I am writing in reference to Amerisave Mortgage Corporation loan. Despite my excellent credit score and credit history, my loan was denied (exhibit 1). I have an 811 credit score, secure professional employment with a $58,000 salary, no credit card debt, and my mortgage is my only debt. I applied 10/11/11 for a re-finance of my mortgage for a better interest rate and shorter term. I only wanted to refinance the remaining $83,000 on my home loan. Comparable homes in my area are selling for $145,000. I was immediately pre-qualified and they took my credit card information to schedule the appraisal.
The appraiser showed up 10/12/11, and spent 20 minutes at my home. He came out with the appraisal report the next day stating my home only appraised for $120,000 (exhibit 2). The appraisal was both incomplete and inaccurate. He did not include a $6,000 storage out building on the property (exhibit 3). This value was 15-20% below true comparables in the area and the county tax assessors valuation (exhibit 4). My home is only 6 years old and in excellent condition. I was assured by Amerisave Sr. Mortgage Processor, Brian Spiridonoff, that the appraisal was fine and would not affect my loan (exhibit 5). I spoke with the local tax revenue office, realtors, and bank loan officers, and was told the true value of the property is 12-15% above the tax accessors value. After weeks of requesting every document imaginable, (exhibit 6) and Amerisave stalling beyond the rate lock expiration date, my loan was denied. The reason stated for denial was unacceptable property and the appraisal.
10/18/11, Theresa Smith (Loan Processor) sent me an email stating, my file had been sent to the underwriter for final approval and we can schedule closing for Friday or Monday (exhibit 7). Closing was not scheduled, and on 11/3/11, I was asked to provide four more documents (exhibit 8). One of the documents was a private road maintenance agreement. This document does not exist. I have a recorded and deeded easement, which was provided (exhibit 9). I checked with local realtors and loan officers and was told that a legal easement was all that is needed. Ms. Smith responded the next day requesting the private road explanation be put in letter form (exhibit 10). I informed her in this email, that if any of these documents were unsatisfactory, to let me know immediately and we would discontinue the loan process. Everything seemed fine until 11/29/11, (which was the last day to close or be required to pay a rate lock extension fee), and I received another email requesting the private road agreement (exhibit 11). I was misled throughout the entire process. I asked Amerisave for a refund of the $375.00 appraisal fee and was denied. I did not get what I paid for. All I want is a refund for the appraisal. I had to immediately cancel the credit card they had on file to prevent any unauthorized fees from being charged. In their fine print, they state they can charge a $500 cancellation fee for any rate lock cancellation. Their intent is to collect as much money as possible in fees. They are not interested in making loans. I have included exhibit 12, a number of similar stories posted on the consumer affairs website. I have complained to every regulatory agency I can think of, but no one seems to be able to investigate this companys questionable business practices. What are consumers options ?