It is always difficult to admit when you get ripped off, but this company is so blatantly fraudulent that my story needs to be told. As you read all of the other similar reports, a pattern appears. Further, Amerisave just settled a class action lawsuit by prior clients for very similar fraudulent and unethical behavior, paying out $millions in the settlement.
I am a small business owner (35 years) with great credit (810) and above average income (averaging over $200K) with no debt other than 2 first mortgages on my primary and vacation homes. My total mortgage payments for both including PITI is $3500 / month. I take a modest salary, but my Sub S business provides additional income. On top of that, I have $1.4 Million in liquid investments which return $75K annually. I had refinanced one of my homes one year ago, but wanted to save even more on my payments by refinancing again at the new, low rates. My income in 2011 was over $250K and this year was ~$222K.
I responded to an Amerisave AD on Yahoo! and saw their great rates. I applied, talked with an agent who gave me a list of documents they needed including income verification (tax returns, W2's, bank statements). These I provided within 24 hours. I was then told that because of my high income, I was qualified for the refinance and my desired rate was locked in. An appraisal was ordered immediately and returned slightly under my last appraisal, but still within 77% loan to value. This affected my lock rate, but I told the agent I would simply put up some cash at closing to get it to 75% to achieve the best rate. Since rates had gone up, I was told that his manager would not allow this. This was my first red flag, because my prior lender (a bank) allowed me to do this very same thing.
Next came the endless parade of document submissions, many of which were duplicate requests. Underwriting sent a request for my tax information to the IRS with the WRONG address and it was rejected by the IRS. Underwriting demanded a letter of explanation from ME, as if it was my mistake, even though I warned them in advance they were using the wrong address (I have filed my personal income taxes using my business address for over 20 years). None of my prior lenders had ANY problem with that. Then came the week long silence.
Finally I received an email from the agent saying I didn't have sufficient verifiable income, when in fact they had in hand statements from payroll and my bank showing that I had far in excess the amount needed to qualify for this $1600 / month loan. The agent also stated that as a small business owner, it was difficult to qualify for a mortgage! This I find interesting considering the fact that in the last 5 years, I've purchased my two homes and have qualified for loans (and refi's) . I also find this interesting because Amerisave knew up front that I was a small business owner and they had no problem accepting my loan application (and fees).
I tried to contact the loan agent and his manager, but they would not return my phone call. However, they immediately charged my credit card for the appraisal and prior fees.
Amerisave is probably one of the worst examples of internet business. Looking back, I should have refinanced through my last lender who was honest and straightforward. Amerisave got my business because they advertised cheap rates and I did not do my due dilligence.
If you have read this review, I seriously hope you find another place to get home mortgage financing.