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About AmeriSave Mortgage
AmeriSave Mortgage Corp. (NMLS #1168) is an online, direct-to-consumer lender that offers home purchase loans in 49 states and Washington, D.C. The company also has refinance options for those who want to adjust their rate or term or take out cash. AmeriSave has helped over 664,000 borrowers, funding over $115 billion in loans since it was founded in 2002.
Pros & Cons
- Customized rate quotes in minutes
- Lock in rate for 90 days and shop homes
- Loan officers available to answer questions via chat
- Closing in as little as 25 days
- Not available in New York
- No HELOCs or home equity loans
AmeriSave Mortgage offers a wide range of loan programs in most states. It has competitive rates for eligible borrowers buying a home or refinancing an existing loan. You can check your rates and get pre-qualified without any effect on your credit score.
AmeriSave Mortgage Reviews
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I was purchasing a home, and doing the research. Of course Amerisave looked good - 3.25%, 30-year fixed loan, 20% down, and $4xx lending fee. I sent them all the paperwork. I have a credit score of 800, Income-to-Debt ratio higher than 50%, assets sent to them valued at over $1.5 million. Prior to appraisal and before I would pay for it, I required a lock-in of the rate and the lender fees. At this point, I got one terse email, "Show more income or deal is dead." Wow. The banks would lend to her (mom) as would all the others. Now, of course we could go with them if we took a higher rate. No thanks. I'll go elsewhere, no matter what! Don't be foolish like I was.
Thank you for letting us know! We truly apologize if your customer service experience was less than satisfactory. There may have been risk factors in regards to income that did prevent the potential loan from being qualified. We apologize if this was the case, and if it was not disclosed in a timely manner.
Amerisave is a scam. My wife and I started the refinance for our home (single family house) before 6/24/12 and lock-out the rate on 6/24/12 with Amerisave. This loan has not closed as of today, 10/12/12. Our credit scores are above 800, the amount of the loan is less than 80% of the market value for the house. We provided all the information to Amerisave before 6/24/12, and any request for the additional information were provided to Amerisave within 24 hours upon the request. Finally, the lock rate expired.
We are asking Amerisave about the guarantee for closing, and get no answer. We are asking about locking on a lower rate (since rate has been dropping since June 2012), we get no answer to our question; and the 'processor' for the loan is busy in meetings for the last few weeks. Finally, you’re not able to find anyone to answer any question and get no response to any e-mail. We recommend all of you move away from this company.
Amerisave is a professional mortgage lending company that places high value on customer service, and providing loan services to all applicants in a lawful and professional manner. There should have been a consistent, and available point of contact for you throughout the loan process. We apologize if that was not the case. Thank you!
Stay away from Amerisave Mortgage. After I chose the rate that I was interested in and was told it was locked for me, I was told right after my appraisal and after they charged my credit card, to select another rate at the higher point to finish up my loan. I refused to select another rate and they kept the $436 charge on my credit card. I don't know why anyone would choose this company. But if you do, make sure to check all documents before signing. Why don't they provide a clean and honest service? Big time scam.
Thanks for the feedback! The appraisal fee is an upfront commitment in order to proceed with the loan process. We are a professional mortgage lending company that places high value on customer service, and providing loan services to all applicants in a lawful and professional manner. There may have been risk factors in regards to the appraisal that required a higher rate to secure the loan. We apologize if this was the case, and if it was not disclosed in a timely manner.
Amerisave mortgage refinancing took over 2 1/2 months, and the cost was higher than originally promised. I was partly to blame because I did not do the web screen shot to compare with my GFE. Upon contacting the loan officer on the issue, they promised to refund my appraisal fees. It has been over 7 weeks, and refund has not happened yet. I e-mail them week after week after week. Joe** is the manager of the team. The team responded to me in a very reasonable manner, but not the manager.
Thanks for letting us know! We apologize for any inconvenience with the issue. Please feel free to contact us so that the situation is corrected. We can be reached at firstname.lastname@example.org. Thank you!
This is the letter I wrote to my loan officer at Amerisave: Some feedback for you. I was extremely disappointed to see that your company engages in deceptive practices. The charges on the "Itemization of Amount Financed," which we have to sign, had lower charges than the Good Faith Estimate that we did not have to sign. Even I, with extensive mortgage experience, was fooled. The addition of a $350 Field Review Fee on the GFE, but not on the Itemization sheet, is sneaky and should be beneath you. It was obviously designed to sneak this fee past us because we would have never agreed to $1,000 in appraisal cost. The "Field Review" was a joke - the guy came out and took pictures and put the same info as on the appraisal sheet.
In addition, our unit backs up to open space, which is very valuable, and he was too lazy to get a picture of that - just took a street scene pic. So obviously no one "reviewed" this very well for the extra $100. Yeesh, I am thrilled to say that I did not run my mortgage company this way. All these fees should be called "Extra Profit." I’m glad to finally get the loan done, but very disappointed in your company - sleazy at best. I cannot recommend you to my former clients. Shame on you and Amerisave.
We apologize if there seemed to be any misrepresentation with the loan process. Amerisave is a professional mortgage lending company that places high value on customer service, and providing loan services to all applicants in a lawful and professional manner. We continue to hold ourselves accountable in providing this type of service. Please feel free to contact us at any time about this matter. Thanks!
I filled out an online refi for a 30-year HARP mortgage. Before I finished it, I got a call from Amerisave. I told the caller that I had existing PMI and was told, “We don't do HARP loans with existing PMI,” and the caller hung up on me. Do not trust this company.
Thank you for your feedback! We apologize for any misrepresentation of the company. We are a professional mortgage lending company that places high value on customer service, and providing loan services to all applicants in a lawful and professional manner.
I have used Amerisave twice in a year and half, both times were refinances. My senior mortgage processor was Mark ** both times. I only have good things to say about him. He answered my questions promptly via email or phone and was always polite and friendly. He even answered questions I had on the weekend, even though I didn't expect him to. I also had a similar experience with my processor Vince **. He took over after the appraisal (I believe). The only issue this time was the time it took to refinance. It took two and a half months this time. The first time it was only 3 weeks. I'm not upset about it because I realize that they have a lot of people trying to refinance at the moment due to historic low rates. They also extended my lock-in for another 30 days for no extra charge, which I think is the right thing to do if it isn't the customer's fault if they can't close in 45 days. I would recommend Amerisave to others based on my experience. Thank you Amerisave for treating me well.
Thank you for your feedback, and thank you for doing business with us!
We are senior citizens that tried to refinance our house mortgage to acquire a lower interest rate and no money out. Our credit report was to a low 784 to a high 816. We were never told that only 80% of the value would be refinanced. If we had known that upfront, we would have cancelled the application. We were charged for a credit report and $525.00 for an appraisal and our loan was rejected. The processor of the loan did not keep in touch with us in a timely manner. He was impatient and very rude each time I tried to get information.
There should have been a consistent point of contact for you throughout the process, and we sincerely apologize if your experience with us was less than satisfactory. The credit run and appraisal fees are upfront commitments in order to proceed with the loan process. However, purchasing these necessary items does not guarantee the qualification of the loan. There may have been risk factors in regards to the loan to value ratio. We apologize if this was the case, and if it was not disclosed in a timely manner. Thank you!
I was contacted by AmeriSave, 8-8-12 and was pre-approved for a refinance cash-out the same day. They have requested the same paperwork multiple times. Even though they got the appraisal in a few days of my pre-approval and my title search was complete 2 weeks or more ago, they are trying to find a problem with it. My original close date is supposed to be the 25th of September. The processor that was just assigned to me less than a week ago told me this morning that its 21 days before the underwriter can even review my loan because they are backed up. That is not the customers’ problem!
I was told during the second week of the loan process, we were looking at 45 days and today, I was told the middle of October. I even had to pay for my own credit report! The people I'm dealing with sound really young and inexperienced. I regret spending my time and money with AmeriSave. They are trying to find a way to deny my loan. I'm so stressed out in my dealings with them. Please do not deal with this company!
We know that there should have been a consistent point of contact for you throughout the process, and we apologize if that was not the case. There may have been loan risk factors found during the underwriting process. We apologize if this was the case, and if it was not disclosed in a timely manner. Thank you!
I'm a first time home buyer and I couldn't be more frustrated with this company. Paperwork is essential in the process but, I feel like they only wanted the $8.95 to run my credit report. If you do submit documents with them, and then rely on their website (or fax) to proceed, they will just keep telling you to select options that aren't available because the site does not present those options. I feel taken advantage of at a critical time in my life, but I'm thankful that they've helped me not trust online lenders. Just go to a traditional bank to discuss your mortgage, like I did, and you'll get the information and pre-qualification you need in the same day. I would gladly share information about my experience with a reporter or attorney.
The credit run is an upfront commitment in order to proceed with the loan process. However, purchasing this necessary item does not guarantee the qualification of the loan. We truly apologize if your experience with us was less than satisfactory. Please feel free to contact us so that we can help better the situation. Thank you!
The loan process is in the underwriting stage. There are lots of supporting documents needed to be submitted. The locking interest rate was quite difficult and stressful this time around. After many of selecting the term and rate, they finally informed me that my selection was not issued and that I had to select another one in order to move forward. So during all that time, I had missed out some of the better rates.
We have many options as far as rates go, and they do depend on the mortgage loan information that is unique to every customer applying for a loan. Rates do fluctuate with housing market as well. We hope that even with the market rate changes that we were able to secure a rate that was to your liking. Thank you for your feedback!
Everything went fine until I paid $375 for an appraisal, which came back at about 50% of the true value of my home as verified by two independent appraisers. I was such a fool for not checking these bozos out before I tried to do business with them. I'm positive they are getting some sort of kickback in the deal, and I plan to report them to the authorities. Scammers, stay away!
Amerisave is a professional mortgage lending company that places high value on customer service, and providing loan services to all applicants in a lawful and professional manner. The appraisal is the determined value of a property based on similar property sold in the market. Professionally licensed appraisers determine a property’s value. As a mortgage lending company, we are not able to predict or control the value of any property. We truly do apologize if there was any inconvenience during the appraisal process. Thank you for the feedback!
We applied for a refinance mortgage at the end of May 2012. It's now mid-September and we still don't have the refi mortgage, with little hope of ever seeing a closing. We informed the application processor upfront that we built a new house that currently had a mortgage and we would be moving into the house within the next few months. We were not listing our old house until after we moved and spruced up the old house.
Since our credit rating (800+) and income was excellent and we had no other debt, the processor said we simply needed to submit paperwork to confirm our financial standing. Two months later, we were informed that our application was denied because we were not currently living in the new house and our old house was not sold. These requirements were never stated to us upfront. We were told that once we moved to the new house, we could re-apply, spend another $468 for another appraisal and we'd have to resubmit all the paperwork again. It appears that AmeriSave is just a scam. Beware!
We are a professional mortgage lending company that places high value on customer service, and providing loan services to all applicants in a lawful and professional manner. We do apologize if the loan risk factor of not living in the new home was not disclosed in a timely manner. Please contact us at email@example.com if you wish to receive further explanation on the situation. Thank you for your feedback!
Wow, what negative stories, glad I was rejected. I spent 3 days searching the net for the best refinance rates and watching them move from up and down from day to day. I've previously sold real estate in my area for 10+ years and am familiar with the mortgage process. In addition, in the 22 years I have lived in my home (with rates constantly declining), I have refinanced 4 times. I have never had a bad experience with the various companies I've used. However on this occasion, Amerisave indicated that number one, I could not keep my home in "trust" and most likely would have to remove this title to close with the various investors used to purchase Amerisave loans. Also, I was told that my wife’s income could not be counted as she was not on the title.
In previous refinances this was not a problem. My FICO came back at 814 average of all three reporting agencies, with enough money in liquid assets to more than pay off my entire mortgage and income from investments and retirement accounts. I was told I did not have enough income to qualify without using my wife’s income. (Previous bankers put my wife on the loan app but not the title and all was well.) I was disappointed to not obtain this great "quoted rate" etc. However, after all was said and done, I decided to do some research and came across this site. Wow, I only lost $7.75 for the credit check. I feel bad for those that lost their appraisal fee, etc.
One thing I have noticed, almost 80% of the positive reviews are borrowers from California. I live in California and know that the Department of Corporations that regulates bankers is very strict in enforcement and maybe that is the reason. I also noticed this firm is not reg. in only a few of the 50 states, New York being one of them. Those State Attorney Generals in New York are some tough cookies, hmm.
There may have been loan risk factors in regards to income that may have prevented the loan from qualification. We apologize if this was the case, and if it was not disclosed in a timely manner. Amerisave is a professional mortgage lending company that places high value on customer service, and providing loan services to all applicants in a lawful and professional manner. We appreciate your feedback!
The refinancing drags on for over 3 months (800 plus credit score). I have tried to get two refis with Amerisave. We had the money to pay off the mortgage on one, which we did after they said they would not refi due to an HOA lawsuit against the contractors. The second on our primary mortgage was not to increase the loan amount, but just to lock in a 15-year rate. It has been over three months that they are stalling and asking for more and more info. We have no other debt and there is no reason to keep asking for more info. They are now asking for employment verification again because they said it has been three months since they got ours with the loan app. This company is a scam and fraudulent.
We understand with adhering to the required lending regulations that the necessary paperwork can be a little thorough. We appreciate your patience with that process. Amerisave is a professional mortgage lending company that places high value on customer service, and providing loan services to all applicants in a lawful and professional manner. We apologize if there was any inconvenience with the process. Thank you!
I had trouble with the online application and the loan officer refused to help me with it. He told me to fill it out as best as I could and then we could make any edits later. I told him I could not get the online application to let me add a co-borrower and he assured me he would fix that later. Long story short, he didn't. We're out $900 for appraisals and 3 months into this refinance and they just recently asked me to sign a new application "removing" the co-borrower because it is too late to add him.
They blame me for submitting the online application without the co-borrower and take no responsibility for instructing me to do it that way and then failing to add him in. They also refused to let me pick my title company, until I told them state law gave me that right. They also asked for the same documents over and over. This has been a terrible experience. I will never use AmeriSave again for anything and I would recommend everyone to avoid them.
Thanks for bringing this to our attention! Your application request should have been made, and we do apologize if that was not the case. Please feel free to contact us at firstname.lastname@example.org at any time to discuss the issue. Thank you for your feedback!
We are completely dissatisfied how awful this process has been with Amerisave. This process has been dragging on since June 15. We completed the loan paperwork and returned it in a timely manner. But at least once a week, there have been requests for additional information from the underwriter. Some of the inquiries were so absurd, and we have never seen anything like that. We even had to submit a copy of blueprint of our remodeling that was done 4 years ago. Currently, they are asking about gas, oil, and mineral rights on our property. It's just residential home just like any suburban home!
Having been through the mortgage process several times in the past, we would have assumed that this would be a slam dunk. The house is appraised for $825,000 and we are trying to refinance for $320,000. Both my husband and I have credit scores in the 800 range. We are professionals with solid income. There are no issues on the title report. To us, it appears that this should be a very easy loan to approve. However, the underwriter appears to be deliberately stalling the process to collect additional money for cancellation. We just signed up with a law firm who is handling a class action lawsuit against Amerisave. Do not cancel your loan. This company needs to be punished.
Thank you for bringing up this issue! We understand that because of required lending regulations that the necessary paperwork can be a little thorough. We appreciate your patience with that process. Amerisave is a professional mortgage lending company that places high value on customer service, and providing loan services to all applicants in a lawful and professional manner. We apologize if there was any inconvenience with the process. Please feel free to contact us at email@example.com so that we can rectify the situation.
Don't waste your time and money with Amerisave. They preapproved my application, my credit score is 802, my debt/income ratio is perfect. At the final process, underwriting disapproved my loan saying "income cannot be identified". I called several times to find out what they mean. However, I never got an answer. Hank told me he would get back with me. He never called back. I just ended up with a much higher appraisal cost than a usual appraisal would've cost. They charged $375 for appraisal, average appraisal in my area cost $200. Don't fall for their false advertisement!
Thank you for your feedback! The appraisal fee is an upfront commitment in order to proceed with the loan process. However, purchasing this necessary item does not guarantee the qualification of the loan. There may have been risk factors in regards to income that prevented the loan from being qualified. We apologize if this was the case, and if it was not disclosed in a timely manner.
I am completely and utterly dumbfounded at how awful this process has been with Amerisave. I ultimately went with another mortgage company after I nearly lost the house I was buying because of the astounding lack of communication and progress with Amerisave.
I am giving this at least one star for two reasons. For one, I don't think there's an option for "no" stars. Secondly, I do want to recognize that as a self-employed, no employee, business owner that has three small LLCs, my financial picture does not fit the norm on the application. I make plenty of money and have plenty of assets but I earn my money as a sole-proprietor, simply taking the profits from the businesses - not through a standard paycheck. It is possible (emphasize possible) that Amerisave's system can write a standard mortgage for a person with a standard financial picture buying a standard house. I don't know.
But the truth is, if you want to actually close on your house, I wouldn't trust these guys, particularly if there's anything unusual about the purchase. And ultimately, I neglected to honor the adage "you get what you pay for" as I was chasing the low rate and closing costs Amerisave put out there (indeed, they were low), but the hassle, risk of losing the property, and general aggravation weren't worth the 0.25% better rate that Amerisave was offering.
Basically, I started a mortgage with Amerisave on July 9th. Due to my financial picture, they requested document after document - over 100 in all. And I'm not making that up. They had me set up with an account rep that seemed to know less about the mortgage process than I did and certainly knew less about general personal business structures than I did. And whether it was him or the underwriter (who I was not allowed to talk to) being vague, I got request after request for documents that made no sense. For example, I was asked to provide 30 days of transactions on a bank statement for an account that had only been open for 10 days. Amerisave's solution was to wait another 20 days and then submit that documentation. At one point, they asked me for a cash flow statement for my business. I asked them what format they would like to see that in and in what level of detail and my account rep said, "I don't know, I was hoping you'd know. Maybe you could google it?"
As we had blown past the lifting-of-loan-contingency deadline, and the sellers were getting antsy, I asked for my application to be escalated to management. All my account rep did was copy someone else and that someone else never entered the conversation. I emailed customer service but they simply sent me back to my maddening account rep.
Bottom line is, I realized about 25 days into this that I was at serious risk of not ever getting to loan approval from Amerisave and definitely not getting it before the sellers of the house were going to give up on me. So, I walked down to my local mortgage broker and asked him to please help me write the loan. He did so in 11 days with about 12 documents requested and yes, it cost me about 0.25% and $600 more to do it but I got the house. For what it is worth, I did continue the process with Amerisave just to see where it would go and they eventually did - 38 days after I applied - approve my loan. By that point, I had moved on. I suggest you do too.
Thank you for letting us know! We understand that because of required lending regulations, the necessary paperwork can be a little thorough. We appreciate your patience with that process. We do apologize for any inconvenience during the process as we did give our best efforts to help approve the loan. Thank you for the feedback!
My experience with Amerisave was a total nightmare that ended with a bitter and costly disappointment. My finances are absolutely solid. My credit score is well above 800. The property appraisal met their requirements and I provided about 200 pages of documents (requiring about 50-60 hours of effort on my part), and my loan was denied after three aggravating months without any plausible explanation. The denial form included a checklist of 32 possible reasons for denial. Those items deal with finances, credit history, the property value, employment, and your application details. None of them was checked, but an item with a check mark was added to the bottom that reads "We do not grant credit to any applicant on the terms and conditions you have requested." How is that for ambiguity? I applied for a loan based on the terms and conditions they offer, not some arbitrary terms and conditions I contrived. I have sent letters to my Amerisave underwriter and customer service, asking for an explanation, and no one has sent any reply. They also have not replied to my request for details which are required by the federal Equal Credit Opportunity Act as outlined by the Federal Trade Commission.
Something you should know if you apply for a loan here is you are required to pay for an appraisal and credit check upfront, which will cost $400-$600 depending on the appraiser. You also must agree to pay a $500 penalty if you withdraw the application at any time, which will be charged to the same credit card as the appraisal fee. If you don't agree, they will not accept the application. A friend who is a mortgage underwriter in a different state told me the type of information Amerisave was asking me to provide was absurd and inconsistent with normal business practice. She said it sounded as if Amerisave was trying to get me to withdraw the application so they could collect another 500 bucks for doing nothing. Bottom line is do not even think about doing business with this company. It is dishonest, unscrupulous, and unethical at best. I wouldn't be shocked to learn that's also corrupt.
Amerisave is a professional mortgage lending company that places high value on customer service, and providing loan services to all applicants in a lawful and professional manner. We apologize if there were any inconveniences with your process. The credit run and appraisal fees are upfront commitments in order to proceed with the loan process. However, purchasing these necessary items does not guarantee the qualification of the loan. There may have been risk factors in the conditions of the loan which prevented the approval. We apologize if the reasons were not disclosed in a timely manner. Thank you for your feedback!
After 2 months of trying to get my mortgage closed, they changed the processor last minute. Full week of catching up the new processor, only to have them go silent again. I lost the house and deposit because of Amerisave. Don't do business with them. The next house I put under contract, I used a local mortgage broker and we were closing in 30 days. Bad business. Inexperienced employees equal headaches for borrowers.
Thank you for letting us know about this issue! We understand the inconvenience with the issue. There should have been a consistent point of contact for you throughout the process, and we sincerely apologize if this made your experience with us seem less than satisfactory. Thanks for the feedback!
We used Amerisave to purchase our home a year ago, and then again to refinance when rates dropped to ridiculously low levels. I had great experience twice with Amerisave. They're responsive. They also have best rates and excellent customer service. I loved being able to track our loan status online. We'll continue to use for future mortgage needs.
Thank you! We truly appreciate your business!
Closing process - I completed the application and the rate was locked on 6/6. I closed on 8/13. Originally, I was told they could close in 30-45 days. The delay was blamed on volume of work. Very inexperienced people. They are slow to respond via email or return phone calls. I have been in banking for 35 years and basically, the people I dealt with did not know what they were doing outside of following a scripted manual, down to their scripted responses. I would not recommend them and encourage others to avoid them at all costs.
Thanks for letting us know! There should have been an available, and consistent point of contact for you throughout the process. We apologize if this was not the case. We do value your business and we hope that we were still able to show you that. Thank you!
The best experience and help I have ever received when trying to get a loan was and is from Amerisave. My sister recommended them to me and I have been completely taken care of. They have helped me through each step. The interest rates are the best and they make it easy for you. It can be a hard process to do this, but they make it easy. They are very friendly and I would recommend them to everyone who needs to get a loan or refinance.
We truly appreciate your compliments! Thanks!
Amerisave is unethical, fraudulent in its business practices and the regulatory bodies should get involved and shut them down. After I have applied for mortgage refinance with excellent credit and plenty of income, they demanded such excessive documentation, and stalled the process for over a month stating that the loan is waiting to be assigned to an underwriter. In the interim, they charged an appraisal fee $395 that turned out to be completely unnecessary piece of paper, since the underwriter declined the loan after almost 40 days wait. The email decline didn't say why, and it took multiple calls to find out it was because of time at the job being less than six months. They knew about the time on the job since the moment I applied, and it was unnecessary to order an appraisal or request such extensive documentation.
It should be illegal for mortgage companies to charge appraisals without issuing a commitment letter. I believe this practice is abusive and this company needs to be stopped from scamming people. One employee on the phone even said that they are just doing what is in the best interest of the company with the goal of making money. Additionally, their customer service is terrible. I feel abused and disrespected. On four different occasions, I have requested an escalation. Employees would promise that I will receive a call by a member of the management, which never happened. Worst experience ever. Huge waste of time and money. I feel violated as a person and as a human being. Amerisave is a huge internet scam.
Thanks for your feedback! We understand that because of required lending regulations, the necessary paperwork can be a little thorough. We appreciate your patience with that process. Amerisave is a professional mortgage lending company that places high value on customer service, and providing loan services to all applicants in a lawful and professional manner. The appraisal fee is an upfront commitment in order to proceed with the loan process. However, purchasing this necessary item does not guarantee the qualification of the loan. There may have been risk factors in the conditions of the loan that prevented approval or qualification. We apologize if this was the case, and if it was not disclosed in a timely manner. We also apologize if your customer service experience was less than satisfactory. We truly do value your business! Thank you for commenting!
The last complaint entry dated August 2 is exactly my experience with Amerisave. I made application for two refinances for my primary home and a vacation home. Three months had passed and there was a continuous request for more data despite submitting tax returns, tax bills, retirement account statements, 1099s and signing disclosure forms. The total monthly mortgage for the two loans was less than $3000/month and my income is in excess of $20,000/month with a credit rating of 805. I had paid for two appraisals which were completed. After multiple complaints to different employees of that company, I threatened legal counsel and involving the state and federal agencies whose responsibility is to investigate the company. The following day, today, I received an email denying the loan under the pretense that it exceeded my financial obligations. I have no obligations other than these loans, This company is fraudulent and needs to be investigated and sued.
Thank you for your comments! We are a professional mortgage lending company that places high value on customer service, and providing loan services to all applicants in a lawful and professional manner. We understand that because of required lending regulations, the necessary paperwork can be a little thorough. We appreciate your patience with that process. There may have been financial risk factors that prevented the approval of the loan. We do apologize for any inconvenience throughout the loan process.
I applied to refinance my home in early May. I have very good credit, plenty of equity and provided a large library of supporting documents promptly. I paid for their appraisal and waited almost three months for them to turn me down yesterday. Their stall tactics include asking for more documents every time you inquire about the loan. I'm now starting over and expect to shave about 1.75% off my mortgage that should have been done two months ago. Don't waste your time with these clowns! Huge waste of time and money!
We understand that because of required lending regulations, the necessary paperwork can be a little thorough. We appreciate your patience with that process. There may have been information found during the underwriting process that needed to be examined more thoroughly to help qualify the loan. We apologize for any inconvenience this may have caused in regards to the time to approve the loan. Thank you again for your feedback!
Our experience with Amerisave is a disaster. Here, I'm warning anyone who is trying to buy a foreclosed or short sale property, stay away from Amerisave. We have waited for over 5 months for a short sale deal. Amerisave lured my husband with good interest rate, discounted closing cost, etc. At that time, I just felt there was no free meal in this world. Their offer sounded to be too good, but my husband insisted to do business with them. He believed it's our excellent credit score that earned us that good deal. The short sale is sold "as is" which is typical to most short sales. We can put 20% down payment. Also, we paid off our current residence.
The appraisal price is about $27k higher than the purchase price. Everything looked good. The only issue was it's a short sale. If I can't close the sale in 30 days, the bank will foreclose this property. That will be another 6-8 months process. Amerisave kept telling us everything looks good. We provided all documents they requested, even answered questions related to my tax return like why I claimed a certain deduction in one year and didn't claim similar deduction in another year. They weren't able to find anything wrong with us. Then two days before the deadline of the short sale, they asked for our inspection report.
We provided the report to them. It's a short sale property, condition isn't as good as a normal sale, but the appraisal price already included those negative adjustments. It's well below the average recent sale price; however, one day before the deadline, Amerisave asked us to have the seller make all major repairs listed on the inspectors report, which we know there is no way for the seller to do it. It is sold "as is" condition, and it's written in the contract. Amerisave knows that. I'd rather they rejected our loan from the beginning, that way we don't waste our time and money (appraisal, inspection, etc.). Now, the 5-month waiting period is wasted due to our own mistake to choose Amerisave.
Thank you for letting us know about this situation! The company does not normally approve loans for short sales or foreclosures. This should have been disclosed early on before committing to the loan process. We apologize for any inconvenience this may have caused in regards to the loan. Please feel free to contact us at firstname.lastname@example.org to further discuss this issue.
Beware: I was lured into applying with them, although I had 3 other lenders competing for my business, due to their lower advertised rate. I filled out a long application form and paid to have my credit score sent to them, as required by them. My credit score is above 750. I sent every single document they requested. I never heard back from them. The representative assigned to me is called Aaron **. I called him and in a very nonchalant manner, he said he'd never received my documents, which I am positive he must have.
I agreed to send them again and asked him to confirm within an hour whether he had. I never heard from him. At this point, I am very worried because he has in his possession loads of personal identifying information. I called Amerisave and they put me through to people that wouldn't pick up the phone. I finally get Mr. ** supervisor's number. But he doesn't pick up and never returns my message. I contacted Amerisave at the email address for customer's inquires and they never get back to me.
The bottom line is that I want to emphasize that I had 3 lenders that were very interested in my business. I already closed with my preferred lender. Why would I pay Amerisave for them to access my credit score and never hear back from them? The representative I mentioned above claims he did not receive my documents, even though I have never had a problem with anybody with my email account. They are awful at best and I am extremely concerned about identity theft.
Thank you for bringing up this issue! There definitely should have been an available, and consistent point of contact for you throughout the process. We apologize if this was not the case. All information submitted will in no way be shared at all. It is confidential and solely for the use of the loan process. We do value your business, and we apologize for the misrepresentation of that truth. Please feel free to contact us at email@example.com to further discuss this issue.
AmeriSave Terrible Rip-Off Company - I wanted to refinance. I was a sucker for their web marketing. As soon as I paid the $400 or the appraisal, the attitude changed. I provided all the documentation (my last lender said my package was the most complete they had ever seen). They told me I had an "incomplete credit report" and then charged me $500 for terminating my lock. There was never any explanation, just a charge to the card. Do not give them your credit card info. Whereas the salesperson was polite, etc. I am getting nowhere for 6 weeks in resolving this with them. Avoid this company at all cost.
Thanks for your feedback! We apologize for any confusion or issues with processing the loan. With all information submitted, there still may have been an issue with the credit report that was preventing the approval of the loan. During the underwriting process we give our best efforts to help bring to completion all documents necessary for the loan. We do charge a cancellation fee after locking in a rate. We apologize if this particular fee was not expected.
They killed the loan process almost as soon as it started. I paid these guys $9 to run my credit for a new home loan. I have a monthly subscription to two of the three credit reporting services so I know exactly what my scores are. When the report came back from them and did not reflect my correct score numbers, I tried to contact their local representative, who only responded with an email saying I was rejected. They don't seem to be interested in helping get to the bottom of why incorrect information is being received. Nice website, but very poor customer experience. I've since found a great local mortgage company that could actually pull up credit reports correctly. Now if I could only get my $9 back.
Thank you for your comments! The credit run is an upfront commitment in order to proceed with the loan process. However, purchasing this necessary item does not guarantee the qualification of the loan. We apologize if there was any confusion with that part of the loan process. Thank you!
Rip-Off - They said I would get 3.25%. Two months later, they tried changing the rate and blaming their investors. Everyone I talked with told me not to trust these people. I wish I’d listened. Stay away!
Thanks for the feedback! After locking in the rate, the rate is subject to change if the amount of time extended for your rate lock has expired. In this case, if the lock was set for two months, after that amount of time the lock would have expired. We apologize if that was not what was expected. Please feel free to contact us at firstname.lastname@example.org if you would like further explanation on the issue. Thank you!
Good online experience. The online aspects of my refinance has been very positive. The personal responses to my questions have been very quick, but not always very complete. I've frequently had to ask my questions multiple times to get a full answer to the question.
Thank you! Your business is appreciated!
The Amerisave loan officer we were dealing with has seriously lack of knowledge for the mortgage loan business, not well trained at all. We ended up with wasting a lot of time and energy, which could have been saved if we went somewhere else.
Thank you for your feedback! All of our representatives are prepared and fully committed to providing the best servicing for your loan. We do truly value your business!
I was looking to finance my home and tried a lender that advertises heavily on the local radio stations in Tennessee (the lender is in Cleveland, TN). I was very disappointed in their customer service, or should I say the complete lack of it. A friend had used Amerisave and they have been very helpful. Colin has communicated very well and although I have not closed yet, the process has been very smooth. I would highly recommend Amerisave.
We truly appreciate your feedback! Thank you!
The people at Amerisave were the most courteous and reasonable of all the mortgage loan companies that I had experience with while trying to refinance my home. I spoke with a minimum of 7 different companies to include one that supposedly dealt greatly with the military. I found Amerisave fees were reasonable. I found that they were swift in downloading and confirming information. They also offered the best rates of any other company that I had contacted. If there was any negative, I do not feel that they had the most updated information on the government programs available, especially the ones that were initiated recently (2012). However, I would still highly recommend that you check them out first and compare with any other offers that you might have.
Thank you so much! We will continue to update the information on those programs.
I've refinanced several times (7, I think). My last three have been through AmeriSave and they have been the fastest and most transparent transactions that I've experienced by far. I am an actuary by trade and can determine loan terms in my sleep. Every other company I've refinanced with (or even talked to) has tried to sell me some line in an attempt to make a few extra bucks. AmeriSave has been very honest and candid about every aspect of the loan process. They are the first company I will call for a loan or refinance and they are the only company who has earned and kept my trust. In the interest of full disclosure, I will receive $15 off my closing costs for posting this review to two review sites. I have refinanced with AmeriSave twice before (this is my third time) and have never posted before because, let's face it, $15 isn't much of an incentive. I'm doing it now because they've earned it.
Wow, we truly appreciate your compliments! Thank you for your trust in us!
They say all the right things to lure you in, but they then become unreachable and outright scary. I started the process of refinancing my mortgage with AmeriSave in an effort to take advantage of lower rates to shorten the duration of my mortgage. Everything seemed to be going well until the point where I was told that I needed to pay off some credit card debt in order to make the loan go through. And that was all okay. Some of the pay-off money was coming through a cash-out on the mortgage and some of it from my own pocket. But when I started to read the paperwork they sent me (the form 1003) which indicates which debt would be paid off, the numbers just didn't add up and there was a discrepancy of approximately $10,000 to my disadvantage.
What made everything scary was that when I tried contacting my loan officers by phone and e-mail, he would respond with an e-mail which read "read form 1003" and that was it! So my concerns were simply brushed off with the brief statement "read form 1003". This went on 3 or 4 times until I finally contacted customer service at which point my loan officer did call me over the phone only to tell me again "read form 1003", without answering any of the specific questions or concerns that I had. I have since closed my file with them, but this scam cost me $450 appraisal which I hope to be able to re-use in the future, and a couple of hits on my credit check, not to mention the fact that I also handed them all my confidential information. This was probably the most insane experience that I have ever had. Buyers beware, please avoid these guys. A mortgage is a serious thing!
Thank you for letting us know! All information submitted will in no way be shared at all. It is confidential and solely for the use of the loan process. The appraisal fee is an upfront commitment in order to proceed with the loan process. However, purchasing this necessary item does not guarantee the qualification of the loan. We do apologize for the misrepresentation of our customer service. There should have been an available, and consistent point of contact for you throughout the process and we apologize if this was not the case. Thanks you again for your feedback!
I tried to give them the benefit of the doubt but they screwed me over. It's a clever and well thought out and run scam, but trust me - it's a scam. Once you get to the point of sending the documents, all you will ever get is "We never received them." I emailed them and faxed them many times. All I ever get are computer-generated emails. Scam.
Amerisave is a professional mortgage lending company that places high value on customer service, and providing loan services to all applicants in a lawful and professional manner. We will be glad to help correct any issues that may have occurred. Please feel free to contact us at email@example.com at any time. Thank you!
AmeriSave, so far, has been amazing. First, they have not bothered me with unneeded phone calls. I was able to check interest rates and fees on their site without having to contact a person. When I finally decided to refinance, I filled out the forms online and had disclosure paperwork within minutes. That was on the 27th. Today is the 30th and I have returned my disclosures and loan application, had an appraisal and am already locked into my low interest rate for the next 45 days - all with only one phone call that lasted five minutes. The underwriting is to take approximately 2 to 3 weeks. Wow, now that's fast! Up to this point I am pleased at the ease of refinancing through AmeriSave!
Thank you, your feedback is truly appreciated!
I'm in the middle of refinancing my mortgage and have been working with Craig ** on my loan application. I'm getting a lower rate and a lender credit more than enough to offset 3rd party closing costs. The experience so far has been pretty good. The communication is very efficient. The guy is easily accessible via e-mail. The website is pretty straightforward and user-friendly, in that it does not hide assumptions (like escrows and your credit score) from you. One thing, 45-day lock is standard. I wish they'd improve and have an ability to upload supporting loan documentation directly to the website instead of faxing or e-mailing.
Thank you! Your feedback is greatly appreciated!
Within the first day, I was concerned about the process (honestly, after reading some complaints on the web after I did the initial appt.) but I did not voice those concerns to my rep (did not want to be rude). Immediately, they locked up $375 for the appraisal - this is key to know - they will lock up this money on whatever card you provide right away. Although I changed my mind and cancelled the process (and was told the pending transaction would be refunded w/in 3 days), I am on day 2, with no updates. Here is what really got me.
I called the customer service number at 4 pm CST (open till 8 pm) and no one answered. I then went online to the chat and was told by Matt that I should ask my rep (Eric) to contact his manager. I told him I had not heard back from my last 2 emails (stating I wanted to cancel the process) from Eric so I wanted to speak with someone. I was then given the 1-800 number by the chat room person for the main site to call. I spoke with a rep that was horrible. He recited a statement that said I had to wait 2-3 days and then said it was my bank's fault that I had not been credited. I told him I was not impressed with their communication back to me (I was professional) and he replied with snarky comment saying, "I don't know what to say to your comment". It sounds like they may be using undergrad finance students that have a book of standard responses? I asked if I could speak with a manager and he very strongly said, "No". I asked if I could email a manager and was told "no".
Long story short, this company lacks severely in customer service. Something that should be considered when you are dealing with 100's of thousands of dollars and financing. I would not trust my loan in their hands as it is clear the investment in dealing with the customer in a business professional nature is not there. My assumption is that they are out to make the money off the closing costs. My loan would have actually been $6,000 higher than my current home loan. I believe when you actually cancel the process and you are not interested, they are instructed to be quite nasty with you. I would be very wary of doing business with them. As an FYI, in the meantime, I called my bank and they pulled all the records (which contradicted what the phone operator told me) and have instructed me to file a dispute if I do not have the charge credited within the next 48 hours.
Thanks for bringing up this issue! We sincerely apologize for the misrepresentation of our customer service. We truly do value your business and we want our service to reflect that. Please feel free to contact us at firstname.lastname@example.org so that we can correct this issue. Thank you!
So far so good, early in the process. Only negative is they do not supply FedEx label to return the amount of documents required. Instead, they ask you to fax them. Who has a fax machine that can fax 50 plus pages of docs?
Thank you! We realize that the paperwork process is very thorough. We do appreciate your patience with that part of the process.
AmeriSave uses the following statement to attract clients while reaping a reward for the appraisal fee. Now, I quote their false and misleading advertising, "New! Now, you can refinance up to 150% of your home value." Since we have more into the house than what it's currently worth, and to get a 3.5% rate, we said, "What the heck? It's time to refinance." Lo and behold! Their appraisal company assessed us and think they received $375.00 to appraise the home. Then, they said that we can only loan up to 80% LTV. In other words, the company is a scam. Stay away if they use these kinds of practices. Needless to say, thank God, it's a credit card charge and the deceptive, false charges will be contested with their false advertisements in hand. Beware of AmeriSave. Read other similar reviews about their appraisers. Good luck. I don't need their loan anyway.
Thank you for your feedback! The buyer’s option of the refinancing up to 150% is an accurate advertisement. The loan must be eligible to qualify for that option based on the necessary information in the loan application. This would include all documentation, property value, and qualifying credit scores. We have many options as far as rates go, and they do depend on the mortgage loan information that is unique to every customer applying for a loan. We do apologize if there was any confusion or inconvenience in that part of the loan process. Please feel free to contact us at email@example.com if you would like further explanation. Your business is very important to us! Thanks!
I shopped every place I could find and asked friends for referrals, and despite reading some "sour grapes" reviews, I proceeded with Amerisave. My agent Greg was professional, available (seemingly 24 hours/day), and patient. And he explained the process to me better than any previous lenders on previous refinancings. Their website was easy to use, so I could see how our appraisal price would affect the loan-to-value ratio and most importantly, credits (cash back from the loan). I was told their rates were impossible from a lender I was working with, but in fact, they weren't and we saved about $160k on interest for the life of the loan which was nearly double what we would have saved with the next best offer.
Thank you very much for your comments! Thanks for choosing us!
I am currently in the process of refinancing with them and they have been very responsive. They returned my emails within minutes and even allowed me to choose my own title company because the one they use by default was charging too much. Many people don't know that, but you are allowed to choose your title company because it is an independent third-party. Both you and your lender must agree, however, to do so. Overall, the refi process is going great.
Thank you! We’re so glad we could help!
My wife and I recently contacted Amerisave for a refinance on our Florida condo. The agent was very accommodating on the phone and told us the first step was an appraisal. They scheduled the appraisal for the next day, collected the $400 fee and rejected the cash back loan two days later. As we've now learned for Florida condos, the first step is getting the condo questionnaire filled out because if that does not come back right, there's no reason to pay for an appraisal or application fees. Of course, the lender stands to make less if they don't tell you about the questionnaire before you pay their fees.
I can't confirm that Amerisave instructs the appraisers to purposefully low ball their home value estimates but this appraiser seemed to go out of his way to depress the value. In our case, there was a recent computation for the same size 3-bedroom layout yet the appraiser used computation from smaller, 2-bedroom layouts selling for substantially less. We are fortunate to have good credit scores, 780+, good incomes and put down 50% on the refinance property. I would stay clear of Amerisave at all costs.
Thank you for your comments! The appraisal fee is an upfront commitment in order to proceed with the loan process. However, purchasing this necessary item does not guarantee the qualification of the loan. The appraisal is the determined value of a property based on similar property sold in the market. Professionally licensed appraisers determine a property’s value. As a mortgage lending company, we are not able to predict or control the value of any property. We apologize if there was any confusion with that part of the loan process. Thank you!
We are about to close on our 3rd loan from Amerisave. They have been great each time. The amount of documentation required is huge but if you have all your bank statements, W2's, 1040's, good credit decent appraisal and can assemble all of it quickly, Amerisave is for you. Their rates are good. Their loan agents are helpful and we have always closed on time or earlier. They make it easy.
It is truly our pleasure to help! Thank you for your comments!
I worked with Rob at Amerisave and loved the automated system and the updates received. Communication was very thorough and they took care of the process fairly quick. Loved that my associate was on top of it and took care of everything. His response to email and phone calls were quick. I like how they can take us to the site to look up the rates and potential payments, and there were no hidden charges with closing cost. Everything was laid out for you in the beginning. I would recommend working with Rob.
Thank you so much for choosing Amerisave!
Great system, online-friendly, relatively efficient and cost effective - I refinanced with them twice, using the same Sr. Mortgage Processor, Tim **. He deserves 5+ stars for both refinance experiences. I recommend him, specifically, often. Both of my processors were excellent too. I've never had anything but the fastest possible communication via email and telephone with all of them. And, they actually have always answered my questions clearly and openly.
You do need to have your act together when you get into this process. It's possibly too easy to get the process started, so you may not realize that you need to get a lot of things organized in order to stay on track. So, plan accordingly. Fortunately, I'm able to access all account information online and get them everything fast.
I do have 800 credit and a very good loan-to-value ratio, which helps. My only complaint matches some others I've seen here. My first refi had none of this. But on the most recent one, I did experience this trickling system of requests from their underwriters, e.g. "Please provide examples of how you advertise your business." Strange, 800 credit score and a 40% loan-to-value, don't worry about stuff like that! Anyway, I appreciate them being careful and not giving loans out to folks that aren’t deserving. It's how they keep their costs low. But I would like to see the underwriters collect their questions at once for me, vs. a couple every couple days for several days. With that said, both loans went from my initial click to closing within about 3 weeks. So, I do recommend them strongly overall.
We thank you for allowing us to provide your service!
I'm writing for a second time because (a) we recently closed on a refi with a local company - got the promised rate lock and rate and an accurate appraisal - an experience that ran completely counter to the scam we ran up against with Amerisave and (b) I just received a letter from my state, which is apparently investigating Amerisave (finally, we're doing something right) asking me for an evaluation/report of our experience with Amerisave and (c) I'm concerned that recent flurry of positive reviews on this site for Amerisave may mislead folks (but, hey, maybe they are cleaning up their act).
I have been wanting to point out that one of the first positive "reviews" - 5 stars - back in January came from Sean, the Amerisave rep who first called me and lured me in with a promise that he could do better than the deal we were two days from closing. So the Amerisave rep gets to review Amerisave? Sounds a little fishy, doesn't it? He posted that review soon after I'd posted a negative review of our experience as consumers, but he didn't address any of the issues I'd complained about, just trumpeted the company's integrity and talked about how people always think their houses are worth more than they are.
My beef and experience with Amerisave is this: they promise rate locks and great rates "today", but then will not deliver. In my case, it was stalling tactics - Sean's boss was behind b/c she'd been out of the office, so she wouldn't be able to lock the rate until after the appraisal, which they want done pronto, of course. It was almost a week from the day he called me before the appraisal came back, full of inaccuracies (under counted bathrooms, forgot laundry room, inaccurate line drawing), and much lower than the appraisal we'd had done the previous month (which Sean's "boss," a few states away, said she didn't "believe").
Interestingly, the appraiser, while at my home, told me that Amerisave is notorious for not accepting/questioning/finding fault with appraisals; he even suggested another lender! Without knowing what we "needed" for the house to appraise, he seemed to know it wouldn't be accepted (and then, he screwed it all up anyway).
Sean's boss didn't "believe" a $399k appraisal done by an appraiser in December. She surely wouldn't have "believed" the $440k appraisal done in March. But she believed that completely inaccurate $350k one they did, which knocked us out of the running for the promised rate. Of course, we never heard from Sean again. And we were out $412. I subsequently read that Amerisave owns the national appraisal company from which they draw their appraisers. If this is true, something is terribly, terribly wrong - but it certainly explains a lot. Amerisave isn't in the business of financing mortgages; they're in the appraisal business and the other petty business they get from charging to run your credit.
Run from this company. I've been burned twice by them (yes, my stupidity to get sucked in by an unsolicited pitch even after being burned a few years ago), but now I'm fighting. I'm filing complaints; I'm trying to get my appraisal money back. I urge others to do so.
Our story finally ended well. We had excellent credit and income - which Sean was quick to point out when he reeled me in - and though it took some shopping, we got our home refinanced at just over 4%, a rate that was locked from the start, just as promised. But I avoided the flashy come ons and went with a local company.
Thank you for informing us of this situation! The appraisal is the determined value of a property based on similar property sold in the market. Professionally licensed appraisers determine a property’s value. As a mortgage lending company, we are not able to predict or control the value of any property. We apologize if there was any confusion with that part of the loan process. The credit run and appraisal fees are upfront commitments in order to proceed with the loan process. However, purchasing these necessary items does not guarantee the qualification of the loan. The loan must meet all guidelines and regulations before being approved. We have many options as far as rates go, and they do depend on the mortgage loan information that is unique to every customer applying for a loan. The loan must be eligible to qualify for the desired rate option, based on the necessary information in the loan application. Amerisave is a professional mortgage lending company that places high value on customer service, and providing loan services to all applicants in a lawful and professional manner. We apologize if this truth was misrepresented in any way. Thank you for your comments!
I started the process about 10 days ago and finished the first part of it in the first day. I have nothing but good things to say about Neal **, the Amerisave agent who took upon himself to finish this quickly. All the information provided was accurate, all requests were met with positive resolution. We still haven't closed, but I expect that to happen quickly.
We truly thank you for allowing us to provide your service!
After talking briefly over the phone about accepting a VA back appraisal that was done less than a month ago, which I paid for out of my pocket, I was told they would be able to use it. So I began filling out the online forms by Joe and I made it as far as page 7 to find out I now need to pay the 7 bucks and some change to run a credit report.
Well, I had to call Joe again to get past this screen and came to find out the story now is they can't use the appraisal because it's not through them and done by who they want. And even though the VA sent their personal preference of appraiser out, it was not good enough for them. What a waste of time, as if sitting on the computer for hours and days on end, you just can't get straightforward answers. I would not recommend using these people, unless you have money to burn.
The credit run and appraisal fees are upfront commitments in order to proceed with the loan process. However, purchasing these necessary items does not guarantee the qualification of the loan. The loan must meet all guidelines and regulations before being approved. We do apologize if there was any confusion or inconvenience with the appraisal process. There should have been an available, and consistent point of contact for you throughout the entire process, and we truly apologize if this was not the case. Thank you for letting us know!
I am on my 3rd refi with Amerisave, all within a 12-month time frame. We did this because I essentially get paid to refi. The fees associated with the interest rate we chose had a large negative dollar amount (credit), which negated the closing costs. I was initially skeptical of Amerisave low fees; couldn't be true. Because of my misplaced belief, I went with SunTrust Mortgage, and got screwed. I essentially paid $1,500 more in unnecessary, fancy/official sounding fee names. Lesson learned.
Our credit score during all three refis was in the 780-800 range. We have no debt whatsoever, other than our primary mortgage, and sufficient salary to pay our bills and live. Essentially, we are a low risk of default, which the credit scores try to predict. It will help if you have a computer and a multifunction fax/scanner/printer, as you will use these machines to get the required documents to Amerisave.
Glancing at the negative reviews, I am amazed at some of the ignorance. In California (and probably the other 49 states), your middle credit score is used. If it’s a joint application, the lowest of the middle credit score is used; hope your spouse/partner has good scores too. The better your score, the larger negative dollar amount associated with the interest rates. You would be wise to find out your credit score before applying for a mortgage to be sure that there are no surprises. If there are any errors that caused your credit score to be low, you will hopefully have time to get the errors corrected, raising your score.
Amerisave is a low cost mortgage broker, lower interest and fees to attract and bring in the customers. Profit comes from high volume of loans closing. $425 for an appraisal is actually average (for California and at the time of this writing, 5/2012). The only gripe I have with Amerisave is that my 2nd refi was sold to AHMSI (American Home Mortgage Servicing Inc). This company is awful, as their online payment process is so cumbersome and idiotic. The Amerisave agent who worked on all three of my refis has been great. You may get lucky and get a good agent like Robert **. Good luck in your mortgage search.
Thank you for your wonderful compliment! We truly appreciate your feedback!
I have had outstanding service from my loan processor John **. Everything so far has gone just as promised. The home loan is now in underwriting, the appraisal was done in one day and everything should be done in another week. I got a loan rate lock good for 30 days just after employment verification. Hopefully, everything will continue as promised and the loan will be closed within the next 10 days to 2 weeks.
Thank you! We are certainly glad to be of help!
This is our second time in 4 years refinancing with AmeriSave. They are fabulous to work with. We were pleased with the rate and simplicity of the process back in 2008. We are equally pleased thus far in 2012. Everything went (and is going) as quickly and smoothly as possible. Our credit scores are as good as, if not slightly higher, than we anticipated. The same can be said for our appraisal (which, by the way, was scheduled within 24 hours, barely giving me enough time to finish vacuuming and catching my husband in the yard finishing the installation of a new fence!). Our appraisal came back within $1,500 of my estimate given to AmeriSave a few days before.
The best thing about AmeriSave is how quickly they were able to quote a loan for me. After contacting 10-15 other lending institutions (including Wells Fargo, Chase, and Citibank), we were able to get a rate quote within 5-10 minutes on the phone, and received a very detailed email with a huge amount of date about rates, monthly payments, etc. from AmeriSave within the hour. Other lending institutions often would not give me a rate quote over the phone before spending 15-20 minutes of my time on the phone and asking me to look up all kinds of financial information. This was very annoying to me, in dealing with other lending institutions, when I was just shopping for a quick quote of the day’s lowest interest rates for a basic loan.
AmeriSave gave me the best information quickly so I could shop and choose the lending institution that would refinance our home with the lowest interest rate and the lowest monthly payment. We could not be more pleased! We would definitely use them again!
Great! Glad that you enjoyed your experience in choosing us as your lender!
Amerisave advertised rate was inaccurate. Rate was 3.54 with closing cost paid with 750 credit score. They pulled our credit scores which were 806 and 689 according to them (credit bureau has 793 and 708), then tried to jack up our rate over 7/10 points saying our median score was 689! Median means combined (Webster's), not combine the lower and leave off the higher. Amerisave used only the lower score. This is bogus and false advertising. They know if you don't take what they offer, you will have a credit inquiry that looks like you were turned down, which will lower your credit score even though you turned them down. If this shady/unethical practice isn't illegal, it should be. It's hard to keep an 800 credit score.
All rate options are accurate advertisements. We have many options as far as rates go, and they do depend on the mortgage loan information that is unique to every customer applying for a loan. The loan must be eligible to qualify for that option based on the necessary information, and documents in the loan application. Only the middle credit score is used for the loan process. The lowest of the middle credit scores will be the scores selected to qualify for the potential loan. We apologize if there was any confusion with this part of the loan process.
We've been scammed by Amerisave. We applied for a $250K cash back second on our home. We have no outstanding mortgages or liens on the property; we own the home free and clear. Both my husband and I have credit scores over 800 and combined income over $250K/year. And the only debt we have is a car payment of $700. After submitting all of the loan documentation and paying $525 for an appraisal of the property (which came back at $835K), we were denied the loan, because the appraiser couldn't find suitable "comps" in our area. Our home was custom-built and has over 2500+ square feet but only two bedrooms and a den. The house has a 1200-square foot living room. Amerisave told us that because the appraiser couldn't find another 2500-square foot house in our area that only had two bedrooms, the loan was denied They collected their appraisal fee and denied the loan based on this crazy (non)logic. What a racket.
Thank you for the feedback! Amerisave is a professional mortgage lending company that places high value on customer service, and providing loan services to all applicants in a lawful and professional manner. We apologize if this truth was misrepresented in any way. The appraisal is the determined value of a property based on similar property sold in the market. With the property being custom-built, there were not enough properties to compare the market value. This does present that because of the property, the loan could be a high risk to approve. We apologize if his outcome was not what was expected. Please feel free to contact us at firstname.lastname@example.org if you would like further explanation. Your business is very important to us!
Amerisave worked very professional to help resolve my dispute - I previously submitted a report and was very upset with Amerisave, however, Sean was very professional in following up and we were able to work together to resolve the issue. I am actually very impressed at how Sean and their customer service department responded to my complaint. Sean actually worked with me to resolve the situation before my previous feedback was published, but Consumer Affairs would not remove it after it was posted.
If you have all your documentation in order and there are no surprises on your end, Amerisave should be a good option for you. They do have the best rates, but they also need to have the strictest guidelines to keep those rates. In my case, I was unable to work with them because they don't finance condos as investment property.
Thank you! We thank you for allowing us to help correct the issue!
To make a long story short, it appears that AmeriSave is not so much in the lending business as it is in the appraisal business. They were very quick to get our property appraised. They advertise low rates. Then many people get hooked and pay the appraisal fee ($425.00 in our case). After working fairly well with Rene **, some other person informed me that our loan was not approved. My wife and I signed a form indicating that we were aware that AmeriSave owned the appraisal corporation (Novo Appraisal Management Corporation).
This should have been a red flag. We have excellent credit (above 800). Many others, who have lodged complaints, appeared to have far more resources than we. Nevertheless, they were denied. It appears that AmeriSave advertises rates that they can not deliver. That is okay because they just plan, in most cases, to collect many appraisal fees and deny most of the loans. It may be a deliberate scam. A law should be passed preventing the loan company from owning the appraisal company.
Thanks for bringing this to our attention! Amerisave is a professional mortgage lending company that places high value on customer service, and providing loan services to all applicants in a lawful and professional manner. The appraisal fee is an upfront commitment in order to proceed with the loan process. However, purchasing this necessary item does not guarantee the qualification of the loan. The loan must meet all guidelines and regulations before being approved. All rate options are accurate advertisements. We have many options as far as rates go, and they do depend on the mortgage loan information that is unique to every customer applying for a loan. The loan must be eligible to qualify for that option based on the necessary information, and documents in the loan application. We hope that we were still able to provide you excellent service, despite the outcome based on the loan regulations. Please feel free to contact us at email@example.com if you would like further explanation. Thank you!
Do not do business with this company. Their primary business plan is to obtain appraisal and loan fees; they are not a good faith mortgage broker. The fact that this outfit is located in what many consider to be the most corrupt state in the union is probably no coincidence. My complaint is similar to others posted recently. While the individual agents with whom I communicated were personable enough, the application process reeked of incompetence and highly questionable decision making. Again, it appears that this company is not in the business to broker mortgages, it is in the business to generate fee income.
We are mature property owners, have credit ratings in the 750-800 range, have had multiple mortgages/payoffs to our history. In a weak moment, I contacted Amerisave for a refinance of a condo my daughter lives in. We have about 40% equity in the property and resources sufficient to pay the remaining mortgage off if necessary. If anyone in the country is qualified to refinance a mortgage, it is us.
We sent appraisal fees, a $500 processing fee, multiple rounds of check stubs, tax forms, insurance forms, bank statements, rewrites of homeowners insurance and appraisal reports over a period of 5 months. At every step, the agents claimed that we were on the verge of an underwriting approval and that there were no problems. Once in the middle of this process, we received a denial of credit notice based on credit information that clearly was not correct or coherent. I complained and the process continued. Two days ago, I received another such notice stating that the property was inappropriate. If this were judged to be true, it could have been decided at the outset, not after 5 months of collecting very sensitive personal information. I am not happy about this and am considering more formal complaints.
Thank you for the feedback! The appraisal fee is an upfront commitment in order to proceed with the loan process. However, purchasing this necessary item does not guarantee the qualification of the loan. Amerisave is professional mortgage lending company that places high value on customer service, and providing loan services to all applicants in a lawful and professional manner. We strive to help provide excellent service in helping every customer receive the loan that best benefits their needs. There may have been risk factors in regards to credit and the appraisal, that prevented the approval of the loan. We do apologize if this was the case, and if the findings were not disclosed in a timely manner. Thank you again for letting us know!
We were trying to refinance our mortgage to 15 years and we have been getting the runaround. It seems like a bait and switch deal. Appraisal came in lower and appraiser mentions she only appraises FHA but I say we are not applying for FHA loan. So we finally got called back and now they are telling us we have to have FHA loan plus Mortgage Insurance which is crazy. I'm on always on time with mortgage. I only have car payment which will be paid off in August. They are a bunch of rip off artist! Don't ever trust Amerisave!
All rate options are accurate advertisements. We have many options as far as rates go, and they do depend on the mortgage loan information that is unique to every customer applying for a loan. The loan must be eligible to qualify for that option based on the necessary information, and documents in the loan application. We apologize if there was any confusion or inconvenience during the appraisal process. Please feel free to contact us at firstname.lastname@example.org so that we can help if you would like further explanation. Thank you!
We submitted an application online that includes paid for appraisal cost, application fees and credit report fees. And then they asked for all the documents which we have provided. They have set up the appraisal date also and the appraisal was done. We were calling them, but they never called back for any status. Normally, mortgage companies are very good in terms of calling and following up. But AmeriSave never did. We thought it is a fraud company where they make the money on appraisal or credit report fees. But we thought let's call, but nobody calls back. In the last, we received the letter saying they cannot proceed with the application due to home price being down. I lost my $512 with them. I would not recommend anyone going with them. It is a spam. Never ever trust AmeriSave.
Thanks for bringing this to our attention! We are a professional mortgage lending company that places high value on customer service, and providing loan services to all applicants in a lawful and professional manner. The credit run and appraisal fees are upfront commitments in order to proceed with the loan process. However, purchasing these necessary items does not guarantee the qualification of the loan. The loan must meet all guidelines and regulations before being approved. There should have been an available, and consistent point of contact for you throughout the process. We sincerely apologize if this was not the case. Customer service is very important to us and we truly value your business. Thank you!
My experience with Amerisave was horrible. They pre-approved me for a loan. My credit score was around 770 and I had enough cash to ensure we were at 20-30% equity. After I forked out $375 for an appraisal, they rejected my application. Originally, I was the only person on the application and due to some write offs that I took on my taxes, they denied me because the debt to income ratio is too high. I was okay with this, however, at this point, I tried to add my fiance to the loan. With my fiance on the loan, we would definitely qualify with a debt to income ratio of around 40%. I attempted to add her to the loan and they still rejected it, sent me a canned email response and then stopped returning my calls. Rather than working with me to do what needed to be done to refinance the loan, they just cut all ties.
I would avoid working with them at all costs. They'll tell you have you have great application, get you to pay $400 for an appraisal, then they will do anything to reject your application. I could not believe how much they were trying to deny our application. My guess is that they try to get as many people as possible filling out applications to get money from the credit checks and appraisals and then find reasons to reject people. If they were legitimate, they would have continued to work with us to process a mortgage application that would get approved.
My advice to you is to shop around. Just as with many of the people that had bad experiences, Sean was my agent. Apparently, enough other people have complained that he has had to log in here and try to refute these claims. After I started shopping around, I found other mortgage lenders that had similar rates and from my experience, they are a lot more honest.
Thanks for letting us know! We are a professional mortgage lending company that places high value on customer service, and providing loan services to all applicants in a lawful and professional manner. Our goal is to help provide our customers with the best rates possible, and because we can provide those rate options, the guidelines that must be met to approve the loan are not very inflexible. We apologize if that particular standard was not what was expected. The credit run and appraisal fees are upfront commitments in order to proceed with the loan process. However, purchasing these necessary items does not guarantee the qualification of the loan. The loan must meet all guidelines and regulations before being approved. Please feel free to contact us at email@example.com if you would like any further explanation about the process. We truly do appreciate your business!
Stall tactics - I have a credit rating of 828, an annual income last year of $140,000.00. Refi my home of $130,000.00, appraised $165,000.00. I have filled out the same paperwork three times and they continue to ask for more of the same information. I have over $100,000.00 cash, no credit cards. Unbelievable! They need to be shut down.
We understand that because of required lending regulations, the necessary paperwork can be a little thorough. We appreciate your patience with that process. There may have been information found during the underwriting process that needed to be examined more thoroughly to help qualify the loan. We apologize for any inconvenience with the matter. Thank you for your feedback!
I applied to AmeriSave on 10/2011. I had a credit score of 815/805. I had equity line of credit which was to be mostly paid off with approx. 10k left on credit line. It was agreed upon and the process started. Credit line was subordinated and line was reduced to the 10k. No further credit line available. It wasn’t a problem as mortgage was going to be approved. I submitted paperwork numerous times. I asked questions already answered. There were constant delays for different reasons. In fact, I was told only delay was receiving subordination agreement from bank which they did supply. I was told in November the loan looked to close in a week. Again, delays. Finally, I was told in February that loan would probably not close unless I paid off entire amount. I was going to pay off the 10k within a year so did not want to finance it for 30 years. New appraisal done, which is lower of course but some items left off new appraisal.
The new credit score was down to 746. I got credit report from Credco and it showed credit at 776. So I did not compare to score supplied by AmeriSave. Why did it drop from 815? From October till present assets increased by approx. 130k and income by 3-500 per month. Loan was denied in Feb. for credit and debt ratio. Went back to reinstate equity line of credit with bank, which was 15k above amount applied for at AmeriSave, and bank agreed but needed letter from AmeriSave stating mortgage did not go through. I had a very difficult time getting that as AmeriSave would only send me the credit denial with the lower inaccurate credit rating. I only received a letter after title company helped me get it. My bank charged me monthly while process was going on for having balance higher than the 10k new line.
I do not disagree with the charge; however, I was finally left with no loan and no available line of credit, loss of rental income as money was being used to upgrade rental property. It would have not been a problem if either equity line or mortgage money was available, but I had lost both, and a contractor was awaiting payment to complete project money for appraisal credit check, etc. for naught. This does not make sense to me. Why was subordination not a problem till 4 months into the process and why second appraisal and credit check? Possible age discrimination. I am 64. I just can’t figure it out.
Thank you for your comments! At Amerisave, we see to it that a potential loan receives an accurate and appropriate evaluation based on the guidelines for qualification. There is absolutely no discrimination of any kind with the loan process. We are a professional mortgage lending company that places high value on customer service, and providing loan services to all applicants in a lawful and professional manner. It seems that there may have been risk factors in regards to the home equity line of credit, and subordination that prevented the loan from qualification. We truly apologize if this was the case, and if it was not disclosed in a timely manner.
Amerisave approved me for a refinance, charged me for a high cost appraisal & credit check, then denied me.
Thank you for your feedback! The credit run and appraisal fees are upfront commitments in order to start with the loan process. However, purchasing these necessary items does not guarantee the qualification of the loan. The loan must meet all guidelines and regulations in order to be approved. We apologize if the outcome was not what was expected.
Applied to refinance my property, was approved. Was told I needed appraisal done before they would lock my rate with their appraiser at $475.00 plus credit report fee charged to my credit card. Then after two weeks, I was told I have too much debt. When they knew what bills I had from the start. My credit was $721.
Thanks for the feedback! It seems that there may have been risk factors in regards to the debt-to-income ratio that prevented the loan from being qualified. We apologize if the outcome of the loan was less than satisfactory. The credit run and appraisal fees are upfront commitments in order to start with the loan process. However, purchasing these necessary items does not guarantee the qualification of the loan. The loan must meet all guidelines and regulations in order to be approved.
I applied to refinance my home in North Carolina. I never signed my application. The next morning, I have an appraiser call me to do an appraisal that morning. The fee was $610. I talked to some other lenders and found most appraisal fees are $300-400. I looked into their closing fees which were around $4,000. Those fees are outrageous. I have called their customer satisfaction department twice and was told to leave a message. I have not heard from them yet. I would stay away from this lender, my experience was not good. I won't use them or recommend them.
Thank you for letting us know! The expedited process of our loan is for the borrower’s advantage to lock in a great rate, and to close as soon as possible. We apologize if the process seemed a little hasty at the time. Thank you!
I applied for refinancing my mortgage. My credit score is 740. We just have 40000 dollars left on my current mortgage. We wanted to pay for our children's education loans because of the high rate they were getting charged. Amerisave is nothing but a sham. I have a very good income along with a good nest egg. I provided them with all the documents they needed. This went on for two months. I would keep asking them if that was the last document they needed and they would say yes. After that document was given to them, then they would keep on asking for a new document. Finally my patience ran out and I told them I am through with you. I didn't care if I lost the fee I paid for the appraisal. I wanted this monkey off my back. I felt as if someone was holding a gun to my head. The loan officer was obnoxious to say the least. Can anyone tell me whether there is any agency these guys have to report to? All they want to do is to get your appraisal fee and then you are trapped.
Thank you for bringing this to our attention! Amerisave is a professional mortgage lending company that places high value on customer service, and providing loan services to all applicants in a lawful and professional manner. We understand that because of required lending regulations, the necessary paperwork can be a little thorough. We do appreciate your patience with that process. We apologize if there was any inconvenience during the loan process, and we hope to better the situation if at all possible. Thank you!
I started a loan application as a co-borrower with my daughter. We both have excellent credit scores. After submitting all our info, they called and said my daughter can qualify on her own. Another application is started for her alone. They did a credit check and appraisal ($400+). Then they denied the loan due to insufficient income. They said she had enough. I started a third application. Now, they tell me we cannot get a conventional mortgage. We have to go FHA, which will be $220 a month more at the same interest rate because I am a non-occupant co-borrower.
They did not tell me that on the first application on which I was a non-occupant co-borrower. I checked with two other lenders and they say that is not so. Amerisave also made up a "release of mortgage" for us. It took two tries before they got that right. This wasted three months of our time and $400 plus. They do not try to work with you to get approved. These people are morons and should be shut down.
Thank you for letting us know about this issue! The credit run and appraisal fees are upfront commitments in order to start with the loan process. Purchasing these necessary items does not guarantee the qualification of the loan. The loan must meet all guidelines and regulations in order to be approved. It seems that there may have been risk factors in regards income that did prevent the loan from qualifying. This would have only been found during the underwriting process after receiving the necessary documents to determine income. We do apologize for any inconvenience on the result of the loan evaluation.
I successfully refinanced my home in November 2010 with AmeriSave. I then started the procedure again in September 2011 to refinance the same home because the interest rates were even lower than the year before. They had me pay for another appraisal on my home because the appraisal was more than 6 months old.
The appraisal came in at the same value that it had a year ago. I live in Alaska and our housing market wasn't effected like the homes in the lower 48 states. Well, the underwriters kept asking for more paperwork, after each request, they would require more and more paperwork for the loan application. Some of the papers were the same as I had provided the year before.
Well it is now the middle of January and they are requiring another appraisal (that costs $650) because the latest one was too old! I have been at the same job for 30 years, and make over $100,000 per year, also, my credit rating is excellent. I feel that I have been duped and I would recommend that no one refinances with this company. I believe that they should refund me the cost of the second appraisal because of the fact that they have misled me into thinking that I was going to get refinancing.
We appreciate you bringing up this issue! A recent and updated appraisal must be used in order to consider the for the refinance. We do apologize for any confusion or if there were delays with continuing the process. We truly do value your business, and we would like to show you that. Please feel free to contact us at firstname.lastname@example.org so that we can correct the situation if at all possible. Thank you!
I feel I was scammed or defrauded by Amerisave Mortgage. Anyone out there who feels the same way, I have some advice and resources that may help you. Keep copies of all email and correspondence associated with the transaction. As soon as your credit is denied for some frivolous reason, cancel the credit card they have on file. It is in their small print that they can charge a $500 rate lock cancellation fee for any loan that does not close.
Use the "power of the pen". You need to fill out online complaint forms and write letters to any and all of the following agencies. Amerisave is required to respond to each complaint. The Better Business Bureau, the Federal Trade Commission, and the Consumer Financial Protection Bureau. Also, file a complaint with your State's Attorney General and the Attorney General of the State where the Amerisave office is located. File a complaint with your State Banking Department and the State Banking Department of the state the Amerisave office is located.
Write a letter to your congressman detailing your bad experience and new legislation for consumer financial protection. If you feel your denial was based on some form of discrimination, file a complaint with the US Department of Housing and Urban Development in Atlanta, Ga. The FBI investigates mortgage fraud. Complaints may also be filed with the FDIC, The National Fair Housing Alliance, and your local Real Estate Appraisers Board. I have made some headway with my complaint by contacting these agencies.
Thank you for your feedback! Amerisave is a professional mortgage lending company that places high value on customer service, and providing loan services to all applicants in a lawful and professional manner. The credit run and appraisal fees are upfront commitments in order to start with the loan process. Purchasing these necessary items does not guarantee the qualification of the loan. All potential loans must meet all guidelines and regulations in order to be approved. We apologize for inconvenience with the process, and we still would like to better your experience with us if at all possible. Thank you!
As we were days from refinancing with another company, I answered my phone to hear a pitch from Sean at Amerisave. I was upset with the other company for deciding at the last minute that some very standard/legal deductions (mileage, work-related book purchases, dues) taken on our tax return would offset some $900 of monthly income, forcing us into a higher "risk" (read: higher rate) category. Sean said, "Please give me the opportunity to beat their rate and you can lock that rate in today."
As I had just been through the process, I was able to tell Sean everything about our situation, home value, debt, credit (excellent). I let him run the credit and agreed, swallowing hard, to pay for another appraisal. All the while, Sean assured us of the rate lock. It was a Thursday afternoon. As soon as I rushed the required paperwork (and we were informed of our "pre-qualified" status), Sean stopped responding to my e-mail. A few hours later, when I expressed my agitation, he assured me the rate lock "will happen tonight."
Next morning, no e-mail, no rate-lock. Finally, when I wanted to cancel the appraisal scheduled for noon Friday, Sean assured me that his boss was behind and she had to give the okay on the rate lock, but we were #32 in line, "It will be within the hour." We went ahead with the appraisal and then were told by Sean, "The rate lock will happen today." I also sent Sean a copy of the appraisal we had had done the week before (came in at $399K). That was Friday. No word from Sean on Monday so I start e-mailing. He ignored me until I got angry and then told me, "We can't lock in the rate because his boss had some "issues" with the appraisal I'd forwarded (done by another company) and didn't believe our home was worth that so we'd have to wait for the new appraisal to lock."
At that moment, I saw the writing on the wall. We were out $412 and we weren't getting a rate lock. On Wednesday afternoon, after no word from Sean, I demanded a copy of the appraisal. He sent it and guess what? It comes in at $350K. I'm a little shocked so I start looking at it. The appraiser (who had whipped through the house in a few minutes and had mentioned to me by phone that he had "plans" that Friday afternoon) had skipped a full bathroom and laundry area and included an inaccurate line drawing.
When I contacted Sean with this information and pointed out that he could easily verify by comparing the two appraisals, they sent me a rebuttal form. I could fill it out and provide some other comparables and perhaps they would reconsider. (So after spending $400 for an incompetent appraisal, I should now get to work, huh?) As you might imagine, I haven't heard a peep from Sean since (that was Dec. 22), even though he's assured us so enthusiastically on that first day that our appraisal looked "great."
Now, I must admit I'm the real idiot here. I had a horrible experience with Amerisave (better names: Ameriscam, Amerisleaze, Ameris __ks) once before, two years ago. After being promised a rate-lock, paying application and appraisal fees, our house in 2009, in New Orleans, which was a much worse market than it is today, appraised for $420K (Amerisave-ordered appraisal). But our Amerisave agent at that point stopped communicating with us. Everything stopped. We had never gotten the promised lock and months later, we received notification that our loan had been denied because of "incomplete paperwork." I complained angrily to whomever sent the e-mail, but who cared at that point?
At any rate, the highly-touted rate lock at Amerisave appears to be bogus. I'd warn others to not fall for their come-ons. Actually, I wish people who actually got promised rate-locks would write in. I'd love to know if they exist.
Thanks for bringing this to our attention! We are a professional mortgage lending company that places high value on customer service, and providing loan services to all applicants in a lawful and professional manner. The appraisal is the determined value of a property based on similar property sold in the market. As a mortgage lending company, we are not able to predict or control the value of any property. We truly do apologize if there was any inconvenience during this part of the process. There definitely should have been an available, and consistent point of contact for you throughout the process, and we apologize if this was not the case. Please feel free to contact us at email@example.com so that we can correct the situation if at all possible. Thanks!
Important info. I learned from the title company that no loan company that has provided you with a written quote can change it by more than 10% when you get to closing. It is a federal law. I verified this with a title company and bank. Both were very aware of this. After filling the application online, I stopped from applying when they asked for my credit card before signing any papers. Also another red flag went up when I asked if we could close at their office instead of having a stranger come to our home.
After several attempts by computer and on the phone Amerisave would not tell me the local representatives name or where closing could take place. They assured us we could do both but they refused to commit to a person or place. I contacted two main title companies in our area looking for an objective reference for this company and both title companies said they knew very little about them. It was very tempting with their low rates but I am sure glad we backed out!
Thank you for your comments! In order to provide our customers with the absolute best rates, we request a credit run and appraisal fees as an upfront commitment to start the loan process. All rate options are accurate advertisements. The rate will remain the same if it is locked in, and the amount of time for the lock has not expired. We apologize if there was any confusion with this part of the process. Thank you!
I, like others, was pre-approved for a loan. I sent in all documents and I was asked to wait on appraisal until they were sure that all my paperwork was approved and told me again that I was pre-approved so I had it done and then they denied the loan on grounds of too many inquiries on my credit report. Well, they saw that on the 1st day and how did I get pre-approved if I had too many inquiries. This is definitely a scam to pay for appraisal and other fees then they deny you. Why hasn’t the government done something about this company? Consumers, don’t waste your money because that’s all, you will be digged with this company.
Amerisave is a professional mortgage lending company that places high value on customer service, and providing loan services to all applicants in a lawful and professional manner. The credit run and appraisal fees are upfront commitments in order to start with the loan process. Purchasing these necessary items does not guarantee the qualification of the loan. All potential loans must meet all guidelines and regulations in order to be approved. We do truly apologize if the factors in regards to the credit inquiries were not disclosed in a timely manner. You are a valued customer and we do appreciate your business. Thank you!
I applied for a refinance of my property. I have a 813 credit score, steady professional employment, and adequate cash reserves to pay off the mortgage. I have no credit card debt as they are paid off every month. I wanted to finance $83,000 on a $147,000 home. I was charged for an appraisal that was incomplete and inaccurate. The appraised value was 20% below assessed value. I have a $6,000 out building that was not included in the appraisal.
The home is only 6 years old. After weeks of constantly providing every document imaginable, they asked for a document that did not exist. They demanded a private road maintenance agreement for the 200 ft driveway between my house and the main paved road. I was denied credit from them based on "property being unacceptable". I have been charged $375 for appraisal and the fee for the credit report. I am waiting for them to try and hit me with additional fees, so I canceled the credit card they had on file.
I do plan on consulting an attorney. I do not understand why no one has started a class action lawsuit against this company for theft by deception and discrimination.
Thank you for letting us know! We understand that because of required lending regulations, the necessary paperwork can be a little thorough. We appreciate your patience with that process. The appraisal is the determined value of a property based on similar property sold in the market. As a mortgage lending company, we are not able to predict or control the value of any property. We truly do apologize if there was any inconvenience during this part of the process. There may have been risk factors in regards to the type of property that was being considered for the refinance. We apologize if there was any confusion with those particular conditions. Please feel free to contact us at firstname.lastname@example.org if you would like any further explanation about the process. Thank you!
Started the process and have run into snags along the way, documents unreadable, after faxing scanning and emailing. I have to wait a whole day or two for someone to answer my emails so the process has been over a month. As soon as I gave info, it is never enough and when I gave enough, they didn't get a clear copy. I am fed up and finished. Wish I would have dug deeper before choosing this company.
Thanks for bringing this up Jennifer! There should have been an available, and consistent point of contact for you throughout the process. We sincerely apologize if this was not the case. Customer service is very important to us and we truly value your business. Thank you!
After going through the extensive paperwork, having to pay the $500 loan origination fee and $375 appraisal fee, the appraiser comes in at 85% of the tax assessed value, and 85% of the comparable property values, so the refinance loan is turned down. Amerisave gets the $500, the appraiser gets $375 and I get **. It's a legitimate scam. Save yourself some money and avoid online mortgage/refinance offers. They are making a killing, and it's all legal because the applicant has to agree to pay the fees regardless of the outcome.
Thank you for commenting! Amerisave is a professional mortgage lending company that places high value on customer service, and providing loan services to all applicants in a lawful and professional manner. The credit run and appraisal fees are upfront commitments in order to start with the loan process. Purchasing these necessary items does not guarantee the qualification of the loan. All potential loans must meet all guidelines and regulations in order to be approved. We do truly apologize for any inconvenience or if your experience was less than satisfactory. Thank you again for your feedback!
I started the refinance process, provided all the required documents within 24 hours. I have a perfect credit, and even got the required appraisal ($425) and was then informed the property couldn't be refinanced as there are 8 units that haven't been completed yet. OMG, don't you think this should be asked upfront? Do they not train their representatives to know what an automatic denial is?!
They wait all the way until it gets to underwriting before they give you the news, after the closing date had come on gone twice, because of their inept way of doing business. Why they wouldn't ask for the condo questionnaire to be completed upfront, or at least the persons handling the transaction have a clue of what disqualifies you for a loan, is ridiculous. To waste people's money on an appraisal is just downright wrong when all they need to do is ask a couple of questions. A company I would stay far away from.
Thank you for sharing this! In some cases the risk factors preventing a loan from qualification are not found until the underwriting process. The reason is because the necessary paperwork is not yet received or reviewed until that point. We sincerely apologize if the issue was not disclosed in a more timely manner. Your business is important to us so please feel free to contact us at email@example.com if you would like any further explanation. Thank you!
I applied for a mortgage with Amerisave on October 14. The appraisal was done and I provided all the documents as required. I was told that I'd be closing in the next week or so. After I couple of days, I heard back from them that they wouldn't be able to close the loan since they said that, "home is not being used as the best possible use".
According to them, the site is zoned for condos but my home is a single family. I tried explaining to them that mine is a detached single family condo which is very common in this part of the country, with a condo association. I got a reply that they're sorry and won't be able to process the loan, my loan officer was Aaron **. I've lost a month in the refinancing process, and had paid the appraisal fees. They're not willing to refund any of the fees that I had paid since it's supposedly not a fault of theirs.
Thanks for letting us know! It seems that there may have been risk factors in regards to the type of condo/single home that the property is. This would have only been found during the underwriting process after receiving the necessary documents that further describe the property. We sincerely apologize if the issue with the loan was not disclosed in a more timely manner. Your business is important to us so please feel free to contact us at firstname.lastname@example.org if you would like any further explanation. Thank you!
We had a recent and painful experience with Amerisave Mortgage. We found a good rate on a loan and closing costs were listed as $3000. We began the process of applying. We copied tax forms, pulled together statements and faxed everything. The process moved quickly! Within 2 days we had an appointment for the assessor to appraise the property and a title insurance contact. At the same time we were told we qualified for the loan and just needed to download the notices, disclaimers and consents from Amerisave.com.
Reviewing these papers, which you must do, we saw closing costs amounted to $10,000. They had disaggregated all the costs except for the familiar ones and slipped them into what would be our settlement agreement. We were told we would owe $7000 more than we were explicitly told we would owe when we first applied and only after all the work and effort was put in. This business practice is well thought out to entrap unwary consumers. In my opinion the intent to deceive makes it fraudulent. I would never use nor recommend anyone use Amerisave based upon their seeming practice of exploitative business practices, and that when you factor in these hidden costs, you could do just as well or better at a reputable, and in my view, more ethical vendor.
Thank you for your feedback! It seems there may have been risk factors found in underwriting that required offsetting payments so that the loan could still close. This would be the only sole reason any estimated payments would have such a drastic change. We do apologize for any inconvenience on the issue. Your business is important to us so please feel free to contact us at email@example.com if you would like any further explanation. Thanks!
We had a recent and painful experience with Amerisave Mortgage. We found a good rate on a loan and closing costs were listed as $3000. We began the process of applying. We copied tax forms, pulled together statements and faxed everything. The process moved quickly! Within 2 days we had an appointment for the assessor to appraise the property and a title insurance contact. At the same time we were told we qualified for the loan and just needed to download the notices, disclaimers and consents from Amerisave.com.
Reviewing these papers, which you must do, we saw closing costs amounted to $10,000. They had disaggregated all the costs except for the familiar ones and slipped them into what would be our settlement agreement. We were told we would owe $7000 more than we were explicitly told we would owe when we first applied and only after all the work and effort was put in. This business practice is well thought out to entrap unwary consumers. In my opinion, the intent to deceive makes it fraudulent. I would never use nor recommend anyone use Amerisave based upon their seeming practice of exploitative business practices and that when you factor in these hidden costs, you could do just as well or better at a reputable, and in my view, more ethical vendor.
Thank you for your feedback! It seems there may have been risk factors found in underwriting that required offsetting payments so that the loan could still close. This would be the only sole reason any estimated payments would have such a drastic change. We do apologize for any inconvenience on the issue. Your business is important to us so please feel free to contact us at firstname.lastname@example.org if you would like any further explanation. Thanks!
Joe from Amerisave was very rude and would not communicate anything about the loan status. We faxed and FedExed all the documents and they still wanted more. When I would ask Joe about the missing documents, I would not get a response. I emailed him today and let him know that I have taken a different avenue hand to close my account. Do not do any business with this company!
Thanks for letting us know! We understand with adhering to lending regulations the paperwork can be a little thorough, but we appreciate your patience with that process. There should have been an available, and consistent point of contact to give updates throughout the process. We sincerely apologize if this was not the case. Customer service is very important to us and we truly value your business. Thank you!
I refinanced with Amerisave back in 2004 and it was a great experience. So, when rates recently (Oct 2011) dropped, I went directly to them to refinance again. This time it was a totally different experience.
To begin, their web page where you can look up rates is deceptive. In order to find the true rates, you must change the credit score located on one edge of the page in small print to your credit score and changing it from a perfect score of 800 to your score dramatically changes their rate quotes. But what finally drove me away was that after applying for the refinance on Wed of one week, getting the appraisal done on Friday of that same week, I went back on Monday the following week to lock in my rate only to find that between Wed and Mon, their points for the loan jumped from 3/4 of a point to 2-1/4 points. That drove the cost to complete the refinance out of sight.
To make it worse, I discovered after complaining about the hike in the points that although their rate lock was good for 30 days, it typically took them 60-90 days to close a loan, so the rate lock was worthless. I was duped and felt cheated especially as I still had to pay for the appraisal. As I said I had a good experience in 2004, so perhaps the company has changed ownership or management since then. I definitely would not do business with them. . I lost the $425 I agreed to pay for the appraisal. I had to go through the paperwork of another mortgage application with a different company. ?
Thank you for bringing this to our attention! All rate options are accurate advertisements. We have many options as far as rates go, and they do depend on the mortgage loan information that is unique to every customer applying for a loan. All loan officers do request an estimated credit score from every potential customer before helping them to search for rates. The score of 800 is only the default number on the site until you input your own score. All rates do fluctuate with the housing market, so they are subject to change unless a rate lock is ordered. We apologize if there was any confusion or inconvenience with the process. Thank you again for your feedback!
One of the worse communication I ever had the nightmare of dealing with. My credit score is 814! I want to combine the loan taken for my kid's university and primary plus cash out for a total of $170,000. I spent four hours on the phone trying to reach the agent, and another three hours at night on hold as they advertised a 24/7 service. The recorded message kept saying that I will be connected in less than a minute for three hours in a row. Then, I received an email saying that my mortgage has been canceled. Do you think that I should ever proceed?
Thanks for letting us know! As soon as the loan application was started there should have been an available, and consistent point of contact to give updates throughout the process. We sincerely apologize if this was not the case. We do truly value your business!
After submitting 190 pages of supporting documentation, signing disclosures, and paying for an appraisal and credit report, I got a call today from Caz ** saying they've lost my information. I was ready to lock today as we were 3 weeks into this process. But now these guys tell me they've lost my personal information. The lower rates don't compensate for the risk of having your personal information floating around because of a lack of quality control. As a result of their lack of competence in protecting my information, I cancelled my application. I can't see rewarding this kind of behavior. I told my friends and clients about the lower rates offered by Amerisave. But I will tell them it isn't worth the risk.
Thank you for bringing this to our attention! We sincerely apologize if there were any documents that were misplaced. This is not representative of our customer service or quality control protection. Please feel free to contact us at email@example.com so that we can help to correct the issue if at all possible. Thanks!
My wife and I have excellent credit. We own several properties and have plenty of money in the bank. Like other people on this site, Amerisave asked for every bit of information under the sun and we complied. Then, they said that we did not qualify. They made us pay for an overpriced appraisal, too, just like others on this site. In retrospect, I am glad that they declined us so we won't have to deal with them. Never again.
Thank you for your comments! We understand with adhering to lending regulations the paperwork can be a little thorough, but we appreciate your patience with that process. The credit run and appraisal fees are upfront commitments in order to start with the loan process. Purchasing these necessary items does not guarantee the qualification of the loan. The loan must meet all guidelines and regulations in order to be approved. It seems that there were risk factors found in underwriting that prevented the loan from being qualified. We do apologize if the outcome was not what was expected.
I was receiving reasonable customer experience right up until my refinance-cash-out was denied because of "unacceptable property". All finances were perfect. The requested cash-out was $227k and appraised value is $550k. Other than the property was "unacceptable", I have no idea why my loan was declined. It may be discrimination.
The loan must meet all guidelines and regulations in order to be approved. It seems that there were risk factors in regards to the property type that prevented the loan from being qualified. We do apologize for any inconvenience, or if the outcome was not what was expected. Thank you!
We had an exceptionally good experience with Amerisave!
Our senior loan officer, Jake **, and his loan closer, Amanda **, were always there for us when we had questions. We closed earlier than expected and actually got a lower interest rate than we originally thought. We had no problems with the entire process.
I was a bit hesitant after reading so many bad reviews about using Amerisave but they came through with us with flying colors! If you have great credit and can provide all the information they require in a timely manner, you shouldn't have any problems with using them. Ask for Jake **. He was really the best!
Thank you so much for your compliments! We appreciate you!
I got a quote from Amerisave company that seems very attractive so I called them to find out. They promised everything, sent me a package to fill out and sent it back right away. Furthermore, they immediately scheduled me for an appraisal the next day. The appraisal cost was almost $600, much higher than the peers. Then, they let me wait and wait. After two weeks, they started to complain about the house condition, the interior setting and how the furniture was set up. Then, they notified me that the loan was declined due to my credit. My God. My average credit score was 798, my house value was over $800,000 and I only refinanced for $390,000. It was ridiculous. I think that this company was very irresponsible and unprofessional. They meant to charge high appraisal; not for the loan.
Thank you for the feedback! The appraisal fee is an upfront commitment in order to start the loan process. Purchasing this necessary item does not guarantee the qualification of the loan. The loan must meet all guidelines and regulations in order to be approved. It seems that there were risk factors in regards to credit that prevented the loan from being approved during the underwriting process. We do apologize for any inconvenience, or if the outcome was not what was expected. Thank you!
I just closed with Amerisave. I read a number of complaints against Amerisave and I understand the frustration that many of these writers feel. The process is difficult and the inquiries seem endless. Even sources of large deposits were asked of me, which I felt was strange.
The mortgage industry practices are highly scrutinized. Many mortgage companies have federal civil and federal criminal complaints against them. Individuals such as underwriters can be subjected to federal action if they are careless in approving loans. So it is no mystery that a large percentage of those who have great credit and good sources of income will still be denied.
It only takes one bad mark or one failed inquiry to take you out of the running. I just have to say that my experience was not a cake walk. I expected that my loan may be denied due to a number of rental properties that we own. All in all, it worked out. We closed on time. My wife and I received a great loan at practically no closing cost!
Good luck on whoever you choose to service your loan, but be aware that the game has changed.
Thank you! We appreciate the honesty in your feedback!
On August 2nd, I locked on a 10-year ARM where the points were listed as ~400 and a rate of 3.875. A few days later, I received a GFE for a 15-year fixed loan. I repeatedly asked Amerisave to correct the GFE, but nothing was done. On August 26th, they finally fixed my GFE to reflect the 10-year ARM and gave me points of 1,700, probably based on what the points were for that date. As a result, they padded their fees by $1,300.
Thanks for the feedback! There may have been risk factors found in underwriting that required offsetting payments so that the loan could still close. We truly do apologize for any inconvenience with your loan process, and we hope we were able to correct the situation. Thank you!
AmeriSave lied to me. And they made a false promise in adjusting my locked-in rates for loan refinancing. AmeriSave charged me $8 plus $375 on my credit card for the processing of my loan application. The original quoted rates differ from what they were asking me to sign. They forced me to roll in the closing cost of 10,000 dollars into the loan amount, despite the fact that I told them many times not to do that. As per Annette's directions, I arranged for 10,000 dollars with my bank. I got the funds ready for them.
On August 29, after I had been constantly asking for status, they informed me the underwriting will not accept the funds. They forced me to take a loan from 401k or personal gifts. AmeriSave VP of Sales Joseph ** has a very poor way of addressing consumer concerns. In fact, he blamed me that I am not interested in loan refinancing. It was because I was upset that the adjustments to my rates were not made. Now, with no fault of mine, they are asking me to pay $500 for doing nothing for me. Instead, I got a disappointing, unsatisfactory service.
I have faxed them every single document and every single detail of my whole life, in order to get my loan go through, for the past 30 days. They asked me to provide closing cost funds, which I did upon their request. And I followed their steps to get the money arranged. Now, they have trouble in accepting the funds. I did not ask them to cancel my loan. They refused to accept the 10,000 dollars that I arranged with my bank for closing cost. And they forced me to roll over this money into loan amount, which I do not want to do. I have spent a lot of time dealing with them. Also, I consider them responsible for $375 plus $8 fees that I have paid them for the loan processing. After I fulfilled all of their conditions and arranged money for closing cost, they declined my loan application. And they threaten me that I should be paying them $500 for cancellation. They cancelled my loan by themselves. I did not ask them to cancel it. I am seeking justice.
Thank you for bringing this to our attention! The credit run and appraisal fees are upfront commitments in order to start with the loan process. Purchasing these necessary items does not guarantee the qualification of the loan. The loan must meet all guidelines and regulations in order to be approved. We sincerely do apologize if your request in regards to closing costs was not properly followed. As our customer, we truly do value your business and we hope that we can still show you that. Please feel free to contact us at firstname.lastname@example.org so that we can help to correct the issue if at all possible. Thank you!
My wife and I have excellent credit; in the top 1%. We started a refinance of our primary residence with a particular rate in mind. Our loan to value ratio is about 35-40%, depending on the appraisal value, and we have sufficient assets to pay off our loan. Yet the AmeriSave credit report and score came just under the required value to get the rate we wanted. AmeriSave was unwilling to materially discuss the credit report findings such as 'too many inquiries' or 'too high revolving balances on credit cards'.
We only have 2 cards and we pay them off every month. They just contented that they use a model that is proprietary, thus not easily explainable and that it was a take it or leave it deal. These loan representatives are essentially push paper loan brokers executing on corporate directives to extract more yield from their customers. They can't answer questions that require any thinking, they're not paid to think. Otherwise, they're pleasant folks.
Note: I spent 1 hour with each of the credit reporting agencies to understand their scoring model and why they diverged so much from AmeriSave's. The answer: AmeriSave (and other brokers) have discretion to adjust the credit score for credit applicants without telling them why. The 'why' is simple; sell consumers on a higher rate than initially stated.
All rate options are accurate advertisements. We have many options as far as rates go, and they do depend on the mortgage loan information that is unique to every customer applying for a loan. The rates are subject to change with the housing market, unless a rate lock has been ordered. There may have been risk factors in regards to credit that prevented the loan from qualification. We truly do apologize for any inconvenience if this was the case for the loan. Please feel free to contact us at email@example.com if you would like any further explanation on the issue. Thank you!
Amerisave advertises broadly on the internet with rates that appear low. However, their pattern is to look for openings to reduce the closing credit that they advertise, with artificial, non-industry standard definitions. In our case, our closing credit was reduced by $3,000 because they redefined our refinance as a refinance with cash out. We were informed of this after the appraisal costing $450 was made.
I am partially disabled. However, they would not count my disability income payments, which is contrary to The Americans with Disabilities Act. Even still, our income was more than sufficient according to Federal Standards. This should have been a slam dunk deal because my wife and I have credit scores of 800 each. And we have substantial financial resources. So, this have been wrapped up quickly.
AmeriSave will ask unending, arcane questions, spread out over time in an out of sequence manner. They will tell you that the loan approval and closing is imminent and they just need additional information for their records. After providing that inconsequential information, we would wait expecting approval as they wrap up the paperwork. Then, they will come back and ask for more mundane information. It is both frustrating and time consuming to deal with them. Plus, they have substantial staff turn over. So, your point of contact changes, further slowing the process. They are very slow to return phone calls and respond to emails. Amerisave is totally awful and unpredictable to deal with on an important transaction. They will consume vast quantities of your time and they are unprofessional in their conduct. Their low rates are illusionary. They are one of the few national mortgage brokers that is not accredited by the Better Business Bureau. If you are considering Amerisave, you should run away.
Thank you for commenting! All rate options are accurate advertisements. We have many options as far as rates go, and they do depend on the mortgage loan information that is unique to every customer applying for a loan. The rates are subject to change with the housing market, unless a rate lock has been ordered. We do understand that the paperwork process is very thorough, but we do appreciate your patience with that process. In order to provide our customers with the most advantageous rates, our evaluations for loan approval must be thoroughly accurate with guidelines and regulations. We apologize for any inconvenience or confusion with this part of the loan process. There should have been an available, and consistent point of contact throughout the process. We sincerely apologize if this was not the case. Customer service is very important to us and we truly do value your business. Thank you!
Run, don't walk from Amerisave Mortgage. Just do an amortization schedule on the amount you want to borrow and compare it to their sample payment and you will find out they are padding the payments by up to $100 per month. Amortization schedules don't lie but Amerisave sure does! Sample is $179,089 mortgage, amortization schedule payment is $1,280.28, AM payment is $1,361.00. You do the math!
I refinanced elsewhere at 4.5%. My payment is $1,370.02 and I got the loan, not feeding Amerisave application fees and credit fees then hearing all their BS. I sent them papers 4 and 5 times until they milked the lock time and I lost my lock. Again, I say, they are shysters!
Thank you for your feedback! Amerisave is a professional mortgage lending company that places high value on customer service, and providing loan services to all applicants in a lawful and professional manner. All rate options are accurate advertisements. We have many options as far as rates go, and they do depend on the mortgage loan information that is unique to every customer applying for a loan. The rates are subject to change with the housing market, unless a rate lock has been ordered. In order to provide our customers with the most advantageous rates, our evaluations for loan approval must be thoroughly accurate with guidelines and regulations.
I have been helping someone refinance as I had a scanner on my computer for exchanging documents. Amerisave was contacted because they advertised loans at competitive rates with $1400 closing costs and $1000 lender credit, making it almost a zero-cost refinancing. This proved to be so far from the truth that I have to confirm other complaints I have read that suggested Amerisave is a scam that needs to be closed down and the individuals prosecuted. Here is what happened.
First, they asked for a credit card number to which they charged an appraisal fee and cost of a credit report review. Those costs were advertised as being included in the closing costs. See later, that they omitted to deduct this prepayment from the closing cost estimates. They asked interminably for bank statements and tax returns and even asked for the same things multiple times after we had sent them. They asked even for explanations of individual deposits as low as $100 which they called "unexplained large deposits". Then they asked for explanations of these in writing signed by the applicant.
All of these they blamed on the underwriter's caution, but I have never ever seen any delaying tactics like this before. They provided settlement statement estimates which were incomprehensible and impossible to determine the bottom line. This made me suspect they were attempting to conceal illegal fees. They omitted to give credit for the prepaid items such as the appraisal. I sent them a spreadsheet showing that they had overstated settlement costs by $2000 due to this and other errors.
As others have reported, they included a whole year's escrow prepayment in the settlement costs which we objected to vehemently. To eliminate this, we paid the property taxes early so that there would be no need to establish a huge escrow. That was a chunk of change out of our bank accounts. Basically, they would never come clean about the bottom line, which I would simply say is "NewLoanAmount - PayoffAmount + Fees - LenderCredit" and should be equal to about $400. I asked them to reconcile the numbers by phone, but they would not talk about it. They simply said all would become clear at closing. I do not buy this as I want to know what I am getting in to somewhat before we get to closing.
All their documents kept coming up with figures between $2000 and $8000, and they would then ask for proof that we could come up with the cash at settlement, which I believe was another subterfuge to continue to delay things until the lock ran out. Then they said we had to pay for multiple lock extensions and the costs would go up - except we had not requested any lock extensions, as their own documentation (and the law) says is required, because we did not believe that rates were heading up any time soon. Their documentation also states, as many lenders do, that if you get the HIGHER of the previously locked rate plus extension fees or the current rate if the rate lock expires (subject to applicable law). I trust that applicable law says this is not legal if you did not request a rate lock extension. If it doesn't, regulators need to get off their fat ** and take care of this.
They also said if we canceled, there would be a $500 cancellation fee which I believe is an illegal attempt at fraud because such a fee was never disclosed in any of the documents that were signed or even in documents that were not signed. Also, the bullying tone of communication from notably Sharon ** is very grating to any consumer as it attempts to dominate and browbeat them into acceptance of anything they say.
My conclusion is that this company is probably a scam and I have kept copies of all documents and email correspondence if any attorney out there thinks that they have transgressed legal business business practices and ants to pursue them. I have three excellent experiences of refinancing within the last three years with Quicken loans, who I can thoroughly recommend, whereas Amerisave is truly the worst company I have ever had the misfortune to deal with. After two months, a loan on acceptable terms is not yet in sight and I have come to the conclusion that they are not in the business of wanting to close on loans.
Thank you for letting us know! The credit run and appraisal fees are upfront commitments in order to start with the loan process. These prepayments should be already be accounted for on the closing statements. We apologize if there was any confusion with getting that detail corrected. Amerisave is a professional mortgage lending company that places high value on customer service, and providing loan services to all applicants in a lawful and professional manner. Our primary concern truly is to help our customers to receive the best financial benefit possible. In order to provide our customers with the most advantageous rates, our evaluations for loan approval must be thoroughly accurate with guidelines and regulations. Also, we do understand that the paperwork process is very thorough, but we do appreciate your patience with that process. We hope that any issues during the process were still able to be corrected in a timely manner. Please feel free to contact us at firstname.lastname@example.org if you would like to discuss anything further.
I was denied credit due to an unacceptable appraisal. Our appraisal had many errors and corrections, resulting in a denial by AmeriSave to accept the appraisal. The appraisal came in a little lower than expected. So our loan-to-value ratio rose from 68% to 72%, causing us to lose out on our rate lock and having to lock in a current higher rate (or the same rate with higher costs)! This was the only issue with valuation but not a deal breaker; however the original appraisal erroneously stated that the home was "tenant occupied" in addition to "owner occupied". This snowballed into a mess that caused several updated corrections (I have 8 different copies) from the appraiser followed by a denial by AmeriSave due to "unacceptable property" and "unacceptable appraisal".
The home is a large three story Victorian home that has a kitchen, 3/4 bath, living & dining rooms, parlor, and foyer. The second floor has two bedrooms, 3/4 bath, laundry room, and a den. Our third floor has one bedroom, one utility room, 3/4 bath and a large family room with a kitchenette or "wet bar". The kitchenette consists of a small cabinet with a sink and a small refrigerator and is used to store snacks in the family room area so as not to have to go down two flights of stairs to get a cold beverage.
The appraiser called the third floor a "mother-in-law apartment" and was clear to state that it was only useful as a mother-in-law unit because the only entrance to the unit was through the middle of the main house. Even though we and the previous owner (since 1982) had used this house as a single family dwelling, AmeriSave rejected the comparable properties and requested that the appraiser find different comparable homes with accessory units, which he was unable to do. We have been consistently shopping homes in our area for years and can confirm that the appraiser is correct about this one fact – that there just aren't any big old Victorian homes with accessory units in our area (including ours)! In the end, we believe that the staff at AmeriSave just did not believe the appraiser's assessment of the property because there were so many errors.
One major problem that we have with AmeriSave is the lack of a single contact person. Our initial contact was with Neal **. Once Mr. ** got us to give him our credit card number to charge a fee for checking our credit, we were handed off to Senior Loan Processor John **. Mr. ** asked for income and asset documentation, photo ID and tax/insurance documentation for the property and for signatures on all the proper loan documents and disclosures. He also ordered the appraisal and four times sent us an email asking to lock in our interest rate before he could progress (we locked in rates on their online system at least this many times). After the appraisal was received, he also notified us four times by email that there was an updated appraisal.
Around the time that the appraisal was received, we were contacted by Kim ** stating that she was the processor on our loan. One day later, Ms. ** asked for additional documentation requested by the underwriter. The questions were about specific transactions seen on our credit and deposit accounts and also inquiring if the amount of cash needed to close was what we were expecting. This final question was definitely repetitive since the other two contacts had already covered it. All of her inquiries were answered with the proper documentation and she never asked a single question about our property or appraisal.
The day after her last request, we received a notification from John ** stating that there was a new appraisal to download and on that date we were issued a denial of credit based solely on the appraisal. This was mailed by another contact, David **, listed as the Loan Originator. The day after we were notified of the denial, Mr. John ** started sending us solicitations stating, "Mortgage rates have fallen, giving you another opportunity to refinance." Thanks, John!
As soon as the loan application was started there should have been an available, and consistent point of contact to give updates throughout the process. We sincerely apologize if this was not the case. We also apologize if there was any confusion or inconvenience with the appraisal process due to the errors found. It seems that there may have been risk factors in regards to the property type that prevented the loan from being qualified. Please feel free to contact us at email@example.com if you would like any further explanation on the issue. Thank you!
I have just completed the refinance process with Amerisave Mortgage. I am knowledgeable about the process as I have been in the mortgage business. There are many complaints listed here which originate from the ignorance of the client. Everyone makes mistakes, all of us do. Amerisave made mistakes on my loan too, but had the integrity to let the chips fall on themselves, and hold me harmless. I will do business with Amerisave any day of the week. We closed our loan at the agreed upon rate and points.
I worked with Don ** at Amerisave, and he asked me to post the experience I had, working with him and Amerisave. First, I want to say my loan closed in 24 days. Don was awesome to work with. There were a lot of paperwork, but he walked me through everything. I read some of these complaints. I have to admit that if I read these first, I would've ran. I am glad I didn't. My experience was totally the opposite. Don spent a lot of time on the phone explaining the loan process with an online lender. He told me he couldn't lock me until full application was completed, my documents were faxed in and reviewed, and we may have to wait for the appraisal to be completed, unless I have a lot of equity.
He explained the $35 preapproval charge (I still don't agree with it, but it was credited back when the loan processing was closed). He explained that appraisal is a third party, nonrefundable fee (I already knew that, and no bank or mortgage company ever refunds appraisals). He also told me that the initial rate and fees from the website were for those who are ready to lock; other than that, it is a tool to check rates while we're waiting to lock. I did what he said, and I was able to lock the next day, but rates had gone up slightly.
Don asked, “Do you want to float the rate or lock at today's rate?” I have chosen to lock. He emailed me the lock confirmation for my records. He explained the $500 fee to cancel once locked. Anytime I called Don, he answered or he called me back right away. I am not sure if Amerisave is changing its practices or if it was just working with Don, but I had no problems. I am already working with him again on a purchase. My advice is to call Don before even starting. He'll answer every question. By the way, I originally went to Chase and they wanted over $2000 more in fees at a rate of .25 percent higher. Can you guess who my loan is being transferred to from Amerisave? Yes, to Chase.
After a $30 application fee, they checked my credit and said refinancing would be a "slam-dunk". I then had to pay for an appraisal that I had just done two months previously-- another $400 that was not needed. I gave AmeriSave all the documents they requested; W-2's, tax returns, pay stubs, bank account numbers, retirement account numbers, SSN's and et cetera. When it came time to close, they said I would have to combine loans with my second mortgage, which is not a law in Texas.
I would need $8000 to close and $2000 more to buy points. So, I have spent $435 to have them try to cheat me out of more than $10,000 that was never talked about until the closing time. They tried to tell me everything would be rolled in the loan and that it would be a cheaper payment, even though I was going from a 30-year loan to 15 years. I feel cheated and violated for paying that much money, and for giving them all of my private information that I now understand some of it were not needed.
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.
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.
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.
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.
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.
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.
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.
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."
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.
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.
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.
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.
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.
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.
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.
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.
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.
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.
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
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.
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.
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!
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.