American Advisors Group

Dear Sir Madam,
A response has been mailed to the Consumer today, a copy of which has been uploaded to this portalPlease call or email me with any questionsSincerely,
***
***
Complaints Resolution Manager
American Advisors Group
*** Ext***
Dear Mr***,
American Advisors Group (herein AAG) is in receipt of correspondence from the Revdex.comWe appreciate the opportunity to address your concernsIn your online correspondence with the Revdex.com, you stated that AAG continually places unwanted and unsolicited phone calls to your homeAAG would like to apologize for the inconvenience caused by the phone calls in questionYour contact information, including your name, mailing address, email address and telephone number have been placed on AAG's Don Not Contact listPlease do not hesitate to contact me anytime by telephone or email if you have any questionsSincerely,*** ***
Complaints Resolution Manager
American Advisors Group
*** Ext***
***

Dear Sir/Madam,AAG responded by mail to the complaint todayA copy of the response letter is attached. The complainant has been removed from our mailing list and his phone number placed on the Do Not Call.We have apologized for any inconvenience resulting from this event, and thanked the
complainant for bringing it to our attention; as it provides AAG with valuable feedback to improve its processes going forward.Please feel free to call or email me with any questions.Sincerely,*** ***American Advisors GroupComplaints Resolution Manager*** Ext***

Dear Sir Madam,A response has been mailed to the Consumer today, a copy of which has been uploaded to this portal.Please call or email me with any questions.Sincerely,*** ***Complaints Resolution ManagerAmerican Advisors Group*** Ext***Dear Mr***,American Advisors Group
(herein AAG) is in receipt of correspondence from the Revdex.comWe appreciate the opportunity to address your concerns.In your online correspondence with the Revdex.com, you stated that AAG continually places unwanted and unsolicited phone calls to your home.AAG would like to apologize for the inconvenience caused by the phone calls in questionYour contact information, including your name, mailing address, email address and telephone number have been placed on AAG's Don Not Contact list.Please do not hesitate to contact me anytime by telephone or email if you have any questions.Sincerely,*** *** Complaints Resolution Manager American Advisors Group *** Ext*** ***

Revdex.com:
I have reviewed the response made by the business in reference to complaint ID ***, and have determined that this proposed action would not resolve my complaint. For your reference, details of the offer I reviewed appear below.I responded to your letter, indicating my dissatisfaction with the fact that no mention was made as to the solution of proceeding to approve by paying off credit cards, assuming homeowners insurance and taxesI was also told that by doing so I would still have money to take care of window replacement, and still have a small nest eggHad I not been offered this solution to my shortage of income qualification, I would not have continued to anticipate that closing was coming soonI was told over and over to just be patientAs far as the processor's ***e, I was told in the initial application to call any ***e I needed to talk with himIt would have been more compassionate to proceed with the offer presented, as now, I have to try to get money for insurance and taxesI specifically addressed the taxes and insurance and was told not to worry, that AAG would be responsible, in***ating that accepting the offer would be the solutionThat offer should be honored
Regards,
*** ***

Revdex.com:
I have reviewed the response made by the business in reference to complaint ID ***, and have determined that this proposed action would not resolve my complaint. For your reference, details of the offer I reviewed appear below
Again, 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
*** and family
PS: from the vantage point of Mr*** 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,
*** ***

Very helpful and considerate of my needsVery professional and efficient

qowt-eid="E155" id="E155" named-flow="FLOW-2">American Advisors Group, herein AAG, is in receipt of the above referenced correspondence dated August 31, and received by AAG through the Revdex.com (herein Revdex.com), portal on September 6, We appreciate the opportunity to address your concerns
In your complaint, you stated the following:
In August 2015, applicant applied for AAG reverse mortgage, was accepted; went well for three months; wrong birthdate and age used by AAG in legal documents; applicant disputed data, no corrections made; slowdown began; calls not returned, timely or at all; data not available on assessment, notary, engineering; on 2/29/16, received AGG letter stating that "Borrower does not wish to proceed."; no such action initiated by applicant; denial processed to AAG, never acknowledged by AAG; retained legal counsel; AAG says used wrong reason; should be repairs(?) not completed; applicant, twice, given impression by AAG personnel that cost could come from monies approved for applicant; very slow response by AAG to counsel's inquiries; AAG goes silent, no contact for several months; what received is incomplete and too small to read; it now is over a year since the application was submitted and accepted with nothing to show for it except possible liens by AAG and associated businesses against the property named in the AAG application[end]
Your desired settlement of this matter is:
At a minimum, receipt of a notarized, legal document stating that not now or any time in the future will AAG, or any business connected to AAG relative to the application in question, place a lien on said property; 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[end]
Firstly, AAG would like to apologize for any inconvenience or misunderstanding regarding your responsibilities as a Borrower, that you experienced during the processing of your loan
The reason for your loan cancellation should have been “Repairs Not Completed.” Please accept our sincerest apologies again for the incorrect denial reason reflected on the Notice of Cancellation
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.”
Per the attached Invoice from *** ***, you are responsible for the third party costs incurred for the foundation inspection because you voluntarily cancelled the loan process (Attached)
We are sorry were not able to work with you fund your loanIf your circumstances change and you would like to proceed with a reverse mortgage, AAG would be happy to accept a re-application from youPlease feel free to call or email me with any questions
Sincerely,
*** ***
CARES Manager
American Advisors Group
866-948-Ext***
***

My dealings with AAG have been so positiveEveryone acted in a very professional mannerThe process was about as seem-less as it could beEveryone was well informed, and kept me aware of the progress as it occurredI wholeheartedly recommend AAG for stars

Nerve racking...Steve F was outstanding

Very positive transactionEveryone acted in a very professional manner

AAG must follow HUD guidelines regarding appraisals

The AAG agent LEE was a delight to work with.Kept me informed on my status through the processI was surprised on how quickly the request was processed and approved

Good Morning,
A written response was mailed to the Consumer on May 27, The Consumer has been placed on the Do Not Contact List.
Please contact me if you have any questionsSincerely,
***
***
American Advisors Group
Complaints Resolution Manager
*** Ext***
***

Good Morning,
Please find AAG's written response to this matterA copy of the response has been uploaded to this portal I would welcome any questions by email, or telephoneSincerely,
*** ***
American Advisors
Group
Complaints Resolution Manager
*** *** ***
***
Dear Mr***,
American Advisors Group (herein AAG) is in receipt of your correspondence to the Revdex.com dated January 18, We appreciate the opportunity to address yourYou Stated in the correspondence that you called AAG to request information on HECM for Purchase followed later by a refinanceYou stated that the initial representative would not let you speak or transfer you to a loan originator licensed in the State of ***You wanted to let AAG know that he did not connect you with a loan originator qualified to answer your questionsYou Stated that when you called back and asked to speak with a manager, the representative hung up on youYou want AAG to improve its Call Center service and would like to speak with someone able to answer pertinent questions on your loanYou would like to see AAG’s representatives be more transparent with callersAAG thanks you for your sharing your concerns, and would like to apologize for any misunderstandingWhen is a call is received requesting information on a product offered by AAG, our Call Center determines, by asking a set of questions, if the caller should be forwarded to a loan originator licensed in the state the caller livesIf the caller is unwilling or unable to provide this critical information, our call center representatives are unable to forward them to a licensed loan originatorAAG does not tolerate its employees being rude, and any allegations of such behavior are treated with the severity they deserve, ranging from a warning to retraining and terminationWe encourage you to call us again and provide answers to our representatives' questions, which will allow them to transfer you to a licensed loan originator who will be more than happy to assist you.Please do not hesitate to call or email me if you have any questionsSincerely,*** ***
American Advisors Group
Complaints Resolution Manager
*** Ext***
***

Good Afternoon,
Attached is the requested Reverse Mortgage ApplicationPlease note, this is for Revdex.com and Mr***'s review ONLY and cannot by law be shared with any other entity without Mr***'s permissionAll private, non public information has been redactedOn Page of the Application under "Acknowledgment" the Applicant is advised that the lender may request further information from creditors listed on the application or from a credit reporting agencyIn addition, the borrower is verbally advised early in the process by the loan officer that credit or a history of an ability to meet credit obligations in a timely manner may be a factor in determining eligibility for a reverse mortgagePlease see an explanation below of the Financial Assessment requirements for all Reverse Mortgage borrowers, that have been effect since April 27, 2015:
For the last few months, the reverse mortgage industry has been preparing for a change called Financial Assessment, which was originally slated to be implemented on March 2, However, the Federal Housing Administration’s Department of Housing and Urban Development (HUD) has announced that due to a delay in the delivery of necessary system enhancements, the original date was postponed instead to become effective April 27th This financial assessment process is conducive to making the Home Equity Conversion Mortgage (HECM) an even safer loan product and will further protect senior Americans who are interested in reverse mortgagesIn essence, the new changes will require mortgagees to conduct the financial assessment in order to evaluate reverse mortgage borrowers more thoroughly and to provide at risk borrowers with the means to meet their loan obligationsEffective for all case numbers issued on or after April 27th 2015, mortgagees will evaluate borrowers on the answers to questions such as the following:
• Is the borrower capable of meeting financial obligations of the HECM?• Is the borrower willing to comply with mortgage requirements?• Is the borrower getting a reverse mortgage as a solution to financial difficulties that they may have, as reflected in their credit report and property charge payment history?• If so, to what extent could the reverse mortgage actually provide a solution to any of those financial difficulties?
If it is found that the borrower has not demonstrated willingness or ability to meet financial obligations, then the mortgagee must require a “Life Expectancy Set-Aside”These funds will be allocated specifically to paying the borrower’s loan obligations throughout the life of the loanIn addition, mortgagees will as well require certain additional documentsThis documentation includes the following:
• Credit history documentation• Income verification• Asset verification• Property charge verification• Residual Income Analysis• Documentation of extenuating circumstances or compensating factors• Calculations for life expectancy set asides• Residual Income shortfall set asides
Although these new requirements are more extensive than past requirements, they will ultimately serve to protect countless reverse mortgage borrowers from default as well as further contribute to making the federally-insured HECM one of the nation’s safest loan products in the market to date

With our circumstances it took longer than and there were some rough spots but our adviser, Robert C,  was very good, helpful, patient and positiveWe are pleased

Dear Madam,
AAG would like to take this opportunity to add to its response of January 27,
AAG is committed to providing stellar customer service during processing of every applicationWe understand that our Borrowers are often under severe financial constraints at the time of the reverse mortgage application and often they are relying on the loan funding to provide much needed resources for medical bills, home repairs, and often urgent applicationsOur Loan officers are NMLS licensed and are required to provide our Borrowers with honest and transparent information regarding their loan applications
Regarding your request for refund of your HECM counseling fee:
We are unable to provide a refund of your counseling fee of $incurred during the loan application processAs you know, prior to moving forward with a loan application, all Borrowers must receive reverse mortgage (HECM) counseling by a HUD approved counseling agencyPer HUD guidelines, AAG is required to provide the Borrower with at least HUD approved intermediaries (which may waive the counseling fee), and local agenciesAfter AAG provides the list, it is up to the Borrower to select the counseling agency and pay the counseling fee, if requiredAgain,some agencies waive the counseling fee, so it was an option for you to use an agency that did not charge a fee for their servicesOnce AAG provides the counseling list, it is no longer permitted to be involved in the process
The counseliing fee is an expense incurred by the Borrower for the purpose of obtaining the HECM loan for which they appliedEvery Borrower is responsible for paying the counseling fee, regardless of whether or not the loan closes. AAG therefore cannot provide a refund of your counseling fee as it would constitute a breach of the HECM and HUD guidelines which bar mortgage companies from becoming involved in any way with the HECM counseling process
Regarding your request for a refund of your appraisal fee:
Our Borrowers are advised early in the process that it is standard practice in the mortgage industry for the appraisal fee to be paid by the borrowerThe Borrower is responsible for this fee regardless of whether or not the loan fundsIn the Appraisal Request Form included with your application documents, and which you signed in the presence of a Notary, you acknowledged that you understood the appraisal fee is an expected expense incurred by the Borrower during the reverse mortgage processAAG cannot provide a refund of the appraisal fee of $445.00 for this reason unless an agreement different to our standard appraisal agreement was entered into between AAG and the Borrower
AAG is grateful to our Borrowers, such as the Complainant, who bring to its attention any lapses on its part at any stage in the reverse mortgage loan processAlthough we are satisfied with the manner in which our representatives conducted themselves during this loan, there is always room for improvement, and we would like to convey our sincere thanks to the Borrower for her concern for those valued customers who may come after her
As before, the Borrower is welcome to re-apply for the reverse mortgageThis would be based on completing a new application, undergoing the required HECM counseling, and effecting the required attention to the well. The Borrower would also have to keep in mind that programs available when she initially applied, may not be available in Also, Due to changes in the Reverse Mortgage industry there may be other criteria the Borrower would have to meet
AAG wishes the Borrower and her family the very best for and will be happy to answer any questions by phone or email
Sincerely,
*** ***
Complaint Resolution Specialist

Dear Madam/Sir,
American Advisors Group has thoroughly reviewed this loanOur findings are attached in the response letterIn addition to the written response, AAG reached out to the Consumer and explained the reason for the loan cancellation
The loan was originated and cancelled
within all state and federal guidelines and statutes The Consumer was advised to re-apply for a reverse mortgage when the required repairs have been completed
AAG extended it sincerest apologies to the Consumer for the breakdown in communications after the loan was cancelledShe was assured that AAG policy is to always keep its Borrowers updated during loan origination and when the loan is cancelled for any reasonThe Consumer was also advised that those employees responsible for not returning her request for updates or explanation of loan cancellation would undergo ongoing customer service training to ensure this type of issue does not recur
The Consumer was satisfied by the explanation givenAn identical written response to the one attached here was mailed to the Consumer todayA copy of the appraisal was attached for the Consumer's records
Sincerely,
*** ***
Senior Complaint Resolution Specialist
American Advisors Group
(866)-9488-Ext***
a***@aag.com

I was asked for my email and since then I have about spam and junk email every hours,called and see no help from them

Great ExperienceWould Recommend