AMERISAVE PLEASE! DO NOT FALL FOR THESE THIEVES!!! UTTERMOST INCOMPETENCE! LIES LIES LIES Atlanta Georgia

Amerisave Mortgage is Full on lies at every level of the mortgage process. The previous writer is correct, it is not the fault of the processor nor the loan officer when loan terms change. This is an intentional business model practice used by this upper management of this company to scam CONSUMERS out of additional closing costs while they DO NOT deliver the terms agreed upon by the borrower, its immoral and illegal by any standard. 

The second immoral act being conducted by this company is that they have UNLICENSED loan officer working in just aboiut every state in the country, Colorado knows about it, Pennsylvania knows about it,Kentucky knows about it, aswell New York, CT, etc.. Look it up!!

Do the test, Place an application with the company and when your assigned a Sr Processor (which is thier lingo for a loan officer), look up that individuals license. You wont be dissapointed when you DO NOT find that they are licenced in that states and originating your loan illegally in your state with out the required licensing. The only person at jeopardy is you, your credit and your home, while AMERISAVE takes full advantage of lack of this information.

I have contacted seven plus states across the country and reported this VERY  ILLEGAL and IMMORAL practice.

http://www.banking.state.pa.us/banking/lib/banking/consumer_information/amerisave_mortgage_corporation.pdf

http://www.kfi.ky.gov/legalresources/enforcementactions/mortgageea.htm

http://www.banking.state.ny.us/wb070810.htm

http://www.dora.state.co.us/Real-estate/mortgage/disciplinary_action_2008.htm - In Colorado all the employees individually were cited with a cease and disist order, namely Robert Wilkes, Todd Pityer, Patrick Markert, Carol Poupart, etc.. Everyone in the company at the time they were investigated.  

If you find this illegal and immoral practice bein perpetrated by this company with your applciation, do the next consumer a Public Service and notify the Financial Regualtions Department in your state of the ongoing illegal practice.

This is Unethical and the management of this company need to be FINED, JAILED and Put out of Business before more consumers are wronged and defrauded. 

MortgageScamBuster is right about everything he said.

Amerisave is not a bad company...and if you search the ripoffreport.com database you will find complaints about just any company...and most of the stuff gets resolved and many complaints are not true or just misunderstanding.

Amerisave have excellent technology where a loan office can submit your loan 24/7..anytime/anywhere...can a local bank do that?

Same as mortgagescambuster...I don't work there any more due to industry change and I'm not defending them but telling the good things about them...I know too how things worked there. They DO NEED to improve their customer service, just like every other companies...a company have to keep improving and changing with times, but the TRUTH about Amerisave is that after eLoan went out of business...Amerisave is the Biggest and ONLY ONLINE LENDER today serving the whole US and CAN"T handle the current volume they get...and believe or not...they have to turn way business.

Now, talking about fees....if you close you loan with Amerisave...it will be refunded or deduct from your closing costs....but if you don't get approved in the final loan process due to your credit or lower appraisal value than what you put on application....who you expect to pay for all Credit Reports and Home Appraisal? Amerisave? NO...if Lenders do that they would ALL go out of business.

Credit Scores and Home Appraisals is one RISK that everyone...I don't care if is Bill Gates....everyone has to be approved if you want use the LENDER's money to buy or refinance your home...and if a customer don't PASS or QUALIFY...then is not Amerisave's or any lender's FAULT!

All consumers out there....WOULD you LEND your OWN MONEY to other people without a guarantee??? NO!! Right?

Then don't expect Lenders to refund your Credit Report and Home Appraisal Fees that is about $400 if you can't qualify due to a LOW CREDIT SCORE that did it to yourself or a LOW HOME APPRAISAL VALUE due to the current market situation...Amerisave DIDN'T DO ANYTHING to your credit or home value...

on the contrary...they WANT you to get APPROVED so they can Close your loan so everyone is happy...Amerisave and all lenders are in the Business to CLOSE Loans...they don't make anything out of Credit Reports or Home Appraisals when these Fees are PAID to Third Parties companies...is in the BEST INTEREST of all Lenders to close your loans....not to just take applications and order credit reports and home appraisals.

I'll say this...if Amerisave improves their customer service and processing procedures...all Brokers and some local banks would be out of business..but AGAIN...no company in the world can handle the volume of the entire USA market.

Thanks,
Romulo

MortgageScamBuster is right about everything he said.

Amerisave is not a bad company...and if you search the ripoffreport.com database you will find complaints about just any company...and most of the stuff gets resolved and many complaints are not true or just misunderstanding.

Amerisave have excellent technology where a loan office can submit your loan 24/7..anytime/anywhere...can a local bank do that?

Same as mortgagescambuster...I don't work there any more due to industry change and I'm not defending them but telling the good things about them...I know too how things worked there. They DO NEED to improve their customer service, just like every other companies...a company have to keep improving and changing with times, but the TRUTH about Amerisave is that after eLoan went out of business...Amerisave is the Biggest and ONLY ONLINE LENDER today serving the whole US and CAN"T handle the current volume they get...and believe or not...they have to turn way business.

Now, talking about fees....if you close you loan with Amerisave...it will be refunded or deduct from your closing costs....but if you don't get approved in the final loan process due to your credit or lower appraisal value than what you put on application....who you expect to pay for all Credit Reports and Home Appraisal? Amerisave? NO...if Lenders do that they would ALL go out of business.

Credit Scores and Home Appraisals is one RISK that everyone...I don't care if is Bill Gates....everyone has to be approved if you want use the LENDER's money to buy or refinance your home...and if a customer don't PASS or QUALIFY...then is not Amerisave's or any lender's FAULT!

All consumers out there....WOULD you LEND your OWN MONEY to other people without a guarantee??? NO!! Right?

Then don't expect Lenders to refund your Credit Report and Home Appraisal Fees that is about $400 if you can't qualify due to a LOW CREDIT SCORE that did it to yourself or a LOW HOME APPRAISAL VALUE due to the current market situation...Amerisave DIDN'T DO ANYTHING to your credit or home value...

on the contrary...they WANT you to get APPROVED so they can Close your loan so everyone is happy...Amerisave and all lenders are in the Business to CLOSE Loans...they don't make anything out of Credit Reports or Home Appraisals when these Fees are PAID to Third Parties companies...is in the BEST INTEREST of all Lenders to close your loans....not to just take applications and order credit reports and home appraisals.

I'll say this...if Amerisave improves their customer service and processing procedures...all Brokers and some local banks would be out of business..but AGAIN...no company in the world can handle the volume of the entire USA market.

First of all, I work at Amerisave as a loan officer. The first thing most people don't understand is that on a home purchase or a refinance "interest rates and prices quoted are subject to change based upon credit score, loan to value, and other factors, your rates and fees may go up or down depending on these factors". Chase made me say that to every caller before doing the loan. Chase also made me state that they will collect a NON REFUNDABLE application fee at the start of the application. It's really customer commitment...or skin in the game.


Your loan is only as good as your loan advisor. The processors communicate with the loan officers just fine. I have done many loans at Amerisave and they all have closed. 99% of them without any issues. Some have had issues. The underwriter can stip the loan to death and the underwriters are usually from Chase, Wells, Citibank, Countrywide, and many other lenders that we work with.

People just need to understand that nothing is certain until that loan comes back approved and set to go . It doesnt matter if its Amerisave, Chase, or anywhere these conditions will continously happen. For those lucky folks that didn't have an issue, great for you. For those that did, then you need to be patient and supply all that is asked for instead of getting hissy mad and causing yourself a worse nightmare.

As far as the fee is concerned, if the appraisal is ordered and the rate is locked, your fee is NON REFUNDABLE. Otherwise people would be cancelling left and right over silly quotes from mortgage brokers. Same thing at CHASE, you can't start the loan without the application fee. At Countrywide it was the appraisal fee. Are you going to call JP Morgan Chase..Scammers as well?

As for the closing date, well that happens once the loan is approved by the underwriter. I tell people that I try to close loans within 4 weeks but it may take longer if there are complications or appraisal issues.

So I warn you all NO MATTER WHICH LENDER YOU GO TO, YOU ARE SUBJECT TO AN UNDERWRITER THAT IS THERE to protect the lender and that person can slow your loan down, cancel it, change your closing date, rates, points, fees, or request lots of documentation from you. The loan officer if he wants the loan has to abide and that means you the consumer has to provide what is asked of you.

Amerisave by far is the nicest company I have worked for. Now I am very careful with my loans. Thats not to say that everyone else is. Thats where the problem comes in. If the loan officer handling your file does not do a good job at the beginning, no matter which lender, you will go thru a lot of trouble. So instead of blaming Amerisave, blame your loan officer, or the appraisal, credit, employer, lien on title, or the true reason your loan didnt close on time..

Dear sucker, GM and Ray,

I use to work at Amerisave and understand why you are so upset. Amerisave has absolutely horrible customer service as well as extremely poor internal processes. As a result it seems like they are just trying to rip you off and in a way they are because they promise you world and delivery you a nightmare.

However, for the brief period of time that I worked there, I was not aware of anyone trying to charge credit cards for the sake of charging them. Loan officers don't make any money doing that and the company does not make much. So why is everyone asking for a c card over there....well when I was there, you could not run a credit report for a refinance unless you had a credit card number and without a credit report nothing can get done in the mortgage industry. Here is the rub, they say that if your credit pulls low and they can not offer you the program they promised then they will not charge your card - I think people were getting charged even when this happend but if complained enough you should get that money back. Where things get stick is when they pull credit and say "everything looks great, lets get moving along" and you submit your docs and get your appraisal. Well if anything falls out during the process (regardless of whose fault it is), you still have to pay 3rd party fees - credit report and appraisal which will definitely eat up your 395. Also if the agent or processor quites or problems arise, it is very difficult to find anyone to help you. I remember customers calling in through our 800 number asking for help on files they had in processing because their agent and processor were not returning calls or e-mails and they had no idea what was going on.....Now that stuff is just unacceptable - even worse, management did not seem to know or care.

RAY - you said they were still working on your file 60 ~ 90 days into the loan right. I believe that I saw things there that amazed me. I mean clean pefect files taking 60+ days to close and them telling me to call my borrower to make them pay the rate lock extension. At any other company in the US that loan would have closed in 2 weeks. It was not just me, several agents I knew had similar problems.

GM - I am assuming you were purchasing because that is the only way they can run your credit before getting a c card number from you. If you were taking out a refinance then they were just hoping you had great credit and really did not know.
Again if it was a purchase they can give you the "amerisave" version of a good faith without a c card number and the truth is that the hard costs on amerisave GFE is usually spot on with the final HUD (assuming you did not have to extend your rate lock which is a big if...).

On a side note Amerisave does seem to offer really good rates, some of the best I have seen. Yes there is a catch - (1) It is really hard to actually get those rates locked in and while I never worked at the main office (I was remote) I have a feeling that there was some funny stuff going on back there so they could make some extra money. (Again this is just a feeling I have with no concrete evidence) (2) Even if you get your rate locked in if Amerisave does not get your loan closed in 30 days and that happened all the time then you are paying for a rate lock extension. A couple of those and your not really saving that much anymore. (Amerisave will say that they are not responsible for 3rd party delays - IE appraisals etc...however, I believe that is there boiler plate answer). More importantly it should not be your resonsibility - if you hired a general contractor to build you house and he was 3 months behind would it be reasonable for him to say "I am sorry but the electrician, plumber and dry wall guys I hired just never got the job done so your going to have to pay extra". NO WAY - you hired the general contractor to make sure this stuff got done. What is the Mortgage broker getting paid for if not to manage all these things for you.......

A sucker - you seem to know the most about what is actually going on over there and in the industry. Yes at Amerisave many of the loan officers work remotely from home which is helps to reduce costs but is horrible in terms of customer service. I never met any of the people I worked with and the only support numbers I had where for my processor and team lead - neither of which really like to answer their phone, although they would respond to emails.

You are also right about leads. Many amerisave LC buy the leads from the company which buys them from lead aggregators like lending tree, lower my bills, etc... They also have an inbound group which handles the incoming calls ( I was in this group).

However, you are incorrect about the scam. The credit card charge will be refunded to you at close, if you close. If not well it went to pay 3rd party expenses and you are s.....out of luck. Let me add here that I am not trying to defend the company, I thought it was poorly run and really screwed customers over, however, I do try and provide an accurate info and they are not in the business of scamming peoples credit cards. They actually want to close loans that is how they make their money, the problem is that they are so bad at it that I am sure a large number of loans fall out of the pipe and they dont want to have to eat the credit report and appraisal charges.

Fannie and Freddie - some of what you said is right but not all of it. Right now most loans are going agency (fannie or freddie) or government (FHA) there maybe a few lenders out there that can still sell private paper but not many. The loans have to meet the guidelines of whichever agency or bank that amerisave it trying to place the loan at or amerisave would have to hold it on its owe book. However, I do believe they are funding the loans with their own money or through warehouse lines but the loans are then sold the the agencies or banks (btw this is how most of the industry works even the big banks sell their loans to fannie and freddie)

Processors - Nothing much to say here, processing is bad there. It is not only hard for you to get a hold of your processor it was hard for me and I worked there. I still don't know why they would prefer to send 8 emails back and forth to sort somthing out instead of spending 5 min on the phone but that is Amerisave.

Fake Closing Date - I can not comment on that as I am not sure what you mean. But if you mean they rarely get the loans closed in 30 days true. They use to have a on-time closing guarantee for purchases or they would give you a $1000 but I don't see that anymore so I am thinking that this program cost them too much or they had too many complaints.

I hope this helps clear up some issues. The company is not out to rip people off it just feels that way because things are run so poorly - best of luck to you all

Steve