Consumer complaint received 2021-08-13
Company: AMERISAVE MORTGAGE CORPORATION
State: GA
Product: Mortgage
Sub-product: Conventional home mortgage
Issue: Applying for a mortgage or refinancing an existing mortgage

Complaint:
I applied for a cash out refinance loan with AmeriSave mortgagert on XX/XX/XXXX. The mortgage loan originator took all my information and gave me a link to pay {$500.00} application fee which would be refunded at closing. After the process started and I submitted all requested documentation and the appraisal was performed. My home appraised at $ XXXX and I was requesting XXXX cash out paying off everything on my credit file which amounted to around {$15000.00} and the rest was for other things I had hope to pursue. 
The representative issue an approval based on information provided and sent my file to his processor. From this point everything changed. I paid, sent in all my information and was sent early disclosures and after which I could get little to no more responses from this XXXX. Lender. I called many, many times to the LO and processor over the course of weeks, my emails were practically unanswered. The only times answered were after 3 to 5 of the same emails sent. After appraisal came back and all income docs sent, the processor informed me I had a 30 year loan not a 20 year as discussed initially with LO. They were telling me I had a Debt-TO-Income problem. I asked to provide the ratios to me and never received, just a declination notice in the online portal. I have been a Loan officer ( 20 years ) and owned 2 mortgage companies for 13 years. I was only to have this note with a principal and interest payment of {$430.00}, I sent new insurance declarations page to replace what they were computing orginally. The new insurance with XXXX XXXX was only XXXX monthly and taxes around {$140.00} with all this added the note should have only been {$690.00} to {$700.00} per month. I provided Social Security Awards Letter of {$1400.00} per month and two years S/E income should be averaging {$350.00} per month making a total income {$1800.00} making an overall debt to income ratio of .39 %. I do not know because of non-disclosure what they were using in the final numbers. I only know I should not have been denied based on DTI. I repeatedly asked someone to call me before declination notice because the LO emailed a sentence that underwriting stating possibly denying me based on income. I was even told with tax return Social Security is grossed up by this Lender. I even went as far as to amend my XXXX taxes, which I provided to my LO adding additional income that wasn't originally filed making my DTI even less. I do not know what to do, I have never been treated with such " I don't matter '' and disrespect. I financed homes for over 20 years and my customers never went through this, they were never unaware of the process and was called back and if problems were occurring, my company would have enough consideration to disclose and work with them, especially when I have paid money upfront and given false hope.

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