Consumer complaint received 2021-04-16
Company: AMERISAVE MORTGAGE CORPORATION
State: CO
Product: Mortgage
Sub-product: Conventional home mortgage
Issue: Applying for a mortgage or refinancing an existing mortgage

Complaint:
This complaint is about Amerisave. I currently own 5 properties, and between purchases of properties ( both personal and investment ) and refinances, I have probably participated in over a dozen mortgage transactions in my life, and this was the first one where a company failed to live up to their obligations. Background : I had closed a refinance on my personal property on XX/XX/2020 with Amerisave. I then phoned to inquire about rates on an investment property refinance. I applied on XX/XX/2020 and the loan originator, XXXX XXXX, was able to see all the documents from the previous refinance, and he passed them from one file to the next, so that on the day of the application, they had all the documentation they needed to pass my file into underwriting except for an appraisal on the subject property. The rate offered was 2.5 % for a conventional mortgage with a 75 % LTV and 2 % fee for the mortgage. I asked to lock the rate at the time of the application and was told that I couldn't because the underwriting process was taking more than 30 days. Throughout this time, I was continually asked to upload documents by their automated system, documents which they already had, and would upload them again into the automated system and cc'ed the files to their representative. By XXXX, the appraisal had been completed. At this time, the loan originator was trying to get management involved because of delays in the underwriting process. Interest rates had dropped again, and I requested in writing to lock the rate, to which I did not get a response. At some point, Mr. XXXX left the employ of Amerisave. This was after he sent me an email stating that the system was broken at Amerisave and that there were many unhappy clients. From XXXX to XXXX, I was asked to ( one at a time ) upload documents because the prior ones had expired, such as paystubs, bank statements, etc. I always responded to these requests in a timely manner. The newly assigned loan originator, XXXX XXXX was either unresponsive or could not give me an answer regarding the ongoing delays. Eventually, the original appraisal had expired. I received an updated Closing Disclosure towards the end of XXXX which confirmed the amounts that we had discussed. On or about XX/XX/XXXX, I was informed by the loan processor, XXXX XXXX, that the loan had been approved and that we could set a closing date once the loan originator completed a final task. On or about XX/XX/XXXX, I contacted him and he informed me that his manager, XXXX XXXX, was working on the issue. On XX/XX/XXXX, Mr. XXXX phoned to inform me that the market had changed for mortgages, that they would no longer be able to resell the product at the agreed upon rate, and that the loan had been denied. He confirmed that I had been approved by underwriting and that I was free to submit an application " next week, '' and that he'd be able to get me a rate of " 3.25 % '' It should be noted that not only I am I an educated consumer when it comes to mortgages ( have gone through many in the past as noted above ), but that I am a physician with steady income, high net worth, have excellent credit, reserves above those required by underwriting criteria, and that, even during the pandemic, there has never been a vacancy or late rent check of any of the rental properties exceeding 1 month ( and obviously no late payments ). 

Of note, your website now has on it multiple complaints of people who were similarly " strung along, '' and ultimately Amerisave did not honor their commitments. As you can see, as of XX/XX/XXXX, the Closing Disclosures are in accord with what I have mentioned above. 

Original loan originator : XXXX XXXX NMLS XXXX ( XXXX XXXX ), subsequent loan originator XXXX XXXX , loan processor XXXX XXXX XXXX AZ , Mortgage Sales Manager Assistant XXXX XXXX ( NMLS XXXX ), Supervisor XXXX XXXX .

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