem for her to do.  I explained that if there is an open invoice it needs to be satisfied before they would transfer and although they told her it would be paid in the closing she did not close with them so it was still doable. It took about a month for her to do so. During that time the setup department let me know that the name on title did not match our borrower. I called the client and asked her about this. She told me that she had done a name change and I asked for her to fax it to me which she did and furnished the setup department with. On 7/2 the appraisal got transferred from One Reverse to us. Not having originated this loan from the start I did not realize that there were liens against her title. On 7/15 I addressed the liens with the client she did share with me that these liens were included in her Bankruptcy at that time I asked her to please fax me all of the bankruptcy paperwork so I can try to sort this out for her. I em ailed the setup department on 7/15 stating that the client was sending me the bankruptcy paperwork. I was waiting to receive it from the client when I got this from you. I never hung up on the client nor have I ever hung up on a client in my career in the mortgage business. I pride myself on working with clients to help solve their problems and to provide great service. There are liens against her title which I was trying to help her clear by getting the bankruptcy paperwork. I was never rude in any way. I work to close every loan big or small with the same care and concern. I am hoping the call was recorded so you can see that I did not hang up on the client. Please let me know if you need anything else and if you want me to reach out to the client on this. (end of statement).
Mr. [redacted] reached out to Mrs. [redacted] on July 25, 2014, and asked her about the bankruptcy documents. She stated that when the AAG representative allegedly hung up on her and no one called her back, she did not know what to do next. It was agreed in this latest conversation that the Consumer would mail the documents to AAG so her loan application could continue to be processed.
AAG is sorry that the Consumer felt she was treated rudely, and apologizes for any inconvenience that she feels was caused. The Consumer was advised that, moving forward, AAG will work diligently to process her reverse mortgage application, as was the case prior to this complaint being filed.
We hope this written response has addressed your concerns. Please feel free to contact me anytime if you have any questions.
Sincerely,
[redacted]
Senior Loan Resolution Specilaist
American Advisors Group
866-948-0003 Ext [redacted]
a[redacted]@aag.com

Revdex.com:
I have reviewed the response made by the business in reference to complaint ID [redacted], and have determined that this proposed action would not resolve my complaint.  For your reference, details of the offer I reviewed appear below.your response is a load of blah blah blah, instead of saying every one applying for your reverse mortgage is qualified, run a credit report first before you promise things you can't keep.
AAG is a company that makes the borrower pay for all fees at closing. I hope you don't treat other applicants like you treated me.
Your business is a ripoff that takes advantage of the elderly
Regards,
[redacted]

The loan officer I had, Jeana C, was extremely knowledgeable and helpful throughout the whole application process. I was not, however, impressed with AAG's underwriting or closing departments. Took way too long with no reason for the delay. I understand it takes time to gather all the information needed for a transaction of this type but in this day and age of electronic transmission, it was too long.

Revdex.com:
I have reviewed the response made by the business in reference to complaint ID [redacted], and find that this resolution would be satisfactory to me.  I will wait for the business to perform this action and, if it does, will consider this complaint resolved.
Regards,
[redacted]

I knew from the beginning that the process would take around 3-4 months considering the different elements(Initial AAG Representative, Flood and Insurance Certification, Counseling Rep., Appraisal, Tax Certification, Credit Report, Title Searches, Hud Report, Disclosures, and final closing. I communicated with eight different representatives...very professional, informative and polite...I accepted each rep. as just another important step in the process for me to obtain a reverse mortgage. I felt professional comfort and understanding the process in each step...I commend and applaud all players in the final result. Vick [redacted]