American Advisors Group

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]

Dear [redacted], American Advisors Group, herein AAG, is in receipt of the above referenced correspondence from the Revdex.com dated October 4, 2017 and received by AAG on our office on October 5, 2017. We appreciate the opportunity to address your concerns. The Reverse...

Mortgage ( HECM - Home Equity Conversion Mortgage ) is a government  insured program that is regulated by HUD and insured by the FHA. The Reverse Mortgage is not funded by the government. Private lenders like AAG must follow strict rules and regulations in order to lend to any applicant by qualifying the client as well as their residence under those rules and guidelines. Everyone that applies for a reverse mortgage must go through and complete a reverse mortgage counseling session with a certified third party counselor. In return for completing the counseling session, the agency will issue a certificate of completion. AAG is required to have the certificate ID number and Agency ID number in order to generate the application for a reverse mortgage. It is the counselor’s responsibility to make sure the client understands the fundamental rules and regulations of the reverse mortgage. If the counselor determines the client does not or is not able to understand the reverse mortgage process then the certificate is not issued and no application is taken. AAG understands the fact that each and every reverse mortgage is unique and specific to each individual client. AAG would not continue to process a loan if we became aware, for any reason it would not fund. As a lender funding loans is our business. AAG would not purposely waste employee’s [redacted]e and effort along with the expense of processing an application for a reverse mortgage and then cancel a loan for no reason. This is not how we became the number one reverse mortgage company in the country. AAG must adhere to the guidelines and cannot deviate from the rules. Your loan required a Life Expectancy Set Aside ( LESA ). Under regulations if there are any back taxes owed they must be paid in full and brought up to date. Then funds must be taken from the reverse mortgage funds and put into a LESA to make future payments towards taxes and home owner’s insurance. After these funds are placed aside for the taxes and homeowner’s insurance the remaining funds left over from the reverse mortgage must be enough to pay off the current regular mortgage amount. If the remaining funds from the reverse mortgage are not enough to cover the regular mortgage the client has the opportunity to bring in their own funds to add to the reverse mortgage to make up the difference. If the client does not have the personal funds to do this AAG cannot fund the loan and the loan is canceled. Your reverse mortgage counseling was completed on March 15, 2017 the application was signed on March 21, 2017. The appraisal was scheduled on March 27, 2017  for the date of April 3, 2017 and was delivered to AAG on April 5, 2017. AAG needs all of these items to process a loan. Every option under the current guidelines was reviewed in order to get this loan processed and funded. AAG regrets that we were not able to complete a reverse mortgage for you. AAG is just as disappointed with the outcome of this loan. I would be happy to answer any other questions you have regarding your loan, please feel free to contact me by phone or email me directly. My contact information is listed below. Sincerely [redacted]CARES DepartmentAmerican Advisors GroupPhone: ###-###-#### Ext. [redacted]Fax: ###-###-####Email: t[redacted]@aag.com cc Revdex.com

4/09/2018Mr. [redacted]
[redacted]8Re: Revdex.com- Complaint ID# [redacted] Dear Mr. [redacted],American Advisors Group (herein AAG) is in receipt of your the above referenced correspondence, which was received via a letter from the Revdex.com Office...

(herein Revdex.com) on March 31, 2018. We appreciate the opportunity to address your concerns. In your complaint, you specifically stated the following: [redacted]AAG Misleading Business Practice[redacted] During my initial consultation with an AAG representative in late January 2018 I provided all personal and property financial information requested and was informed that same day that I would qualify for a HECM reverse mortgage. Consequently, the AAG representative discussed the mortgage application process with me whereby it would include requiring at customer expense to contact an independent advisor ($150.00) and complete a property appraisal ($475.00). After completion of an independent consultation and property appraisal by February 19, 2018 I was notified on March 22, 2018 that my application would be denied based upon my current employment tenure being less-than the required term of 6 months. The issue of my complaint is that my current employment tenure was conveyed to AAG during my initial consultation in January 2018 whereby AAG had sufficient financial information upfront to determine my eligibility with respect to employment tenure. Instead, AAG lead me to understand that I was eligible whereby I proceeded in “Good Faith” with the application process at my total expense of $625.00. Subsequently, I tried to contact the AAG representative several times to discuss my request for a total refund of $625.00. Further, it is my contention that AAG should have informed me upfront in late January 2018 of any employment tenure issue that would have allowed me to not enter into the application process and thus prevented my financial hardship loss.Your desired settlement of this matter is stated as: In “Good Faith” refund your total expenses of $625.00AAG strives to provide both consumers as well as our borrowers with the highest level of. Service, and we apologize for any inconvenience that you may have experienced.In review of your loan origination details, AAG in “Good Faith” has enclosed the following check in the amount of $650.00 for your total expenses.  AAG apologizes for any inconvenience this may have caused.We hope this letter has helped bring clarity to the facts associated to your listed concerns and we wish you all the best.Please feel free to contact me anytime if you have any additional questions.Sincerely,[redacted] / Complaint Resolution SpecialistAMERICAN ADVISORS GROUPPhone: 866.948.0003 ext. [redacted] | Fax: 866.557.4351Email: t[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.1) Your letter states the wrong address.2) Your letter mentions the word "encroachment" and states that I have done this.  This is a judgement of ONE of the appraisers assigned to this application file.  The second appraiser did not see it as an encroachment.  Given that the neighbor and I both paid for this fence, you are making an accusation that you are not qualified to make.  It will be potentially damaging if the Appraisal Institute complaint department, whom I intend to notify about this report, sees this as not an encroachment issue, you will have made a damaging accusation. 
Regards,
[redacted]

Professional and easy to work with.

Dear Sir/Madam,
AAG responded by mail to the complaint today. A 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,
[redacted]
American Advisors  Group
Complaints 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.
Regards,
[redacted]
1)  In regard to the attachment labeled Foundation Inspection Evaluation Letter, have no record of receiving this document;  also on your response via Revdex.com, this letter is listed as an attachment but cannot be obtained because "Adobe reader could not open because it is either not a supported file type or because file has been damaged/it was either sent as an email attachment and wasn't correctly decoded."  2)  Blaming any supposed  delay by applicant on the supposed fact that a vesting issue had to be resolved, legal counsel informed you that, as the owner of this property for 48 years, there never has bee a vesting problem; ergo, your delay in moving forward until, as you put it, applicant only had two months to continue the process is flawed. 3) Applicant was not aware of any deadline with Fidelity or any other entity that had to be met to continue with the applicant; have not  found any document that addresses such a deadline.  4) Applicant has found documentation that a part of the higher than expected cost for this project was anticipated by AAG as  coming from the reverse mortgage money assigned to this application. 5)The desired resolution of this matter remains the same.

Dear Madam/Sir,
American Advisors Group has thoroughly reviewed this loan. Our findings are attached in the response letter. In 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 cancelled. She was assured that AAG policy is to always keep its Borrowers updated during loan origination and when the loan is cancelled for any reason. The 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 given. An identical written response to the one attached here was mailed to the Consumer today. A copy of the appraisal was attached for the Consumer's records.
 
Sincerely,
 
[redacted]
Senior Complaint Resolution Specialist
American Advisors  Group
(866)-9488-0003 Ext. [redacted]
a[redacted]@aag.com

To Whom It May Concern,AAG strives to provide both consumers, as well as our borrowers with the highest level of service and we apologize for any inconvenience that this client may have experienced. We have reviewed all of the details of this loan and have determined that AAG went above and beyond...

in making every possible attempt to qualify the clients loan. Unfortunately, after many months of fighting through the unique variable associated to the clients situation it was determined that it was simply not possible to make it work.We have attached a more detailed response letter, which was forwarded to the client, as well as shipping details.AAG is grateful for the opportunity to address these concerns.

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.
Regards,
[redacted]  They are lie\ars [redacted] collected the funds for me for the evaluation person and for the appraiser and I have all these emails and conversations telling you are approved and not problems so excuse me I do not believe a word Mr. [redacted] is saying and I have read other complaints against them doing the same thing to me as they did.. I feel their rating of A+ should be a F- for what they do to people and lead them on..and get their hopes up. They are a SCAM!!! and the elder needs to know this about this company before ever contacting them I will go to the WEB and warn the elder about AAG  [redacted]

Dear Mr. & Mrs. [redacted],
American Advisors Group (herein AAG) is in receipt of your complaint filed with the RevDex.com, ID number [redacted] on March 17, 2014. We appreciate the opportunity to address the concerns 
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raised in the complaint.
In your complaint, you stated that AAG loan originators did not return  phone calls seeking status 
on your loan application; and that emails did not contain complete  information required for you to 
move forward with the application. You stated that on two occasions you waited for the Manager to 
call you but that he did not call, and failed to notify you that he would not be making the call. 
You stated that you cancelled the application on February 28, 2014 because you were frustrated by 
the poor customer service.
AAG conducted thorough research on this loan file. The following conditions  needed to be satisfied 
in order for the loan application to move forward in Underwriting;and AAG processors asked many 
times for the following documents  as your home was a new construction:
•  Builders Certification of Plans
•  Specification & Size
•  Builders Warranty
•  Wood Infestation Report
•  Local Health Authority Well Water Analysis or Septic Report
•  Certificate  of Occupancy Issued by Local Authority
On February 28, 2014, you notified AAG that you wished to cancel the file. AAG was in agreement  
with this decision as it was not possible to remain in compliance with HUD and FHA guidelines 
without the required  documents. 
 
Regarding the level of service you received, AAG strives to provide  our Borrowers  with the
highest level of service,including treating our Borrowers with the utmost  respect. We apologize 
that your experience with  AAG did not meet the standard to which we hold ourselves. The loan 
originators you worked with have been reminded that it is valued Borrowers  such as you to whom we 
owe our success, and we wish to thank you for bringing this miscommunication to
our attention.
A case transfer  of your loan file to Sun West Mortgage  was requested on March 19,2014 and 
completed on March  20,2014. We are sorry we were not able to continue  your application for a 
reverse mortgage, and wish you all the best with your current  application.
We hope that we have been able to answer all of your concerns. Please do not hesitate to call
or email me with  any questions.
Sincerely, 
Sinclair Roberts
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.
As stated above, I most definitely do not feel there has been ANY resolution in regard to my complaint against AAG.  First AAG accuses me of a number of things that are absolutely false, and yet when I proved them wrong regarding their accusations, AAG just continues in another direction and forms additional  smoke screens to excuse their lack of professionalism and extremely poor business ethics.  The fact of the matter is this:  AAG misrepresented the facts from the very beginning regarding private wells and septic/leach field distances, as well as the fact that if the well/septic/leach fields did not meet FHA criteria they may need to be "REPLACED" before they would fund the monies to me.  Again, if they had, I would NEVER have gone forward with this reverse mortgage application to begin with.  The simple fact is that they MISREPRESENTED THE FACTS AND PRACTICED EXTREMELY POOR BUSINESS ETHICS.  Then, to cover up their wrong doings, AAG accused me of not wanting to discuss my mother, [redacted], whom I have Dual Power of Attorney for.  The fact is, I and only I hold title to subject property, and my mother has Life Time Estate.....and it is I who brought this up to  Mr. [redacted] (the loan officer) on the very first telephone conversation to AAG.
  It is rather sad that AAG does not want to accept responsibility and do the right thing here.  They could not even respond to the Revdex.com in a timely manner.  Again, I demand full reimbursement for the money I have had to lay out and which I have received NOTHING in return except ADDITIONAL HARDSHIP AND STRESS FOR MYSELF AS WELL AS MY FAMILY MEMBERS.  By the way, I actually paid $125 for the counseling fee, not $115.  I have copies of several emails, as well as information from my bank regarding the debits that were made for the purpose of the appraisal as well as the counseling fee to Money Management.  Revdex.com, if you have any further questions or concerns, please feel free to contact me.  Once again, I am demanding full reimbursement of the money I spent on the appraisal as well as the counseling fee.
Please be advised, that I tried to attach my emails and seemed to be unable to do that, so I will be forwarding them to you via email.  If that will not be acceptable, please call me at 1-518-894-7583 and let me know how else I can handle this.  Thank you.
Once again, I very much appreciate the time you have to spend on this complaint, and hope that this matter will be resolved very soon.
 
Very Truly,
 
[redacted] M. [redacted]
 
[redacted] M [redacted] 
Regards,
[redacted]
from th

Dear [redacted],   American Advisors Group, herein AAG, is in receipt of the above referenced correspondence from the Revdex.com dated September 22, 2017 and received by AAG on September 25, 2017. We appreciate the opportunity to address your concerns.   The Reverse Mortgage ( HECM - Home Equity Conversion Mortgage ) is a government  insured program that is regulated by HUD and insured by the FHA. The Reverse Mortgage is not funded by the government. Private lenders like AAG must follow strict rules and regulations in order to lend to any applicant by qualifying the client as well as their residence under those guidelines.   Everyone that applies for a reverse mortgage must go through and complete a reverse mortgage counseling session with a certified third party counselor. In return for completing the counseling session, the agency will issue a certificate of completion. AAG is required to have the certificate ID number and Agency ID number in order to generate the application for a reverse mortgage. It is the counselor’s responsibility to make sure the client understands the fundamental rules and regulations of the reverse mortgage. If the counselor determines the client does not or is not able to understand the reverse mortgage process then the certificate is not issued and no application is taken.   AAG takes great pride in the fact that we only do reverse mortgages and each and every reverse mortgage is unique and specific to each individual client. AAG would not continue to process a loan if we became aware, for any reason it would not fund. As a lender funding loans is our business. AAG would not purposely string along a client wasting [redacted]e and money to then cancel a loan. This is not how we became the number one reverse mortgage company in the country.   The complaint s[redacted]d that you applied for a reverse mortgage in May 2017. To begin, AAG is not allowed to schedule the reverse mortgage counseling session. The borrower must initiate contact with the counseling agency in order to schedule a counseling session. This appointment scheduling is the sole responsibility of the borrower and establishes a commitment of interest to qualify for the reverse mortgage. Your counseling session was not scheduled and completed until June 22, 2017. Furthermore, the application is normally scheduled within 5 to 7 business days from the completion of the reverse mortgage counseling session. Your application was not scheduled and completed until a month later on July 24, 2017.     A Processor’s [redacted]e is better spent working on the loan file rather than speaking with clients on the phone. This is why the loan officer maintains contact with the client for updates and not the processor. It just so happened that the final decision regarding your loan came the day before you called and insisted on an answer. There was no answer to give before this because all options were still being reviewed.   The average reverse mortgage takes about 60 days which would put your loan near the end of September which would be on schedule. Every option under current guidelines was reviewed in order to get this loan processed and funded. AAG regrets that we were not able to complete a reverse mortgage for you. There is no way for us to recoup the employee’s [redacted]e and our expense for all the work that went into your loan. AAG is just as disappointed with the outcome of this loan.   AAG would be happy to answer any other questions you have regarding your loan, please feel free to contact me by phone or email me directly. My contact information is listed below.       Sincerely       [redacted] CARES Department [redacted]
[redacted]
[redacted]        [redacted]
[redacted]    [redacted]

Good

Dear Madam,
Please find the attached response from AAG which was mailed to the Consumer today. A refund will be mailed as soon as it is processed. Please allow at least ten business days for recepit of the refund. Your patience is appreciated.
Please feel free to contact me with any questions
Sincerely,
 
[redacted]
Complaint Resolution Specialist
American Advisors Group
866-949-0003 Ext. [redacted]

Dear Sir/Madam,Please see the attached written response from AAG. This loan was reviewed by our Underwriting and Auditing Departments, and we found that the loan was correctly originated in compliance with HUD/FHA and all state and federal guidelines.We are unable to refund the appraisal and...

HECM counseling fees.Please feel free to contact me on the phone number or email address below:Sincerely,[redacted]American Advisors GroupComplaint Resolution Manager[redacted] Ext [redacted].

Great communication by phone, email and mail. Friendly and eager to answer your questions.

Dear Madam,
Thank you for your patience while we reviewed this loan for compliance. A written response has been mailed to the Consumer, and a copy uploaded for your review.
Please do not hesitate to call or email me with any questions or...

requests for clarification.
Sincerely,
[redacted]
Escalations/Complaints Manager
American Advisors Group
[redacted] Ext. [redacted]
[redacted]
Dear Ms. [redacted],
American Advisors Group (herein AAG) is I receipt of the above referenced correspondence. We appreciate the opportunity to address your concerns, and thank you for your patience while we reviewed your loan file.
In your online submission to the Revdex.com you stated that you want AAG to pay for expenses incurred during the processing of your loan.
AAG 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 4150.2 and 4905.1 and all applicable mortgagee letters, due to the presence of water in the basement. Exhibit "A"- (Appraisal Report page 3 of 6; line 11). The appraiser noted in line 35 of the Report that your home would meet HUD minimum property requirements once repairs were complete.
AAG's loan origination and processing department discussed the repair requirements with you, which you approved on September 18, 2015. The engineering report was completed on October 20, 2015. 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 funding. AAG's policy regarding 3rd party contractors is always explained very clearly to our borrowers in advance of them ordering such services. On March 24, 2015, you signed a Release, Indemnification and Hold Harmless Agreement. Paragraph 2 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 loan. Engineering 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 contractor. AAG provided you the opportunity to have repairs completed but you were unable to proceed due to lack of funds. While 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 compliance. On 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 mortgage. This would entail completing a new application, undergoing HECM counseling, getting an appraisal done and completing repairs to your foundation.
We hope this letter has addressed all of your concerns. Please do not hesitate to to contact me anytime by telephone or email if you have any questions.
Sincerely,
[redacted]
American Advisors Group
Complaint Resolution Manager
[redacted] Ext.[redacted]
[redacted]

I agree with the other review, we have received so much junk mail it isn't even funny. To make it short and sour our house was appraised at $240.00 and at the end we would be receiving $133.00 for our retirement. Who can retire on that much money. realize they have to make money but this is ridiculous. according to my calculation they are making about $100,000. Just a guess. I am going to go through another company!

My husband and I were very happy with American Advisors Group. A positive experiance . We definately recommend them.