AmeriSave Mortgage

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.

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.

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!

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!

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.

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.

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.

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.

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.

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.

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.

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.

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!

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.

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.

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.

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.

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.

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.

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!

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.

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.

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.

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.

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.

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.

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.

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.

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.

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!

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.

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.

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.

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.

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.

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. ?

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!

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.

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.

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.

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.

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!

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.

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!

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.

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.

(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 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.

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.

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.

10/11 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 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 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.

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.

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.

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.

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.

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 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.

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.

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.

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.

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

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.

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.

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!