About AmeriSave Mortgage
AmeriSave Mortgage Corporation is an online, direct-to-consumer lender for home loans in 49 states and Washington, D.C. The company also offers refinancing options for those who want to lower their payment or take out cash. AmeriSave has funded over $55 billion in home loans since 2002.
Overall Satisfaction Rating
- 5 stars
- 4 stars
- 3 stars
- 2 stars
- 1 stars
- Variety of loan programs
- Free calculator tools online
- Quick online quote process
- Not available in New York
- Some closing delays
AmeriSave offers a wide range of loan services in most states. Some customers complain about closing delays, but eligible borrowers can find affordable and fair rates for buying a house or refinancing an existing loan.
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This company stinks. The broker was nice when he needed my credit card info to get my $35 for a pre approval which should have been a flag because no other company I spoke to charges you unless you actually go through the approval process. Then they asked me to fix an error on my credit report. The next day, I start getting emails demanding for my assets and proof of income (which was never asked for to begin with).
I email and call back to explain that it may take 45 days to get my credit report fixed but no one responds. I also ask how they want my other documents, no response. Yet every single day, I get emails for them asking me for things and acting like I need to hurry because my rate is changing. Yet they do not call back or reply to my emails. Talk about mixed messages. They are just about getting your credit card info so they can charge it. Stay away!
I’ve completed refinance process in which my GMAC loan was to be paid off on 9/13. It is now 9/16 and my previous loan has not been paid off and I was given no notification and was told to contact Linear Title directly rather than Amerisave handling. Three days x $160 interest/day equals $ 480, and it keeps going up the longer it gets delayed.
I applied online on July 18, 2010, allowed my credit card to be charged for a credit report and agreed to allow my credit card to be charged for an appraisal. I submitted all documentation requested. The loan is to refinance, no cash out, to a 15-year amortization and a lower rate. My credit score is above 800. The LTV based upon their appraisal is 60%.
I cannot get a response from anyone on the status of my loan. They send questionnaires asking for my opinion of their service, to which I responded terribly. Despite numerous request for an update on my loan status, I have not had a response from Amerisave for three weeks. Now rates are going up and I have no idea if the rate I locked with Amerisave is even available.
I didn't believe it until I was hit by them. I had an excellent credit of 793 and applied for a loan with them. I agree they have a pretty good website with all the information, but it was hard to reach the agent once I paid the appraisal fee and my appraisal came in well above the sales price, which is also not a problem.
Finally, they are so ridiculous to send an email a few days before the closing declining my loan because the owner bought the property in foreclosure just 4 months ago and they need more time. I cannot believe that since I was paying 20% down appraised well above the sale price and even the HUD don't need more than 90 days. Finally, I had to pay another appraisal fee and closed mine with no issues with the first option. I only have one advice, they are another high tech scam. I’ve wasted time money and unnecessary tension.
This sounds similar to everyone else. I applied for credit check and was charged for appraisal. I sent all the paperwork requested and they kept denying they received it. I asked continually for a phone call with only one received. They kept asking for the same documents. Finally, they received all the documents and agreed to lock my rate. This was on Friday. I asked for confirmation. On Wednesday, they confirmed a rate lock at a higher rate. I asked why it took so long to lock, they were busy. Even when confirmed, the rate was different from the online rate. I asked why. They started with different excuses but none applied to me.
They keep saying they could not confirm the rate I was looking at on their website. I provided a snapshot of their rate and fees and they finally agreed, but they would never confirm the new rate and fees. I am into this loan 35 days with the rate lock and no communication for 2.5 weeks. They then requested 2 years of tax returns, which I had provided 4 weeks previous. They stated the previous returns were password protected and were not acceptable. I advised they were given the password previously. They then wanted a signature. I signed the signature page and resent via email. I asked to release my rate as the rates had dropped and by their policy, the rate cannot lock until all the paperwork was completed; they refused.
A week later, my loan was denied due to high debt to income ratio. My loan was only a refinance with no cash back, 40% loan to value. A credit of $800, no debt, income to debt ratio of under 27% including the refinance. It’s crazy. I have made multiple calls to their supervisor and loan representatives with no return calls. It has been a week. I want an explanation. This appears to be fraud in many ways. I was charged for appraisal without consent and was charged higher fees and rates than are shown on their website; no basis for not approving the loan and no communication by the loan service or supervisor. Beware.
I submitted a mortgage refi application with Amerisave on July 31st. I have excellent credit and 45% equity in my condo in a very good San Francisco neighborhood. I was applying to simply lower the rate, with no cash out. I provided all the requisite information within 48 hours. I paid $440 to substantiate the LTV and loan application viability.
The Amerisave site states that many of its loans close within 10 days, and essentially all close within 30 days. Even though my loan processor, Jeff **, represented that he "could lock the rate at any time" for me, and despite my specific requests to lock the rate on August 12th - as well as repeated requests to Jeff to do so after that date, nothing was done. I was also promised a no-cost loan. I escalated the matter to his manager Dustin ** on August 27th after having waited 25 days for my application to be processed. Rather than reply, Dustin sent an email 2 days later denying the loan based on an "incomplete credit application.” I asked for an explanation, and received none. In my view, my application was complete; this non-specific and unsubstantiated reason for credit denial was without merit. I escalated the request to Mr. Mark **, Chief Credit Officer and Ms. Carol **, President of Operations. I did not even receive the courtesy of a reply from either of them.
Due to Amerisave's delays and unprofessional conduct, I now have to restart the loan application process, and may have to pay substantial fees and a higher rate. I have lost $435. In fees already paid to Amerisave. Since Amerisave refused to respond to my requests for clarification, it was impossible to resolve the problems note above. This very poor customer service is unprofessional, unacceptable, and appears to be in deliberate bad faith.
My husband and I applied to refinance our home loan. We had told Orlando and the underwriter numerous times that we did not have an impound account for our property taxes and homeowners insurance. We received the final paperwork to sign and the amount we owe is much larger than we had been told. The amount includes property taxes that are due Dec. 10th and the amount is not the amount on my property tax bill.
I explained that we pay our property taxes and we do not want an impound account. I am being told it is the "law" but of course, they can not tell me what "law" this is. I contacted our Credit Union and asked about this "law" and they said when they refinance a mortgage, they would only request payment of property taxes if the loan was closing at the end of November. The fact that the amount is different from our tax bill is an issue that they just can't answer. I would never deal with this company again. I should have never contacted this company.
I applied for my refinance through AmeriSave, and after over a month, it was supposed to close today. I received the HUD-1 two days ago and found several mistakes. After some email exchanges, I thought I could tolerate some of the small ones, although I don't like its deceptive marketing practice. But one thing really sticks: It wants to pre-collect my county property tax with an amount someone made up. My loan does not have escrow. And my property tax will be due on 12/31 which is 4 full months from today (9/1). It is too early for county to have that figure out.
AmeriSave just have a third party put some wrong information as estimate and add another 15% on top of that. When I verify with the sheriff's office and confirm, the information was all wrong; AmeriSave refused to correct the mistakes. A person titling herself as "national sales manager" put this in email as response: "Per RESPA law, we have to go with these dates and numbers.” Does RESPA law say you need to go with information you already know is wrong? I need AmeriSave to get their hands off my tax matter that is 4 full months away. I'm waiting for corrections before closing could happen.
We applied for a refinancing of our home on June 16. We were prequalified immediately. An appraisal was ordered and we were charged $450.00. We initially dealt with SP who continued to tell us our loan would close. We have yet to close and it is Aug. 27. Our credit scores were 760 approx. Loan was for $335,000 against an $800,000 appraisal. We have been lied to, neglected and treated poorly. We have responded to every request for documents only to be asked again later for more documents. I would always say "do you have everything you need? " The response would be "we have everything we need".
I found Amerisave pop ads advertising "ten day closing". I am considering hiring an attorney to file charges of Deceptive Trade Practice. I feel I will find others who want to join me.
I applied online and was lead to believe that my rate was locked in. This was deceptive since it was not locked in, but caused me to commit to pay them money. They lost my documents more than once. I replaced them and followed all of their requests for more and more information. They asked me to get explanations for why I filed three disputes with my credit card company over a three year period. I did so. They then told me to do it again.
Nearly two months with no progress toward the loan. More lost forms and promises of a closing to be scheduled, but more and more requests for more information. They took weeks before contacting me. Each time I sent them info. When I took a week for a duplicate documentation request, they denied my loan for an incomplete application. Messed up credit. Was in high 700s. With the denial, I lost money paid for the appraisal and credit app. Will fight the attempt to charge my card $500.
I applied for a refinance on Tuesday, August 17 and worked through Thursday, August 19 to submit all requested documents by email. I met the appraiser at the property on Wednesday. I sent the last documents on Friday morning. My problem is that I cannot get in contact with anyone at Amerisave. The last contact was a receipt for the $400 for the appraisal on Friday morning. I have called the toll free number and left messages, begging to be contacted and sent emails to both customer service and the person I was dealing with. I refinanced through Amerisave on another property in June of 2009 and was very satisfied. So, this lack of contact has me worried. I spent $435 on appraisal and credit report and don't know where I stand.
I have applied for my 20-year fixed-rate mortgage, working with a mortgage consultant. First and foremost is I do not understand the procedure of locking the rate down. First, I have applied for $292k loan, and I had recent appraisal done for $415k. So I was well bellow 80% to lock the rate. After finishing application and paying for credit and appraisal, the guy came back and said we cannot lock the rate because my house on Zillow shows $370k. So we can lock it for $288k.
But I guess when you apply and pick the rate, it shows credit toward closing based on the credit score and loan amount. Hence, I was concerned, because I picked the rate so I can get enough credit towards closing and so I don't have to pay any extra.
I went ahead and locked the rate after talking on the phone with a rep that if the appraisal comes higher, we can increase the loan amount and credit towards closing. As expected, appraisal came higher, and we increased the loan amount. I have to call numerous times to have them adjust the good faith estimate, because the credit towards closing was not adjusted after the increase in loan amount. This rep has to get approval from his manager, and the manager at Amerisave were always in a meeting or training. (Maybe these meetings were about how to screw up customers!).
Finally, everything got squared away and got the closing date, I have signed all the papers, but the disbursement date was 7/30/2010, and they did not send paperworks on time at the title company to disburse the funds. Then I called the closing department, and she did not even called me back. And after so many calls to Amerisave and email, I finally got an answer that the package was lost in the mail.
So finally whatever they did, they funded my existing loan on 8/5/2010. So I end up paying 6 days of interest with no fault. Then I asked for reimbursement of the interest I have paid. I am still asking, and they are not responding as of yet. I would by all means not recommend the Amerisave to anyone. First, their rate on the website looks good but the actual one comes with a lot of attachments (credit score, appraisal, closing fees were also higher than their quote). The worst part is the communication; they don't respond to your inquiry promptly.
This company needs to be investigated thoroughly by government agency about their business practice. They are fraudulent, deceptive, misleading, dishonest, etc.
The rep. they assigned to me was a Mr.Casimire **. He has taken a whole month of my time and he has still not found a processor to look at my loan! He goes with the handle " Senior Processor" , but go figure, they just put you off day after day after day after day. They will not call or communicate with you , but once they have you, it's hard to change because they still charge you $500.00 to get away from them to get your loan done elsewhere! This company needs to be looked at from a Federal point of view, because they take your money from where ever you are!
When I first applied for the original 20 year, fixed rate refinance loan of 4.5% through Amerisave, there was to be a credit of $1,734.50 towards my closing costs per their website. When I received my first online GFE on 5/27/2010, it stated that the credit towards closing was for $1,268.54. I should have questioned why the credit was for a reduced amount at the time, but thought it was still a good deal and decided to proceed with the loan.
On 5/31/2010, I received another online GFE from Amerisave that stated that the credit was now for $1,223.32. No explanation from Amerisave and no notification of the change. If it wasn't for my own due diligence to check my online paperwork frequently, I wouldn't have discovered these changes.
On 7/9/2010, I received another online GFE from Amerisave that stated that the credit was now for only $793.73. For this reduction in closing costs, it was a result of their rate lock expiring, and my request for a lower rate that was now available. They charged me to move to a lower available rate after having waited 39 days to have this loan closed, which it still wasn't.
On 7/13/2010, I received another online GFE from Amerisave that stated that there was no longer a credit and that I owe $13.77 towards closing costs. No explanation from Amerisave.
On 7/15/2010, I received another GFE from Amerisave that stated that there was no longer a credit and that I owe $498.27 towards closing costs. This was due to another rate lock expiring, but this time, no changes in the loan rate. Once again, Amerisave made another excuse for them to charge me for something. They even stated that the fees are higher, but we will split the costs with you.
I went through two rate locks that expired through no fault on my part, and, with the bait-and-switch tactics of their closing credits/charges, I decided to cancel my loan application with Amerisave. To add even more bad taste to their business practices and loan process, they threatened to charge me the $500 cancellation fee on several occasions, which they did.
I have no credit card debt, 800 FICO, 14 years at the same job, verifiable income, and a 55% loan-to-value. This should have been a no-brainer loan for Amerisave, but I think they were trying to get greedy. I'm really glad that I didn't give them my business.
Hind sight is 20/20, but I should have questioned them on each GFE update, but since it was happening so often, I thought it might have been an electronic mistake on their part and that I'll just wait for the "final" GFE. It's interesting to know that their system only keeps the last updated GFE and that the loan processor does not have access to the previous ones once it has been superseded. Hmm, covering their footsteps??? ?
I hope that this is my final entry in my attempt to establish a loan refinance with Amerisave: (July 1, 2010, 1PM) Ms. B has given due diligence to corresponding with me, via email, over the past 2 hours. I called REALTrans again, spoke with the same rep. as yesterday, and was informed today that the appraisal was not complete. Yesterday, the REALTrans employee, Raj K., told me that the appraisal was complete and available for the broker (Amerisave) to access. Ms. B's emails stated the same information; the appraisal is not yet complete. Ms. B then gave me the option of withdrawing my application, getting an appraisal elsewhere (in other words, refinancing elsewhere) thus ending the relationship with Amerisave.
After writing a confirmation email that I would only be charged the initial $35 for the credit report and not the fees for the appraisal ($325) or withdrawing from the application ($500 once the rate is locked) and receiving agreement to the information in that email, I ended the "business relationship" with Amerisave and its employees. As I wrote in what I hope to be my final email to Amerisave, I believe that ending the relationship with this company will reduce situational stress for Amerisave staff and, most importantly, for me. I am relieved that I have not lost funds other than the $35 and wish Amerisave and those going through Amerisave for "great rates" all the best in their endeavors. If there are no further entries, all that has been stated in the past 6 entries holds true and I have had no further issues and/or dealings with Amerisave.
Entry # 5 in the series of attempting to close a loan, satisfactorily, with Amerisave (June 30, 7:45 PM). After sending Mr. ** and Ms. ** an email with a copy of Entry # 4 that I submitted to Consumer Affairs, Ms. ** sent a prompt email reply stating that I am "not locked in and cannot be locked in until the appraisal is in." She continued by stating, "I told you that it would be tomorrow (Thursday, July 1) at the latest. We are still working on it." Stay tuned for tomorrow's (Thursday, July 1) interaction with Amerisave and an update on the status of my loan application.
This is the fourth entry in the continuation of trying to close a loan deal with Amerisave. The process began when I applied online on Wednesday, June 16. It is now Wednesday, June 30 (exactly 2 weeks later) and the process may/may not be proceeding forward. I was able to contact REALTrans today (appraisal company) and a representative told me that my appraisal order had been deleted (order was satisfied) and was now available to view online by the broker (Amerisave).
I was not able to get details regarding the first date that it was available for viewing. I had to convince the representative to give me this information as borrowers are not supposed to call, only brokers and lenders. I explained that I had some issues with the broker which is why he provided basic info, no details. I promptly phoned both Lucas and Rebekah, both unavailable except for voicemail (always the case...a person never picks up the phone) and left voice messages for both that I was happy to report that the appraisal was available for viewing and for them to please obtain the copy and to proceed forward with my loan ASAP.
I also left both Lucas and Rebekah instructions to contact me promptly, sometime today (June 30) or no later than tomorrow (July 1) with information on the status of my loan "lock in" at 3.75% (the "promised" rate if all is in order) and details as to the status of the overall loan application. I urged both individuals to proceed as swiftly as possible (given the delays). The business day is now over (6:30pm) and I have heard nothing from either one of them throughout the rest of today. I left their messages at approx. 11:00 this morning.
I specifically asked the manager, Rebekah, to phone me with news of the appraisal. I did not receive a phone call from her despite my request. A Customer Service representative did call me today in response to a dissatisfied email I sent yesterday. I explained that I was concerned about the delays and negative information I had obtained about the company and that I am waiting to see how things will proceed from this point. They said that they would contact my representative (I am assuming that would be Mr. Lucas).
I will continue to monitor this situation publicly and guarantee that an entry will be posted tomorrow with current information (even if nothing is moving forward at all) regarding my loan application status. For those of you attracted to the current 3.75% posted on Amerisave's website, continue to monitor these daily entries to see if the 3.75% is truly as good as it sounds or a very enticing number sure to grab your attention and then loaded with unexpected issues...stay tuned.
This is the third entry in the series of follow-ups regarding the attempt to close a loan deal with Amerisave. I have been provided with the contact information for the appraiser and told that Amerisave was able to contact the appraisal company this evening, the date of my original entry with Consumer Affairs, and that they have it in review and should be over soon.
I wrote a response to Ms. ** asking for a clearer definition of over soon. In addition, I explained to Ms. ** that Mr. ** had instructed me to contact the appraisal company 5 days ago to expedite matters, and indicated that Amerisave is not able to do so due to the HVCC rules. When I contacted the appraisal company, REALTrans, the representative looked up my name and property address, told me that the appraisal was in the system, told me that I was not to call but rather the broker/lender was to call, and advised me to tell Amerisave that they simply need to access the REALTrans system, enter their login information, and download the available appraisal.
I promptly called Mr. ** and left a voicemail message stating the outcome of my call to REALTrans and my frustration with needing to tell an Amerisave employee how to do his job. I wrote all of the above in an email to Ms. ** this evening. REALTrans is closed for the evening; I am not able to confirm that the appraisal is available, that the review is complete, and that Amerisave can access the appraisal until tomorrow after 9:00AM. I plan to contact them and ask them what over soon means and when Amerisave should have the completed and reviewed appraisal. Stay tuned.
After forwarding my Consumer Affairs entry to Amerisave, involving Lucas ** and its Customer Service, I received a very prompt response from Mr. **'s manager, Rebekah **. This was received within hours of my posting. The first entry in this series of status on the loan application with Amerisave entries, Ms.** states that I am complaining to the wrong individuals and that the real issue lies with the new HVCC (Home Valuation Code of Conduct) laws. Her recommendation is to complain to the appraiser, and not to Amerisave. She continues to state that there is nothing Amerisave can do to get the appraisal in. I have requested to be provided with the contact information for the appraiser so that I might advocate for myself and expedite the loan process. Stay tuned.
I am in the process of working with Amerisave to refinance at a lower rate and pay off my property earlier. I signed up for a great rate, "locked in" with my $35 fee. The paperwork I received, and signed (based upon years of working with mortgage finance/refinance and never having issues like this - my fault for not reading the fine print) states that the rate is a "Floating Rate" and that the GFE (Good Faith Estimate) interest rate was only available through the day that I actually signed on with Amerisave.
This was not what was presented to me via the website, emails or phone calls. First, the website leads one to believe that the $35 fee locks the rate. Upon talking with my representative, Lucas **, I was led to believe that getting my documentation to Amerisave promptly (verification of wages which was faxed within several days of signing on) would assure the rate. Next, I was told that having the timely appraisal would assure the rate. The appraisal was completed within 5 days of my signing on. Upon "signing on" through the internet, I was immediately pursued by email and mail regarding the need to quickly complete paperwork and return it for the rate lock. Of course, I complied to get the great rate rather than taking the time I should have to peruse the documents diligently, again my fault.
At present, the application is in limbo as the appraisal is still not available after 8 days. Mr. ** assures me that he finds it ludicrous that it is taking so long. I was advised to call the appraisal company to hurry the process along. I did this and was told that the appraisal was available and that Amerisave needed to go online, enter their code, and upload the appraisal. Upon advising Mr. ** of this information, I was told that I was misinformed and that the appraisal is, in fact, not available. I was also told that this is a highly unusual situation that they find with my application and the length of time for the appraisal. I would only be able to get the actual name of the appraiser by going through Mr. **'s manager, Rebecca ** (not sure of last name). I told Mr. ** that rectifying the situation and assuring the ongoing, satisfactory completion of my application & refinancing process is left in his hands as this is work he tells me he has been doing for years.
I will continue to monitor this situation, live, on consumer affairs and I am hoping to have a favorable resolution to report. If this continues along an unfavorable path, I will document the course(s) of action that I take to rectify the situation on my behalf. I have successfully dealt with my finances for years and this is the first time that I have been what is beginning to feel like a compromising situation. Stay tuned. At present, I have paid $35 to "lock the rate" and Amerisave was provided my credit card number to charge the appraisal fee of $325 (which has not yet been charged).
We applied for a refinance mortgage back in January. Our credit ratings were both over 750 and we had our proof of income, etc. We did all of the paperwork and paid for a full appraisal. The appraisal came in over where we needed it to be. AmeriSave chose to "review" the appraisal, stating that the comps the appraiser used were not within the mileage/time of sale guidelines. They were all within the accepted distance and had all sold within the acceptable time frame. The appraisal review commissioned us to non-comparable homes. The closest in our own neighborhood was almost 1000 sq. ft. smaller, with less bedrooms and baths and on a much smaller lot, with a smaller garage.
They gave us the same value as that home's sales price. They came in with an unrealistic value about $30,000 less than our full appraisal so they wouldn't have to fund the loan. We think we were targeted for unfair refusal based on the number of foreclosures in our area of the country. We went through weeks of undue wasted time and energy getting paperwork done and paid over $300 for a full appraisal that they refused to use. The appraiser was contracted by AmeriSave. When we let the appraiser know what happened they were furious. We had another appraisal done with a different mortgage company and got our loan. However, AmeriSave's practice of profiling in certain areas is unethical and I would tell anyone not to waste his or her time on them.
I provided every item listed on the list of documents needed but one. That was the 500 page Trust I hold my property in. Any other lender would leave it up to title to deal with taking the property out of your family trust to sign docs, etc. But Amerisave said they would not accept my loan into processing without all 500 pages of the trust. No lender requires that and I would know.
$35.00 fee was taken from my American Express account. Something about a Credit Rating Fee. I was told by the Loan Officer I would not be charged. I contacted Amerisave more than three times and still no success. Contacted American Express and submitted a Dispute. They were very helpful and are investigating this type of deception Amerisave uses. I also received their credit report and could not understand where they received this credit information. My three credit rating report is 905. But they provided me with some other score and a Bankrupt Rating?
I was in the process of refinancing my mortgage and looking for the best rates available. I already was about to close with another lender when I saw an ad for Amerisave. I took a look at it and contacted Amerisave and began asking questions. I spoke with a gentleman with the initials HM (name not disclosed for privacy) there from the start. From April 20-23, I have 43 emails in my inbox from HM.
The very first one starts with this question I asked: "A bank gave me a new refinance offer of 4.375%,$2263 monthly total with tax and escrow, and 15 years term. Can you do better?" HMs response was: "Of course click on the link below to get rates" So from there, the emails began. I am not a broker nor do I know much about mortgages, rates, and so on, so I proceeded to ask every detail I was confused about. I did not want to lose out on my other lender and needed to make sure Amerisaves pricing is actually what they tell me before I paid any fees.
After several emails and a few phone conversations, HM sent me this email: "Go ahead and complete the application and pay for the appraisal. Call me if you have any questions. "Still not convinced, I did more research and continued with my emails to HM. Email after email, HM was persistent. I kept asking him are there any hidden fees, anything that can change my rate once I paid, he kept insisting that is what it is. The application states to enter your home value and loan needed. How do I know my home value? I can only go by what I have on my paperwork from my last appraisal, right?
Only two years ago, I did my mortgage and Chase appraised my home for $350K. So all I did is enter this information in the application. HM never told me if your home value dropped then the rates will be higher than what you see. He just wanted to lure me in so kept pushing the low rates on me. So being unaware of this, I finally ended up paying the fees and applied. After 43 emails of HM telling me he has a better rate, and before the appraisal came, he redid the quote for me at $2233/mo, and I was satisfied. But once the appraisal returned at $285k , the monthly rate was much higher!
I requested for a refund, but was totally declined. I told them I was mislead and misguided. Amerisave did not want to listen to anything. I even told them my other lender appraised my home for $335k. This was like taking candy from a baby for them. I am clueless when it comes to mortgages. It was HMS job to tell me what surprises lies ahead and certain criteria needs to be met before those rates apply. I was not steered properly. I would keep away from this company totally. I wish I can post my 43 emails to show you just how badly I was lead. Loss of $325 which I paid twice (to them and other lender). Sucks. Misguided and misinformed. Thanks.
On April 6, 1010, I completed an online refinance loan application with amerisave.com. My daughter (a co-borrower) and I entered accurate, truthful information that never changed based upon that initial application. Amerisave's application system "pre-qualified" us for a refinance, cash-out loan. The loan had an approximate 58% LTV. Both my daughter and I have FICO scores in the mid to high 700's. But, keep in mind that this was a 58% loan-to-value package. The property had a recent, independent appraisal of 335k. I was talking out $150k in cash for the purpose of buying out a partner. The property had an outstanding balance of $28.5k, which was going to be paid off with the $150k cash out. Not exactly a high risk loan by any stretch of the imagination.
1.) The amerisave.com online application is deceptive and designed to lure prospective customers to their website with low rates/lender fees. The website content misleads the customer in thinking that what the rate that attracted them to the site will be "locked in" when they complete the online application process and are "pre-qualified" (the immediate "lock" is common practice by other online lenders). What the site does not tell the customer is that the rate is not locked in until the customer submits both income and asset verification to the satisfaction of Amerisave personnel. In my particular case, the "rate lock" was delayed because the loan agent (DeeAnn **) claimed she did not receive all of the documentation (I have documentation that I sent it via email attachment) and with "issues" brought up that had already been disclosed on my initial application. This caused both my loan rate and "lender fees" to increase, costing me more money to obtain the loan.
2. The Amerisave online application process asks the applicant to pay for a credit report. I lost a week’s worth of wages, had to pay penalties on early withdrawal of my 401k plus will have to pay tax penalties when I file my 2010 taxes, and my credit is ruined for an amount of $35 (April 6 price; I researched it and this fee has varied over months/years). In order to pay this, the application process asks for a credit card number. In my particular case, I entered my Discover Card number. Amerisave charged my credit card without authorization for an appraisal later on in the process. I disclosed my credit card number to Amerisave to pay for the credit report, not anything else. As a result of the unauthorized use of my credit card, I have filed a successful dispute with Discover Card. Once Amerisave knew that I had filed a complaint for an unauthorized use of my credit card with Discover Card, they quickly refunded my money for the appraisal.
3. I fully disclosed in the initial online application that the property to be refinanced (with cash out) had been on the market within the last 6 months. My appraisal was scheduled to take place (and did take place) on April 8, 2010, at 2:00 PM PDT. In an email on April 8, 2010, 8:31 PM EDT (5:31 PM PDT), after the appraisal had already been performed, DeeAnn ** sent me an email asking me, "When was the home taken off the market?" In all honesty, the date didn't matter in light of the fact that I had already disclosed that the home was on the market within the past 6 months in the initial April 6 online application. Of course, this resulted in Amerisave increasing the lender fees to the point that I had lost confidence in Amerisave and did indeed cancel the loan application on April 9, 2010, 4:29 PM PDT. Moreover, in an email dated April 9, 2010, 4:59 PM EDT, DeeAnn ** wrote me an email outlining several options, including a cancellation/refund of appraisal cost option.
As the reader can surmise, I took Option 1 and cancelled. However, Amerisave still without authorization charged my Discover account anyway. On April 9, 2010, 8:23 PM EDT, I received a "receipt" via email from Customer Service stating that my Discover Card had been charged for $350. I immediately replied via email (time stamp: 5:30 PM PDT) and stated that per DeeAnn ** there was to be a refund for the appraisal charge. On April 10, 2010, 10:42 AM EDT, I received an email from Jessica ** from Customer Service stating, "This appraisal was completed and the appraiser has been paid. This fee will not be refunded. "
There were a couple of problems with the appraisal. (1) The appraisal was already performed after DeeAnn ** came up with issues of when the house was taken off the market (I had already disclosed that it had been within the 6-month period) and other issues she disclosed. Thus, it was someone's error at Amerisave that overlooked this fact before it went to underwriting. (2) An employee of Amerisave that I was directly dealing with (DeeAnn **) neglected to have timelines in mind and offered what she could not deliver. That being said, I took Option 1 of her offering. In doing so, I was charged for the appraisal after the Amerisave employee stated in writing that I had the cancellation/refund option. (3) The appraisal only took 15 minutes! My independent appraiser (that I had done in late 2009), took some 40 minutes, by comparison.
For the sake of documentation, the Amerisave appraisal report was neither seen, downloaded nor otherwise, received by me. Although, Amerisave quickly made it available to me via email, in lieu of their documentation stating that it was "available after closing, upon request". Guess why they wanted me to download/see it? Of course, they could claim that I had "received it" and hence their charges were legitimate. So, so many ways they can work you!
If one takes the chain of events in mind, it was Amerisave who mishandled this loan, as what information I disclosed initially on the April 6, 2010 application never changed throughout the loan application process. The personnel involved in this transaction neglected and overlooked what I disclosed at the very beginning: The home had been on the market and that it had been within 6 months. How much clearer can an applicant be?
I finally lost confidence in Amerisave and cancelled the loan application on April 9, 2010. Luckily, I had not signed nor returned any documents which (beware) includes that you agree to a $500 cancellation fee, should you cancel the loan process. This $500 cancellation fee is well documented all over the Internet by other disgruntled borrowers. Needless to say, this firm has multiple ways of insuring that they milk their customers for everything they can. Their rate lock scheme is in a class by itself, as it floats by default until, and only until, they insure a higher rate/higher fees above what their web site automated scheme hooks you with! I sincerely doubt that any applicant gets the low rate that lured them to the Amerisave web site to begin with.
Oh, by the way, be careful with their deceptive "electronic signature" part of the loan documents section of their online process. Read the documents before you click that you eSign the documents! By default, you will be signing that you are "floating your loan rate"! These folks are a piece of art, worthy of federal and state investigation. They have so many ways to reap more money out of us! It is astonishing! They cost me the chance to refinance at a 5.00% rate at the time that it was available and at the lender fee structure that I was pre-qualified for. In the end, they did refund the $350 appraisal fee, but only after I had to dispute the charge. I was out $35 for the credit report (a scam in itself, as other lenders do not charge for this service).
Do yourself a favor, read the complaints that others have posted all over the Internet and notice all the similarities among what is posted or complained about. Yep! This is the classic "bait and switch" at its finest! Borrowers beware! Let's keep posting our horror experiences with Amerisave until we shut them down.
I did an ARM refinance loan application with Amerisave for a 30-year fixed rate. I found Amerisave on Bankrate.com. After being pre-qualified and qualified, the loan was locked at 5% interest rate on March 12, 2010. Then, they started trying to weasel out of it. First, they tried to say that the unit that is rental house was boarding house--which it is not. It is a four-bedroom, three-bathroom house that we lease to six renters, all on same lease, going on third year term. I proved otherwise and had already provided them with the lease agreement of real house. The final reason for the loan denial they said was because my 2 on 1 did not have a common wall like some duplexes. They could not do it.
I have owned several similar properties and never had any bank, not loan, for that reason. I tried to talk to Mike's supervisor, but to no avail. I have talked to several banks in San Diego that I have had loans with before and they said that they could do loan and any bank should be able to. I have never heard of anyone being turned down for a loan for this reason.
Subsequently, I have seen many complaints about Amerisave on Consumer Complaint boards. I have owned and lived at the location since 1998. I had an original loan from Home Saving and did one refinance in 2001 as well. I never had a problem getting loan on this property or where I lived before.
After I posted my complaint on this website, Amerisave contacted me and we were able to resolve all outstanding issues amicably and to mutual satisfaction. I hereby withdraw my complaint. They appear to be a decent and honorable company in my view.
On October 30, I visited the AmeriSave Mortgage website. They were advertising a 30-year mortgage at 4.25. I filled out an application online, and after doing, so the rates were higher. I inquired of Peter ** as to why the cost was going up, and he sent a less than satisfactory email. I asked if I could lock in the 4.25 rate, he said not until a credit report was received and an appraisal. I authorized the credit report, but not the appraisal because he told me if the appraisal value wasn't high enough, I'd lose the $375.00 appraisal fee. I told him I was going to shop around. I found two companies that would not charge the appraisal fee upfront.
On October 5, I was finalizing my application with PennyMac. Peter ** requested that I fill out loan documents that he sent me via email. On October 6, I signed and returned the documents via fax. All documents had to be signed and returned. The primary document titled "Loan Term Agreement" page 1 showed that I was "floating" and my rate was not locked. On October 7, 2009, Mr. ** sent me an email stating my loan was locked and ready to go, no appraisal had been done and I had not requested to lock.
I immediately sent him an email asking why it was locked and at what rate and fees. He emailed back that I had requested a lock, he did not send me the rate and fee information. I immediately told him to cancel the application because I requested to float and he was well aware of that. I pointed out to him my choice to float on the Loan Terms Agreement which he had completed. Mr. ** kept telling me that there was no choice to float on the document, I told him I was looking at it.
I also informed Mr. ** that I had cancelled the appraisal that was schedule for October 8, 2009 so as to not to incur that charge. Mr. ** told me he was going to charge me $500 if I cancelled the application. I told him a cancellation fee was never discussed, not on their website or in our discussions. He told me the $500 was for the rate lock which I had never requested. He sent me a form titled "AmeriSave Rate Lock Request" and claimed I had signed it electronically on October 6, 2009.
On October 6, 2009 (approximately 6:30 pm PST), I faxed all forms to him after signing by hand, my request as stated was to float. I have never signed any form electronically for any reason nor have I've ever been asked to. This amounts to plain out fraud and forgery. I have kept all documentation and I'm sure a computer expert can probably prove I never signed a document electronically. Mr. ** and AmeriSave illegally charged my credit card for the $500. They need to be stopped. There was no misunderstanding, just plain criminal fraud. My FICO is approximately 796.
I applied to refinance first mortgage on my house. The property has also a second mortgage from my employer, Harvard University, and a HELOC from Chase bank. Before proceeding, I checked with Mr. R. if it is okay to refinance with two subs and he said (in writing) a resounding yes (I have an email from him to that effect). I went ahead and paid $675 for an appraisal.
3 months later, Mr. R. got back to me and said that they will not close the loan with 2 subs. He refused to refund the appraisal fee. Apparently, he lied to me when he initially said yes to refinance with two subs to lure me in the transaction hoping that I will proceed anyway by closing the HELOC because we already spent $675 on appraisal. I lost $675 and the chance to refinance my loan at an attractive rate.
AmeriSave Mortgage Company Information
- Social media:
- Company Name:
- AmeriSave Mortgage Corporation
- Company Type:
- Year Founded:
- 3525 Piedmont Road NE, Building 8 - Suite 600
- Postal Code:
- United States