Consumer complaint received 2021-10-14
Company: AMERISAVE MORTGAGE CORPORATION
State: VA
Product: Mortgage
Sub-product: Conventional home mortgage
Issue: Applying for a mortgage or refinancing an existing mortgage

Complaint:
This complaint is in regards to loan application XXXX. On XXXX XX/XX/2021 I began the mortgage application process to obtain a Conventional mortgage loan with AmeriSave Mortgage Corporation. The loan officer spoke with me over the phone and completed the application with details that I was providing. Towards the end of the call, I paid the {$500.00} upfront processing fee. Over the next few weeks everything seemed to be going well, I submitted requested documents ( tax returns, paystubs, bank statement, etc. ) and got a Condominium Insurance Policy. On the day that the loan was supposed to close ( XXXX XXXX ), XXXX XXXX called me and informed me that they were still waiting for documents from the Condominiums Management team and he also instructed me to pay all of my credit cards off to a {$0.00} balance, which I did. There was a 2 week gap at the end of XXXX and early XXXX in which AmeriSave could have communicated this to me, why did they wait until closing day? Over the next few days, XXXX XXXX would then call me and tell me that he would only approve the loan if I increased my down payment from {$10000.00} to {$32000.00}. I was able to get the additional funds from relatives and I provided XXXX with the documentation of where the funds came from. Subsequently, XXXX then changed his mind AGAIN and said that he would only approve the loan if I added a co-signer. I stated that I recently got a job promotion and did not need a co-signer in order to qualify for a Conventional loan. At this point we had missed our closing date by several days and XXXX XXXX would not answer phone calls or e-mails. I reached out to several other individuals and they would not respond either. I was forced to cancel the purchase contract and switch to another lender. 

After I switched to another lender, I was able to submit the required documents and they approved me for a Conventional mortgage loan. They loan officer remained in constant communication and we were able to complete the process in 2-3 weeks. Since AmeriSave had already done an appraisal, I requested that they transfer it to the new lender. On XXXX XX/XX/2021, XXXX XXXX stated that I would need to send them a certified check in order for them to process the transfer. That afternoon, I sent them a check in the amount of {$530.00} via XXXX  2nd Day Air ( Tracking number XXXX ). AmeriSave received the check on XXXX XX/XX/2021. After receiving the check for the appraisal transfer, AmeriSave then stated that they would NOT be transferring the appraisal to the new lender. At this point, we had to order a rush appraisal from XXXX XXXX XXXX. 


I made all efforts and attempts to work with AmeriSave in order to close on the loan but they were very uncooperative and would not communicate with me at all. As a result, I would like a refund of the Process Fee ( {$500.00} ) and the Appraisal Transfer Fee ( {$530.00} ). AmeriSave engages in deceptive and misleading practices which leads to avoidable delays in their loan process. I will not be doing any business with them in the future. I have attached supporting documents relating to this incident.

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