Consumer complaint received 2021-06-23
Product: Mortgage — Conventional home mortgage
Issue: Applying for a mortgage or refinancing an existing mortgage — 
Company: AMERISAVE MORTGAGE CORPORATION (HI)

On XX/XX/XXXX I contacted Amerisave Mortgage for a mortgage refinance because interest rates were low compared to our then current mortgage. We were seeking a {$350000.00} loan on a $ XXXX owner occupied home. We have no other debts and a good credit rating. We have guaranteed retirement income and Social Security more than adequate for the loan. In my conversation with XXXX XXXX, the loan originator, we looked at the table for interest rates and points, and I chose the 2.5 % fixed rate, which required {$720.00} points. She helped me complete the application online and I paid a {$500.00} application fee, to be refunded when the loan closed. I believed that payment of the application fee locked the agreed upon terms. 
There followed many ( often duplicated ) document requests to which I responded promptly. An appraisal was ordered on XX/XX/XXXX and he came for the inspection on XX/XX/XXXX. An escrow account was opened with a local title company. Everything seemed to be on track. Then, not much happened, and when I asked was told I didnt need to do anything. 
Then on XX/XX/XXXX I got an email from XXXX XXXX saying she wanted to lock the loan because interest rates were rising. The 2.5 % loan would now cost {$11000.00} instead of {$720.00}. Loan terms had not been mentioned once since my discussion with her at the time of the application. At that time, I had checked the posted loan disclosures to be sure she had understood my choice of the terms. It showed 2.5 % fixed, so I knew she had understood me. 
Over the next three weeks, there was a lot of unpleasant back and forth and ultimately we paid {$5800.00} in points for the 2.5 % loan. The refinance will lower our monthly payment by {$400.00} which was our goal, but we paid more for it than we were led to expect. To me, this is a classic bait and switch. The car is advertised at one price, but when you get there, its another price, and you pay the higher price if you want the car. 
My concern is that this is the way this company does business. Is still doing business : your agency fined them $ XXXX in XXXX for bait and switch. I wish I had researched the company before calling them, but I didnt. The XXXX  has a similar report on Amerisave. We can absorb the loss, but for many people, these tactics will leave them without a mortgage and having missed out on favorable interest rates. 

I must also say that the specific people I dealt with had no integrity, promising a specific deal in a phone conversation then emailing something different an hour later. One supervisor told me that in XXXX when I applied that the company had a policy that all new applications had to be marked floating, so the originator could not have locked in a rate. Asked what would have been the earliest she could have locked in a rate, he responded XX/XX/XXXX. Frankly, I dont believe him, but if I had been told on XX/XX/XXXX that there could be no rate lock until XX/XX/XXXX, I would have called another company. 
I have all the email documentation if needed. I was also told that Amerisave records all conversations with customers, which could add to the picture.