Consumer complaint received 2020-04-16
Company: AMERISAVE MORTGAGE CORPORATION
State: NH
Product: Mortgage
Sub-product: Conventional home mortgage
Issue: Applying for a mortgage or refinancing an existing mortgage

Complaint:
To Whom It May Concern : I am writing to you today to report the predatory lending practices at Amerisave Mortgage Corporation ( NMLS ID # XXXX ) ( hereafter referred to as Amerisave ). In addition to investigating my specific complaint against Amerisave as described in detail below, I would encourage the Consumer Financial Protection Bureau to investigate Amerisaves lending practices to determine if my personal experience with Amerisaves predatory lending practice was an isolated incident or is, as I suspect, more widespread. 

In my experience, Amerisave promised loan costs to refinance my mortgage of roughly {$1200.00} at the time of application ( Loan ID # XXXX ). However, immediately prior to the closing of the loan, the loan costs on the Closing Disclosure were approximately {$3000.00}. When I questioned these costs, Amerisave refused to honor their promised costs and pressured me to accept the revised terms. When I refused to accept the higher costs, Amerisave canceled the loan. 

Background : I applied for a mortgage to refinance my home on XX/XX/2020. At the time of my application, I was quoted a rate of 3.00 % fixed for 15 years with total lender and third-party costs not to exceed {$1100.00} by XXXX. Amerisave 's loan originator, Ms. XXXX XXXX ( NMLS ID # XXXX ) stated that Amerisave would meet or beat XXXX XXXX  quote, but I needed to submit my application first ( see EXHIBIT 1 Amerisave email dated XX/XX/2020 at XXXX XXXX ). Based on this information, I completed an application with Ms. XXXX that evening via telephone at about that time. During that conversation, Ms. XXXX mentioned that, as a repeat customer of Amerisave, I would also be eligible for an additional {$500.00} credit. 

Please note that the original loan disclosure document from XX/XX/XXXX did not match the closing costs that Amerisave had agreed to match. At the time of the application, I was informed that these costs would be adjusted at a later date by Ms. XXXX manager ( Mr. XXXX XXXX ). On XX/XX/XXXX, the net loan costs were reduced to {$830.00} as reflected in the loan estimate ( see EXHIBIT 2 ) on that date ( {$830.00} = [ D. Total Loan Costs ] {$1600.00} + [ E. Taxes and Other Government Fees ] {$130.00} [ Lender Credits applied in J. ] {$990.00} ). 

Later during the application process, Amerisave increased the costs of the mortgage for reasons that were not disclosed to me. On several occasions, I requested that the fees be adjusted to reflect the costs promised on XX/XX/XXXX. However, as reflected in the final closing disclosure dated XX/XX/2020 ( see EXHIBIT 3 ), the total costs plus recording fees remained at {$2900.00}. 

I brought this discrepancy to the attention of Mr. XXXX in an email dated XX/XX/XXXX at XXXX XXXX. At XXXX, Mr. XXXX responded that this is our final deal and, while originally we were able to match the deal no problem their costs had increased due to extension fees. Mr. XXXX further pressured me to accept the new terms of Amerisaves mortgage by stating that ( a ) this is a really great deal, ( b ) pricing is 5x worse right now, ( c ) lets not miss out on this deal and get this deal done, ( d ) the average turn time for mortgages is another 90 days and that is across the board in the industry, ( e ) you can literally close now and be done with the whole process, and ( f ) but we need you to close ( see EXHIBIT 4 ). 

On XX/XX/XXXX, I again provided Mr. XXXX with the email from Ms. XXXX and cost estimate from XXXX and requested that Amerisave honor the terms that they had agreed to on that date. I further pointed out that the delays in closing the loan were not the result of my actions or lack thereof and, rather, as Mr. XXXX himself pointed out that 90 days was the average industry-wide time to close. Further, my wife ( the co-borrower ) and myself remained ready to close once the loan costs had been corrected, but we were unwilling to close at the higher costs. Mr. XXXX called to discuss at XXXX XXXX on XX/XX/XXXX. He had not yet received the email, so I provided the same information to him verbally. That call ended rather abruptly with the loan status and next steps unclear. He called back a couple hours later stating that he had discussed the loan with his VP and that they were not willing to adjust the costs on the loan. I told him that I was not interested in renegotiating the terms of the loan and to kindly put Amerisaves response in writing, which Mr. XXXX agreed to do, although his response was not received. As of XX/XX/2020 at XXXX XXXX, Amerisave had changed the status of the loan to canceled ( see EXHIBIT 5 ). 

Thank you for your attention to this matter.

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