• Report: #380755

Complaint Review: Amerisave Mortgage Corporation

  • Submitted: Mon, October 13, 2008
  • Updated: Sat, June 11, 2011

  • Reported By:SPANISH FORK Utah
Amerisave Mortgage Corporation
One Capital Plaza 3350 Peachtree Road, Ste. 1000 Atlanta, GA 30326 Atlanta, Georgia U.S.A.
  • Phone: 866-970-7283
  • Web:
  • Category: Realtors

Amerisave Mortgage Corporation kept my $395.00 , also closed 3 months late different rate, payment, cash out wrong amount told will be refunded still have not! every time its another excuse!! Atlanta Georgia

*UPDATE EX-employee responds: Security...

*Consumer Comment: Amerisave is known for Bait And Switch

*UPDATE Employee: Your issue wasn't with Amerisave

*Consumer Comment: It wasn't Amerisave; your "best friend" let you down!!

*Consumer Comment: It wasn't Amerisave; your "best friend" let you down!!

*Consumer Comment: It wasn't Amerisave; your "best friend" let you down!!

*Consumer Comment: It wasn't Amerisave; your "best friend" let you down!!

*Consumer Comment: Your friend has MORE explaining to do!

*Consumer Comment: Your friend has MORE explaining to do!

*Consumer Comment: Your friend has MORE explaining to do!

*Consumer Comment: Your friend has MORE explaining to do!

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To whom it may concern:

I am writing this letter to let other people know how dishonest that Amerisave Mortgage is and hopefully make sure that they will not get away with this again. This is my story.

In the end of January 2008 I contacted Amerisave Mortgage about refinancing my home. My best friend of 30 years is a loan advisor for Amerisave. That is the reason we decided to go with Amerisave instead of the current lender we were with.

I told Amerisave that I had a pre payment Penalty with my current lender which would be up on March 15th 2008. And my current loan I had was Interest only loan and in May my payment was going to go up about $300.00 per month. So I wanted to get all the paper work and information that was needed done so when March 15th comes we could sign and close on my new loan. I was told that wouldn't be a problem and we would close on March 12th and the loan would be funded March 15th. They also told me that I didn't need to make my March payment because it would be funded on the day that my grace period was up.

The amount of the loan that we were doing was for $200,000.00 we owed $185,000.00 so we were getting $15,000.00 cash out to do home improvements. I filled out all the paper work and locked in the rate at 5.125% I was told that are payment was going to be $1296.00 or lower per month and that was including principal, interest, taxes and Insurance. And closing costs would be about $2000.00 at the most, so we would get a check when we closed right around $13,000.00.

I got them all the information that they said they would need to move forward with the loan and they charged my credit card $395.00 and told me that would be refunded when we closed.

The first week in February I had every thing to them as far as pay Stubs, copies of drivers license the appraisal done every thing they asked for. Every day I was checking on my loan status to see if they had updated anything and to check the process of my loan, which never changed so I called my loan advisor to see what was going on and she told me they were behind and would get it caught up.

Now the end of February is here and nothing had been updated on my loan. I was told each day that pasted we are working on it and it is almost done we are waiting on under writing. Every day it was another excuse I had my concerns about the process and why it was taking so long, but I trusted and believed my loan advisor after all she is my best friend. I was told don't worry we will have it taken care of and each day that goes by we will reimburse you for the interest that you are being charged by your current lender. I believed her and that Amerisave would follow through and would back up the promises they made.

Then on March 1st I called my loan advisor telling her my house payment was due. She said don't pay it we will have the loan closed before your 15 day grace period is up. About 2 days later I get an email from Amerisave telling me that my loan was declined not because of anything on my part they said it was because they ran it as a conventional loan and that it was supposed to be ran as a FHA loan. So then they tell me I need to fill out everything again and get all the information up to date as far as pay stubs, bank statements, ect. So I fill out every thing again and get them updated information that they asked for then they tell me I half to have a different appraiser come out because the first appraiser wasn't FHA certified. And told me I would not be charged for the 2nd appraiser, I get the second appraisal done then everyday that pasted they would tell me they need me to send the information to the loan processor again or they needed better copies you name it they wanted it again and again just stupid little things which I think it was just to put me off some more.

March 15th gets here and nothing had changed they kept giving me excuses and assuring me not to worry that it would be taken care of and closed by Friday. I told them that my house payment was due on the 1st of each month and that my March payment was past due now, and that I needed to pay it because now that my 15 day grace period was up. They told me if I wanted to pay it just to be safe then pay it and then it would be credited back to me when we closed.

April 1st is here and my April house payment is due they gave me the same spill we will close before your grace period is up so hold off. April 15th is here still not closed on my loan I called my loan advisor again told her that my grace period was up and that I needed to get it paid so it wasn't late she tells me to make the payment and Amerisave will be reimbursed for your April payment as well as your March payment and Amerisave will also pay you $1000.00 for not closing on the date that we told you we would.

Now it is May 1st and my May house payment is due not to mention that its $300.00 more per month. By this time I am really frustrated and I want to know why it has been such a mess and why it has took this long, I call my loan advisor and she tells me that her hands are tied that she had got every thing done on her side and it was Amerisave we was waiting on.

By this time I am so upset and stresses to the max I can't believe how much time and effort I had put into this loan and that I was very unhappy with Amerisave and how they handled this loan process again I am told the same thing we are waiting on under writing. Finally I get a call from Amerisave telling me we are ready to close so on May 9th we are scheduled to have the loan closed. I talked with my Best Friend my loan advisor and told her that the notary is coming to my house to sign the closing papers and that I want her to be there to make sure every thing is correct.

As we start to look over are papers they are not what we were told. First the loan amount is more than we wanted it to be, it was $203,456.00 not $200,000.00 and that are interest rate had gone up from 5.125% to 5.875% and the monthly payment had gone up from $1296.00 per month for the Principal, interest, taxes & insurance to $1402.89 a month.

It was broke down $1203.00 was for Principal & interest $116.85 for taxes & Insurance and $83.04 for Mortgage insurance, we were in shock of all the changes they made, the loan advisor again my best friend said that they were incorrect that she paid the Mortgage insurance up front so we didn't half to make payments on it, and that it shouldn't be on the payment amount because it was paid upfront, also the $1203.00 was for principal, interest, taxes, insurance which they had down $1203.00 for just principal & Interest and that the final HUD was incorrect, also the cash out amount was wrong it said that the amount that we would get a check for was around $4800.00 and that the closing costs we paid was like $10,315.00. not to mention that she told us that the mortgage insurance was paid upfront by her but we were charged for it as well in the $10,315.00 closing costs, and the reason why the loan amount was changed to $203, 456.00 is because they charged the mortgage insurance again. so she paid the Mortgage insurance upfront and then we paid for it with the closing costs and then they added it on to the loan amount so it was paid 3 times. She said that she was going to broker credit every thing back to us and get the HUD corrected to go ahead and sign the closing papers and that she would get them corrected before it funded. I told her I didn't feel comfortable doing that. But she gave me her word and she promised me it would be fixed.

The notary heard her telling us she was going to fix everything before it was funded. But wouldn't you know it never got changed before it funded, she told me that she changed it and Amerisave didn't update the information. We received the check from the title company not only was it not the correct amount we were told it would be, it was even less! The check was $4524.00. They took the $395.00 out of the check that was for the cash out!

I have called my loan advisor every day asking for the corrected documents that she said supposedly fixed and she tells me that there is not any documents that she changed everything in Amerisave data base and broker credited everything so there wasn't any documents, I asked her why there wouldn't be any documents if they had changed the final HUD then she told me that's right that she would get the documents from Amerisave for me. She also said that they were sending the corrected information on the loan to my new lender and that it would be fixed before my first payment was due. And I would be receiving a refund from Amerisave mortgage for the $395.00 that they didn't refund and $1,000.00 for not closing when they told me they would and then a check for about $8200.00 for the charges that we were charged for that shouldn't have been charged to us. I thought great that works for me.

As several months have gone by and Amerisave putting me off and arguing that the amount to be refunded to me is not correct my loan advisor has went back and forth trying to show them the breakdown of the refund and they still are saying that it is not correct they show a refund of $5200.00., which my loan advisor told them that was not correct be cause she paid the mortgage insurance upfront and we paid for it in our closing costs and they added it on top of our loan amount. They told her that the mortgage insurance she paid upfront was sent to the lender which they have not seen it. Or we would not be paying for it with every house payment we make.

Everyday since the day we closed we have been told we will get a check in the mail they would give us a date and tell us the check would be mailed we should see it by the end of the week it has been 18 weeks and still not seen a check.

On August 14th I spoke with my loan advisor and she told me she had finally heard back from Amerisave and that the money owed to us was going to be put on her paycheck and then she could just give it to us she told me that she would have her paycheck on 08/25/2008 and she would cut us a check well I went to her home on the 25th and she told me that it wasn't on her paycheck that she thinks that it wasn't on it because Amerisave didn't put the request in time before the pay period had ended and assured me that it would be on her check on 9/10/2008 no ands if buts about it.

Well it is 9/11/2008 and yesterday I went to her home to get the money owed to us and she told me that she was being audited and until she got everything fix she wasn't able to be paid by Amerisave which she told me that it should be 9/11/2008 or 09/12/2008. but I am pretty sure that she will come up with another excuse I am to the point that I am seeking advise from an attorney this has been going on to long.

This experience with Amerisave Mortgage has been the worst thing ever! It has took a toll on me it has caused so many problems in my marriage, my friendship, my health. I have made my self sick stressing over this problem that Amerisave seems not to care about. It is now September 2008 and we still have not seen a refund from Amerisave. I fill like they still are making excuses and putting us off. I would never refer anyone to Amerisave Mortgage they are a very dishonest company! I Hope nobody else will ever half to experience what I did.

Jami
SPANISH FORK, Utah
U.S.A.

This report was posted on Ripoff Report on 10/13/2008 10:22 AM and is a permanent record located here: http://www.ripoffreport.com/r/Amerisave-Mortgage-Corporation/Atlanta-Georgia-30326/Amerisave-Mortgage-Corporation-kept-my-39500-also-closed-3-months-late-different-rate-380755. 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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#1 UPDATE EX-employee responds

Security...

AUTHOR: marketleader - (USA)

Amerisave is actually one of the most secure companies in terms of protecting consumer information. Most of the loan advisors do in fact work from home and because of this Amerisave is a 100% paperless company. Your information is held on secure servers and the loan advisors are not able to handle your information in paper form. They have a secure timed out log in just to view your information on the server if you were to fax your information.



Your information sitting on somebody's desk in your local bank is as unsecure as you can get. Amerisave doesn't practice this like most of the larger banks or lenders do.
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#2 Consumer Comment

Amerisave is known for Bait And Switch

AUTHOR: RipOffReporter - (United States of America)

I do not believe the loan officer from Amerisave who said that they have a 100% pull through and all happy customers. Amerisave is one of the worst companies to refinance with! They are known to bait and switch in the mortgage industry and if you google Amerisave complaints you will see that. My brother use to work for Amerisave and I used him for my refinance. First off your information is not secure because all the loan officers and processors work out of their homes. Processing is horrible, the processor would never pick up her phone when I called about my loan and would not even pick up the phone nor return calls from my brother the loan officer. My loan was in processing for 2 1/2 months before I go fed up and cancelled my loan. I was locked in my rate but the rate expired and the company increased my rate and closing cost even though rates actually went down!!! My brother ended up leaving Amerisave because this was not an isolated case and he was not getting paid his commissions because processing would take so long that borrowers cancelled. My brother also said that the company is not ethical because the company as a whole relys on baiting and switching rates and closing cost. They offer rates that are way out of the market with no intention of giving those same rates when the loan closes. The company wants their loan officers to float the rate when borrowers think they are locking in the rate. Amerisave is a total scam and this whole story sounds like the norm when you google other complaints on the internet. Stay Away!!!
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#3 UPDATE Employee

Your issue wasn't with Amerisave

AUTHOR: Mortgages 4 You Compare & Save - (U.S.A.)

I work for Amerisave and my customers are very happy. I have a 100% pull through rate with my clients at Amerisave. Your comments reflect your issues were not with Amerisave. Sorry to hear you are so upset. Thank you.
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#4 Consumer Comment

It wasn't Amerisave; your "best friend" let you down!!

AUTHOR: Bob - (U.S.A.)

I try to read these "rip off" reports with an open mind and know that these forums are a good way to expose negligent and unethical behavior. But, I don't think a whole company's reputation should be denounced when it is just one incompetent employee that did you wrong. Nowhere in your rip off report do you mention that you spoke with anyone at Amerisave except your "best friend". I have to agree with Kalee, any mortgage professional would know that FHA mortgages "require" an Upfront Mortgage Insurance payment and a monthly mortgage insurance payment. Here is what I am sure happened. Your best friend promised you a great loan that she was never going to be able to deliver no matter which lender she worked for at the time. As the loan was being processed a problem arose. If it was "switched" from a conventional loan to an FHA loan I gaurantee it was because the value of your home wasn't as high as you thought it was. Look at any national real estate report and even back in early 2008 home values everywhere were dropping. So, now you did not qualify for a conventional loan and because you wanted to take additional cash out of the "lower" equity that remained in the home your loan became a higher risk to any lender and the cost of doing a loan went up. That is when you friend failed to start telling you the hard truth and tried to scramble to save the loan. She passed the "blame" on to those unnamed underwriters and instead of being straight with you and letting you know you were really starting a whole new loan because you didn't qualify for the one she promised you.

That is why your interest rate was no longer locked and you needed a new appraisal and new documents that you had already provided before. To make matters worse she started compounding her mistakes. Take a step back and think. If this wasn't your friend would you ever believe that a mortgage company would let a loan officer "pay" your mortgage insurance for you "before" you even signed and closed a loan. And what advantage was there for you to not pay your current lender on the first of the month. All mortgages are paid in arrears. That means that when you make a payment on the 1st of the month you are actually paying for the previous months interest. You never really skip a payment. The interest due would have just been added to the amount needed to pay off your current loan. That is why it doesn't make sense for your friend to tell you Amerisave would "reimburse" you for mortgage payments you actually owed to another lender. I can't believe you let your best friend string you along like that for so long. I also, bet she kept blaming underwriting why she was hoping interest rates would go lower so she could somehow get you close to what she had originally promised. Then she was stuck and figured she would just try to cover your costs by waiving what commission she was going to personally make by originating your loan. But, she couldn't and that is why the closing costs were more than you anticipated and why you ended up with so little cash back.

But the really, really big whopper was the outright lie she told you last. Again, think about it real hard. If a lender was going to "reimburse' you any money at all, why oh why would they ever give it your loan officer in "her paycheck". You mean your friend was willing to pay taxes on what she would have to claim as "income" if it was paid directly to her just to turn around and give the money to you. No business would ever, ever reimburse a client through the salesperson. She knew she screwed up and was going to pay you out of her own pocket. Except I am sure if she screwed up your loan so badly she sure wasn't making much money from any other loans and that is why she doesn't have any money to give to you.

This isn't really so much the tale of a company ripping you off as it is a friend letting you down. That is a more personal issue than a reason to vent on a public forum.
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#5 Consumer Comment

It wasn't Amerisave; your "best friend" let you down!!

AUTHOR: Bob - (U.S.A.)

I try to read these "rip off" reports with an open mind and know that these forums are a good way to expose negligent and unethical behavior. But, I don't think a whole company's reputation should be denounced when it is just one incompetent employee that did you wrong. Nowhere in your rip off report do you mention that you spoke with anyone at Amerisave except your "best friend". I have to agree with Kalee, any mortgage professional would know that FHA mortgages "require" an Upfront Mortgage Insurance payment and a monthly mortgage insurance payment. Here is what I am sure happened. Your best friend promised you a great loan that she was never going to be able to deliver no matter which lender she worked for at the time. As the loan was being processed a problem arose. If it was "switched" from a conventional loan to an FHA loan I gaurantee it was because the value of your home wasn't as high as you thought it was. Look at any national real estate report and even back in early 2008 home values everywhere were dropping. So, now you did not qualify for a conventional loan and because you wanted to take additional cash out of the "lower" equity that remained in the home your loan became a higher risk to any lender and the cost of doing a loan went up. That is when you friend failed to start telling you the hard truth and tried to scramble to save the loan. She passed the "blame" on to those unnamed underwriters and instead of being straight with you and letting you know you were really starting a whole new loan because you didn't qualify for the one she promised you.

That is why your interest rate was no longer locked and you needed a new appraisal and new documents that you had already provided before. To make matters worse she started compounding her mistakes. Take a step back and think. If this wasn't your friend would you ever believe that a mortgage company would let a loan officer "pay" your mortgage insurance for you "before" you even signed and closed a loan. And what advantage was there for you to not pay your current lender on the first of the month. All mortgages are paid in arrears. That means that when you make a payment on the 1st of the month you are actually paying for the previous months interest. You never really skip a payment. The interest due would have just been added to the amount needed to pay off your current loan. That is why it doesn't make sense for your friend to tell you Amerisave would "reimburse" you for mortgage payments you actually owed to another lender. I can't believe you let your best friend string you along like that for so long. I also, bet she kept blaming underwriting why she was hoping interest rates would go lower so she could somehow get you close to what she had originally promised. Then she was stuck and figured she would just try to cover your costs by waiving what commission she was going to personally make by originating your loan. But, she couldn't and that is why the closing costs were more than you anticipated and why you ended up with so little cash back.

But the really, really big whopper was the outright lie she told you last. Again, think about it real hard. If a lender was going to "reimburse' you any money at all, why oh why would they ever give it your loan officer in "her paycheck". You mean your friend was willing to pay taxes on what she would have to claim as "income" if it was paid directly to her just to turn around and give the money to you. No business would ever, ever reimburse a client through the salesperson. She knew she screwed up and was going to pay you out of her own pocket. Except I am sure if she screwed up your loan so badly she sure wasn't making much money from any other loans and that is why she doesn't have any money to give to you.

This isn't really so much the tale of a company ripping you off as it is a friend letting you down. That is a more personal issue than a reason to vent on a public forum.
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#6 Consumer Comment

It wasn't Amerisave; your "best friend" let you down!!

AUTHOR: Bob - (U.S.A.)

I try to read these "rip off" reports with an open mind and know that these forums are a good way to expose negligent and unethical behavior. But, I don't think a whole company's reputation should be denounced when it is just one incompetent employee that did you wrong. Nowhere in your rip off report do you mention that you spoke with anyone at Amerisave except your "best friend". I have to agree with Kalee, any mortgage professional would know that FHA mortgages "require" an Upfront Mortgage Insurance payment and a monthly mortgage insurance payment. Here is what I am sure happened. Your best friend promised you a great loan that she was never going to be able to deliver no matter which lender she worked for at the time. As the loan was being processed a problem arose. If it was "switched" from a conventional loan to an FHA loan I gaurantee it was because the value of your home wasn't as high as you thought it was. Look at any national real estate report and even back in early 2008 home values everywhere were dropping. So, now you did not qualify for a conventional loan and because you wanted to take additional cash out of the "lower" equity that remained in the home your loan became a higher risk to any lender and the cost of doing a loan went up. That is when you friend failed to start telling you the hard truth and tried to scramble to save the loan. She passed the "blame" on to those unnamed underwriters and instead of being straight with you and letting you know you were really starting a whole new loan because you didn't qualify for the one she promised you.

That is why your interest rate was no longer locked and you needed a new appraisal and new documents that you had already provided before. To make matters worse she started compounding her mistakes. Take a step back and think. If this wasn't your friend would you ever believe that a mortgage company would let a loan officer "pay" your mortgage insurance for you "before" you even signed and closed a loan. And what advantage was there for you to not pay your current lender on the first of the month. All mortgages are paid in arrears. That means that when you make a payment on the 1st of the month you are actually paying for the previous months interest. You never really skip a payment. The interest due would have just been added to the amount needed to pay off your current loan. That is why it doesn't make sense for your friend to tell you Amerisave would "reimburse" you for mortgage payments you actually owed to another lender. I can't believe you let your best friend string you along like that for so long. I also, bet she kept blaming underwriting why she was hoping interest rates would go lower so she could somehow get you close to what she had originally promised. Then she was stuck and figured she would just try to cover your costs by waiving what commission she was going to personally make by originating your loan. But, she couldn't and that is why the closing costs were more than you anticipated and why you ended up with so little cash back.

But the really, really big whopper was the outright lie she told you last. Again, think about it real hard. If a lender was going to "reimburse' you any money at all, why oh why would they ever give it your loan officer in "her paycheck". You mean your friend was willing to pay taxes on what she would have to claim as "income" if it was paid directly to her just to turn around and give the money to you. No business would ever, ever reimburse a client through the salesperson. She knew she screwed up and was going to pay you out of her own pocket. Except I am sure if she screwed up your loan so badly she sure wasn't making much money from any other loans and that is why she doesn't have any money to give to you.

This isn't really so much the tale of a company ripping you off as it is a friend letting you down. That is a more personal issue than a reason to vent on a public forum.
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#7 Consumer Comment

It wasn't Amerisave; your "best friend" let you down!!

AUTHOR: Bob - (U.S.A.)

I try to read these "rip off" reports with an open mind and know that these forums are a good way to expose negligent and unethical behavior. But, I don't think a whole company's reputation should be denounced when it is just one incompetent employee that did you wrong. Nowhere in your rip off report do you mention that you spoke with anyone at Amerisave except your "best friend". I have to agree with Kalee, any mortgage professional would know that FHA mortgages "require" an Upfront Mortgage Insurance payment and a monthly mortgage insurance payment. Here is what I am sure happened. Your best friend promised you a great loan that she was never going to be able to deliver no matter which lender she worked for at the time. As the loan was being processed a problem arose. If it was "switched" from a conventional loan to an FHA loan I gaurantee it was because the value of your home wasn't as high as you thought it was. Look at any national real estate report and even back in early 2008 home values everywhere were dropping. So, now you did not qualify for a conventional loan and because you wanted to take additional cash out of the "lower" equity that remained in the home your loan became a higher risk to any lender and the cost of doing a loan went up. That is when you friend failed to start telling you the hard truth and tried to scramble to save the loan. She passed the "blame" on to those unnamed underwriters and instead of being straight with you and letting you know you were really starting a whole new loan because you didn't qualify for the one she promised you.

That is why your interest rate was no longer locked and you needed a new appraisal and new documents that you had already provided before. To make matters worse she started compounding her mistakes. Take a step back and think. If this wasn't your friend would you ever believe that a mortgage company would let a loan officer "pay" your mortgage insurance for you "before" you even signed and closed a loan. And what advantage was there for you to not pay your current lender on the first of the month. All mortgages are paid in arrears. That means that when you make a payment on the 1st of the month you are actually paying for the previous months interest. You never really skip a payment. The interest due would have just been added to the amount needed to pay off your current loan. That is why it doesn't make sense for your friend to tell you Amerisave would "reimburse" you for mortgage payments you actually owed to another lender. I can't believe you let your best friend string you along like that for so long. I also, bet she kept blaming underwriting why she was hoping interest rates would go lower so she could somehow get you close to what she had originally promised. Then she was stuck and figured she would just try to cover your costs by waiving what commission she was going to personally make by originating your loan. But, she couldn't and that is why the closing costs were more than you anticipated and why you ended up with so little cash back.

But the really, really big whopper was the outright lie she told you last. Again, think about it real hard. If a lender was going to "reimburse' you any money at all, why oh why would they ever give it your loan officer in "her paycheck". You mean your friend was willing to pay taxes on what she would have to claim as "income" if it was paid directly to her just to turn around and give the money to you. No business would ever, ever reimburse a client through the salesperson. She knew she screwed up and was going to pay you out of her own pocket. Except I am sure if she screwed up your loan so badly she sure wasn't making much money from any other loans and that is why she doesn't have any money to give to you.

This isn't really so much the tale of a company ripping you off as it is a friend letting you down. That is a more personal issue than a reason to vent on a public forum.
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#8 Consumer Comment

Your friend has MORE explaining to do!

AUTHOR: Kalee - (U.S.A.)

I am a loan officer (NOT for this company) while it definitely sounds like your were ripped off and jerked around, your friend failed you more than anyone. She HAS to be new and has no business doing loans she does not understand OR doesn't explain.

First issue: You cannot just accidentally run a loan as conventional when it is supposed to be FHA. The LO (your friend) is the one who picks a loan program, runs it, and places the loan an investor/underwriter. The differences in running a conventional and FHA loan are unmistakable!!

BUT Conventional loans are harder to qualify for, especially when they are cash out refi's. So let me just tell you what I 99% positive actually happened. She thought she could do it conventional. SHE is the one that would have ordered the appraisal (and would know if she needed to get an FHA appraiser BUT she didn't plan on doing an FHA loan so she did not). Something went wrong with your conventional loan (for example, appraised value didn't come in high enough to have you at or below the 90% loan-to-value required for a conventional cash out refi)

SO she flipped your loan to FHA. Guess what. She didn't explain how an FHA loan works OR she has not a clue what she is doing! Her I paid your mortgage insurance is literally impossible!! You in NO circumstances can have your FHA mortgage insurance paid by your lender/loan officer. ALL FHA loans have an upfront mortgage insurance premium that is payable ONLY AT CLOSE on the settlement statement. In every case it can only be paid by the borrower (never the lender). She could not just send it. ALSO, although it looks as if it were paid 2 times, it was not. It is ALWAYS financed into your loan BUT ALSO reflects in the charges. Although it shows as a fee, it comes off of your bottom line because your loan increased by the exact same amount. It is difficult to explain without walking though a settlement statement with you. However, 100% of the time on FHA loans it MUST be listed in the fees but is not out of your pocket because of the increase in your loan amount. If your settlement statement was any other way it would not be FHA insurable and you would be in much more trouble!!

Also, as far as the monthly mortgage insurance she is also either lying to your OR has no business doing loans. In EVERY 30 year FHA loan there is also monthly mortgage insurance above and beyond your upfront premium. There is NO exception. It cannot be bought out or omitted in any way. All of these things are typical and required with FHA loans. Unfortunately your friend did not explain anything to you.

Another SCARY thing is that it is AGAINST ANY ETHICAL GUIDELINES FOR A LOAN OFFICER TO ADVISE YOU TO WAIT TO MAKE YOUR CURRENT PAYMENT!!!! At any responsible place I have ever worked at this is the type of behavior that would get you fired!!!!

So in closing, it does look that Amerisave really screwed you around as far as time and touble. I have heard many horrible things about this company, but have no real knowledge of them other than what I hear. However, it is your friend that was responsible for making sure you understood the program you were being put in. IT IS ALSO solely up to her to chose your rate and discount fees based on the commission she plans to make. No lender can screw you without the loan officer being part of it all. Underwriting turn times, appraised value, and underwriting decisions are the only things that were out of her control.

It sounds like she does not even understand the basics of an FHA loan as 90% of what you said is what is required by FHA. As complex as these things are you could not just know these things. You relied on someone to prepare your for these things so that you knew what you were getting into. This was 100% your friend's responsibility and she failed you. I really hope you can at least get your app fee back. Good luck!! PS. Next time you ever do a loan if you don't like what you see at closing then DON'T SIGN A THING. Those "oh we'll fix it prior to funding" never happen. If she had actually thought anything was wrong she wouldn't have let you sign.
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#9 Consumer Comment

Your friend has MORE explaining to do!

AUTHOR: Kalee - (U.S.A.)

I am a loan officer (NOT for this company) while it definitely sounds like your were ripped off and jerked around, your friend failed you more than anyone. She HAS to be new and has no business doing loans she does not understand OR doesn't explain.

First issue: You cannot just accidentally run a loan as conventional when it is supposed to be FHA. The LO (your friend) is the one who picks a loan program, runs it, and places the loan an investor/underwriter. The differences in running a conventional and FHA loan are unmistakable!!

BUT Conventional loans are harder to qualify for, especially when they are cash out refi's. So let me just tell you what I 99% positive actually happened. She thought she could do it conventional. SHE is the one that would have ordered the appraisal (and would know if she needed to get an FHA appraiser BUT she didn't plan on doing an FHA loan so she did not). Something went wrong with your conventional loan (for example, appraised value didn't come in high enough to have you at or below the 90% loan-to-value required for a conventional cash out refi)

SO she flipped your loan to FHA. Guess what. She didn't explain how an FHA loan works OR she has not a clue what she is doing! Her I paid your mortgage insurance is literally impossible!! You in NO circumstances can have your FHA mortgage insurance paid by your lender/loan officer. ALL FHA loans have an upfront mortgage insurance premium that is payable ONLY AT CLOSE on the settlement statement. In every case it can only be paid by the borrower (never the lender). She could not just send it. ALSO, although it looks as if it were paid 2 times, it was not. It is ALWAYS financed into your loan BUT ALSO reflects in the charges. Although it shows as a fee, it comes off of your bottom line because your loan increased by the exact same amount. It is difficult to explain without walking though a settlement statement with you. However, 100% of the time on FHA loans it MUST be listed in the fees but is not out of your pocket because of the increase in your loan amount. If your settlement statement was any other way it would not be FHA insurable and you would be in much more trouble!!

Also, as far as the monthly mortgage insurance she is also either lying to your OR has no business doing loans. In EVERY 30 year FHA loan there is also monthly mortgage insurance above and beyond your upfront premium. There is NO exception. It cannot be bought out or omitted in any way. All of these things are typical and required with FHA loans. Unfortunately your friend did not explain anything to you.

Another SCARY thing is that it is AGAINST ANY ETHICAL GUIDELINES FOR A LOAN OFFICER TO ADVISE YOU TO WAIT TO MAKE YOUR CURRENT PAYMENT!!!! At any responsible place I have ever worked at this is the type of behavior that would get you fired!!!!

So in closing, it does look that Amerisave really screwed you around as far as time and touble. I have heard many horrible things about this company, but have no real knowledge of them other than what I hear. However, it is your friend that was responsible for making sure you understood the program you were being put in. IT IS ALSO solely up to her to chose your rate and discount fees based on the commission she plans to make. No lender can screw you without the loan officer being part of it all. Underwriting turn times, appraised value, and underwriting decisions are the only things that were out of her control.

It sounds like she does not even understand the basics of an FHA loan as 90% of what you said is what is required by FHA. As complex as these things are you could not just know these things. You relied on someone to prepare your for these things so that you knew what you were getting into. This was 100% your friend's responsibility and she failed you. I really hope you can at least get your app fee back. Good luck!! PS. Next time you ever do a loan if you don't like what you see at closing then DON'T SIGN A THING. Those "oh we'll fix it prior to funding" never happen. If she had actually thought anything was wrong she wouldn't have let you sign.
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#10 Consumer Comment

Your friend has MORE explaining to do!

AUTHOR: Kalee - (U.S.A.)

I am a loan officer (NOT for this company) while it definitely sounds like your were ripped off and jerked around, your friend failed you more than anyone. She HAS to be new and has no business doing loans she does not understand OR doesn't explain.

First issue: You cannot just accidentally run a loan as conventional when it is supposed to be FHA. The LO (your friend) is the one who picks a loan program, runs it, and places the loan an investor/underwriter. The differences in running a conventional and FHA loan are unmistakable!!

BUT Conventional loans are harder to qualify for, especially when they are cash out refi's. So let me just tell you what I 99% positive actually happened. She thought she could do it conventional. SHE is the one that would have ordered the appraisal (and would know if she needed to get an FHA appraiser BUT she didn't plan on doing an FHA loan so she did not). Something went wrong with your conventional loan (for example, appraised value didn't come in high enough to have you at or below the 90% loan-to-value required for a conventional cash out refi)

SO she flipped your loan to FHA. Guess what. She didn't explain how an FHA loan works OR she has not a clue what she is doing! Her I paid your mortgage insurance is literally impossible!! You in NO circumstances can have your FHA mortgage insurance paid by your lender/loan officer. ALL FHA loans have an upfront mortgage insurance premium that is payable ONLY AT CLOSE on the settlement statement. In every case it can only be paid by the borrower (never the lender). She could not just send it. ALSO, although it looks as if it were paid 2 times, it was not. It is ALWAYS financed into your loan BUT ALSO reflects in the charges. Although it shows as a fee, it comes off of your bottom line because your loan increased by the exact same amount. It is difficult to explain without walking though a settlement statement with you. However, 100% of the time on FHA loans it MUST be listed in the fees but is not out of your pocket because of the increase in your loan amount. If your settlement statement was any other way it would not be FHA insurable and you would be in much more trouble!!

Also, as far as the monthly mortgage insurance she is also either lying to your OR has no business doing loans. In EVERY 30 year FHA loan there is also monthly mortgage insurance above and beyond your upfront premium. There is NO exception. It cannot be bought out or omitted in any way. All of these things are typical and required with FHA loans. Unfortunately your friend did not explain anything to you.

Another SCARY thing is that it is AGAINST ANY ETHICAL GUIDELINES FOR A LOAN OFFICER TO ADVISE YOU TO WAIT TO MAKE YOUR CURRENT PAYMENT!!!! At any responsible place I have ever worked at this is the type of behavior that would get you fired!!!!

So in closing, it does look that Amerisave really screwed you around as far as time and touble. I have heard many horrible things about this company, but have no real knowledge of them other than what I hear. However, it is your friend that was responsible for making sure you understood the program you were being put in. IT IS ALSO solely up to her to chose your rate and discount fees based on the commission she plans to make. No lender can screw you without the loan officer being part of it all. Underwriting turn times, appraised value, and underwriting decisions are the only things that were out of her control.

It sounds like she does not even understand the basics of an FHA loan as 90% of what you said is what is required by FHA. As complex as these things are you could not just know these things. You relied on someone to prepare your for these things so that you knew what you were getting into. This was 100% your friend's responsibility and she failed you. I really hope you can at least get your app fee back. Good luck!! PS. Next time you ever do a loan if you don't like what you see at closing then DON'T SIGN A THING. Those "oh we'll fix it prior to funding" never happen. If she had actually thought anything was wrong she wouldn't have let you sign.
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#11 Consumer Comment

Your friend has MORE explaining to do!

AUTHOR: Kalee - (U.S.A.)

I am a loan officer (NOT for this company) while it definitely sounds like your were ripped off and jerked around, your friend failed you more than anyone. She HAS to be new and has no business doing loans she does not understand OR doesn't explain.

First issue: You cannot just accidentally run a loan as conventional when it is supposed to be FHA. The LO (your friend) is the one who picks a loan program, runs it, and places the loan an investor/underwriter. The differences in running a conventional and FHA loan are unmistakable!!

BUT Conventional loans are harder to qualify for, especially when they are cash out refi's. So let me just tell you what I 99% positive actually happened. She thought she could do it conventional. SHE is the one that would have ordered the appraisal (and would know if she needed to get an FHA appraiser BUT she didn't plan on doing an FHA loan so she did not). Something went wrong with your conventional loan (for example, appraised value didn't come in high enough to have you at or below the 90% loan-to-value required for a conventional cash out refi)

SO she flipped your loan to FHA. Guess what. She didn't explain how an FHA loan works OR she has not a clue what she is doing! Her I paid your mortgage insurance is literally impossible!! You in NO circumstances can have your FHA mortgage insurance paid by your lender/loan officer. ALL FHA loans have an upfront mortgage insurance premium that is payable ONLY AT CLOSE on the settlement statement. In every case it can only be paid by the borrower (never the lender). She could not just send it. ALSO, although it looks as if it were paid 2 times, it was not. It is ALWAYS financed into your loan BUT ALSO reflects in the charges. Although it shows as a fee, it comes off of your bottom line because your loan increased by the exact same amount. It is difficult to explain without walking though a settlement statement with you. However, 100% of the time on FHA loans it MUST be listed in the fees but is not out of your pocket because of the increase in your loan amount. If your settlement statement was any other way it would not be FHA insurable and you would be in much more trouble!!

Also, as far as the monthly mortgage insurance she is also either lying to your OR has no business doing loans. In EVERY 30 year FHA loan there is also monthly mortgage insurance above and beyond your upfront premium. There is NO exception. It cannot be bought out or omitted in any way. All of these things are typical and required with FHA loans. Unfortunately your friend did not explain anything to you.

Another SCARY thing is that it is AGAINST ANY ETHICAL GUIDELINES FOR A LOAN OFFICER TO ADVISE YOU TO WAIT TO MAKE YOUR CURRENT PAYMENT!!!! At any responsible place I have ever worked at this is the type of behavior that would get you fired!!!!

So in closing, it does look that Amerisave really screwed you around as far as time and touble. I have heard many horrible things about this company, but have no real knowledge of them other than what I hear. However, it is your friend that was responsible for making sure you understood the program you were being put in. IT IS ALSO solely up to her to chose your rate and discount fees based on the commission she plans to make. No lender can screw you without the loan officer being part of it all. Underwriting turn times, appraised value, and underwriting decisions are the only things that were out of her control.

It sounds like she does not even understand the basics of an FHA loan as 90% of what you said is what is required by FHA. As complex as these things are you could not just know these things. You relied on someone to prepare your for these things so that you knew what you were getting into. This was 100% your friend's responsibility and she failed you. I really hope you can at least get your app fee back. Good luck!! PS. Next time you ever do a loan if you don't like what you see at closing then DON'T SIGN A THING. Those "oh we'll fix it prior to funding" never happen. If she had actually thought anything was wrong she wouldn't have let you sign.
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