Consumer complaint received 2021-01-25
Product: Mortgage — Conventional home mortgage
Issue: Applying for a mortgage or refinancing an existing mortgage — 
Company: AMERISAVE MORTGAGE CORPORATION (TX)

On XX/XX/XXXX we filled out an application for a refi with Amerisave mortgage. Our loan officer, XXXX XXXX, informed us that although we were looking for some additional cash out, the mortgage would close in 60 days and we would receive our escrow refund from our current mortgage company. He said the interest rates would be lower with no additional cash out. We qualified for a 2.625 % interest rate. On XXXX, XXXX told us he had an illness in the family but gave us his cell number. He quit responding and disappeared. We had some questions about documents that were being requested so on XXXX we called the main customer service line and were told to upload our questions to the document placeholder on our account, which we did. The customer service agent also said he was letting his supervisor and XXXX 's supervisor know our emails and phone calls were not being responded to. On XX/XX/XXXX, we were assigned a new loan officer, XXXX XXXX XXXX and our appraisal was completed on XXXX. We received an email from the title company that only one additional document was needed to close on the loan on XX/XX/XXXX. At that point, we instructed our contractor to begin remodel repairs which we planned to pay for with the escrow refund. On XX/XX/XXXX, XXXX quit responding to our emails and phone calls as well. We reached out to his supervisor, XXXX XXXX who did not return our calls either. In desperation, we filled out another application for a refinance and immediately received a phone call. After almost a month of no contact despite multiple emails and phone calls, we again reached out to customer service on XX/XX/XXXX. At that point we were assigned a new loan officer XXXX  XXXX. We were informed that because we had not closed we needed an additional XXXX XXXX XXXX  for our XXXX XXXX, which we again paid our accountant to complete. All of our documents were again uploaded, this would make the 2nd and 3rd times we had provided all of this information. On XX/XX/XXXX XXXX  called and let us know we qualified for a 2.5 % interest rate since the rates had gone down. He sent us the email to the loan processor XXXX XXXX on XXXX. One of the documents requested for a third time was our homeowner 's insurance. When we went online to obtain a copy, the lienholder was now Amerisave. At this point, we discovered that our current mortgage company had paid both our insurance and taxes, meaning that we would not have the money to pay for the remodeling, which was well underway. XXXX told us that they could go ahead and double pay the taxes to the county which would reimburse us the money we were expecting to pay the contractor with. We told her that was fine. XXXX  stopped returning phone calls and emails and we again reached out to XXXX XXXX. On XXXX our disclosures were incorrect showing the 2.625 % interest rate instead of the 2.5 % XXXX  had told us we qualified for. Our new disclosures arrived XX/XX/XXXX, however the closing costs had doubled. When I asked XXXX  why, he said he had not locked us in to the 2.5 % and the rates had gone up. On XX/XX/XXXX, I reached out to our current mortgage company and filled out an application with them, but we were told that our credit scores, due to the multiple credit checks by Amerisave, were below XXXX and we no longer qualified for a prime rate. XXXX  quit responding to us on XX/XX/XXXX. He returned on XXXX, told us he was unaware of our cash out issue and offered to change the loan to a cash out loan. Unfortunately, that interest rate was 3.5 %. At that point we were so frustrated that we told him to cancel the refi and he told us he would reimburse us the {$500.00} application fee. At this point, we are out the {$8000.00} to pay the contractor due to the delay in closing that was supposed to come from our escrow refund. We also do not qualify for prime rates any longer due to Amerisave 's repeated credit inquiries ( our credit scores were both above XXXX when we began this process ), which is going to cost us over {$70000.00} in interest over the course of our mortgage. We have yet to receive our {$500.00} refund. We reached out to an attorney who told us that large mortgage companies cover their bases and we did not have a case. A XXXX XXXX XXXX check shows over XXXX complaints, some which sound identical to our case, since XX/XX/XXXX.