I applied for a mortgage refinance of my primary residence on 06/21/12 and submitted all the requested documents in a couple of weeks time. I paid for a cerdit check and appraisal which was completed in a couple of days of my application date. The file was sent to underwriting on 07/14/12 with all documentation complete, with an anticipated closing date of 07/31/12. I was provided a rate lock for 45 days (until 08/06/12) but nothing happened until the deadline had passed. Since my wife was going out of the country for a month for summer, I even went through the extra time and expense of getting a POA done, so that I could sign the closing documents on her behalf. I kept contacting the loan processor (Lanisha Cotton) with no response for weeks. I escalated it by contacting the loan initiator (Jeremy Schockley) and my original contact (Eric Mueller) and finally got a response asking for documents to be submitted again, which I did. Nothing happened for few more weeks, and I indicated that I would like to discontinue processing and go with another lender. I received a response that it would be one more week and I needed to resubmit one more document that I had already submitted. I did that, and 3 weeks later I got an email that I need to resend my tax returns again which I had submiitted right at the beginning and had resubmitted once before. After waiting for almost 3 months, I finally informed them that I have moved on with another lender and will be closing in a couple of weeks.
It appears that either this is a scam to genertae business for the appraisal company or there is massive incompetence at the company. Having been through multiple refinances in the past 15 years, this is by far my worst experience dealing with any company providing services. I work in the retail setting and have been at the receiving end of complaints by customers, and can appreciate someone taking extra time to do something, but what I experienced at Amerisave is way beyond what is reasonable.
I have had to pay again for appraisal of my home for the new lender but based on my experience at Amerisave, it was well worth it. Hopefully more people will not get into this same situation and lose their money as well, and that is my motivation in posting this. I don't expect anything out of this except warning other potential customers of Amerisave. There are lots of lenders out there that will provide good service, so there is no need to get suckered by the low rates mentioned on the Amerisave website.