Consumer complaint received 2020-12-16
Product: Mortgage — Conventional home mortgage
Issue: Applying for a mortgage or refinancing an existing mortgage — 
Company: AMERISAVE MORTGAGE CORPORATION (DC)

I submitted my application on Friday, XX/XX/2020 after the lender required a hard pull on my credit. I received initial disclosures on XX/XX/2020. The initial disclosures had a floating interest rate. Unfortunately I did not realize the interest rate was floating, because I had never seen that before, and paid a {$500.00} " non-refundable '' application fee on XX/XX/2020. The loan estimate had the floating feature on there, but I didn't realize until I read and signed the floating rate disclosure, which was only made available to me AFTER I already paid the {$500.00} " non-refundable '' fee. I emailed the lender exactly 20 minutes after paying -- once I got to that disclosure page -- on XX/XX/2020 to say that had I realized it was floating, I would not have paid, and to ask if I uploaded my docs quickly, how long would it take to get to conditional approval so I could lock. I NEVER received any response or acknowledgement. 

I checked DC law and the disclosures again, and they did not contain the notice required by DC Code 26-1113 ( b ), which permits the borrower to cancel within 5 days of receiving the initial disclosures and receive a refund less amounts actually incurred by the lender. I'm pretty sure they didn't spend much in that 20 minutes after XXXX on a Friday. Had I been advised of this right as required by my state 's law, I would have insisted more firmly then. 

I finished providing new documents no later than XX/XX/2020. The only new thing they've asked for is a XXXX pay stub, since the pay stubs I provided in XXXX became stale due to their delay. I provided it the same day. Today is XX/XX/2020 and no new documents have been requested from me in more than a month. 

Today is XX/XX/2020 and the lender still refuses to lock my interest rate, ignores when I ask for current rates, and refuses to set any date for closing. On XX/XX/2020, the loan officer I was working with blamed the title company for delay or some other issue with " title '' or " deed. '' I ( an XXXX ) and another XXXX checked my property 's records online and my deed is recorded in my current legal name and the only open lien is my current mortgage. I am the sole owner of my property and have refinanced several times since I've lived here with no issue. I phoned the title company and they say they are not doing anything right now and are waiting on the lender, so it appeared to be a lie. On XX/XX/2020, after filing a XXXX  complaint, I received a call from a blocked number from someone claiming to be a manager stating that my loan would now be handled at the manager level and I should get my closing paperwork the following week. He left no contact information. He also stated that there was no problem with my title, they were just busy, confirming that the first loan officer was lying to me. It is now XX/XX/2020 and I have never heard a peep from anyone at Amerisave since. 

The loan officer I was working with stated on XX/XX/2020 that that all refis with all companies are taking 90-120 days. Everywhere else is offering 60 day rate locks, meaning they also think they can get it done in 60. Amerisave also says on the XXXX  website it should be done in 60. ( Not to mention RESPA 's Regulation B only permits 30 days to make a decision after an application is complete, which mine has been since at least XX/XX/2020 ). A new refi fee goes into effect XX/XX/2020 that will add {$2200.00} to my refi. The lender won't answer whether they expect me to pay this due to their delay. I guess it's supposed to be a surprise. The lender also refuses to refund my {$500.00} and let me walk. 

They violated DC Code 26-1113, are indefinitely delaying making a decision on or closing on this loan ( in violation of RESPA Regulation B ), and are doing so with information that appears to be false, any of which entitles me to walk away with my {$500.00} back.