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 letterContrary 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 reasonRegarding 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, 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 applicationWe 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-Ext [redacted]

Outstanding- Jim the loan officer and his young team are professionalsI have no complaints

AAG was great to work with No questions were left unanswered Just really polite and knowledgeable people who willingly share their expertise with you

Good Morning-AAG has mailed a copy of the attached Consumer complaint to the ConsumerAAG has followed all standard industry, state and HUD/FHA guidelines during the processing of this loan, and continues to work with the Consumer to fund this loan in a timely manner.Please feel free to call or email me with any questions or requests for clarification.Sincerely, [redacted] American Advisors GroupCARES Manager [redacted] Ext [redacted] Dear Mr [redacted] ,American Advisors Group, (hereinafter AAG), is in receipt of correspondence from the Revdex.com received on May 19, We appreciate the opportunity to respond to your concerns.In your correspondence, you stated the following:“We started the process of a reverse mortgage in January of and was told that it would take days to complete it has now been almost days (months)Every time we complete something that they want they then decide that something else needs to take place at a costWe don't have to pay it out right but it will come off the money that would be available to us, which is almost down to nothing for the first year nowWhen we committed to one of the AAG rep that they had a 90% dissatisfied rate she they didn't careWhat kind of business would want this kind of rating? I am appalled by the tactics that this business uses to swindle senior citizensThey don't want to helpWe have gone had to talk with three or four different people and no one know what the other has doneThey are always homeThis has gone on far too longEverything about AAG is falseI wish we had never started thisI'm wondering what hoop I will have to jump through next to get this completed.”Firstly, AAG would like to apologize for any inconvenience you have experienced during the processing of your loanWe are never happy when our valued borrowers, like yourself, express dissatisfaction with the service we have providedPlease be assured that you are very important to AAG, and without youemployees are taught to Care for, and treat our borrowers, and everyone we come into contact with every day in an Ethical mannerWe are Driven to ensure we do the best for our borrowers in every respect.Regarding your statement that you were told the loan would take days to close, this is regrettableAll AAG employees are given strict instructions not to promise a timeline that may be difficult or impossible to achieveI will be addressing this with the loan officer and if it is confirmed they mentioned this timeline, they will be subject to training and/or other actions to avoid a recurrence of such statements.Regarding the costs- Every HECM applicant is required to undergo counseling from an FHA approved housing counseling agency before completing the applicationSimilarly, every property must be appraised by an FHA approved appraiser to establish value, that will help to determine the amount of the loanThe survey that you were asked to obtain is a critical component of the title processFor properties that do not have a survey, it is difficult to establish legal descriptions and the proper square footage to be encumbered by the loanAdditionally, due to HUD/FHA requirements, we are required to obtain confirmation from an approved contractor that the distance between the well, septic tank and leech fields are all FHA compliant.A delay was faced when the appraiser came to your property, and you declined to grant head and shoulder access to the attic which was partially blocked by shelvingThe appraiser needed to make a second visit to your home to achieve thisAn FHA requirement, among many others, is that the appraiser have access to conduct his inspection.Regarding your comments of our customersatisfaction rating-AAG always works very hard to ensure that our borrowers receive the highest level of customer satisfactionBecause AAG originates more loans than any other reverse mortgage lender in the country, we will, by default receive some unsatisfactory reviewsWe consistently hold a customer satisfaction rating of 97%I am not sure where your figure of 90% dissatisfied customers was obtained from, and which AAG employee you spoke with who stated she did not care about our satisfaction ratingWe always strive to provide the highest level of customer service as our borrowers are our partners in what, for some, may be the biggest decision of their lives; and to close loans in a timely manner so our borrowers begin benefitting from the reverse mortgageWe are in good standing with the Revdex.com and have an A+ rating with themBecause we are an FHA approved mortgagee, we are able to close loans more efficiently than most reverse mortgage companies, who do not originate as many loans.As of Wednesday May 18, 2016, AAG's Processing Department mailed you a bid from Fidelity Homestead Associates, a contractor management company, to sign and send back to them so a survey of your property can be done to move the process forwardWe look forward to continuing to working with you to fund your loan.We hope this letter has addressed all of your concernsPlease do not hesitate to contact me if you have any questions.Sincerely, [redacted] American Advisors Group CARES Manager [redacted] Ext [redacted]

To Whom It May Concern: American Advisors Group strives to provide consumers, as well as our borrowers with the highest level of service, and we apologize for any inconvenience that you may have experiencedPlease be advised that as of 3/30/you have been added to our Do Not Contact List and per your request, you will no longer be contacted by our companyIf at any time in the future you would like to discuss any of the services we may offer, please feel free to contact AAG and we would be happy to assist you with your questions Sincerely, [redacted] [redacted] *** [redacted] [redacted] [redacted] ***

Dear Madam, Thank you for your patience while we reviewed this loan for complianceA written response has been mailed to the Consumer, and a copy uploaded for your reviewPlease do not hesitate to call or email me with any questions or requests for clarificationSincerely, [redacted] Escalations/Complaints Manager American Advisors Group [redacted] Ext [redacted] Dear Ms***, American Advisors Group (herein AAG) is I receipt of the above referenced correspondenceWe appreciate the opportunity to address your concerns, and thank you for your patience while we reviewed your loan fileIn your online submission to the Revdex.com you stated that you want AAG to pay for expenses incurred during the processing of your loanAAG has done a thorough review of your loan file including adherence to loan origination, and processing guidelines for HECM loan, and found the following: During the appraisal, the appraiser noted that your property did not meet all FHA/ HUD minimum guidelines as outlined in Handbook and and all applicable mortgagee letters, due to the presence of water in the basementExhibit "A"- (Appraisal Report page of 6; line 11)The appraiser noted in line of the Report that your home would meet HUD minimum property requirements once repairs were completeAAG's loan origination and processing department discussed the repair requirements with you, which you approved on September 18, The engineering report was completed on October 20, You were reminded at this time that if the loan closed, the foundation report and repair costs would be paid our of loan proceeds at fundingAAG's policy regarding 3rd party contractors is always explained very clearly to our borrowers in advance of them ordering such servicesOn March 24, 2015, you signed a Release, Indemnification and Hold Harmless AgreementParagraph of the Agreement states that the borrower is solely responsible for the payment of third party fees incurred in connection with the mortgage loan, regardless of whether the borrower is approved or denied for the mortgage loan, or if the loan does not close(Exhibit "B" Release, Indemnification and Hold Harmless Agreement)I have also included the Engineering Report for your home detailing what repairs are needed to bring the property up to minimum HUD property standards so it can qualify for an FHA insured loanEngineering Reports- Exhibit "C"AAG is sorry we were not able to work with you to close your loan, which was in an Approved status pending repairs by a qualified contractorAAG provided you the opportunity to have repairs completed but you were unable to proceed due to lack of fundsWhile AAG was waiting for your decision to proceed, the appraisal expired, and a new appraisal would have to be done to keep the application in complianceOn October 29, 2015, AAG was compelled to cancel your loan due to ECOA compliance requirements(Notice of cancellation dated 10/29/2015-Exhibit "D")We would like to remind you that you may re-apply for the reverse mortgageThis would entail completing a new application, undergoing HECM counseling, getting an appraisal done and completing repairs to your foundationWe hope this letter has addressed all of your concernsPlease do not hesitate to to contact me anytime by telephone or email if you have any questionsSincerely, [redacted] American Advisors Group Complaint Resolution Manager [redacted] 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 AAG, You still have not answered my questionWhen the notary came in Aug2015, I gave him all the required documents including incomeWhen 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 stopSo my question is: "Why did AAG continue with the loan process, when clearly back in AugAAG knew that I did not meet the income requirement?" Regards, [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 My complaint has nothing to do with no reverse mortgageMy complaint is the misconduct, misleading statements, and asking for money which I do not have extra to fund their contacts Regards, [redacted]

Good Afternoon, AAG's Response is uploaded for the Consumer's reviewAAG 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 closedPlease feel free to call or email me with any questionsSincerely, [redacted] CARES Manager American Advisors Group 866-948-Ext [redacted]

Revdex.com: I have reviewed the response made by the business and find it inappropriateThis needs to be resolved now for my mother's health and well beingI am sure I will read the letter sent to my motherWe don't need a letterIt is way past dueThis needs to be resolved and funds disbursedDo it now! Regards, [redacted]

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

I THINK ALL OF YOU ARE GREAT PEOPLE , YOU ARE UNDERSTANDING AND YOU DO YOUR JOB WELL. I WOULD HIGHLY TELL OTHERS ABOUT YOU.

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 belowAgain, I expected this kind of response I have no moral feelings of guilt with how we handled the situation If you look at some of AAGs reviews, you will see many cases which are consistent with ours Because I spoke my mind, now my agent involved has declined to pay for the second contractor If AAG were to cover half the cost, I would accept If not, I will continue forward and let my case be viewed by all [redacted] and familyPS: from the vantage point of Mr [redacted] and the Revdex.com, it's very difficult to see or understand the process we went through We could go the route of getting every contractor involved in this case but I would never do that It's not fair to drag them into this and ask them to take time and give their opinions to this case If AAG wants to do that, go ahead Regards, [redacted]

AAG is supposedly one of the more recognized reversed mortgage providers I started my application for a reversed mortgage on November 26, The process was estimated to close early January Although, during the first to weeks, I was kept up-to-date about the status, thereafter my telephone calls and emails were ignored most of the timeWhen I finally got to talk to their representative on March 2nd, (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 dayAbout weeks thereafter, I received a telephone call that my application was denied due to insufficient incomeThat despite the fact that I provided proof about my income, sufficient enough to cover my expenses and moreOn 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, AAG has responded in writing to Ms [redacted] 's concernsWe are sorry for the misdirected mailer and are continuously striving to minimize errors of this natureWe have placed all of her information on a Do Not Contact listA response letter, a copy of which was uploaded to your site today was mailed to Ms [redacted] today for her review.Sincerely, [redacted] AAG CARES Manager [redacted] Ext [redacted] Dear Ms [redacted] , American Advisors Group, (hereinafter AAG), is in receipt of concerns filed with the Consumer Financial Protection Bureau on June 3, We appreciate the opportunity to respond to your requestIn your correspondence, you stated the following: “I continued to receive information from this company following unsubscribing from an unsolicited email returning previous letters and calling them yet they continue to send me a letter thanking me for my interest in the reverse mortgage program in this letter they also indicate that I requested free reverse mortgage information pack I can guarantee that this has never happened I do not believe in reverse mortgage I feel that businesses the back reverse mortgage is her often irresponsible and would never subscribe to any of their services including requesting any information pack it appears to me that they only contact senior citizens and by providing incorrect information "Thank you for your interest in a reverse mortgage" "you are receiving this letter because you requested are free reverse mortgage information back"I feel that this approach may put some seniors at risk for contacting them." [End]You went on to say that you would like AAG to include only accurate information in their letter to possible consumers that does not indicate that the consumer has expressed an interest in their services when they have not done soAAG would like to apologize unreservedly for any inconvenience caused by receipt of the marketing pieceI reached out to you by phone on June 1, and you expressed your concerns about receiving a marketing mailer worded in the manner this one isWith several campaigns in progress at the same time, errors do sometimes occurWhile this is no excuse, we are working diligently to ensure that such mistakes do not happenPer your request, AAG has placed your information on the Do Not Contact listWe are grateful that you took the time to make us aware of your concerns as it assists AAG in assessing its campaigns, and increasing our level of accuracy both through our in house marketing departments and through our affiliates and partners.We hope this letter has addressed all of your concernsPlease do not hesitate to contact me if you have any questionsSincerely, [redacted] American Advisors Group CARES Manager [redacted] Ext [redacted]

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 transactionAs an FHA approved lender, AAG has the duty and responsibility to every borrower to originate the loan in compliance with all HUD/FHA guidelinesPart of that obligation is to provide them with every opportunity to obtain the loanThere are many components to a reverse mortgage, and credit history is a very important but only one part of that processAAG cannot deny or refuse to assist a borrower merely because there may be derogatory items on their credit historyWe are often able to work with the borrower to provide letters of explanation for derogatory creditWhile 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 factorsI 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 conditionsAAG tried its best to overcome those conditions but we were not able to do soI have attached the outstanding debt you would have had to pay in order to proceed to fundingThe outstanding loans, which would have hat to be paid when the loan funded, caused your loan to be short to closebelow is the explanation from the SrProcessor AAG regrets that you had to forfeit your $earnest money depositA reverse mortgage is not guaranteed and this is explained to every borrowerAt 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 seekSincerely, [redacted] CARES Manager American Advisors Group [redacted] Ext [redacted] Income Shortfall: We have a total income shortfall of $ aWe are including the mortgages and property charges of the borrowers departure home (Laird Drive) in the monthly expenses as she will be retaining this propertyThis accounts for $of her monthly expenses bAs she has collection accounts with a balance of over $2000, we are including 5% of each account in our monthly expenses as wellThis accounts for $1,of her monthly expenses Satisfactory Credit is not met: The borrower has the judgments filed against her and they are reporting on her credit reportAs she has not been on a satisfactory payment plan for a minimum of months, the judgments must be paid in full prior to our closing Income Shortfall: We have a total income shortfall of $ aWe are including the mortgages and property charges of the borrowers departure home (Laird Drive) in the monthly expenses as she will be retaining this propertyThis accounts for $of her monthly expenses bAs she has collection accounts with a balance of over $2000, we are including 5% of each account in our monthly expenses as wellThis accounts for $1,of her monthly expenses Satisfactory Credit is not met: The borrower has the judgments filed against her and they are reporting on her credit reportAs she has not been on a satisfactory payment plan for a minimum of months, the judgments must be paid in full prior to our closing

Good Afternoon,Please accept my apologies for the tardy response to this matterA copy of the attached response letter has been mailed to the ConsumerAAG is satisfied that we originated and processed this loan in accordance with standard industry, state and federal lending guidelinesThe 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, 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 I contacted AAG reference a reverse mortgageI 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 halfFrom the very beginning I told Mr [redacted] that I had credit issuesHe said that it was not a problem as | only needed to explain what happened and they would approve meI found a home and put $down, also had to pay $for their counseling sessionI also ended up paying $for an appraisal and $for a survey reportMarch 8, Mr [redacted] sent out an email stating that I was approved for a Reverse Mortgage purchaseAs the process continued there were other things to sign, arrange home owners insurance, utilities, get estimate for movingWe 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 purchaseFour days before April 29, AAG called saying that I needed to show more incomeexplained that I worked full time and was receiving social security, I could not get any more incomeAt that point AAG said that I did not qualify for the reverse mortgage purchaseI 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 purchaseI am not sure if this organization is a ripoff to seniors, a scam, or that they are just incompetentI am writing to get $returned to me as the cost of dealing with this inept companyI can not even value the stress and frustration I had dealing with all of thisAAG and [redacted] are by far the most ineffectual I have ever dealt withI 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 loanWhile 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 loanOur 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 transactionI 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***'s file, income being the biggest problem of the threeShe 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 documentedMs [redacted] also had two large judgments that would need to be paid off in full as she was not on a satisfactory payment planSee 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) waivedWhen discussed this with her she understood exactly what I was asking for and said it would not be an issue for her to provideAfter I spoke to her about this she had contacted the former **, [redacted] and sent him the attached e-mailShe 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 monthsShe 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 $and a $residual income shortfallI confirmed with the borrower that she had no additional incomeSocial security and her $2,employment income was all she receivedShe 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 shortfallI 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 essentialsIf, 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 imposedThis 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 incomeYou stated that it would not be a problem to provide proof of such income, or extenuating circumstances necessary to get your fully funded LESA waivedBecause you were unable to provide proof of additional income, your loan was deniedAAG is sorry we could not fund your loanWe cannot and do not guarantee that loans will fund, and cannot provide refunds for expenses incurred during the loan processThe 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 concernsPlease do not hesitate to contact me if you have any questions.Sincerely, [redacted] American Advisors Group CARES Manager [redacted] Ext [redacted]

They ignore requests to stop spamming meThey apparently think they are above Can Spam lawsDO business with them - H**L NO!!

Dear Sir/Madam, Please pardon my tardy response to the Consumer rejection of AAg's responseMy intention was not to further inconvenience the Consumer, but a case of my believing that the matter had been dealt withMy apologies to both the Consumer and the Revdex.com for this inexcusable oversight The Consumer states in her 2/28/rejection of AAG's response, that AAG failed to disclose extremely important information to her regarding FHA guidelines; which pertain to the distance between private wells and septic/leachfieldsShe states that had she been made aware, on her initial consultation with the loan officer, she, "as a Consumer would have been better informed and better educated to decide whether or not to go forward with a costly appraisal as well as the counselling fee; especially since private well and septic/leachfield distances are a critical part of whether or not a reverse mortgage will be approved." While AAG understands the Consumer's frustration at the outcome of her reverse mortgage application, our response remains unchangedThere are many potential barriers to a mortgage-forward or reverse-fundingThe loans that AAG makes against real property are all insured by FHA, whose standards and guidelines are very stringentPrivate well and septic/leach field distances are no more a bar to loan denial than a home in perfect condition, with no suitable comparable properties sold within a prescribed distance and period from the subject property as stipulated by HUD/ FHAThat loan would be denied simply because there is no way to gauge the desirability or potential selling point of the property The Consumer completed Fannie Mae Form Residential Loan Application for Reverse Mortgage, (blank copy attached), and signed the application on October 25, It is not a requirement of mortgage companies to ask the Consumer about private wells/septic/leach fields at the time the application is signedHowever, I will be putting forward a proposal to Management at AAG that Fannie Mae include a few more questions on their Form that may potentially serve to avoid the type of stuation you find yourselfBeing the huge entity that it is, I cannot promise the Consumer that our request will reach the desk of a decisionmaker at Fannie Mae; with the power to effect changes to the formThe Consumer is encouraged to also take up this quest with Fannie Mae The Certificate of HECM counseling is a requirement of the US Department of Housing and Urban Development The Consumer was counseled by Money Management International Tupelo, Gloster St, Suite H, Tipelo, MS Telephone 866-232-Please contact this organization for any HECM counseling related questions We regret that we are not able to refund the appraisal feeOur Borrowers are advised very early in the Reverse Mortgage Loan Application processs, that it is standard practice in the mortgage industry for the appraisal fee to be paid by the BorrowerThe Borrower is responsible for the appraisal fee regardless of whether or not the loan fundsAAG therefore is regrettably unable to provide a refund for the $you paid to the appraisal company Regarding not being given any signed documents, AAG has made available to you copies of the Application for Reverse MortgageThe Notary should have provided you with duplicate copies of every document you signedIf you are unable to find these copies I can make a request that copies are provided again I hope you understand that AAG would have preferred that your loan fundedWe only benefit when a loan successfully fundsWhen it does not, as in your case, AAG does not get paid despite all the labor, mailing, and other expenses we are responsible for payingYou have filed this complaint because you are not happy with the outcomeWe also regret that we were unable to successfully fund your loan due to cisrcumstances beyond the control of yourself and AAG Sincerely, [redacted] Complaint Resolution Specialist American Advisors Group 866-948-Ext: [redacted]

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 BBB 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 ManagerAmerican Advisors Group [redacted] Ext [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.