Consumer complaint received 2017-04-19
Product: Mortgage — Reverse mortgage
Issue: Application, originator, mortgage broker — 
Company: AMERICAN ADVISORS GROUP (CA)

Dear CFPB staff, My name is  XXXX   XXXX   XXXX , and my American Advisors Group  Loan No .  XXXX  was initiated on   XXXX  . My " debt-free '' property was appraised by an  AAG co ntracted appraiser for the amount of {$700000.00}. I was very patient during the processing of my application, even when encountering less than professional and efficient service from their staff . One of seve ral incidents has occurred with my loan processor,  XXXX   XXXX . I emailed my AAG Sales Manager,  XXXX   XXXX , on   XXXX   to check on my loan, and he advised me that  XXXX   XXXX  tried to call me on   XXXX   but that my line was busy. Of course, I do have an answering machine and when the line is busy calls go directly to voice mail. I have no record of receiving any such call to either my home or cell phone numbers.  XXXX   XXXX  claimed that the reason for  XXXX   XXXX  's call was regarding her inability to locate some of my financial documents, when in fact I sent all of the documents listed on the  AAG Conditional Approval N otice dated  X/XX/XX . So I immediately called and then followed up with an email since she did n't answer her phone. I continued calling  XXXX   XXXX  on   XXXX   and she finally answered the phone and said that she was busy with another client and that she would call me back in  XXXX  minutes. I never heard from her. So I sent her another email asking what additional information she needed.  XXXX   XXXX  did not respond to my email. So over the period of approximately  eight days I  continuously called her leaving voice messages along with emails. I was finally able to speak to  XXXX   XXXX  on  X/XX/XX , and reiterated to her that I did provide all of the required documents via a " confirmed ''  XXXX   2nd D ay service delivery to her attention on   XXXX   XXXX   XXXX  .  XXXX   XXXX  's request for me to re-submit documents via email which I had already provided causes me to believe that this company was irresponsible and failed to securely handle the requested documents containing my highly sensitive and personal information. Again not receiving any updated information from  XXXX   XXXX ,  I conti nue to email  XXXX   XXXX  and ask him to assist me.by forwarding my messages to  XXXX   XXXX  and that she please call me. After my initial contact with  AAG in    XXXX   XXXX   XXXX  , I was informed by  XXXX   XXXX  that the loan process could take as few as 60 days and that the average was about 90 days to complete. Based upon this information I secured money from a private source for legal fees which had to be paid immediately. However because of the excessively long processing time of my  AAG " Advantage Loan '', this private funding has cost me over {$8000.00} in interest. In addition, t he estimate d AAG  origination charge of {$7200.0 0} ( equaling  approximately 4.9 % of the total loan ) is unreasonably excessive ... and further contributes to the financial burden already placed on me. Then on  X/XX/XX , af ter five ( 5 ) month s since initiating the process, I received a Notice o f Denial from AAG. I t stated that they are not able to approve my loan due to " Insufficient equity for  XXXX  loan amount requested ''. First,  AAG offered m e the specified loan amount. Second, it seems apparent that the CFPB  Consent Order a nd civil money penalty issued to this company on   XXXX   XXXX   XXXX   did not sufficiently motivate them enough to ensure that I would be provided with the highest quality of customer service. A letter dated  X/XX/XX  from me to  XXXX   XXXX  was delivered by United States Postal Service " certified mail '' on  X/XX/XX  and contained all of the facts presented in this complaint. To date, I have not received a response from him.