Consumer complaint received 2021-03-16
Product: Mortgage — Conventional home mortgage
Issue: Closing on a mortgage — 
Company: AMERISAVE MORTGAGE CORPORATION (CA)

From XX/XX/XXXX through XX/XX/XXXX, I tried to refinance with AmeriSave Mortgage Corporation ( NMLS ID # XXXX ). XXXX XXXXi ( NMLS # XXXX ) was the broker. I explained to XXXX that we were remodeling our home, our plans had been permitted by the city and that we were scheduled to demo on XXXX XXXX, XXXX. There was never any discussion of loans taking longer to close, so I assumed the loan would take about 30 days as had been my experience in the past. 

On XXXX XXXX, XXXX I paid a {$500.00} fee. On XXXX XXXX, I emailed XXXX to request a written copy of the loan estimate that we had discussed. XXXX told me that the interest rate was guaranteed. On XXXX XXXX, I again requested a written copy of the loan estimate and it was finally sent to me. The rate was not locked and the loan costs were to expire on XXXX XXXX, but I, had already paid the {$500.00} and I wanted to refinance. I thought the loan would be done quickly enough that the rates and costs would not change very much. 

On XXXX XXXX, XXXX, I emailed XXXX to see how far along the loan was. He said we were waiting for the title company. I called him that week to let him know that while we could pay for the remodel for a while, we needed the refinance to go through soon since the contractor had already started the remodel. XXXX told me at this time that loans were taking 30 to 60 days. This was the first time I heard from XXXX that loans were taking that long to close. He also told me that I needed to keep it a secret that the remodel had started because Amerisave would not refinance a house under construction. This surprised me because I told XXXX from our first discussion that we were starting construction on XXXX XXXX and this refinance was helping to pay for that. The fact that we had already started the remodel precluded me from going to another lender to refinance since we would not be able to have an appraisal with the house under construction. I had already committed {$500.00}, so I decided to proceed. I could figure a way to flex my finances enough to get through the construction bills until the middle of XXXX which was at the outside of the 30-60 day process XXXX described. I also told XXXX I was worried about the interest rates changing and he assured me that I was guaranteed the interest rate from our first discussion even though the loan was taking longer to close than planned. 

For almost two months, we supplied documents immediately, as requested, and kept checking with XXXX to see how much longer the loan would take. I was getting more and more desperate since we had already started paying the bills from the contractor. I talked to XXXX many times and my husband talked to his supervisor. They both told us they were waiting on the title company and it could be any day. They also assured us that we were guaranteed the interest rate that we had discussed on XX/XX/XXXX. 

On XX/XX/XXXX, after months of telling XXXX that we needed the loan to close, we received a bill from the contractor and didnt have enough cash to pay it. We tried to call XXXX, but he didnt answer, so we left him a message to please call us as soon as possible. XXXX called us the next day and said he had still not heard from the title company, but that he thought would be closing within 10 days, which would have been a full 91 days after I paid the {$500.00} fee. We knew at that time that we could no longer wait for the loan to close and would have to figure out another way to pay the contractor. 

On Monday, XX/XX/XXXX, XXXX emailed me to say the loan was closing on Friday, XX/XX/XXXX. Unfortunately, we had already made other plans to pay our contractor. I called XXXX to tell him that we had paid our bills another way and could no longer wait for the loan to close. This new closing date would still have been 87 days after I had first paid the {$500.00} fee. I told XXXX how disappointed I was in this process and that I would have never paid the fee if I had known it would take this long because the loan would not meet my financial needs. A secondary concern was that the loan process had gone on so long that even though we had been guaranteed the rates from XXXX, that would no longer be the case. XXXX said he had told me from the beginning that Amerisave would float the loan. This was shocking to me because it was the first time I had ever heard of floating the loan. XXXX had said over and over that we were guaranteed the interest rate from XXXX. All along, XXXX, and his manager, had told us they were waiting on the title company. For months, we were told the title companies were overwhelmed and ALL the lenders were waiting on them. 

If XXXX had been honest in the beginning about how long the loan would take to close, I would have realized this loan refinance was not appropriate for my financial needs and never started the process. Instead, my husband and myself were told over and over that they were still waiting on the title company and we would be closing soon. I asked XXXX for my {$500.00} back and he refused. I told him I felt like he had been dishonest about the process, but he still refused to give my {$500.00} back.