Report: #676164

Complaint Review: Amerisave Mortage Corporation

  • Submitted: Tue, December 28, 2010
  • Updated: Mon, July 09, 2012
  • Reported By: jimc13 — Glenn Dale Maryland USA
  • Amerisave Mortage Corporation
    One Capital City Plaza
    Atlanta, Georgia
    United States of America

Amerisave Mortage Corporation Amerisave Charged loan extension fee and never telling us when it applied (many days prior to lock in expiration date) Atlanta, Georgia

*Consumer Comment: Lender Fee Information Disclosure

*Author of original report: Response to Ex-employee's posting

*UPDATE EX-employee responds: 3 year former employee...

Show customers why they should trust your business over your competitors...

History is adapted from an email sent April 16, 2010

Ms. Carol Poupart

President, Amerisave Mortgage

Dear Ms. Poupart

We are writing you because we have been having a problem with our refinance loan and it seems nobody at Amerisave wants to hear our concerns. You are the last stop before we decide on whether to walk away from the loan. If we do walk, it will be because we believe we cant trust Amerisave to give us the straight story about any issue that should arise. The perception of public trust is an asset that no company can afford to lose, if they wish to remain successful going forward.

The other attached file contains a letter we wrote to Ms. Marisa Davis, an Amerisave representative, asking for a re-consideration of a loan extension fee and explaining our side of the dispute. Unfortunately, in her answer, she did not address any of our points, but instead blamed us for everything -- which is exactly what Rebecca Raskin, another Amerisave representative, did. It appears neither party was able to look at the issue from the customers point of view. Perhaps the perspective of a higher level manager will help to clarify the real concerns we have and help you to address these concerns within your organization.

The critical point is that we were led to believe by various Amerisave emails and the website that April 15th was the end of the 30-day period lock in period which we could settle. Unfortunately, we found out that Amerisave was secretly working towards an April 9th date a date they did not share with us until April 7th. Normally, we would have been able to adjust our schedule to accommodate this very late change of settlement date, but unfortunately we were on the road visiting colleges that week so we were spending hours in the car every day. Even given this logistical challenge, we were able to offer a time and city to settle on April 9th. Youll see in our letter that Amerisave chose not to accept that offer, nor did they pursue a possible Saturday closing in Detroit. Instead they chose April 14th which was after our return home. When they told us of that settlement date, they said everything is fine, which led us to believe that the extension fee issue had been resolved in our favor. We had no reason to believe otherwise and so we had agreed to this date. It was only at the settlement table that we found out that Amerisave had misled us and the fee was still there. The everything is fine turned out to mean everything is fine for Amerisave and not for us.

At the settlement, we signed all document except one. This is now where we are. It would be convenient to complete this loan, but it very hard to do this when Amerisave doesnt want to look at any role they had in the multiple miscommunications that occurred. The attached letter we wrote to Ms. Davis details the many problems we ran into and these problems speak to some real procedural and communications concerns.

I assume Amerisave is in the business of successfully completing loans. In marketing, the perception of doing the right thing is very valuable to a businesss long-term prospects. I hope the problems we have encountered are the exception rather than the rule, and that after reading our attachment youll be able to correct what appears to be procedural and communications issues within your company. Then help us to complete the loan process by removing the loan extension fee.

Thank you for your attention to this matter.




copy of email sent to Ms .Davis, Amerisave's National Sales Manager a day before:


Ms. Marisa Davis

April 15, 2010

Im disappointed that you made a decision without hearing all sides in the dispute. I had hoped you would take an unbiased look at all the facts and talk to both sides before making your decision.&nbspIts always very easy to blame the other side in a situation like this, because it avoids having to take a closer look at what could be a procedural problem in your organization.

When the rate was locked on March 16th, our interpretation of this was that we had 30 daysto settle. Your representative said the rate was locked untilApril 15th; there was no language that indicated that there was a three-day cancellation period that had to be included within that 30-day timeframe. When the Linear representative informed us of this fact last night, it was the first time we had heard of this. On previous closings, this issue never came up so we had no experience of this new procedure.

Nothing from Amerisave put us on notice that our interpretation wasn't correct. Amerisave did not disclose this critical piece of information -- that we didnt have 30 days like we thought -- we had only 24 days.&nbspThis omission is central to this dispute.&nbspSo we ended up working on the basis that we had 30 days to settle, while Amerisave was working on the basis we had 24 days to settle. Thus, there was never a true meeting of the minds.

All the communications from Amerisave alluded to the fact that, yes, there was a lock extension fee, but it did not state what day it would apply or even why it was being applied since it appeared to us we would easily make the 30-day deadline. To us, it appeared to be an arbitrary fee that was added on at the last moment for no apparent reason.

As a result, we based our decision-making on April 15th, while Amerisave knew all along that the critical date was April 9th. The very first time we found out about the April 9th date was in an email we received on April 7th, when we were on the road. Even so, we offered up a closing time and date of April 9th from 2-4PM in Meadville PA, which is where we were that day. Since Meadville is close to Erie PA, even that would have been possible. If Amerisave wanted to pursue it, all they had to do was call the hotel and we would have responded. They did not.

On their own, Amerisave chose, and I want to stress that fact: on their own, Amerisave chose April 14th at 6pm as the settlement date and time -- saying in an email to us from Keisha that everything is fine which we interpreted as this issue had gone away. Recall that April 14th closing date was suggested to Amerisave while we were operating under the belief that April 15th was the deadline.&nbspHow wrong we were! I note that Amerisave chose a date which maximizes our cost and your income. Settling in Detroit, Michigan on Saturday was also possible. Recall that I had said in an email that we were heading to Detroit Friday evening. But no effort was made to arrange a close for that day either. We learned that Linears people also work on Saturdays last night as well. &nbspIn effect, the man from Linear was far more informative than the Amerisave representatives.

If Amerisave had been specific on dates from the start and informed us that, even given the 30 day lock in, we would need to settle on or before April 9th to avoid extension fees, then this is what would have happened. We would have made it work.

We have been in the midst of dealing with a $200K college decision, so the refinance was just one of many activities that were ongoing. We were also planning a trip to visit the final list of colleges from March 31st to April 12. So settling on April 14 or 15th was just fine with us.

Had we known that April 9th was the deadline, we would have had to push everything up to March 29th simply because our plans were so fluid that we couldnt even tell where we were going to be or what we were going to be doing in that 12 day period. Now going from lock to settlement in two weeks probably wasnt possible, even if we had met all your deadlines, so we would have discussed the situation with you and you probably would have advised us to hold off the lock until we returned. We would have accepted that. However, lacking the specific knowledge that April 15th wasnt the critical date because of the omissions from Amerisave did not allow that process to even begin.

Last night when speaking with the Amerisave representative, almost the first words out of her mouth were its all your fault. It has been my observation that like W.C. Fields said, blame is for dogs and small children. Your representative did not facilitate the process and, in fact, I had to request a supervisor.&nbspHad we known that the $725 fee was being imposed at closing, we could have escalated the issue last week and resolved it instead of having to do it at what is now the 11th hour.&nbspRecall that the Amerisave representative had said that was everything is fine.&nbspTo our detriment, we believed what we were told by the email.

Remember in my first paragraph I said there were procedural problems, well you now see what those were and how the lack of training, knowledge, and communication added to this total collection of misunderstandings.

I would ask you to reconsider your decision given these facts. We may have been delayed in getting back with some information, but there was a complete failure by Amerisave to communicate the essence of what the dates really meant for all sides rather than a veiled threat of extension fees with no clarification of why they would be necessary. Also, you set up new loans all the time while we have very little experience in this area. We depended on you to our detriment to help make this all come together.



Result: Amerisave reduced the$725 extension fee by $300. We chose to settle to avoid further charges and still fight in other forums A report was later filed with the Atlanta Better Business Bureau but nothing came of that approach. The last communication to the Atlanta BBB was not returned.


This is still a ripoff which is why I'm filing this report. Amerisave never did tell us when the loan extension fee applied until they applied it.


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#1 Consumer Comment

Lender Fee Information Disclosure

AUTHOR: ILuvSebago - (United States of America)

Regarding the additional fee for the lender extension ... in applying for the mortgage we had to sign a Lender Fee Information Disclosure which states:

Changes to your loan type, loan amount, appraised value or escrow status may require repricing of your loan. Your interest rate and/or pricing may be increased to reflect lender extension fees if your rate lock must be extended due to circumstances beyond the control of Amerisave. Please contact your loan advisor if you have any questions.

By signing below, you acknowledge that you have read and understand all of the terms set forth above. Yu acknowledge that changes to your loan amount, loan type, appraised value or escrow status may require recalculation of your interest rate and/or pricing. Please contact your loan advisor immediately if you do not understand any of this information.

Doesn't that say that you will have to pay an extension fee?

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#2 Author of original report

Response to Ex-employee's posting

AUTHOR: jimc13 - (USA)

My apologies for a delayed response.  I was out of the country for a couple of
weeks and wanted to wait to access some files at home before I made a response.

Marisa Davis may be AWESOME in your eyes- but my experience with everyone
at Amerisave was  all they did was blame me for everything.
Never would they even consider whether Amerisave did anything that would have
contributed to the problem.   The
100% of the time to make it right you spoke of didnt happen with me.  So its definitely  not 100% anymore. All I can say is that they did take
$300 off of a $725 loan extension fee,  but continued to blame me for any and all

Per your paragraph on the closing date doesnt exist until
2-3 days before you actually close, all I can say is the April 9th date may have
not existed until April 7th.. But based upon  Amerisave business practices, there was a
fixed date at which loan extension fees would start applying and that is the
information Amerisave DID NOT share. If Amerisave had communicated with me that
date or had that date on their website, none of this would have happened. All I
knew was what was posted on their website: that  there was a 30 day lock in period.

You go on to say that my going out of town was my issue and
not Amerisaves fault and that Amerisave shouldnt pay for my scheduling
conflicts.  I agree. That is not the
issue.  You seem  to take on what I perceive is the Amerisave
philosophy of again blaming the customer. If Amerisave has communicated with me
early on (or had it on their website) 
that settlement would occur as soon as possible (I have no problem with
that)  and that it has to occur before a
certain date (Say April 10th) 
to avoid loan extension fees, then we could have worked around our
travel plans. Thats the piece of information they didnt share.  As  I
said before , if I had known the real end date was,  I could have planned my time around it- which
I was perfectly willing to do. 

On you paragraph about complaining to Amerisave doesnt make
it their fault. Again you accuse of not planning my schedule around my
potential closing time. Again you completely miss the point I have been trying
to make.  We actually were in town two
days prior to the end of the lock in period. SO we planned, based upon the info
communicated by Amerisave, to be in town for when we thought the closing would
be.  I gave Amerisave many  opportunities to examine the situation from
the customers perspective letter to Marisa Davis, letter to Carol Poupart,
complaint to the Atlanta BBB, and letter to the Georgia Office of Consumer
Protection and this ripoff report.  If
they had done so, they might have seen the issue as I saw it. I shared in the
letters exactly how I saw the situation. At no time did they even admit there
was another way to view the room.  Each
time, they refused the invitation and continued to blame me.  Its like they didnt read my letters or they
didnt want to look at it from the customers perspective. Its too bad. If
Amerisave is what you say it is, I didnt experience it that way. All I
experienced was a company that was way too quick to blame the customer.


And finally you ask do I hold myself accountable for
anything. And that it is always somebody 
elses fault.  AH! More Amerisave
blame the customer philosophy.. Ill say it again. If Amerisave had
communicated the date in which settlement had to occur to avoid loan extension
fees, everything would have been OK. I would have adjusted my travel schedule
of planned a settlement to occur in Erie PA- 
their settlement agent Linear said it could occur anywhere- their words.
Remember I did offer up Erie PA on that Friday (we were only 30 miles away )
and Amerisave refused it and instead scheduled the settlement date  on the final day of the loan lock in period
and then told me everything was fine. 
I have the email that tells me everything is fine.


And finally you do an example of showing up for work. Your
example doesnt apply because you already know what time to start work. You
have all the necessary information to show up on time. In that case it would be
your fault if you didnt show up on time.

let me change the example a bit. You get hired by a new employer and they
tell you to start work on a Tuesday at 9 AM.  Youre unfamiliar with the employers business
practices, but you figure you have time to take a trip before starting . You
then make plans to go away for the weekend and return on Monday so you can show
up for work on that Tuesday. When you get there on that Tuesday at 8:30 AM to start
work, they tell you should have shown up on Monday to do something else (which is
their business practice, but  they didnt
tell you about it) and be ready for a Tuesday start of work, and then they blame
you for not knowing you had to show up on that Monday, you have an equivalent
to my
situation. Now they didnt share a critical piece of information.  Had you known what the real start date was,
you could have planned to act accordingly. Had I known the date at which loan
extension fees starting applying, I also could have planned to act accordingly.
The only way it would be my fault is if I HAD the necessary information and
didnt act. 
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#3 UPDATE EX-employee responds

3 year former employee...

AUTHOR: marketleader - (USA)

As a recent employee of Amerisave I can tell you that Marisa Davis is amazingly AWESOME! She's one of the best processors not only at Amerisave but in the industry. I'm comparing that to my experience with Amerisave, Wells Fargo and Countrywide. She's one of the best no doubt about it. I don't know Rebecca Rashin personally but I've heard nothing but good things about her and she was always one of the top performers not only in production but for customer service as well.

Now, if you manage to have issues with Marisa Davis then you did something very wrong on your end my friend. Amerisave will always, as in 100% of the time waive any and all extension fees if it is a result of something on their end of the process. Right before I left they actually took around a $3,000 loss on a loan to keep the customer happy and who's fault it was happened to be questionable. It's EXTREMELY rare for a lender to complete a loan taking a loss since technically its a stupid thing to do if you're in business to make money of course. I personally would have told them sorry it didn't work out and not take that loss but they did take it which says alot.

You stated that "Amerisave was secretly working towards an April 9th date a date they did not share with us until April 7th."

I've got a secret for you "all lenders are openly wanting to close your loan ASAP for yours and their mutual benefit." They can't share with you the closing date becuase it doesn't exist until your loan is approved and ready to close which is typically 2-3 days before you actually close. This is no secret but very standard practice.

They have to wait on underwriting to finish, title to be finished, the credit company to finish, so on and so on. On a mortgage there are about 6 different companies that depend on each other to finish the process. If you tell 6 people to meet you somewhere one of them is bound to be late. That's just the world we live in. Because of that they can't schedule your closing until all of those parties have completed their jobs. 5 of which would be out of Amerisave's control.

You also mentioned that normally you would have been able to accomodate the change in schedule but then you had leave town. We'll unfortunately that kind of thing happens but it's not Amerisave's fault that you had to leave town and couldn't close on the scheduled date.

Theirs no one to blame here. It's just a situation where your loan had to be extended because of a scheduling conflict which happened to be a conflict in your schedule. So why should Amerisave pay for your scheduling conflicts?

Complaining to the president doesn't make it their fault. Your letter to Carol was asking Amerisave to pay hundreds or thousands of dollars (depending on the loan) because you didn't plan your schedule around your potential closing time. That's not fair for Amerisave. My customers would always ask me how long the process would take. I would then tell them how long we were taking at the time and how long they should expect in deferrent situations. They ask that so they can clear their schedule to prevent this type of thing from happening. Or if they were going out of town they would let me know well ahead of time so we could try and work around it but then we can't gaurantee anything due to all of the parties involved.

It's always somebody else's fault right? Do you not hold yourself accountable for anything?

If I show up for work late it's because I didn't plan properly or I screwed up somewhere. I don't give my boss an excuse and blame it on somthing else. Could I plan for a flat tire? No but if I get one I have to pay the concequence not the company I work for but this is how you're spinning it. Could you plan for leaving to Detroit so suddenly? Maybe not and that would be unfortunate so you have to pay for it, not Amerisave.

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