• Report: #447230

Complaint Review: Amerigroup Mortage Corportation

  • Submitted: Tue, April 28, 2009
  • Updated: Sat, August 18, 2012

  • Reported By:Garland Texas
Amerigroup Mortage Corportation
6090 Central Avenue Saint Petersberg, Florida United States of America

Mortgage Investors Corporation Review Scam | Complaints REVIEW: Mortgage Investors Corporation / Amerigroup Mortgage Corporation commitment to 100% client satisfaction, MIC implemented strategic changes to insure clients success, focusing on finding ways to help service members and veterans protect their homes and lower their monthly mortgage payments even in the sort of challenging market we face today.
*UPDATE: Recognized by Rip-off Report Corporate Advocacy Program as a safe business service Mortgage Investors Corporation / Amerigroup Mortgage Corporation pledges to always resolve any issues, feel safe, confident & secure when doing business with MIC.

*UPDATE Employee: Please read with an open mind...

*Consumer Comment: To Good to be true

*Consumer Comment: Tim Owen

*Consumer Comment: mortgage investors corp aka amerigroup

*General Comment: VA facts

*General Comment: VA Program not MIC program

*UPDATE EX-employee responds: yeah right

*Consumer Comment: Being Skeptical is OK

*REBUTTAL Owner of company: ur stupid thats not their fault

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SPECIAL UPDATE: August 18 2012: Mortgage Investors Corporation remains committed to increased customer satisfaction and has improved their business practices over the years to better serve their customers. Mortgage Investors Corporation is truly dedicated to making sure their customers are satisfied and that any complaints which do arise are addressed promptly and fairly.

To date, Mortgage Investors Corporation has made good faith efforts to resolve all complaints reported on Rip-off Report. Based on our experience, the member business has proven to be among the top members of the Rip-off Report Corporate Advocacy Business Remediation and Customer Satisfaction Program as a Verified Safe Business.

Over time and since becoming a member, Mortgage Investors Corporation has remained actively engaged and improving the way they address customer service complaints. As an active and current member of the Rip-off Report Corporate Advocacy Business Remediation and Customer Satisfaction Program we are happy to report that now more than ever Mortgage Investors Corporation remains committed to improving customer satisfaction.

Remember, no company or individual can ever satisfy 100% of the people 100% of the time. There are no products or services that will always be perfect for everyone and even the best companies will receive complaints from time to time. However, by participating in the Corporate Advocacy Program, the member business has made a commitment to working with its customers to resolve complaints quickly and fairly whenever possible.

Please keep in mind that as a consumer you have some responsibilities as well. Success has many definitions that based on your past experiences, current situation and your perceived expectations. Success with any product or service is always based on the proper application and understanding. The fastest car will not run if you never turn the engine on. Look at how you used the product or service that was provided in relation with the instructions that you received. The Corporate Advocacy Business Remediation and Customer Satisfaction Program will help you get your voice heard but please be prepared with documentation and fair representation of your concern, also have an idea of how the company can fix your concern. Can they offer additional services, extend warranties, offer a fair refund or just get you talking with someone that can help. ..let them know and let us know!

*Any consumer not receiving satisfaction from a member of the Corporate Advocacy Program should email us at editor@ripoffreport.com
 Mortgage Investors Corporation is Rip-off Report Verified

Rip-off Report REVIEW:

Editors UPDATE: Positive Rating and Recognition has been given to mortgage-companies/mortgage-investors-c/mortgage-investors-corporation-ddd29.htm for its Commitment to Excellence in customer service.

Rip-off Reports review of Mortgage Investors Corporation / Amerigroup Mortgage Corporation uncovers an ongoing commitment to total client satisfaction. This means that clients can expect that MIC will always work towards finding a mutually satisfactory resolution to any complaints or concerns. MIC listens carefully to client concerns and sees them as an opportunity to learn from past mistakes and become more efficient as a company in the services MIC offers and the support for those services.

One top executive in the mortgage lending business stated to Rip-off Report, that MICs chairmans personal philosophy is that service members and veterans are a different class of citizens who deserve the best this nation and his company have to offer in return for their sacrifices to this country. MIC must listen to our clients and respond properly. This is the best way to ensure MIC will maintain a successful enterprise both now and in many years to come.

Another top executive of the company stated to Rip-off Report, that the Chairmans personal business philosophy is based on the premise that MIC strives to add value in its services. We understand that a successful business model is based on value-added services, and client care. MICs mission statement says it all; "Our goal is to provide our clients the best quality, value and professional excellence in the industry." Some of the other things Rip Off Report learned in the course of its investigation: MICs business was established in 1938 to provide borrowers with home loans and realize their dreams of homeownership. MIC has provided hundreds of thousands of service members and veterans with a new home loan that saved every borrower thousands of dollars over the lives of their loans, lowering their monthly mortgage payments and improving their financial positions. MICs unique business model has made it the leading Department of Veterans Affairs guaranteed refinance provider.

Rip-off Report has confirmed that MIC takes quality control very seriously. MIC has recently put a lot of effort into ramping up its Customer Service team and client relation processes including full time availability to borrowers to assist with any issues that develop. Rip-off Report was pleased to learn that MICs past and current approach to business is focused on its pledge to total commitment towards client satisfaction.

MIC recognizes that complaints posted on Rip-off Report (true or not) are issues that need to be addressed and if handled correctly can be valuable learning opportunities. With the feedback generated by Rip-off Reports Investigation MIC has made organizational changes allowing her clients a more streamlined approach to problem resolution and a total overall commitment to her client experience.

In summary, after our review, which included discussions with MICs Chairman and President and many of its current associates, Rip-off Report is convinced that MIC has been and is committed to quality delivery of services resulting in total customer satisfaction. Read more about Mortgage Investors Corporations Commitment to Excellence and Total Consumer Satisfaction and why consumers should feel safe, confident and secure when doing business with a member of Rip-off Report's Corporate Advocacy Business Remediation & Customer Satisfaction Program. ..yes, a long name for a program that does a lot for both consumers and businesses alike.Read about Rip-off Report Corporate Advocacy Business Remediation & Customer Satisfaction Program,..A program that benefits the consumer, assures them of complete satisfaction and confidence when doing business with a member business. this program works.



Amerigroup Mortage Corportation, Division Of Mortgage Investors Corporation misleading, intimidating, high pressure Dallas Texas

I got a solitation notice in the mail for a "VA Mortgage Payment Reduction Program" with phone number 1-866-747-6504. I called to find out details about what the current rates were and to get a good faith estimate. They said they could not give me any information on the phone and that they would send a loan officer to my home. I said I prefer to give them all my information as to my current loan balance, insurance, taxes and get a good faith estimate. Then if I am interested, I can meet with a loan officer.

They told me they do not do it that way and always send a loan officer to someones home to give them the full details. They said it would take only about 15 minutes and it would be no pressure. They told me they could save me lots and lots of money. I relunctanty agreeed. They guy showed up right on time for our appointment. His name was Tim Owen.

He took the papers they told me to have such as my previous closing documents and put them on the other side of himself (as if he was keeping them). Then he went through a long presentation. Afterwards he wanted a yes or no decision on the spot. I said I wanted to compare what they offer and I would make a decision within a few days and get back to him. But I asked for a good faith estimate. He said the only way I could get a good faith estimate was to complete a full application. Not only that, he refused to let me keep the paper he wrote down all my information on. He said they don't let that fall into their competitors hands.

I got my original documents back. At least I think I got all of them and hope I did. But the bottom line is the guy was very intimidating. He took over 45 minutes to go over a presentation, and then he got his manager on the phone (using my phone) to complain to him that I was compairing them to other lenders. And he talked bad about the other good faith estimates I had. What he showed me was much much higher for closing costs, but again he would not give me a good faith estimate without me completing a full application with him first. He wanted to take my application right there and keep my original documents.

I called about 6 mortgage companies in total and got good faith estimates from about 4 of them. No one else was as intimidating or high pressure. Based on my experience with this company, I would highly recommend not allowing them to come to your home. It was just a bad experience and very unprofessional. I was very polite to him, but he was a large guy and was obviously upset that I was not saying an immediate yes. I told him I wanted to consider their program, but for him he was giving me one chance to say yes. He told me they don't have time to make two trips out to someone's home, so if I did not say yes right then, then it was the same as me saying no. When he left, I was just kind of shaken from the experience.

I ended up going with another mortgage company that was local. Even though they were local, we did most everything over the phone and by email/fax. And the costs they charged me and rate they gave me were much lower than what the Amerigroup Mortgage showed me on the paper they kept.

Sincerely, Someone going through the morgage refinance maze.

Alwayshonest Garland, Texas

This report was posted on Ripoff Report on 04/28/2009 03:01 PM and is a permanent record located here: http://www.ripoffreport.com/r/Amerigroup-Mortage-Corportation/Saint-Petersberg-Florida-33707/Mortgage-Investors-Corporation-Review-Scam-Complaints-REVIEW-Mortgage-Investors-Corpora-447230. 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 Employee

Please read with an open mind...

AUTHOR: mortgage investors employee 88 - (United States of America)

Mortgage Investors uses sale tactics, yes. They call a lot, yes. Are they a scam? No. This corporation is legitimate; as is the Streamline Refinance Program. Just because it doesn't help some people does not rule it out as an option for our Military Veterans. It disheartens me that some Military Veterans would rather risk losing their home, incurring bad credit amongst other things before they even take a look at what is available to them. Mortgage Investors ultimate goal is to put the Veterans & Active Duty Military Members in a better financial situation than they are currently in. All we ask is an opportunity to show you what we can do for you. If you don't find a benefit we understand that, but please don't ruin the chance for others to save money by venting on the internet, running others down for the sake of whatever animosity you have towards our mortgage company. I stopped watching the news recently due to an abundance of negativity. I don't believe everything I see, everything I read nor everything I hear. I just wish that our vets & active duty could use their own judgement to determine whether or not our program is right for them, not the judgement of others. If I let others determine my opportunities I probably wouldn't work & still live at home. Does this make sense? If not I would love to elaborate a bit more. Thank you for reading & have a Merry Christmas!

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#2 Consumer Comment

To Good to be true

AUTHOR: 11b20 - (United States of America)

I had someone come last night and I should have done research before but didn't. I didn't fill out anything and pretty much had to be rude to the guy to get him to leave and understand I would not sign anything. Thanks everyone for all the info as I will not be going with this company at this point. Also about the sex offender thing, I know that most of the people that they are going to are veterans like myself and one thing is true that most veterans have multiple weapons in there home so I would think that anyone attempting something like that would be a very bad idea or at least in my area it would be.
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#3 Consumer Comment

Tim Owen

AUTHOR: Billy wills - (United States of America)

hope amerigroup does do a background check on the salespeople they hire. If its the Tim Owen that was in the mortgage biz in our area. The Tim Owen im talking of is a registered sex offender in Navarro county. One conviction for video taping up womens skirts and one arrest for sexual battery on a 4yr old girl. Goto www.corsicanadailysun.com and type in "timothy wayne owen". look at the pic. if this is the same Tim Owen you should alert the company that they are sending registered sex offenders out to peoples houses, scary!!!!
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#4 Consumer Comment

mortgage investors corp aka amerigroup

AUTHOR: plwxtwo@gmail.com - (U.S.A.)

I recieved a phone call from Mortgage investors corp today. I never heard of them but after checking found they are a division of Amerigroup. They too tried to make a appointment to come to our home. The lady on the phone she said her name was Susan would not answer any of my questions. I mean none!!! red flag. She would only say we work off of your current loan papers??? Well how could that be ? This company has nothing to do with the title on this house so in my opinion they are probably con artist like most brokers in today's market. Do u self a favor and check these so called investors  out. I started with the BB ORG and then consumers affairs. I found more negative then good on this company. Thank you Alwayshonest in Garland, Texas for ur comment.

Honestaswell el mirage,arizona



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#5 General Comment

VA facts

AUTHOR: VA spouse and lawyer - (United States of America)

To those who say that the program offered through Amerigroup/MIC has been approved by the VA so it must be good for Vets:

The program is approved by the VA is the Interest Rate Retuction Loan (IRRL) - one of two different refinancing options approved by the VA. This program merely allows veterans to refinance an existing loan at a lower interest rate without using up additional VA eligibility.

A veteran can take out multiple VA loans .. up to a certain total amount. A refincance loan is considered a new loan. If you already have multiple pieces of property using up your eligibility or the original loan amount and the refinance amount total more that your eligibilty you would not be able to refinance without this program. Example: Total eligibilty - 100k. Original Loan - 60k. Current/refinance balance - 55k. Withouth IRR, you can't refinance because you only have 40k of eligibility left.

HOWEVER, while the VA has approved the program .. they have nothing to do with setting the terms of the loans. I.e. - an IRRL can come as a fixed, ARM, or "hybrid" loan. The only requirement is that at the start of the loan the interest rate be lower than your existing interest rate. This does not mean that an IRRL will categorically benefit a Veteran. If it is an ARM or hybrid loan that will lower the interest rate for a short time, but will end up increasing in 5 years (and increasing the payment along with it) ... then in the long run and IRRL could hurt a Veteran and run them into a foreclosure.

Bottom line, figure out the maximum payment you can afford and make sure that 7 years from now after the interest rate has gone up to 7.5% and your payment has increased by over $300 per month that you will still be able to afford it. Because, that's what will happen if you have a 200k mortgate and the interest rate starts going up by 1% a year in three years. 7 years from now you will still have over 170k on the mortgage and your interest rate will have doubled. Sure paying double the iterest rate on half the original balance sounds great, but on a 30 year mortgage it takes 19 years to pay half the original loan... no matter what the interest rate is. (if you don't believe me there are many mortage calcuators online that can give you a break down of each month's payment and how much interest and principle is paid and see for your self how the numbers break down.) And believe me, you can very easily reach your 8.5% cap long before 19 years rolls around.

I've got an appointment with Amerigroup on Wed, but they're probably not going to like my terms ...

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#6 General Comment

VA Program not MIC program

AUTHOR: Janile - (United States of America)

It's very clear that those who take the time to get on here and vent, don't understand the va program and want someone to blame because they hating banks. Listen, I hate banks too, however, the VA is in charge here and won't let anything bad happen to the veteran and the VA is the one actually offering the program NOT MIC. MIC just loans you the money on the program, so there is no need to vent on them.


Yes, we had a rep come out to the house, and no, he couldn't possible give me everything we needed to know in 15 minutes. I'm a big girl, I understand that, but if they say 2 hours on the phone, no one would set an appointment. If they said adjustable on the phone, no one would set an appointment, and if they said "we require a good faith deposit" (which is returned) then no one would set an appointment.


He sat down and begin to work the numbers for us. We were jolted when the word "adjustable" was used, however, he immediately said that reaction is normal but please here him out. We'll, he had already driven to our house and we had made the appointment, so we went ahead and listened because I know how to say NO. He made it clear that this was a VA pogram and since the VA was already guarenteeing the loan that the VA wouldn't have another program that would hurt us. That made sense.


So we listened. We understood the CAPS that the VA put in place, no more than 1 up or 1 down for a total of 5 max, but the beauty of this program was that the rate was only calulated on the existing balance, not the original loan amount. There is not another loan on the market that gives you that opportunity. Fixed Rates always want payments from the original loan amount reguardless of what your balance is. For example, if you have a $200,000 mortgage with a 5% Fixed payment of $1400, that will be your payment when you pay it down to $100,000 too and $50,000, and $10,000. The VA is very creative to offer this benefit to veterans. And they protect us from rates going out of control. I would much rather pay 7% on a $100,000 balance than a 5% based on $200,000.

This was created by the VA and submitted to Congress. Congress approved it for all veterans and rolled it out. It's not available to anyone who hasn't been in the service.

If people can't understand that basic concept and want to get on here to rant and rave, then that's their own short comings. MIC is doing a service to veterans by being the only bank I know that is offering this program. I'm sure other banks have it but don't want to offer it because their isn't as much money to be made on this loan than a fixed rate. They'd rather get that same payment reguardless of what your balance is, so why would they offer a loan that let's you pay on what you actually owe?

So you need to understand that this program is offered by the VA not MIC, they are just loaning us the money so we can have the benefit of this program.


People rarely get on the internet to praise people because that's boring and no fun, but when they are angry and upset, they have no problems getting on here and ranting and raving. Take it with a grain of salt because not one of these people are customers of MIC and NONE of them accepted the VA's program, so they are stuck making the same payment based on their original loan amount and when they look at their paperwork that shows what they will end up paying back, that should raise some eyebrows about the loan they chose to stay on.

And I'm glad they sent someone out to my house because I feel that's how business should be done. Someone (an actual body versus a voice on a phone) to sit down and break in down for us. How many banks do that? None that I know of. That shows professionalism and that they care enough to explain the program. Why ask for a deposit? Well, I don't care, as long as you give it back (which they did). I'm sure it cost them money to get my loan fom A-Z so if a deposit was required to save me around $100,000 in interest, then so be it. It was returned just as promised.

Understand that everyone who gets on here to say bad things about any company, not just MIC, are disgruntialed and feel they have been mislead. Sure, I felt misled too when the word adjustable came out, but had I not taken the time to have a rep come out, I would have never know about this VA program and I would have continued to over pay for my house. Got a mortgage for $200,000 on a 5% Fixed and after all payments made, would have paid back more than $430,000. (that fixed rate doesn't look so good now). With the new VA 3/1 hybrid, I may pay around $330,000 back, so I thank MIC for taking the time to explain the VA's program to me and oh, I benefitted $5900 upfront to get started, so you can NOT go wrong with this program. The VA won't allow it.


I just hate reading negative after negative things about MIC when it's the VA offering it to us. So thank you Bill Edwards and MIC and VA for allowing us to pay back alot less on our home than we originally agreed to on the Fixed Rate program.





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#7 UPDATE EX-employee responds

yeah right

AUTHOR: you know who - (USA)

I worked for the company for years and one thing I do know the program is designed to not let you gain any money whats so ever from it until those 36 months are over and if the rate goes down.  Mic/Amc charge a large amount better yet the most amount on the back end of the loan then any other company.  we would tell you over the phone that there is no money out of pocket when there is.  The company could give less then a d**n about you being a veteran they are more intrested in making the deal and getting your loan so they can sell it to the next mortgage company.  If you do research on them there is more negative then positive feed back regarding the company.  You would also see that they are very much money hungry for the loan officers had to sue them to get their money for working over time.  If I were you I would go with my current mortgage company to refinance cause they will charge less the mic/amc.  They charge at least 10,000 on the back end of the loan and that is very steep a matter of fact is to expensive and any mortgage expert will tell you that
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#8 Consumer Comment

Being Skeptical is OK

AUTHOR: Marie martin - (U.S.A.)

     I would stop short of calling anyone stupid for not checking up on something as important as refinancing a mortgage.  In fact, I'd think you foolish if you didn't.

     When the loan officer came to my home to go over what AMC (MCI) could do for us, I too was a bit skeptical after all was said and done.  I asked if he wouldn't mind if I checked the Internet for more information before he left.   He not only agreed, but helped me find all the negative comments here in Ripoff.com.   He pointed out that all negative accusations were geared around the loans not being assumable and that the rates were adjustable and not fixed.   He asked if I thought he had misled me on any of those issues.   He had indeed been up front about all the issues brought up by Ripoff complaints.

     A fixed rate is by far a better deal than an adjustable rate unless you can't get a lower fixed rate.   There is no guarantee out there that rates won't eventually top 15% like they did in the Carter years.   The AMC deal is better than most adjustable rates in that it will never go above 8.5%.   Plus, you are locked into 3.5% your first three years.   Then, it can only jump 1% maximum each year, no matter how high the FED raises the rate.   The smartest thing to do with this deal is to not pay the minimum payment each month but to continue with the same payments you have already gotten used to.  That way, you will pay your principle down greatly during the first three years while the rate is so low.   You would be smarter to double up on payments during that time if you can afford it.   Think about it.... It will take a total of nine years before you ever reach the ceiling of 8.5% under the worst FED conditions.   You could almost pay your mortgage off by that time and would have saved a small fortune in interest.

     MIC was required to appear before the Federal Trade Commission (FTC) last year to answer complaints that they were misleading customers.   When the banking debacle happened, many claimed they couldn't pay their loans after their adjustable interest rates went up.   Some claimed they were misled and that MIC did not do a good job of explaining adjustable rate financing.   None of MCI's critics could produce one shred of paper saying they had a fixed rate deal.   In bold letters on all closing papers submitted were the words, "VA LOANS ARE NOT ASSUMABLE".   And, every customer had signed the affidavit explaining the minimum and maximum terms of the loan.

     My wife and I researched all this in detail for a week before making the deal with AMC.   We even hired an attorney to check up on them and that's where we found about the FTC investigation.   We recently closed on the refinance and have already received our earnest monty back as promised.   Our first payment isn't due until two months from now.   There were no surprises at closing.   The $11,500 in closing costs was a bit steep; however, it was only $900 more than my last refinancing with CHASE on a fixed rate loan.

     The deal offered through AMC (MCI) is no scam.   You just have to decide if you want an adjustable mortgage rate or stay with a fixed one.   They will not mislead you, but will do their best to sell you what they have available.  It is no different than buying a car.   It is the salesperson's job to move the product and yours to ask the right questions.

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#9 REBUTTAL Owner of company

ur stupid thats not their fault

AUTHOR: Doug - (United States of America)

 I used this company to refinance my house, i am a veteran and this company is amazing, and the reason he told you you had to make a decision that day is because the loan they offer is a benifit of your military service, its just liek the g i bill you have one chance to tAke it and if you dont then you loose the benifit, its not the companys rools its the VAs rules, i got their 3/1 hybrid loan and it saves me so much money and im on the road to paying my house off in like half the time, whoever invented this loan is a genius, and i was very impressed with how proffesional their loan officers are and how knowledgable about the loan and my situation, it really makes me upset when stupid people like whoever wrote this bad report about them and any other good company based of their own stupidity, you cant blame a company for your ignorance and lack of brain power.

p.s the company you are talking about is the largest and best rated mortgage company in the us,,,,,,, sooooooooooooooo lol think ur just a baby
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