American Advisors Group (herein AAG) is in receipt of your correspondence, which was received via a email from Business Consumer Alliance (BCA) on July 10, 2019. We appreciate the opportunity to address your concerns.
In your complaint, you specifically stated the following:
Said would pay for appraisal $575.00; had it done, but it wasn't what I wanted. I said would think about it. They keep calling trying to offer more and I said I liked it. He sent the loan comparison paper to my phone and I went over it with him. He said his loan manager ok'd it and nothing on that paper would change. and would need to close quick because points would change. Four days later Notary brought papers to my house and I started signing paper. I was slow, was told I had 3 days to read them. I called the next morning was told things must have changed with state taxes and so on. Four months later got my $575.00 back for appraisal fee but still owe me $667.82. Last time I spoke to Mr. Tim Wise he said that was not the paper I signed and hung up on me after I said I was pencil whipped. I think its just not right!
Your desired settlement of this matter is stated as:
Pay what they owe me!! $667.82.
AAG 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.
As was explained to you in your conversations with your Loan Originator, as well as with AAG complaint Resolution Specialst, Mr. Waiss, you were reimbursed for the appraisal in good faith, but the additional funds you are requesting are unclear and based on our review of your loan details, the $667.82 that you are requesting, is not owed you.
AAG, as with all HECM lenders, is regulated by HUD/FHA, as well as numerous Federal and State requirements. AAG has met these requirements in full. Every HECM loan process has two times in which loan values are shared. The fist time is prior to the application and is known as the Good Faith Estimate.
The second time is during the application/origination period, after the appraised home value has been received. The appraised value is what the loan is originted upon.
The final loan values were sent to you in your loan documents, all of which you signed, acknowledging your agreement. In addition to your signatures, as you yourself stated, HUD requires a 3-day right to rescind period for every HECM loan. This time frame allows the borrower to review the documents they signed for accuracy, as well as offers a time to simply change their mind. AAG did not receive a notice of recision from you and therefore funded the loan as required.
It is unclear to AAG where you derived the $667.82 value from, but if you have verifiable support of a discrepancy, please submit written documentation to AAG CARES department for review and we will review the details and respond to you as promptly as possible. If we do not hear from you directly, we will consider this concern resolved.
We hope this letter has helped bring clarity to the facts associated to your listed concerns and we wish you all the best.
AAG CARES Department
AAG | American Advisors Group
ADDRESS: 3800 W. Chapman Avenue, Third Floor, Orange, CA 92868