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Business ProfileforAAG
Current Alerts For This Business
The following describes a government action that has been resolved by either a settlement or a decision by a court or administrative agency. If the matter is being appealed, it will be noted below.
On October 8, 2021, American Advisors Group entered into a Stipulated Final Judgment and Order with the Consumer Financial Protection Bureau. The Judgment and order settles allegations that the business made deceptive representations about estimated home values, made deceptive representations about accuracy of home estimates, and violated the Consent Order entered in 2016. Under terms of the order, the business is prohibited from misrepresenting the estimated home values to consumers, must pay $173,400 in consumer redress and pay $1.1 million civil money penalty. The Assurance was for settlement purposes only and should not be considered as an admission of guilt or finding of violation of the law.
This action is final.
Additional business information
At-a-glance
Customer Complaints
76 complaints closed in last 3 years
6 complaints closed in last 12 months
Customer Reviews are not used in the calculation of BBB Rating
Overview
This business offers home equity solutions including reverse mortgages loans, traditional home refinances, and VA loans.
Products & Services
Business Details
This is a multi-location business.
- Headquarters
- 18200 Von Karman Ave Ste 300, Irvine, CA 92612-1016
- BBB File Opened:
- 5/16/2013
- Years in Business:
- 19
- Business Started:
- 10/29/2004
- Business Incorporated:
- 10/29/2004
- Accredited Since:
- 8/22/2005
- Licensing Information:
- This business is in an industry that may require professional licensing, bonding or registration. BBB encourages you to check with the appropriate agency to be certain any requirements are currently being met.
- NMLS# 9392 (www.nmlsconsumeraccess.org). American Advisors Group (AAG) is headquartered at 3800 W. Chapman Ave., 3rd & 7th Floors, Orange CA, 92868. AAG conducts business in the following states: AK (Alaska Mortgage Broker/Lender License No. AK9392), AL, AR, AZ (BK_0911141), CA (CA Loans made or arranged pursuant to a California Finance Lenders Law license (603F324) and Licensed by the Department of Business Oversight under the California Residential Mortgage Lending Act (4131144)), CO (Regulated by the Division of Real Estate; to check the license status of your mortgage loan originator, visit http://www.dora.state.co.us/real-estate/index.htm), CT, DC
(District of Columbia Mortgage Dual Authority License No. MLB9392), DE, FL, GA (residential Mortgage Licensee #22849), HI, IA, ID, IL (Illinois Residential Mortgage Licensee; Illinois Commissioner of Banks can be reached at 100 West Randolph, 9th Floor, Chicago, Illinois 60601, (312)814-4500), IN, KS (Kansas Licensed Mortgage Company MC. 0025024), KY, LA, MD, ME (SLM11356), MI, MN, MO (4824 NW Gateway Ave, Suite 201, Riverside, MO 64168), MS (Licensed by the Mississippi Department of Banking and Consumer Finance), MT, NC, ND, NE, NH (Licensed by the New Hampshire banking department), NJ (Licensed by the N.J. Department of Banking and Insurance), NM, NV, NY (Licensed Mortgage Banker-NYS Department of Financial Services; American Advisors Group operates as American Advisors Group, Inc. in New York.) LMBC 109396, OH (RM.850159.000), OK, OR (ML-4623), PA (Licensed by the Pennsylvania Department of Banking 28356), RI (Rhode Island Licensed Lender), SD, SC, TN, TX (Mortgage Banker Registration, 13785 Research Blvd, Ste. 125, Austin, TX 78750), UT, VA (Licensed by the Virginia State Corporation Commission MC – 5134), VT (Vermont Lender License No. 6384), WA (Consumer Loan # CL-9392),WV, WI, WY (WY-DBA AAG Reverse Mortgage Lender/Broker License No. 2331). AAG offers a jumbo reverse mortgage product in AZ, CA, CO, CT, D.C., FL, GA, HI, ID, IL, LA, MI, NJ, NV, NY, OH, OR, PA, RI, SC, TX, UT, VA and WA. Advantage Flex and Select are not available in all states.
AAG is an equal housing lender. These materials are not from HUD or FHA and were not approved by HUD or a government agency.
AAG works with other lenders and financial institutions. To process your request for a mortgage, AAG may forward your contact information to such lenders for your consideration of mortgage programs that they offer.
Reverse mortgage information:
A reverse mortgage increases the principal mortgage loan amount and decreases home equity (it is a negative amortization loan).
Reverse mortgage loan terms include occupying the home as your primary residence, maintaining the home, paying property taxes and homeowners insurance. Although these costs may be substantial, AAG does not establish an escrow account for these payments. However, a set-aside account can be set up for taxes and insurance, and in some cases may be required. Not all interest on a reverse mortgage is tax-deductible and to the extent that it is, such deduction is not available until the loan is partially or fully repaid.
AAG charges an origination fee, mortgage insurance premium (where required by HUD), closing costs and servicing fees, rolled into the balance of the loan. AAG charges interest on the balance, which grows over time. When the last borrower or eligible non-borrowing spouse dies, sells the home, permanently moves out, or fails to comply with the loan terms, the loan becomes due and payable (and the property may become subject to foreclosure). When this happens, some or all of the equity in the property no longer belongs to the borrowers, who may need to sell the home or otherwise repay the loan balance.
- Type of Entity:
- Corporation
- Alternate Business Name
- American Advisors Group
- Business Management
- Mr. Reza Jahangiri, CEO
- Mr. Complaints, Complaint Manager
- Ms. Kelly South, Member
- Mr. Accounts Payable, Accounts Payable Staff
- Ms. Christine Atchison, Digital Marketing Director
- Ms. Victoria Villasenor, Communications Specialist
- Contact Information
Principal
- Ms. Kelly South, Member
Customer Contact
- Mr. Reza Jahangiri, CEO
- Mr. Complaints, Complaint Manager
- Ms. Kelly South, Member
- Ms. Christine Atchison, Digital Marketing Director
- Additional Contact Information
Email Addresses
- Primary
Customer Complaints
76 Customer Complaints
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File a ComplaintMost Recent Customer Complaint
04/07/2023
- Complaint Type:
- Order Issues
- Status:
- Answered
Customer Reviews
688 Customer Reviews
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Most Recent Customer Review
Diana K
10/30/2023
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