Consumer complaint received 2021-04-07
Company: AMERISAVE MORTGAGE CORPORATION
State: FL
Product: Mortgage
Sub-product: Conventional home mortgage
Issue: Closing on a mortgage

Complaint:
On XX/XX/2021 I started a mortgage refinance process with Amerisave Mortgage. My Loan processor was XXXX XXXX. XXXX and I discussed the loan, including the loan rate. I was happy with the initial loan rate of 2.75 % for a 30 year mortgage. I asked XXXX to lock-in the rate. XXXX explained that it was Amerisaves policy not to lock in rates because if the rate dropped, the customer benefits and if the rate goes up, Amerisave will issue an exemption to get the rate back to the rate on the signed disclosure. This sounded like a great deal to me, a cant lose situation. After the appraisal came in higher than anticipated, I asked XXXX what the rate would be on a cashout refinance. XXXX quoted me a rate of 3 % with 3.154 in points totaling {$9100.00} for a 30 year cash out refinance. I asked XXXX again about locking in the rate because the 10 year note was starting to go up. XXXX stated the following, I would not work for a company that misled its customers, and Im sure you would not do business with a company that lied to you. Your rate is 3 %, if the market rate goes down, you win. If the market rate goes up, my supervisor will give me an exemption to get your rate back to 3 %. I believed XXXX and on XX/XX/2021 I signed a disclosure for the cash out refi with these terms. Well, rates continued to rise and and I called XXXX again to inquire about the interest rate. Keep in mind, communication with XXXX was HORRIBLE. I would have to call him several times and send multiple emails before he responded, if he responded at all. When I finally got in touch with him and expressed my concern over the rising mortgage rates, he again told me not to worry, that Amerisave would take care of me. Well, on XX/XX/2021, in anticipation of a XX/XX/2021, I received a new, updated, surprise disclosure via email. This disclosure still had the 3 %, 30 year mortgage put now the points I was paying went from 3.154 points totaling {$9100.00} to 3.664 points totaling {$10000.00}, a difference of {$1400.00}. I again made several telephone calls and send various emails to XXXX letting him know the terms on the disclosure had changed and I was being charged more in points, and in title fees. When I finally got XXXX on the phone, he told me not to worry, he would send the disclosure back to his manager and get it corrected. The next day XXXX call me back and told me he got the points down to 3.437 totaling XXXX but he could not get it back to the original agreement of 3.154 totaling {$9100.00}. He stated there was nothing he could do to get my disclosure back to the terms we originally agreed on, and signed onto, and my only option at this point would be to cancel the refinance request or move forward with he new terms. He did not apologize for continuously telling me there would no issue with my rate and there was no need to lock it in. He very coldly told me to cancel or move forward. I then asked to speak with his manager. The same day his manager called me and acknowledge that XXXX had misled me. He stated that Amerisave had hire a lot of new people and it was obvious that they need some work in how they communicated the rate lock policy to customers. He also stated he could do nothing more except offer a refund for the {$500.00} application fee, which I have not received. Bottom line, I had no choice but to move forward with the refinance. Amerisave had me in a hostage situation. If I cancelled the refinance and when with another company, I would have to begin the process from the beginning and would probably get an even higher interest rate. Amerisave is very calculating. They change you a non-refundable {$500.00} application fee upfront and conduct your appraisal within 4 days of application. This is done to lock you into their services. After the appraisal and the underwriting is approved, they know you will move forward with the refinance because moving to another mortgage provider at that point will cost you more money and a higher interest rate since rates have gone up. That is also why XXXX, after lying to me in 4 separate conversations, offered to cancel my loan or move forward. He knew I had no choice but to move forward. 
I am requesting that Amerisave reimburse me for the difference on the points on the XX/XX/2021 disclosure and the final XX/XX/2021 disclosure. The difference amounts to {$810.00}. 
While researching online complaints against Amerisave I have found that this interest bait and switch scheme is # 1 complaint against Amerisave. Anyone wanting to conduct business with Amerisave should read the reviews on XXXX, XXXX, and XXXX If you dont care whether your interest rate goes up during your underwriting process, and if you dont care about being able to communicate with your loan originator or loan processor, the Amerisave will be just fine for you. XXXX openly lying to me during 4 separate conversations and made no apologies for it. Ultimately, his lies cost me {$810.00} in points. The {$810.00} would not have matter if he had been honest with me the 4 times I asked about locking the rate.

Company public response: Company believes complaint represents an opportunity for improvement to better serve consumers
Company response to consumer: Closed with monetary relief