American Advisors Group (AAG) this week announced the launch of a new online borrower portal designed to enhance the convenience of the experience for the lender’s customers, particularly in the loan application process.
The portal, called “My AAG Loan,” is a part of a larger organizational strategy to reimagine its consumer-facing infrastructure and operations by embracing more technology and accounting for the evolving technological needs of the senior demographic.
The portal is designed to offer clients with key information related to the status of his or her loan application, including automated loan status updates; a direct notification when a client needs to provide a new piece of documentation; tools to allow viewing of documents necessary to clear the loan; and a mechanism to allow a client to upload documentation to the lender electronically.
Part of what went into this new effort for the portal specifically is in response to the more widespread use of technology by seniors, which is seen as an effect of the COVID-19 coronavirus pandemic. This is according to Martin Lenoir, chief marketing officer of AAG.
“We’re always looking for ways to make our products more convenient for seniors and that now means providing more online capabilities,” Lenoir said in the announcement. “The pandemic pushed older Americans into the digital world and that prompted us to make some improvements. Now many of our customers expect to handle their paperwork digitally and prefer the flexibility that the online portal gives them.”
The lender describes the general reception from customers to the new portal as positive, with seniors specifically citing appreciation for additional transparency and to check in on their specific transactions through the internet. The portal is one additional option related to loan documentation, the company said, and is not designed to supplant the existing hard copy processes that some customers may prefer if they are less technologically inclined.
Data indicates that more and more American seniors are becoming increasingly comfortable with the daily use of digital devices, accelerating at a quicker pace than younger people based on cited data.
“The Pew Research Center recently released data that shows Americans 60 and older are spending more time in front of their screens than a decade ago,” AAG said in its announcement. “The amount of time that Americans ages 60 and older spend on their electronic devices has risen almost half an hour per day over the past decade, according to the Pew Research Center analysis of Bureau Labor Statistics data, even as screen time among younger people has held steady. According to AARP research, more older adults (44%) view tech more positively as a way to stay connected, than they did before COVID-19.”
According to Home Equity Conversion Mortgage (HECM) endorsement data compiled by Reverse Market Insight (RMI), AAG remains the number one reverse mortgage lender in the country, logging 16,060 endorsements over the 12-month period ending in August, 2021.