Consumer complaint received 2020-12-23
Company: AMERISAVE MORTGAGE CORPORATION
State: NC
Product: Mortgage
Sub-product: Conventional home mortgage
Issue: Applying for a mortgage or refinancing an existing mortgage

Complaint:
I applied with Amerisave for a refinance on my existing mortgage on XX/XX/XXXX over the phone. I was told there would be a {$500.00} non-refundable application fee that, if approved, would be applied towards the closing costs. I was confident I would be approved ( I was ). It is now XX/XX/XXXX and the loan is still not closed. I have provided all documents they have requested the same day they requested them. They have repeatedly asked me to provide documents I have provided multiple times, they rarely even answer their customer service number, I leave voicemails that are never returned, emails go unanswered, they've asked me to obtain master insurance policies from my HOA ( I don't even know what this is, isn't this their job to obtain?? ). They asked me to provide some type of form regarding a condo ( I don't live in a condo ). When I replied to the email inquiring as to what said form is/where to obtain it from, I never got a response. They scheduled my closing date for XX/XX/XXXX and notified me/provided final closing disclosure on XX/XX/XXXX ( a Sunday ). The closing agent informed me that they never sent her my closing documents so the closing never took place. I was called and told they would " make it up to me '' ( whatever that means ). They claimed the documents were sent to the closing agent on Sunday ( XX/XX/XXXX ). The next day I heard nothing, called the closing manager, left a voicemail. No response. I've had roughly a 25 % success rate having my call answered when calling their 888 number. Since my initial call and application, they have only answered when I call from the same number once. I have to constantly use different phones to call in to get someone to answer which leads me to believe they have my number saved for screening. Today XX/XX/XXXX I called and asked to speak with a manger, I was told I was being transferred to one, I was transferred to the originator ( the only person I have ever successfully been able to speak with ) who informed me that they are still " working '' on getting the documents to the closing agent. He stated that the documents were sent to the closing agent on Saturday ( XX/XX/XXXX ) despite having said they were sent Sunday originally. He offered to speak with his supervisor, I said yes. Supervisor was not in the office, will call me back when he's back. It has been over three months, they have held my {$500.00}, pulled my credit, strung me along this whole time, botched my closing, failed to provide me with 3 days to review my closing disclosures and at this point, I'm not sure they are even a real company. I have continued to pay my current, more costly mortgage payment longer than necessary ; if I had gone with a reputable lender, I would have closed by now and saved the difference in payment for two months worth. If a mortgage lender can't even properly handle a conventional application/closing on what is considered a " slam dunk '' ( 800 range credit score, well within all ratios, less than 70 % LTV on the property ), what confidence should I have that continuing business with them won't result in 30 years of stress. At this point I have no choice but to back out of the transaction as they've left me with 0 reason to trust their ability to follow through on the most simple of tasks. I applied with multiple lenders on the same day ( XX/XX/XXXX ) to shop around, those applications have all expired ; I will have to start the entire process over and have my credit pulled, again - this negatively impacts my credit score. I'm not sure if rates have increased since XXXX ; if they have, I will have missed an opportunity to lock in a historically low rate entirely due to AmeriSave mismanaging my application. My property taxes were due almost a month ago, my current lender did not pay them since they received a payoff request from AmeriSave ; I have no idea where I stand with my property taxes at this point. I took the day off work XX/XX/XXXX to try to hastily review the closing disclosure I was provided on Sunday XX/XX/XXXX ( which is technically the same as providing me them on Monday, the same business day ) and to be available for the closing at XXXX. That's vacation time I had to use from my job, I can not get that back. This has been the most stressful and worrying transaction I have ever been involved with. How can I trust them with my personal information ( SSN, DOB, credit history etc )? It isn't enough to simply return my {$500.00} ( even though they claim it is non-refundable, they owe me this money back ), the damage has been done. I truly do not believe this company should be in business. I have no choice but to believe they are scam artists and I would be shocked if the ordeal I personally have been through is an isolated incident. With all I have been through, I imagine they have violated some law or regulation.

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