American Advisors Group complaints

November 7, 2022 Dear Mr. Montgomery: American Advisors Group (AAG) is in receipt of the above referenced correspondence received by the Business Consumer Alliance dated November 2, 2022. Thank you for bringing this concern to our attention. AAG strives to provide our borrowers with the highest level of service and apologize for any inconvenience you may have experienced. According to AAG's records, a loan application for a Home Equity Conversion Mortgage (HECM) was submitted on September 28, 2022. On October 13, 2022, the appraisal was ordered. The completed appraisal report was received on October 20, 2022, reporting a value of $528,000.00. The appraisal was mailed to you via UPS tracking number 1Z52289A0199831793 on November 14, 2022. The HECM product is originated pursuant to the US Housing and Urban Development (HUD) requirements and HUD may request a second appraisal. In this instance, HUD required the lender, AAG, to obtain a second appraisal. When the appraiser reached out to you attempting to schedule the second appraisal, you advised that you wanted to cancel the order and not more forward. For a Power of Attorney (POA) transaction to be valid, the individual must have been mentally competent at the time the POA document was signed. When the borrower is currently incompetent, a physician's letter is required. AAG sends a Declaration of Competence Form to the physician to be signed and dated and we must be able to clearly determine the following: • The POA was executed when the borrower was competent • Date the capacity issues was diagnosed • The borrower is no longer competent and able to manage their personal affairs. The POA documentation provided to AAG was signed on October 21, 2021. On October 20, 2022, the attorney-in-fact, Ryan Montgomery, provided AAG a physician's letter on behalf of the principal, Betty Montgomery. The letter stated Ms. Montgomery was seen on September 19, 2022, for evaluation of progressive memory loss over the past year. Because the POA was signed within the last year of the doctors note, the Title Company was unable to confirm that Ms. Montgomery was competent when the POA was executed. American Advisors Group • NMLS #9392 • (866) 948-0003 • AAG.com 18200 Von Karman Avenue, Suite 300, Irvine, CA 92612 On October 26, 2022, AAG Loan Processor, Cindy Tinnermon, sent you an email explaining that Title required the date that Ms. Montgomery was deemed incompetent and asked that you contact the doctor's office to provide an updated letter with that information. On November 1, 2022, you spoke with Loan Processor, Emily Benitez, and stated you were unwilling to get a revised doctor letter to confirm when the diagnosis began. You also declined Ms. Benitez's offered to email you the Declaration of Competence Form for completion by the physician, but you declined. Regrettably, AAG is unable to reimburse the fees associated with this loan as the loan was withdrawn voluntarily. We do hope this response has helped bring clarity and addresses your concerns. Please feel free to reach out to us if we can assist any further. Our contact information is listed below. Respectfully, AAG CARES Department Complaint Resolution | Risk and Compliance AAG | American Advisors Group PHONE: 866.948.0003 EMAIL: Complaints@aag.com ADDRESS: 18200 Von Karman Ave., 10th Floor, Irvine, CA 92612

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Regrettably, AAG is unable to reimburse the fees associated with this loan as the loan was withdrawn voluntarily. We do hope this response has helped bring clarity and addresses your concerns.

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American Advisors Group (AAG) is in receipt of the above referenced correspondence received by the Business Consumer Alliance dated June 2, 2022. We thank you for bringing your concern to our attention. AAG strives to provide our customers with the highest level of service, and we apologize for any inconvenience that you may have experienced. AAG takes all complaints veryseriously and investigated the complaint thoroughly. In your complaint, you alleged AAG never intended to provide you a loan, and additionally claimed deceptive acts and discrimination by AAG. AAG performed a second level review and did not find any evidence to support allegations of deceptive acts or discrimination by any AAG employees. While we understand that you were dissatisfied with the appraisal performed by a Federal Housing Agency (FHA) approved appraiser and an appraisal that was incomplete prior to you withdrawing the loan application, there were a number of impediments to approving the loan. One such impediment involved thetitle of the property. An interest in the property is held by another person who would not cooperate in either 1) releasing their interest to permit you to mortgage the property or 2) retaining their interest and granting the mortgage. As of the date of the withdraw of the loan application, it was the understanding of AAG that this other individual would not agree to either option. We do hope that this response has helped bring clarity to the facts associated to the concern. Please feel free to reach out to us if we can assist any further. Our contact information is listed below. Sincerely, AAG CARES Department AAG | American Advisors Group PHONE: 866.948.0003 ADDRESS: 18200 Von Karman Avenue, Suite 1000, Irvine, CA 92612

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