AmeriSave Mortgage
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AmeriSave Mortgage

 4.7/5 (689 ratings)
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AmeriSave Mortgage
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Written by Jessica Render
Edited by Jon Bortin

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 $103 billion in home loans since 2002.

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Pros

  • Variety of loan programs
  • Free calculator tools online
  • Customized rate quotes in less than 3 minutes
  • Options with low down payment

Cons

  • Not available in New York
  • No financing for manufactured homes

Bottom Line

AmeriSave offers a wide range of loan services in most states. Eligible borrowers can find competitive rates for buying a house or refinancing an existing loan, and the company has an average time of 34 days to closing.

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Page 162 Reviews 4805 - 4835
Original review: Dec. 9, 2010

Misrepresent my refinance home loan caused my financial loses. My wife and I are working people at job for over 20 and 12 years. I strongly believe we are highly qualified for a 367,000 home loan with a house equality (according the current appraisal report) of over $490,000 dollars. Mr. Aaron ** has misrepresented my qualifications in the following incidents:

(1) Missing co-applicant in the application form for two times (at least the application were rejected two times for this same reason!)

(2) Repeatedly asking for the documents (several of them) for multiple times. When his job was taken over by a co-worker Stacy **, some documents submitted earlier were totally missing in Amerisave file system.

(3) Not responsive to my questions as a representative of my loan. Mostly avoiding answer questions to the point.

(4) So far, the reasons from the underwriter to turn down my loan application are completely due to human errors, delay of process, and misrepresentation. I am not aware of any requirements to obtain a 3.625% rate mortgage in October can disqualify my application. No one reason so far is due to my qualification! But as of now, the rate has risen to 3.875% APR and its going up higher and higher and I still did not get my loan even locked in rate! This is a ridiculous processing game Amerisave has played with me! (I am not a first time home purchaser, nor a first time refinancer. I have never seen such an inefficient process ever. Nor do I even consider working with Amerisave mortgage forever. )

(5) I have thousands of dollars of lost in accountable measure and more unaccountable mental/spiritual/life losses that need to be compensated.

8 people found this review helpful
Original review: Nov. 16, 2010

I was told that there'd be no points charged in my refinance. Once I received my documents, I saw a figure to the tune of $4200 under lender fees. I questioned Hank and he said that is not points but lender fees. I happen to be very familiar with the term. I told him I knew what lender fees were and they are the same as points. I asked him to raise the rate to the point where there'd be no fees and he said that the rate is locked.

I told him that in the disclosures, it says that I have the option of choosing a different rate with lower fees. There he stopped talking to me and about a month later, he came pretending that everything was okay. He wanted to close the deal. Now I am out of $385.00. I can't believe that they are ripping people off so easily and there is no place to turn.

7 people found this review helpful
Original review: Nov. 12, 2010

If you are thinking about applying for a loan with them, just run away. I checked their rates at the end of September 2010 and I got on their website for the estimated loan of $170,000 for a 30 years fixed at 4.375% stated that I would get a closing credit of -$1200 meaning that the total closing cost would be $300. I filled out a refinancing application on October 1, 2010. After I filled out the application, I was told that my loan processor is Theodore ****. At this stage, problems already started because unlike the quote I was given, the actual application stated that the credit for the closing cost would be -$300 and not -$1200. I left a message for Theodore at 10:30 am on October 1, 2010. His voicemail stated that he would get back to me within 2 hours.

By 1:30 pm, because no one had called back, I emailed their customer service department who replied that my loan processor was Keith ****. How am I supposed to know that if after filling the application, the system assigned me to Theodore? After that, I contacted Keith **** on October 2, 2010 and I reiterated that we were looking to refinance for $170,000 for a 30 years fixed at the lowest possible cost with a minimal closing cost. He didn't bother to email back so I contacted him again on October 5, 2010.

On October 27, 2010, Keith **** emailed us to let us know that we needed to send more documents. When I looked at the disclosures sent by him, I found the application to be incorrect. It stated that we were applying for a refinance loan of $160,000 and we’re seeking $15,477.57 cash as well. I emailed him to make him aware about the mistakes. From his response, it sounded that we had filled our application incorrectly. I emailed him a copy of my initial application and the application he had sent me for review prepared by Dustin **** and explained to him that I had highlighted the fields that didn't match.

Having not gotten any response, I emailed Keith **** again on October 29, 2010 to ask if any decision about our file had been made. I was very shocked by the response I got from him because our home was valued at less at what we had paid for when we bought it. We were expected to bring in $10,000 at the closing for Amerisave to process our loan application. This is a joke. On October 29, 2010, I went to their website to get a rate quote and entered all the information: amount needed value of the home, loan terms, credit score and it gave me again a great rate quote, never saying anywhere that the loan to value ratio was too high. They just lure you to fill out their application and enter your credit card number so they can charge you for credit check and appraisal and then check if they can really lend you a mortgage or not.

Now Amerisave cannot refinance us, they charged us $335 for nothing and on top of that because they requested a credit history, our score has decreased. I emailed Carol ***, their CEO but haven't heard anything. I contacted the BBB and their response was that I didn't fill out the application correctly. They are just thieves. It is because of lenders like them that the housing bubble occurred.

13 people found this review helpful
Original review: Nov. 10, 2010

In early September, I applied for a refinance with a cash out. I have a credit score of 766, the value to ratio of the loan was close 1/3 the value of the home. On their website they use a calculator to determine how much credit Amerisave would give you as part of the closing cost. In my case I was going to receive a credit of $1,193.00.

They also show the cost breakdown of a "Good Faith Estimate" so that you see how the credit they are applying will cause your closing cost to be almost nothing. I was also locked in with a rate of 4.125% for a 30 year fixed loan no points. I had to rush and send Amerisave last 2 years of my federal tax returns (in full), 2 pay stubs, last 2 years w2, mortgage statement, photo ID, and bank account information. All this to get the lock in.

I was also asked for a credit card # to charge the appraisal fee of $375.00. An appraisal came to my house and estimated the value to be 750K. I was refinancing for 320K. Amerisave charge my credit card for another $30 for a credit report, which they claimed it would be credited at closing. This all happened within the first week. For almost 2 months nothing happened.

I kept calling to find out what was the delay and always with some story. But always sending me form that they needed signed to move the loan forward. At the end of October, they let me know that it was with the underwriter and it would be quick. Finally, in early November Amerisave told me the loan was approved if I sent them more information, my mortgage statement, 2 year of Federal tax return again, pay stubs, insurance information, picture Id of wife, letters stating how I was going to use the cash-out. All done.

Now I received their 1003 loan estimates, which made no sense to me and I make changes to the amounts and asked them to correct it. I get another 1003 form and again many items are work, including all the closing cost estimates. It include stuff that I never heard of like county Taxes escrow in addition to property taxes, the had all these other closing cost figures which I still do not understand. The amount to pay the off my original loan was wrong. Even after I got the current balance of the loan and sent to them they added another 3K to the payoff amount. In total, there was about 13K in hidden or fraud closing cost on top of the so-called credit they gave of 1,193.00.

During this time, I kept asking Amerisave to send me the HUD or a clear breakdown of these costs. They kept telling me not to worry, the HUD form I would receive will cover and explain everything. My closing was scheduled for 11/10 and I received the HUD settlement breakdown 4:45PM, which when I read it it still had all the fraud cost. I tried calling to cancel the closing, sent emails but no one from Amerisave called. Later tonight, some called me to confirm the closing, which stated to them I have to cancel. What a sad ride I've been through.

It cost me $405.00. I trusted Amerisave with all my personal information. This has caused me and my family a lot of stress,not getting the 30 year fixed loan with no points at 4.125% will now cost me at least $50,000 more even if I attempt to refinance now, because rates have gone up. I feel humiliated, depressed and angry. I would hope others will read this and not do any business with Amerisave. They should be shut down.

6 people found this review helpful
Original review: Nov. 4, 2010

10/8/10 Searched for refinance mortgages online. Noted Amerisave advertised a 10 yr fixed @ 3.25% with $367 in lending fees. I was going to mort. what was left on my 15 year note ~$207K. Kathy P. called me and explained all the fees as well as the application process. She said my rate would not be locked in until I paid for an appraisal ($325), so I gave her my c.c. info to "lock" my rate and fees in. She also emailed me several forms that I had to either "electronically sign" or print and sign and fax back. I had 48 hrs to do so, and I did all that was requested over that weekend (10/9-10) except for electronically signing my application which contained inaccurate info.

10/11 I spoke with Kathryn and pointed out the errors. She was unable to explain why the error were made but said to go ahead and sign them that they would not affect any aspect of my loan application. I signed them. 10/12 my house was appraised by Shari Horn

10/13 The appraisal came in at $250K. I was shocked. Paid 300K 5/05 and have put another 40K into it. I questioned the appraisal/appraiser and they wouldn't move on the appraisal. Because the Appraisal came in below 80% LTV I was told I had to escrow my insurance and by 1 year of PMI of 7K.

I tried for several days to get Kathryn to call me via email and phone requests to discuss the loan and find out what I needed to do next if anything.

10/25 Kathryn finally called. We discussed the loan and I specifically asked her to reassure me that I was still locked in at my original rate of 3.25. She said just a minute and came back and said yes I was.

10/26 Kathryn called and asked if I read her email that she sent after our conversation. I said no. She said well unfortunately I was not locked in. Adn if I wanted to lock in that day at the same rate the lender fees would be ~$1960.00. $1300 more than what I was told I was locked into during my original conversation 10/8.

After a long discussion that went no where, I asked to speak to her supervisor. Her supervisor Darla ** called later that day and said I had never locked in and that by electronically signing my papers, I agreed to float the loan. I explained to her that I was never informed of that. I told her that I had a type "A" personality and if I would have known the loan was going to float, I would have locked in when I applied which I thought I had. Darla walked me through the "lock-in" process and told me she would take $300 off my lending fees if I wanted to proceed with the application. I said please proceed.

On 11/3, while checking the rates and fees, I locked in to a 3.375% 10 year fixed loan for $200,000. I was going to pay the balance of my mortgage at closing (~$7,000) to get to 80% LTV and avoid having to pay the escrow and the PMI. I phoned both Kathryn ** and Darla ** and informed them of my lock online. I also emailed Kathryn and asked her to call me and confirm she got the lock notice. In the early afternoon, Kathryn sent me a long email stating that when she submitted my appraisal for review to "core logic". They re-reviewed my appraisal 3 times and came back with an appraised value for my house at $200,000. And that I no longer could qualify for my mortgage unless I could come up with the cash to get the loan value to $190,000 and that I would also be required to escrow and pay PMI. The only other possibility was to go to FHA.

I immediately called Kathryn and I questioned her and their AmeriSave integrity. They had lied to me on several occasions and led me to believe the loan was complete and was in the process to close. I asked Kathryn to have Darla call me. I asked her not to do anything with the loan application until I spoke with Darla. I also called Darla and asked her to call me back. I also emailed Kathryn and asked her to have Darla call me. There has been no return calls to me.

5 people found this review helpful
Original review: Oct. 31, 2010

I basically have good experience with mortgage refinancing companies, but this is one bad experience I had with AmeriSave Mortgage Company. I applied for a mortgage refinance on their website. I immediately got an email from their company and was followed up with a phone call from Daphne **, who was their senior mortgage processor. She told me I should not contact anyone else in their company and she will be the main point of contact.

I then discussed my current loan which was a 4.5% FRM. I told her I will proceed only if I get a better deal which is a no cost, no original fee loan which has a better interest rate. She said to watch for the rates. After 2 weeks, their website was offering 4.25 30-year FRM at 4.25 for no closing costs and no points. I immediately loved the loan, however the GFE that I received later was completely different. It had FRM at 4.5 with a $2000 closing cost. I immediately emailed Daphne and called her as well and let her know to cancel the loan as the GFE was not what we agreed on. This is a classic bait-and-switch company. She said okay.

A few days later, an appraiser showed up at our house and did a appraisal, I was at work and my wife let him in, not knowing he was from AmeriSave. I had applied for refinance with another company as well and we were expecting an appraiser from that company. A week or so later, I got a $400 credit card charge for appraisal which I never ordered. I had specifically canceled the loan process by sending emails and voice mails.

I disputed the CC transaction and I got a credit. Now after 6 weeks, I got a response saying I am charged $400 because I initiated the loan process. There is no document which I signed authorizing the appraisal. I am in the process of getting the paperwork from the CC company. In summary, this is the most dishonest company I had dealt with in my 20 years here in the US. I need to contact the Better Business Bureau in Georgia. Again I am writing this so that others are forewarned.

5 people found this review helpful
Original review: Oct. 30, 2010

It was impossible to get accurate information from them. Despite numerous requests for information and then complaints to "customer service," I could not get them to answer critical questions about the mortgage process or even their rates. Having paid for an appraisal and credit report, I continued with the process prepared to back out at the closing. The closing agent (a contractor) was extremely nice and helped get me information at the last minute and I proceeded to close the loan.

6 people found this review helpful
Original review: Oct. 26, 2010

On a Friday, my husband decided to refinance our home loan online without discussing the terms with me. He kept calling me at work to hurry and fax information. When I got home, I discovered that we had to pay off our home equity loan as part of the refinancing. Based on my preferences, we decided not to go through with the refinancing. I called the appraiser that night and cancelled the appraisal. I then called our credit card company and discovered that Amerisave had already started to process the $400 appraisal charge. The following Monday, my husband received an email from Steve who said, "We will cancel, but your loan was locked at your request. Please log in and review the application carefully regarding loan cancellation."

5 people found this review helpful
Original review: Oct. 21, 2010

Amerisave started out promising a better-than-market automated quote on the internet, including a low interest rate, and low closing costs. They got me to invest some time in an online application and some money in a credit report (~$35). Then they bumped the rate up and doubled the closing costs - i.e. they went up to market rates for interest and closing costs, so they were then the same as everyone else. But I had already spent money and invested time and a credit inquiry with them, so I might as well continue, right?

It was a classic bait & switch. Note that my wife's and my credit scores are excellent. I'm sure they would ordinarily be able to claim the rates went up a bit because the credit scores were less than stellar. Not this time. Moving forward, they touted (via voice recording) their on-time-closing guarantee wherein they promised to pay me $1000 if they failed to close on time. That is what really suckered me in, as I wanted someone who took closing on time seriously. Note that no human at Amerisave even knew I existed yet.

Amerisave uses automated systems to do the bait & switch, get me to jump through all of the hoops & pay for an appraisal up front, so I'm invested in it before they start reneging. To make a long story short, their underwriter was just not ready to close, so they start throwing frivolous demands at me for the purpose of stalling (example: tax returns for my business for years that it didn't exist; insurance documents for an unrelated property, to show that it had no lien on it, even though the type of insurance policy would not show a lien holder under any circumstance.

A letter from my CPA stating that using $60k of my ~$300k in cash reserves for a down payment on the property would not put me in financial jeopardy; then making him do it over again, for a higher amount and to include his license number on it something that nobody has asked him for in 30 years also. Note that the amount I had to bring to closing was less than the amount on his original letter they were just volleying the ball back into my court to stall). I jumped though every one of their hoops and met their frivolous demands quickly, even after it became painfully obvious that they were just stalling for time.

The closing date came and went. They kept allowing me to believe that we would close the very next day, only to come up with a new twist or another frivolous demand at the last instant. Eventually, they just stopped even bothering to come up with new excuses, and began stonewalling. It became painfully obvious that they scheduled too many loans in too short a time for them to be able to do them all as promised.

After a week of their stalling past the scheduled closing date, my wife had to go back to work out of state, so we needed to do a specific limited power of attorney in order to close. This is a very common practice, and the Title Company provided their standard form, which we filled out and had notarized. Amerisave used that as an excuse for further stalling, saying the Title Company's form wasn't acceptable, but also refusing to provide one that was, or even committing to any specific date at which time they would agree to provide their own form (note that we shouldn't have even needed a form, as my wife was home for the entire week after the scheduled Monday closing).

Bottom line: They jerked us around for two weeks beyond the scheduled closing date before they were suddenly ready to close (maybe they were waiting for their rates to drop a little, or they had to wait for funding). They did not provide the $1000 compensation for the late closing per their guarantee and they have blown me off and each time I have inquired about that liability since then.They run a great scam. They invest nothing until the mark has invested too much to quit on them, then they introduce the screwing a little bit at a time, instead of all at once like slowly boiling the frog in the pot instead of dropping him into it.

4 people found this review helpful
Original review: Oct. 19, 2010

I applied to refinance my personal residence. Within two days, they had an appraisal done on my home (which I was charged $400). The following week I contacted Larry ** and asked if they had all the information they needed and was told yes. I was also told that week that my debt to income ratio was too high for an automatic approval (I already had been pre-approved). I have numerous rental properties and had provided real estate tax receipts, insurance dec pages, etc as well as prior years tax returns. I told Larry that our situation had changed as we had paid off almost all of our mortgages on our rentals and he did need documentation to that effect. He said no and that the loan was under review.

Another week passed with no status update. Finally, after two and one half weeks on a Saturday, I get an email that my loan was denied because of incomplete credit application. The following Monday, Larry ** emails me and tells me that my loan was not approved because of my debt to income ratio. I am livid because I believe that my loan was not approved because my credit application was incomplete as per my "official" denial from Amerisave.

I believe that Larry ** did not want to deal with a complicated loan file and told me that the debt to income ratio was bad just to get rid of my file. I spent today calling Larry ** and his supervisor Joseph ** and no one will return my call. I believe that Larry ** did not want to deal with a complicated loan file and told me that the debt to income ratio was bad just to get rid of my file. I spent today calling Larry ** and his supervisor Joseph ** and no one will return my call. I am now going to pursue this to a federal regulatory agency since I am fully aware that they must disclose the reason for the denial and I have two different reasons.

2 people found this review helpful
Original review: Oct. 18, 2010

I tried to refinance with Amerisave recently in Sept 2010. My mortgage officer was Christopher **. He does not reply to phone call and very rarely returns emails. After completing all the paper works and submitted $35 and $325 for appraisal, I waited for a month, before finally getting a word 'Your application was denied by Underwriter'. FYI: This message was not initiated by them, instead I had to keep sending email to this guy once in a while asking for the status. They said there was something wrong with my number of 2009 tax return. I did my research and responded about the number. Again, I kept sending emails about the status since my lock will expire in Oct 24, 2010.

After waiting for 10 days, he sent me an email saying my application was also denied the second time due to 'too high debt to income ratio'. I was confused and I did my number. My DTI is still within the 29% for mortgage only and less than 40% combined with tax/insurance. I asked him to send a letter to the UW to reconsider which he said 'there is not much I can do". To confirm my calculation, I have asked QuickenLoan to do the automated Underwriting to calculate my DTI (Debt to Income) ratio and it was approved. I have an excellent credit score and my property has less than 80% LTV. With enough DTI, I should be qualified to get the refinancing. It seems to me, Amerisave is a scam corporation. They might not be able to find investor to find the mortgage based on their promised interest, perhaps? Or perhaps they are in the business in getting $35 credit and $325 appraisal money? Who knows, but definitely one is for sure: They will find ways to decline your application.

2 people found this review helpful
Original review: Oct. 15, 2010

Fraud alert. Amerisave is a complete bait and switch scam, shake down operation. They lure you in and trap you a little bit more with each subsequent step. Stay away at all costs. You are baited (lured) to the site with a low teaser rate and reasonable points. First, you have to pay for your own credit report (which costs them nothing) then you commit to an appraisal, (in my case for $300) but they have this cancellation policy which will cost you $500 (lock fix fee) if you cancel the mortgage.

You think to yourself, "Why would I want to cancel a great deal like this? And you click, ooops. Now, you are really hooked in and believe (wrongly) that it can't get worse. But believe me, it does. Remember that great rate? No matter what your credit (I was an 800 score) salary (I earn $550,000 a year) or assets (I have $2 million in stocks and the bank) your "lock rate" will turn out to be adjusted up, up, up (for those who have read this far, I had only an 80% loan to value mortgage.). My interest rate jumped by .75 and my points trebled! I can't believe Bankrate.com allows them to advertise on their site! I am so frustrated. These people must be indicted.

2 people found this review helpful
Original review: Oct. 12, 2010

I applied online in September of 2010. I was initially approved pending appraisal because of high credit score. The appraisal came in way below the value of what we even paid for the house four years ago and after repeated calls and emails, we did not receive a returned callback from our loan officer and gave up. I went with another mortgage company, whose appraiser came out and spent about an hour and half (compared to 30 minutes with the Amerisave appraiser), who placed a greater value of $5,000 more on the house (taking into account unique amenities such as the subdivision pond in back of the house, location in subdivision, etc.) with a different mortgage company with a 94% LTV.

Amerisave's email ended conversations providing no other options, including no returned phone calls or emails, on next steps. Then, we received an email a month later from Amerisave saying we didn't complete the credit application and were denied because of that. I reported the company to State Financial Regulatory agencies. Avoid this company like the plague.

2 people found this review helpful
Original review: Oct. 12, 2010

I applied online on Sept. 2010 and was initially approved, pending appraisal because of high credit score. The appraisal came in way below the value of what we even paid for the home four years ago and after repeated calls and emails, we did not receive a return call from our loan officer and gave up. We went with another mortgage company whose appraiser came out and spent about an hour and a half (compared to 30 mins. with the Amerisave appraiser) who placed a greater value of $5,000 more on the home (taking into account unique amenities such as the subdivision pond in the back of the house, location within the subdivision, etc) with a different mortgage company with a 94% LTV. Amerisave's email ended conversations providing no other options including no returned phone calls or emails on next steps and then we received an email a month later from Amerisave saying we didn't complete the credit application and were denied because of that? I reported the company to the State financial regulatory agencies. Avoid this company like the plague. I kept both the $300 fee and the $35 fee.

Be the first one to find this review helpful
Original review: Oct. 9, 2010

I contacted Amerisave about refinancing my 15-year mortgage, VA mortgage, from 5% down to a 4% or lower interest rate. When I first looked at their options, I was told 4% was the best rate I could get and the estimated fees, etc. came to just over $721. The VA funding fees were estimated at $520. I printed the sheet out. Kyle initially told me I wouldn't need an appraisal for a streamlined VA refinancing, but later on, insisted that I would for an estimated cost of $300. Later that day, after the rate changed, I printed it out again and the fees, etc. came to about $2027. The VA funding fees were again estimated at $520. I printed the sheet out again. The guy I had been talking to on the phone and by email told me they tend to overestimate the fees and costs, so they would probably be lower. He didn't even know what my current mortgage was, even though I'd emailed him all that information and filled out the application.

He also said the $35 credit application fee was fully refundable. He told me I had to lock in my rate to get my appraisal started and the first part was the credit application. I went online and paid my $35. The VA funding fees on the exact same loan shot up to $3,432. Naturally, I printed the sheet out. Next, everyone I talked to at Amerisave told me they are always that high. Why? The rates that day were about 3.20%, so a 4% rate wasn't something I was buying down. Anyway, if they are always that high, why weren't they before I put my money in? I sent several emails and left voicemails for the guy I'd been talking to and got ignored. Finally, I emailed and told him I was out and to refund my money. The guy acted like I was getting a deal and emailed that I was dropping 3% off my rate! For the second time, he didn't even know whose loan he was talking about. I was only dropping 1%!

Why would I add nearly $4,000 back onto my loan just to reduce my payment by $160/month? I would be adding almost a year of additional payments just to get back to where I started! That's not a deal! I told him again that I was done and wanted my money back. Then I found out the $35 credit application fee that was "fully refundable" is only refundable if you close on a loan. In other words, they screwed me out of $35 by misleading me with fake rates at the outset. I wouldn't trust this company. I'll bet they rake in $35 a lot with those fake numbers.

He said the credit agencies get the money for your credit report, but we all know you can buy your credit report with your rating on it for $8. I'm so angry because I kept asking questions and Kyle kept not really answering them, but talking around them. I was kind of suspicious, but figured I would try to make it work. Amerisave managed to take advantage of a single mom for $35. They should be ashamed of themselves, but I can promise you they aren't.

Be the first one to find this review helpful
Original review: Oct. 7, 2010

I was looking to refinance to pay my home off in 10 years. I didn’t research Amerisave prior to signing a loan application but I did read on the info on their site. Sounds great. So I applied. I immediately got an email from a loan officer advising me what to do and answering my questions. I followed his instructions to the letter. After gathering all the information required, I pay the $35 for the credit report, $350 for the appraisal and I spoke to my 'assigned' loan officer again and asked if this was all I need to do. He advised me yes. Now it's a sit and wait game, but everything looks great and this should go through no problem.

I was telling some of my co-workers about it because I was so excited that it was working out great, only to come home to a voicemail saying please call me there is a slight problem. So I immediately called and he explained that my debt to income ratio was too high and that I would need to pay off some of my other debt before being eligible for this loan. Not having to finance a home in over 14 years did I once think about my debt to income ratio, nor is it mentioned in their documents, nor does their loan officer remind you this may prevent you from qualifying.

As I discussed this with my loan officer, I became more frustrated and angry feeling I had been deceived. First you tell me it will be 4 to 6 weeks before anyone contacts me on the approval and the very next day I'm denied? Hmm. So I brought to his attention that I had read some information on line complaining about Amerisave but I was trying to believe that with all the help he had provided, and his patience with me that this was not the case.

There must be some mistake. His response to me was, "Well, doesn’t your company ever make mistakes?” Well, of course we all do, and so does the company I work for. The difference in my company and Amerisave is if we made the mistake or we mislead the customer into believing all is well, we refund the customer their costs and may even offer customer satisfaction if we have created a hardship for the customer.

My company is about taking care of its customers and customer retention. My company wants to keep its customers business, not chase them to the internet to post negative things about them. My loan officer then advised me his boss was the one who told him that this was the problem. So I asked if I could speak to his boss. He said sure let me give you his number. I asked if he couldn’t just transfer me because I had already read that their management team will not return phone calls or answer emails.

He stated he didn’t have that capability and gave me his boss's number. Well, lo and behold, I got voicemail. So now I'm waiting to see if I get a call back. “Amerisave is one of the largest retail mortgage lenders in the country, with over 1500 employees serving customers in all 50 states and DC. Our goal is to provide low rates and excellent service to every customer. Amerisave.com was designed to make shopping for mortgages easy and straight forward. You can shop, apply and lock in your rate in minutes. Our technology shops your mortgage requirements to most of the large mortgage banks in seconds."

Let's see, easy and straightforward.

Then why didn’t someone tell me wait before you start the loan process and let’s see if your debt to income ratio is in line? I checked on the internet to see how it's done. I'm no financial wizard, but it only took me a few minutes to check it and I didn’t need a credit report or appraisal for that. Hmm? Then they boast about how you can do this online in minutes. Okay, I'll buy that but some of the stuff you have to read, you need a financial interpreter to help you understand. So much for the easy and "in minutes."

Then there's the thing about technology shopping in seconds. Why did my loan officer tell me this was the waiting game part of it and it will take four to six weeks but the very next day I get a denial? I might not be the brightest crayon in the box, but I do know when someone's ** me. My employees know their job and know how to explain situations when they go wrong and if the customer isn’t happy with the answer they send it up the chain to me.

If my employee mislead someone or advised them incorrectly, then I coach them so that it doesn’t happen again. From what I see, this company doesn’t learn from its mistakes. Doesn’t learn from consumer complaints and is just waiting for the next individual to come along and read the information on their site giving the impression: We Are All About Helping You. Don’t get me wrong, my loan officer was a real friendly person and seemed to know what he was talking about when he advised me what I needed to do. But when he advised me there was a problem with my income to debt ratio, his solution was to take a larger loan out and for a longer term to pay off my truck that will be paid off in a year.

I was simply looking for a 10-year fixed loan so that I could pay off my house in no more than 10 years due to medical problems that are progressing. While I'm still able to work this sounded like a great opportunity, but it is very misleading. So if you don’t know anything about refinancing or getting a mortgage, I recommend you find someone well experienced or well versed in it. My loan adviser promptly told me I could not get my money back. He dade no mention of a cancellation fee, but I'm sure if I ever speak to his supervisor that will be my next complaint. Amerisave, if you are reading these, it might behoove you to monitor your sessions and educate your consumers before allowing them to go into more debt. Because believe it or not, it will come back to haunt you one day. Just look at some of the banks that created our economic state we're in. This could be you next. Consumers: don’t buy into “it's easy, it's simple and you'll get a really great reduce rate with this company's help.”

I'm out $385.00 for now, but how much more is it going to cost me? What happens if I don’t cancel? They have my credit card number, but the only approved charge should be for the $35 credit report and the $350 appraisal.

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Original review: Oct. 1, 2010

I found Amerisave online when I was searching for lenders to refinance my house. I should have known that things were too good to be true. When I first started the application process, the appraiser pressured me to get it done within the first 3 days and he said that was time of the essence. He charged me $500 for it even though the Amerisave website quoted substantially less.

This should have been a no-brainer loan, $225K on a home that was appraised at $600K and I am a full-documentation borrower making well into the 6 digits income. Slow to respond and after 45 days, they are saying they are not sure about my debt ratio, which hasn't changed when I first got approved for the loan.

They are very slow to respond and though they demand all kinds of stuff. I know that mortgage lenders are getting tougher, but this is incredible. BTW, I'm refinancing a mortgage that I had with Wells Fargo from 2 years ago (when I thought it was much harder to get a loan) but these guys are much worse. I've probably gotten over a dozen home mortgages over the last 20 years and these guys are easily the worst and now I'm out the appraisal and who knows what else.

3 people found this review helpful
Original review: Sept. 30, 2010

I started the online loan process on Sept 8, 2010 . I was told 24 hrs for approval. I sent all documents asked for. It was said I prequalified and would have a letter of approval.Waited and did not hear from Lucas King by my calling him over and over , when I did get a hold of him five days latter ,he said he had a trip to the hospital and that there was a glitch in his system , he would fix it right away , he did not, it took another two days to get a hold of him. When I did speak to him again on Sept 27 he said another glitch in his system, two mater of fact that the system put it in as a VA loan, I did not apply for a Va loan.

Than it was we need more docs, rental agreements and a copy of 2008 w2. the program than froze again, you have to do this all thru email an online as they do not answer the phones. Again he went missing and nothing till I called and emailed over and over on Sept 30, by this time very annoyed, I get an email from a Rebeccah ** that She reviewed my application last night and have been turned down because of loan to debt. yet remember they never took into consideration that my units that I own are rented or rentable.Now I have read this site and went oh boy,,,, I wasted almost a month speaking with this company, does anyone care, is any one watching this company, this is absolutely not right.this was written to me on Sept 9

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Original review: Sept. 28, 2010

Amerisave is simply the most dishonest company I have ever had, the misfortune to do business with. Hands down they mislead, lie and refuse to return almost all calls. I applied for a refinance loan on August 23, 2010 and paid them for my credit report which by the way were in the 890 range from all three credit reporting agencies.

I had a Senior Mortgage Consultant whose name was Robbin **, who provided close to zero assistance in processing my application. I spent two weeks unable to get logged into their online system to check my loan and sign papers because their system did not recognize my Qwest email account which is simply @q.com.

After a dozen calls to Robbin ** and to the customer service line, I was fortunate to be connected to the only competent and honest person in the company. Cynthia ** who was a delight to talk to and competent enough to figure out the problem was as simple as using an alternate email address.

Finally, on September 13th, I was able to log in and sign the mandatory documents, in the interim I had provided them 100% of the documents they required from me. The appraisal was conducted and came in well beyond what is owed on the house, over $200,000 in equity.

On Tuesday, September 21st, Ms. ** called me to tell me that all of the requirements had been met and that the loan was being transferred to Underwriting. Then on Thursday at 0803, I received two emails one from Ms. ** with a link to my appraisal and one from her supervisor Todd ** telling me the loan was declined due to Credit Application Incomplete.

I then tried calling both Ms. ** and Mr. ** four to five times each and sent them both several emails asking for a call back to advise me on what had gone wrong from Tuesday when Ms. ** advised me that all of the documentation was complete and was being transferred to Underwriting and Thursday when the loan was declined.

After 5 days, I have not received a phone call or an email back from either of them. They are truly a classless and dishonest company. My advice is to avoid Amerisave like the plague; all they are doing is collecting the credit report and appraisal funds and then dropping your application. What a disgrace.

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Original review: Sept. 28, 2010

My loan with Amerisave was approved. And an appraisal had been done when I received an email saying the loan had been denied. Upon calling Michael ** from whom the email was sent, he informed me that the loan looked good and that the system had denied it, because it had not closed in 30 days. It was because I waited to lock in when rates were down.

He said he would Have Teresa ** call me and get the application going. Teresa ** did not call me, but responded to an email saying: "There is a debt to income issue. Therefore, they sent the file back to me. I am trying to work it out. I will be working on your file this weekend to see what I can do with DTI issue. As soon as I do, I will have the file reinstated. I will call you Monday." I have not been able to get either her or Michael ** to contact me since that email on the 18th of September, despite numerous emails. I left a message for each, but again, cannot get anyone to contact me. There is no change in my income or debt since the loan process started. So, I don't see how I can be denied based on that.

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Original review: Sept. 27, 2010

They advertise as if you will have your loan in 48 hours. The first two weeks went okay. Then I found out their customer service number is always a recording directing you to an email address. If you return a call, it is another recording. We are asking to refinance $375,000 on a house just appraised for $765,000. It is now approaching October and we started this 7-13. They are telling us our 2009 tax returns are not signed. They not only were signed but the IRS has the originals and our accountants gave us our copies which we forwarded twice to Amerisave.

Why are they waiting until now to tell us we haven't signed it. We basically have no only $9000 left on a new car and owe no one anything. I have never been so frustrated in dealing with a bank or mortgage company. Their customer service is the worst. I have given them every chance. They obviously do not operate from a location where there is any management to talk with. They apparently all operate out of their individual homes. They are a joke!

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Original review: Sept. 24, 2010

We applied for a loan to refinance our home at a lower interest rate, and were well into the process--we were told that we were conditionally approved--when we received a voice mail message that our loan was not approved. These people had us going through files for weeks, gathering documents that we would never let out of our house unshredded, and kept telling us "just one more thing." And after almost eight weeks of this run-around, we were left a voice message rejection. We paid the fees they requested (e.g. appraisal) so I can only think that's one of the ways they make their money. I'm not complaining about the criteria they use to make decisions--that's well within their purview, but the process they use is completely out of control and can easily lead to abuse.

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Original review: Sept. 23, 2010

On July 27, I visited the Amerisave website and filled out an application for a home loan refinance. Shortly thereafter, I determined from a virus scan that my computer had been infected with Spyware. My anti-spyware software removed it. I suspected that Amerisave had something to do with this and my suspicions were practically confirmed when a week or so later I read in Amerisave's loan disclosure document that they reserve the right to use "ad-serving" software to monitor web sites that customers visit for advertisement purposes. This was a red flag.

Another red flag was discovered in Amerisave's loan disclosure document that describes how a "teaser" rate may be reserved during the loan application process while the loan application is being approved and closed. At this point of the disclosure, then, despite being told verbally that the rate for which I applied had been locked, it states in writing that the rates and terms are subject to change.

Red flag #3 -- Despite dutifully submitting all of the paperwork electronically, by Fax and by FedEx, my Amerisave online account kept showing that they still needed these items. I informed Jeffrey ** of this and he stated that the web site was slow at updating and that they actually had everything they needed. Eventually, however, my loan was denied on the grounds that my credit application was incomplete. I won't refute this with them because I refuse to subject myself further to them. Red flag #4 -- weeks had passed and I had not heard from anyone at Amerisave.

I sent e-mails and left phone message with Mr. Jeffrey, which went unanswered. I only wanted to know the status of my loan application. More than 60 days had passed since my initial application, and Mr. Jeffrey had said that we could close in 45 days. The stress from waiting and wondering what this company was up to was horrible.

2 people found this review helpful
Original review: Sept. 21, 2010

Amerisave, thru some shady behind the scenes dealings found out that my sister was talking to her bank about refinancing. Then Marcus called my house looking for her. I asked him for contact info so I could have her call him back and he hung up on me. So I called the number on my caller ID and after some time on hold, guess who answered...Marcus (is he the only one working there?) When I explained that I was trying to gather call back info from him when he hung up on me, He hung up on me again! That says it all to me. Don't do business with companies like this.

2 people found this review helpful
Original review: Sept. 18, 2010

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!

2 people found this review helpful
Original review: Sept. 16, 2010

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.

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Original review: Sept. 16, 2010

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.

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Original review: Sept. 9, 2010

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.

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Original review: Sept. 8, 2010

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.

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Original review: Sept. 5, 2010

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.

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AmeriSave Mortgage Company Information

Social media:
Company Name:
AmeriSave Mortgage Corporation
Company Type:
Private
Year Founded:
2002
Address:
3525 Piedmont Road NE, Building 8 - Suite 600
City:
Atlanta
State/Province:
GA
Postal Code:
30305
Country:
United States
Website:
www.amerisave.com

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