- Report: #676164
Report - Rebuttal - Arbitrate
Complaint Review: Amerisave Mortage Corporation
Amerisave Mortage CorporationOne Capital City Plaza Atlanta, Georgia United States of America
Amerisave Mortage Corporation Amerisave Charged loan extension fee and never telling us when it applied (many days prior to lock in expiration date) Atlanta, Georgia
*Consumer Comment: Lender Fee Information Disclosure
*Author of original report: Response to Ex-employee's posting
*UPDATE EX-employee responds: 3 year former employee...
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History is adapted from an email sent April 16, 2010
Ms. Carol Poupart
President, Amerisave Mortgage
Dear Ms. Poupart
We are writing you because we have been having a problem with our refinance loan and it seems nobody at Amerisave wants to hear our concerns. You are the last stop before we decide on whether to walk away from the loan. If we do walk, it will be because we believe we cant trust Amerisave to give us the straight story about any issue that should arise. The perception of public trust is an asset that no company can afford to lose, if they wish to remain successful going forward.
The other attached file contains a letter we wrote to Ms. Marisa Davis, an Amerisave representative, asking for a re-consideration of a loan extension fee and explaining our side of the dispute. Unfortunately, in her answer, she did not address any of our points, but instead blamed us for everything -- which is exactly what Rebecca Raskin, another Amerisave representative, did. It appears neither party was able to look at the issue from the customers point of view. Perhaps the perspective of a higher level manager will help to clarify the real concerns we have and help you to address these concerns within your organization.
The critical point is that we were led to believe by various Amerisave emails and the website that April 15th was the end of the 30-day period lock in period which we could settle. Unfortunately, we found out that Amerisave was secretly working towards an April 9th date a date they did not share with us until April 7th. Normally, we would have been able to adjust our schedule to accommodate this very late change of settlement date, but unfortunately we were on the road visiting colleges that week so we were spending hours in the car every day. Even given this logistical challenge, we were able to offer a time and city to settle on April 9th. Youll see in our letter that Amerisave chose not to accept that offer, nor did they pursue a possible Saturday closing in Detroit. Instead they chose April 14th which was after our return home. When they told us of that settlement date, they said everything is fine, which led us to believe that the extension fee issue had been resolved in our favor. We had no reason to believe otherwise and so we had agreed to this date. It was only at the settlement table that we found out that Amerisave had misled us and the fee was still there. The everything is fine turned out to mean everything is fine for Amerisave and not for us.
At the settlement, we signed all document except one. This is now where we are. It would be convenient to complete this loan, but it very hard to do this when Amerisave doesnt want to look at any role they had in the multiple miscommunications that occurred. The attached letter we wrote to Ms. Davis details the many problems we ran into and these problems speak to some real procedural and communications concerns.
I assume Amerisave is in the business of successfully completing loans. In marketing, the perception of doing the right thing is very valuable to a businesss long-term prospects. I hope the problems we have encountered are the exception rather than the rule, and that after reading our attachment youll be able to correct what appears to be procedural and communications issues within your company. Then help us to complete the loan process by removing the loan extension fee.
you for your attention to this matter.
copy of email sent to Ms .Davis, Amerisave's National Sales Manager a day before:
Ms. Marisa Davis
April 15, 2010
Im disappointed that you made a decision without hearing all sides in the dispute. I had hoped you would take an unbiased look at all the facts and talk to both sides before making your decision. Its always very easy to blame the other side in a situation like this, because it avoids having to take a closer look at what could be a procedural problem in your organization.
When the rate was locked on March 16th, our interpretation of this was that we had 30 daysto settle. Your representative said the rate was locked untilApril 15th; there was no language that indicated that there was a three-day cancellation period that had to be included within that 30-day timeframe. When the Linear representative informed us of this fact last night, it was the first time we had heard of this. On previous closings, this issue never came up so we had no experience of this new procedure.
Nothing from Amerisave put us on notice that our interpretation wasn't correct. Amerisave did not disclose this critical piece of information -- that we didnt have 30 days like we thought -- we had only 24 days. This omission is central to this dispute. So we ended up working on the basis that we had 30 days to settle, while Amerisave was working on the basis we had 24 days to settle. Thus, there was never a true meeting of the minds.
All the communications from Amerisave alluded to the fact that, yes, there was a lock extension fee, but it did not state what day it would apply or even why it was being applied since it appeared to us we would easily make the 30-day deadline. To us, it appeared to be an arbitrary fee that was added on at the last moment for no apparent reason.
As a result, we based our decision-making on April 15th, while Amerisave knew all along that the critical date was April 9th. The very first time we found out about the April 9th date was in an email we received on April 7th, when we were on the road. Even so, we offered up a closing time and date of April 9th from 2-4PM in Meadville PA, which is where we were that day. Since Meadville is close to Erie PA, even that would have been possible. If Amerisave wanted to pursue it, all they had to do was call the hotel and we would have responded. They did not.
On their own, Amerisave chose, and I want to stress that
fact: on their own, Amerisave chose April 14th at 6pm as the
settlement date and time -- saying in an email to us from Keisha that everything
is fine which we interpreted as this issue had gone away. Recall that April 14th closing date was suggested to Amerisave
while we were operating under the belief that April 15th was the
deadline. How wrong we were! I note that
Amerisave chose a date which maximizes our cost and your income. Settling in Detroit,
Michigan on Saturday was also possible. Recall that I had said in an email that
we were heading to Detroit Friday evening. But no effort was made to arrange a close for
that day either. We learned that Linears people also work on Saturdays last
night as well.  In effect, the man from
Linear was far more informative than the Amerisave representatives.
If Amerisave had been specific on dates from the start and informed us that, even given the 30 day lock in, we would need to settle on or before April 9th to avoid extension fees, then this is what would have happened. We would have made it work.
We have been in the midst of dealing with a $200K college decision, so the refinance was just one of many activities that were ongoing. We were also planning a trip to visit the final list of colleges from March 31st to April 12. So settling on April 14 or 15th was just fine with us.
Had we known that April 9th was the deadline, we would have had to push everything up to March 29th simply because our plans were so fluid that we couldnt even tell where we were going to be or what we were going to be doing in that 12 day period. Now going from lock to settlement in two weeks probably wasnt possible, even if we had met all your deadlines, so we would have discussed the situation with you and you probably would have advised us to hold off the lock until we returned. We would have accepted that. However, lacking the specific knowledge that April 15th wasnt the critical date because of the omissions from Amerisave did not allow that process to even begin.
Last night when speaking with the Amerisave representative, almost the first words out of her mouth were its all your fault. It has been my observation that like W.C. Fields said, blame is for dogs and small children. Your representative did not facilitate the process and, in fact, I had to request a supervisor. Had we known that the $725 fee was being imposed at closing, we could have escalated the issue last week and resolved it instead of having to do it at what is now the 11th hour. Recall that the Amerisave representative had said that was everything is fine. To our detriment, we believed what we were told by the email.
Remember in my first paragraph I said there were procedural problems, well you now see what those were and how the lack of training, knowledge, and communication added to this total collection of misunderstandings.
I would ask you to reconsider your decision given these facts. We may have been delayed in getting back with some information, but there was a complete failure by Amerisave to communicate the essence of what the dates really meant for all sides rather than a veiled threat of extension fees with no clarification of why they would be necessary. Also, you set up new loans all the time while we have very little experience in this area. We depended on you to our detriment to help make this all come together.
Result: Amerisave reduced the$725 extension fee by $300. We chose to settle to avoid further charges and still fight in other forums A report was later filed with the Atlanta Better Business Bureau but nothing came of that approach. The last communication to the Atlanta BBB was not returned.
This is still a ripoff which is why I'm filing this report. Amerisave never did tell us when the loan extension fee applied until they applied it.
This report was posted on Ripoff Report on 12/28/2010 07:15 PM and is a permanent record located here: http://www.ripoffreport.com/r/Amerisave-Mortage-Corporation/Atlanta-Georgia-30326/Amerisave-Mortage-Corporation-Amerisave-Charged-loan-extension-fee-and-never-telling-us-wh-676164. The posting time indicated is Arizona local time. Arizona does not observe daylight savings so the post time may be Mountain or Pacific depending on the time of year.
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