ORANGE, Calif. (Aug. 8, 2017)—American Advisors Group (AAG), the nation’s leading reverse mortgage lender, today announced that it has received a “non-objection” letter from the Consumer Financial Protection Bureau (CFPB) related to a Consent Order (CO) entered into on December 7, 2016. The CO required AAG to submit for review and determination of non-objection a comprehensive compliance plan designed to ensure that AAG’s advertising of reverse mortgage products complies with the terms of the CO. Since then, AAG has engaged in a dialog with the CFPB regarding the Compliance Plan. On August 8, 2017, AAG received a letter from Kristen Donoghue, principal deputy enforcement director, CFPB, stating: “The Bureau does not object to the revised version of AAG’s Compliance Plan.”
AAG adheres to strict marketing guidelines, and conducts ongoing training for all marketing personnel and detailed legal reviews for all marketing and advertising content. AAG signed the CO without admitting to wrongdoing. Nevertheless, AAG welcomed the dialog with CFPB and the additional clarity and guidance around the clear and prominent display of disclosures.
“The Compliance Plan reflects welcome clarification from the CFPB,” said AAG Chief Marketing Officer Martin Lenoir. “We take our regulatory responsibilities seriously and through this process we have been able to better understand the CFPB’s interpretation of the advertising rules.”
Over the past several years, AAG has made significant investments in compliance and legal infrastructure to ensure that company advertising fully conforms to all marketing laws and rules. Since the CO related to past advertising that is no longer in use, the Compliance Plan did not materially affect AAG’s current advertising.
About American Advisors Group
AAG, now a division of Finance of America Reverse (FAR), continues its dedication to helping older Americans find new ways to fund a better retirement through the responsible use of home equity. AAG offers a suite of home equity solutions — including Home Equity Conversion Mortgages and proprietary reverse mortgages, that are designed to give seniors a better financial outcome in retirement. Following the asset acquisition of AAG by FAR in April 2023, FAR and AAG together make up one of the largest reverse mortgage companies in the US. The company is licensed nationally (NMLS #2285) and is a proud member of the National Reverse Mortgage Lenders Association (NRMLA). For more information about AAG, please visit www.aag.com.
AAG/American Advisors Group are divisions of Finance of America Reverse LLC which is licensed nationwide | Equal Housing Opportunity | NMLS ID # 2285 (www.nmlsconsumeraccess.org) | 8023 East 63rd Place, Suite 700 | Tulsa, OK 74133
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