Consumer complaint received 2021-12-27
Product: Mortgage — Conventional home mortgage
Issue: Applying for a mortgage or refinancing an existing mortgage — 
Company: AMERISAVE MORTGAGE CORPORATION (PA)

My wife and I contacted AmeriSave Mortgage in XXXX of XXXX in order to refinance our current home mortgage. We went thru the entire process and submitted all required documentation that was requested as well as paying for a home appraisal. Our contacts at AmeriSave were XXXX XXXX, XXXX XXXX and later others within AmeriSave whom I contacted to try to resolve the issues we were experiencing. Essentially, after submitting all required documents we received an email on approximately XX/XX/XXXX that we needed to download and sign loan disclosures within 24/48 hours so that our loan could move to closing. We immediately did this, but never heard anything further as to a closing date. We didn't know how the process would progress so we simply waited. We received another email on approximately XX/XX/XXXX indicating that we needed to immediately download and sign loan disclosures again. Again we did this and waited for a closing date. We again never heard anything from anyone at AmeriSave. Again we didn't know why this was, but no one ever contacted us in any form ( phone, email, letter ). On approximately XX/XX/XXXX we received another email telling us that we had to immediately download and sign loan disclosures so that our loan could move to closing, which we did and heard nothing. At this point I sent an email and questioned XXXX XXXX as to why this didn't occur and never received a response. On approximately XX/XX/XXXX we received another email notification stating that we had to immediately download and sign loan disclosures, which we did, but never heard anything further. We again received an email imploring us to download and sign loan disclosures on approximately XX/XX/XXXX. Again, we never heard anything. At this point I emailed both XXXX XXXX and XXXX XXXX and asked them what was going on, that we had received loan disclosures on multiple occasions leading us to believe our loan was closing and then never receiving a closing date. XXXX XXXX replied to both XXXX XXXX and I and asked XXXX XXXX to tell me why the loan was not going to closing. It was not until that point that XXXX XXXX informed me that I was carrying too much credit card debt for the loan to be approved. This was the first time that I was informed of this. My credit had been about XXXX or so and XXXX XXXX told us in our initial contact in XXXX of XXXX that we qualified. Had XXXX XXXX or XXXX XXXX told us at any point along the way that our credit card debt was too high we would have taken steps to pay off our debt as we have access to liquid assets to do so. Upon finding out that this was the only reason holding us back from closing I contacted XXXX XXXX and asked him what needed to be paid off. He indicated that our XXXX XXXX needed paid off and I paid it off. I contacted XXXX XXXX to let him know our XXXX XXXX was paid off, but he told us that we were still not approved. I contacted several executives within AmeriSave as well as their consumer complaint department and never received a response from any of the executives, but did hear back from XXXX XXXX of their complaint department. I feel as though AmeriSave Mortgage wasted my time and ultimately my money by stringing us along for several months time with hopes that our loan was going to be approved. At the interest rate we applied for we would have been saving {$500.00} per month in mortgage payments so AmeriSave cost us several thousand dollars. Had they simply been honest we could have paid off our debt and closed the loan, but never ever told us anything for several months. I think this is terrible business practice that others should be aware of.