Consumer complaint received 2021-01-21
Company: AMERISAVE MORTGAGE CORPORATION
State: NV
Product: Mortgage
Sub-product: Conventional home mortgage
Issue: Applying for a mortgage or refinancing an existing mortgage

Complaint:
My experience with Amerisave in XX/XX/XXXX was eerily similar to the bait-and-switch mortgage lending practices that the CFPB identified in its XXXX Enforcement Actions against Amerisave. 

1 ) I was " promised '' a low interest rate on my mortgage loan ( my mortgage loan officer was XXXX XXXX and loan # was XXXX ) that later become unavailable without adequate explanation at the time I attempted to lock the rate. When I pushed back on the " bait and switch '', I was subsequently re-assured that the originally promised lower rate would be made available to me but that promise never was fulfilled by AmeriSave 2 ) AmeriSave locked me in with costly up-front fees, in my case I was charged {$550.00} for an appraisal prior to ever sending or delivering a Loan Estimate to me ( and this is despite XXXX XXXX attempting to document otherwise which I subsequently was able to show XXXX XXXX why Mr. XXXX was incorrect ) ; when I attempted to contact the company for a refund, my reach outs were ignored ( by XXXX XXXX ) and not responded to until I opened up a dispute with my credit card company and escalated my concern to senior management ( XXXX XXXX ) at which time, after much frustration and time spent, I was able to recover the improperly charged " pre-payment '' amount of the appraisal fee 3 ) While I had hoped to close this loan with Amerisave, I ultimately requested that the company withdraw my loan application and yet AmeriSave stated to me that it had instead unilaterally chosen to deny my loan application but without any explanation as to the exact reasons why -- and I also never received a written adverse action letter or other similar correspondence from Amerisave regarding their decisioning on my loan application. Meanwhile, I inexplicably continued to receive " Urgent Request '' emails from Mr. XXXX and AmeriSave requesting that I provide information on my loan application which others at AmerSave at the same time were trying to persuade me that AmeriSave, without my knowledge, had previously been denied without me ever speaking to Mr. XXXX or anyone else at AmeriSave to try to correct their underwriting errors. 

4 ) I discussed these concerns above as well as an extensive list of additional disappointments and poor customer experiences, ranging from numerous failures by Mr. XXXX to contact me to resolve the erroneous underwriting decision on my loan application from XX/XX/XXXX to XX/XX/XXXX ( I subsequently went to two other lenders who approved me on the same property and loan application using XXXX XXXX XXXX and explained that the AmeriSave underwriters failed to calculate certain sources of my income properly ) to Mr. XXXX remarkably failing to ever follow-up with me on my request for compensation in resolution of my issues and poor customer experience with AmeriSave after we spoke for nearly 90 minutes on XX/XX/XXXX.

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