Consumer complaint received 2021-02-02
Company: AMERISAVE MORTGAGE CORPORATION
State: MD
Product: Mortgage
Sub-product: Conventional home mortgage
Issue: Closing on a mortgage

Complaint:
I applied for a mortgage ( refinance ) with Amerisave ( Amerisave File # XXXX XXXX in XXXX, in the amount of XXXX That amount was based in discussions with the loan officer as to what option. I chose a program with a higher rate in exchange for approximately XXXX cash back, and approximately XXXX} cashout from the refinance. There were no points and no costs, other than a XXXX  application fee. I provided all requested information. I reviewed and executed the initial disclosures. I was told by the LO he had gotten an appraisal waiver. My loan moved to approved in about 12-15 days. I continued to ask about closing and was told the processor still had things to do. I had numerous emails and conversations with the processor as to updating a piece of information here and there, which I provided. I have received 3 or 4 closings disclosures. The first one, I immediately notified the processor and loan officer it was wrong - the loan amount had dropped by about XXXX, the closing agent info was wrong ( from day 1 I identified the closing agent I would be using. Amerisave kept inserting their affiliate in the agent field ). When I asked the processor about the errors she said the LO needed to change the loan program. Discussions with the LO yielded nothing but the processor went MIA. There was no communication from the processor for about 2 weeks. I finally received another closing disclosure, with no commentary. The closing agent was again listed as Amerisave 's affiliate and the loan amount was still incorrect ( short ). The last closing disclosure I received was on XX/XX/XXXX. That loan amount was XXXX And the closing cash back to me had been reduced by over XXXX and there was now a 1/2 point fee ). I never approved or " signed off '' on any of the multiple closing disclosures sent to me. Each closing disclosure I made the loan officer and processor aware of mistakes and asked for explanations. What was even more troubling, on that last disclosure, there was 3 reasons listed as to why certain things had changed. On XX/XX/XXXX there was a rate lock which was correct. On XX/XX/XXXX it states " Change of Loan Amount - Borrower requested change - Decrease '' That is not correct. I never requested a decrease. And on XX/XX/XXXX is states " Change of Loan Amount - Borrower requested change - Decrease '' That too is not truthful. Also listed as changes that increased fees were - 1 ) Appraiser Update-AMC inability to identify a licensed appraiser willing to drive to subject property ( appraisal was waived, I was told, same day as this disclosure form, they now need an appraisal ) ; 2 ) Change Loan Purpose-Rate-term refinance change to cash out ( as noted, this was never a rate term refinance ) ; 3 ) Change Loan Amount-Borrower requested change - increase ( that is simply not true as I have noted I have never requested a change in the amount from my original application ). I inquired with the loan officer why the changing loan amounts and fees. He had blamed the previous loan amount changes on the processor " XXXX up taxes ''. I asked for a detailed explanation. Days later, he said when he originally ran the loan, he got the approval from XXXX XXXX, but there was a glitch that day. While it approved at the requested loan amount, and had the correct payoff amount ( yielding approximately XXXX  cashout out - in addition to the cashback for the higher rate XXXX he put in a limited cash out program. The XXXX really shouldn't have approved it. I was then told I now needed an appraisal - almost 2 months after applying and receiving " loan approved in closing status '' and after the " final closing disclosure '' of XX/XX/XXXX. During the course of all this, the status " Approved '' had been removed from their online system. The appraisal was just received ( with a value {$880000.00} - I paid {$940000.00} in XXXX and put another {$100000.00} into the house. The house next door, as the owners are preparing to sell just appraised for {>= $1,000,000}. A house on a like kind lot, yes bigger house and newer, but similar lot just sold for {>= $1,000,000} XXXX supported by bad comps ( ie, no adjustment for larger lot size, no adjustment for country club community, no adjustment for my house being on the clubs golf course etc, using a comp with no adjustment for being on a busy main road instead of a typical residential street/golf course, listed my house as 100 % drywall when 25 % is actually plaster ) and ignored more relevant comps. I made the loan officer aware of the issues two days ago, but have heard nothing. Coincidentally, the bad appraisal valuation would yield no cash out.

Company public response: Company believes it acted appropriately as authorized by contract or law
Company response to consumer: Closed with explanation