Consumer complaint received 2021-11-07
Company: AMERISAVE MORTGAGE CORPORATION
State: AZ
Product: Mortgage
Sub-product: Conventional home mortgage
Issue: Applying for a mortgage or refinancing an existing mortgage

Complaint:
I am XXXX years old. I am on a XXXX. My income is approximately XXXX a year and there are XXXX in the household with no other income. I own my home and have for 26 years free and clear. I need a new roof and to have my home painted. I do not have the money for these repairs. I contacted Amerisave Mortgage Corporation on XXXX XXXX about applying for a cash out refinance. I am scared because I need a new roof. I spoke to a representative and suddenly I am in a whirlwind of documents to be initialed while she stays on the telephone. These are documents that no lay person could read that fast or understand all. But, I am scared about needing money for a new roof so I trust the loan specialist. She gave me numbers which were doable but for 30 years so I was trading some debt because I wanted to pay off my credit card debt as well but I felt I was stuck. She said that I had to pay a XXXX application fee upfront. I paid with my credit card but I did not want my credit balance to go up but I did not have XXXX cash on hand. She then said an appraiser would call to schedule an appointment on XX/XX/XXXX. I heard nothing from any appraiser so by XXXX XXXX I became even more worried because I had not heard from the loan officer or anyone. I also did not feel right when I believed I had been pressured into this loan application after some thought. I emailed the loan officer and requested that the application be terminated on XXXX XXXX. I received no reply from her. However, on XXXX XXXX I received an email from the appraiser stating they would call to schedule an appointment. I responded by letting them know I had contacted the loan officer and requested to terminate my application. I have heard nothing back from the loan officer. She kept saying in her emails we must act fast to lock-in the rate and start saving me money. It all went so fast there was no time to think and when someone needs money for a new roof they feel scared and desperate. I want my XXXX back please as this has simply increased my debt burden. After I paid the XXXX on XX/XX/XXXX it was as though most of the communication from the loan officer took a downturn. No true explanation of the process. It was all too fast. I feel it was predatory in nature. Initially, I believed I was being helped but later I realized that I was being pushed. I needed someone to help me so I wanted to believe this was the case but it was not. I sent an email to terminate because I felt if I spoke to anyone I would be pressured. I never heard back regarding my email. I had also added in my email to terminate that as of XXXX XXXX I had not heard from the appraiser even though she had told me I would receive a call by XXXX XXXX. The loan officer never responded to my email or acknowledged it yet the next day on XXXX XXXX I am contacted by the appraisal company. Thank you

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