Consumer complaint received 2020-11-16
Company: AMERISAVE MORTGAGE CORPORATION
State: CA
Product: Mortgage
Sub-product: Conventional home mortgage
Issue: Applying for a mortgage or refinancing an existing mortgage

Complaint:
This company uses deceptive and misleading tactics, and an intentional failure to deliver their product in order to generate more profit. Amerisave Mortgage Corporation should not be allowed to continue operating. I inquired with Amerisave.com after finding an online advertised fixed rate mortgage through their website on XX/XX/20. After entering my information I received an automated " personalized quote '' which was more or less the same commercial content as seen in the advertisement. On XX/XX/20, I was contacted by XXXX XXXX, Loan Originator NMLS ID # XXXX. She advised I would be required to pay an upfront {$500.00} application fee to proceed. I was then guided over the phone to give her my information which she used to fill out and enter in the mortgage loan application. It wasn't until after my credit card payment was processed that I received a GFE. I was advised I would be guaranteed to receive the advertised fixed rate contingent on our credit reports, but felt pressured, and guided by her not to lock-in because the advertised rate was guaranteed regardless of whether market mortgage interest rates went up. This was reiterated several more times during the conversation. It should have served as the second red flag on top of the {$500.00} application fee. Over the course of the next several weeks, all financial documents were submitted as requested, and I received the first initial closing disclosure on XX/XX/20. I received a phone call the next day from XXXX XXXX, Loan Processor. By this point I was concerned about the length of time it was taking. I expressed my concerns to XXXX asking if my fixed rate had an expiration date. I was told " my loan was being held up by the title company. '' She reassured they were pressuring them to complete the search and I would be ready to go " next week ''. I received the second closing disclosure on XX/XX/20 with significantly higher closing costs, with a XX/XX/20 closing date in the disclosure. The reason cited for the current change XXXX increase ) on this disclosure : " Rate Lock : Float to Lock. Fee : Loan Discount. '' It was now clear a rate lock had been made at the sole discretion by someone at Amerisave. Three more weeks passed when I received another request for documents, and again two weeks later. On XX/XX/20, I uploaded and emailed copies of the latest requested documents directly to XXXX asking for an explanation why do I keep receiving multiple requests for the same documents that have already been submitted, in some cases 2 or 3 times, resulting with my application now in it's fourth month. No response. I emailed her copies because Amerisave 's customer portal does not have transparency on what documents, or when they were uploaded. I requested a list of my documents and time they were submitted. No response. I now have a better understanding as to why they don't make it transparent, compared to reputable online lenders. On XX/XX/20, I emailed XXXX and XXXX stating I plan to file a complaint after discovering a long history of past and present consumer complaints filed against Amerisave Mortgage Corp. for the same reasons. I received phone calls from both the following day XX/XX/20, requesting a refund of my application fee after the realization I may be the next victim of this company that still manages to profit from it's dishonest and deceptive practices. On XX/XX/20, I received an email from XXXX requesting 9 additional documents to continue my application. On XX/XX/20, I received notice my application was closed " for incompleteness or we are unable to approve you for a loan program. '' Amerisave not only appears to be operating once again outside the CFPB consent order 2014-CFPB-0010, but judging from the dates of the complaints filed just with the XXXX, also appears to have violated the CFPB order well before the 5 year statute of limitations specified in the class action case. My wife and I both have credit scores over 800. Far too much time was spent resulting in unnecessary financial expenses caused by this company. I would advise anyone who is considering doing business with this company to do their due diligence first.

Company public response: Company believes the complaint provided an opportunity to answer consumer's questions
Company response to consumer: Closed with explanation