Consumer complaint received 2022-01-18
Company: AMERISAVE MORTGAGE CORPORATION
State: AZ
Product: Mortgage
Sub-product: Conventional home mortgage
Issue: Closing on a mortgage

Complaint:
Hello. I'm at the final step of closing on my investment property with the lender 'Amerisave ' located in XXXX XXXX Arizona XXXX Because of their fault, I ended up paying {$3900.00} more for the closing cost. I asked for the rate lock for my new house mortgage on XX/XX/XXXX, and the loan officer confirmed that he successfully locked the rate by email and call. A few days later, I was notified that he had never locked the rate in the company 's system. I have all the emails and voice memos as evidence, and the loan officer, manager, even vice president admitted their fault, saying it is a very unusual mistake. The rate spiked after I asked for the rate lock, and it seemed impossible to match that number I locked. 

However, they persuaded me to proceed with the appraisal process before locking in the rate, saying they are asking for the price exception/loss approval to their upper level. After the appraisal, When I asked for updates, they kept saying they were working on this issue and please allow them a little more time. I guess they were waiting for the market to go down, but that did never happen. Or I think they deliberately delayed letting me know the poinXXXX fee to leave me with no other option than to proceed with them. I had plenty of time to switch to another lender if they had told me they couldn't handle this situation. Instead, they deceived me into believing that they had a solution for this. 

Eventually, the market didnt get better, and the manager told me he would like to discontinue this loan process, and he would just quit if he were in my shoes. He also told me I could have locked the rate by myself online. Why would I lock the rate again after my loan originator confirmed that he successfully locked it? I was furious and asked them to give me the close number as possible because I could not lose my house earned after a lot of competition. I was so exhausted with countless calls and emails I made, so I was willing to sacrifice a little bit and meet in the middle. I let them know this, and they firmly promised me the price exception again, and they would responsively handle this issue. 

I trusted them and kept waiting for weeks. However, they never gave me updates unless I called them and left messages. Finally, after they promised to provide me with an adjustment, they sent me the closing disclosure on XX/XX/XXXX. It was the highest point fee I've ever seen during communication with them. Over {$5000.00}! Nothing was adjusted to make up for my loss that happened by their mistake. I was shocked and called the loan originator to ask him about this situation. His signature was on the document, but he was completely unaware of this and instead asked me about the number. Who is even signing the document instead of himself? He said the system automatically put his signature, but I didn't buy it. 

I communicated again with the Vice President, and he promised me again to make a change within his power. Finally, on the XXXX, with only three days left until closing, I got the final closing disclosure which I had to pay almost {$4000.00} more. Not even close to the middle point we agreed on. The VP said he did his best to adjust the amount. They might have given up their commission, but it was so apparent to me that they never took a loss. 

I'm in a difficult position as an individual and as an immigrant. However, I know it is an obvious court case, and I will file a lawsuit for economic loss, mental distress, and wasted time if this issue is not fully resolved. I have plenty of evidence for their negligence and false representation. On top of that, Amerisave, as a national lender, should not treat a customer like this. They should have been responsible for their mistake and taken the loss, rather than avoiding and delaying the situation.

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