Consumer complaint received 2021-02-25
Product: Mortgage — Conventional home mortgage
Issue: Applying for a mortgage or refinancing an existing mortgage — 
Company: AMERISAVE MORTGAGE CORPORATION (MI)

Loan Refinance Issue - Lied to during the application Process / False Representation With the Mortgage rates being so low, I went online on XX/XX/21 to inquire about refinancing my mortgage. I found a good rate of 2.50 % with Amerisave Mortgage Corporation, NMLS ID # XXXX. 

After I submitted some information online, I received a call that same day, XX/XX/21, from a loan officer. His name is XXXX XXXX XXXX, Loan Originator ID # XXXX. Throughout the conversation, we discussed the different options available and documentation needed. During the conversation, we agreed to proceed to apply for a 30 year fixed mortgage at 2.50 %, with point purchase cost of {$1600.00}. XXXX recommended that we float the rate. I did not understand what we meant by this, so I asked as I had never purchased points before. He explained that is a no-risk float, meaning that if the rates go down, I could get a lower rate, but if they went up, there would be no risk. 

The same day, on XX/XX/21, I submitted electronically and via email all of the documentation needed to underwrite my loan. I inquired with XXXX to see if there's anything needed. His response was some documents weren't uploading properly, so I proceeded to email them to him. He told me that we could close as fast as 30 days from XX/XX/21, so I was sure to get everything over to him. 

On XX/XX/21, I texted XXXX to make sure he had everything. His response, " Yes, one document was marked invalid. I will forward over which one that was. '' I had a few other questions over what they were looking for. He never responded and I sent everything over that he requested, same day. 

I then followed up via text message to XXXX on XX/XX/21 asking what the status of my loan was and his response, " I believe there are no required documents yet. Awaiting things like payoff/title : to be honest I'm returning from going to an actual closing '' I replied with " Sounds good. Would you please check to make sure you don't need anything else on my end? '' I did not receive a response and texted XXXX again on XX/XX/21. " Hi XXXX. Would you please let me know where we are with my loan? When we started the process. You mentioned that I might be closing by XX/XX/XXXX. Please call me back to discuss. Thanks. XXXX XXXX '' I then called Amerisave customer service and they told me that they would send XXXX a message to get back to me on XX/XX/21. He emailed me that some of the documents were still showing as invalid. I was not very happy as I had been following up to ensure all documents needed were provided same day as requested. XXXX XXXX then emailed me on XX/XX/21 to verify that they needed two more pieces and submitted to him for processing and into the underwriting queue. I was upset because it was 3 weeks since I had submitted the original documents! 

One XX/XX/21 XXXX XXXX, the loan processor, informed me via email, " Your Closing Disclosure is complete and ready for you to review, you must review and acknowledge this document 3 days ( not including Sunday or Holidays ) prior to your actual closing date. You may access this document by clicking on the following secured link : '' I reviewed the document and everything looked like what we discussed. XXXX replied back to all stating, " Thank you both! Very Smooth Loan. '' So I was under the assumption that I was just waiting on a closing date. 

On XX/XX/21 at XXXX, I had a call with XXXX XXXX in which he explained to that my rates were going up. I was not understanding what he meant. He sounded very nervous and I was told him that this can not be true as you described to me that the Float had no downside. He responded with, " Yes I know sir and there hasn't been a downside for the past 12 months. And unfortunately the market volatility is affecting your rates. '' I replied with, " You said that there was NO downside on the float. '' He said, " Yes, I did say that. But I was wrong ''. The lie during the application process is UNACCEPTABLE. I asked XXXX to speak with his manager and he said he would have him call me that same day. The Manager 's name is XXXX XXXX. 

On XX/XX/21 at XXXX EST, I sent an email to XXXX asking if he connected with his manager. If so, I wanted to speak with him. XXXX replied at XXXX EST, with " Good morning, We just had a lengthy meeting. I can call you soon if you would like and tell you what is going on. '' I replied back at XXXX EST asking " What time will you be calling? '' XXXX called me on my cell phone at XXXX EST. He proceeded to explain to me what the options were from his Manager. He told me as he was the most senior loan officer, the manager was leaving him to get resolution with my loan as the Manager needed to assist the more junior loan officers. He told me that on Friday XX/XX/21, the day after I received my loan disclosure, that the rates were going up. He, his team, and the manager met as my cost for points were up to around {$5000.00}, up from the originally quoted {$1600.00}. I asked XXXX why I wasn't contacted at that time to make an informed decision. He told me that " We decided to wait to see if the market settled and would come back down. '' I told him that it wasn't his call to make as I was the one bearing the risk. He agreed. He further explained that the cost is now up to {$9400.00}, up from the original {$1600.00}. I told him this is not acceptable. He told me that they are offering {$1000.00} for every {$100000.00} of the loan to offset the increase. My loan application is {$350000.00}, so the estimate of {$3600.00} reduction was what was described over the phone. 

The {$3600.00} would bring the {$9400.00} down to {$5800.00}, or {$4200.00} MORE than the original application amount or the amount just supplied to me less than a week ago. 

He then told me that they could INCREASE loan rate to 2.625 %, which would cost {$5900.00} in points. They would reduce it down by {$3600.00} to {$2300.00}. The monthly rate would go up by a range of $ XXXX per month. I replied with XXXX saying this is {$300.00} more per year that I have to pay because I was NOT properly informed! I was very upset. I repeated to him that his explanation of the float was WRONG and I was misled. He agreed on the phone and explained that it was " his bad '' on that. I asked XXXX to give me his supervisors phone number and he said he couldn't do that. I told him I want to discuss with his manager today as I don't want to bear any more risk!! I need better options than this. 

This is NOT acceptable. I can provide documentation of all email correspondence and phone records. 

Here are the pertinent contact details for Amerisave. 

XXXX XXXX Loan Originator NMLS ID # XXXX AmeriSave Mortgage Corporation NMLS ID # XXXX XXXX XXXX XXXX XXXX XXXX XXXX XXXX, XXXX XXXX XXXX GA XXXX XXXX Desk XXXX Fax XXXX XXXX XXXX Processor AmeriSave Mortgage Corporation NMLS ID # XXXX XXXX XXXX XXXX XXXX XXXX XXXX XXXX, XXXX XXXX XXXX GA XXXX XXXX Desk XXXX Fax XXXX amerisave.com