Consumer complaint received 2020-06-08
Product: Mortgage — Conventional home mortgage
Issue: Applying for a mortgage or refinancing an existing mortgage — 
Company: AMERISAVE MORTGAGE CORPORATION (TX)

APPLICANTS : XXXX XXXX XXXX XXXX XXXX XXXX XXXX loan request made on : XXXX XXXX XXXX XXXX, XXXX XXXX XXXX, TX ( homestead ) XXXX XXXX XXXX XXXX, XXXX, TX ( renthouse ) Like so many Americans, my wife and I decided that with interest rates so low it would be wise to refinance our mortgage. XXXX XXXX with AmeriSave was the mortgage loan representative who gained our trust, and with his assurances, we completed an application on our homestead as well as our rent house as well. 

We understood the impact of COVID 19, which has affected everyone 's work environment. We thought processing our applications would be easy because we were not asking for Cash Out refinancing and we made a {$60000.00} principal reduction on our homestead XX/XX/XXXX. 

The final factor influencing our decision to refinance was the fact that our Credit Scores have always been excellent. As homebuilders for 30 years our company, XXXX XXXX XXXX XXXX, borrowed money at the lowest rates available in the market place. We enjoyed the same benefits personally. 

Regarding our rent house, which we bought XX/XX/XXXX, we have had the same renter for the 5 years we have owned the home. We thought the results of that would be obtaining the lowest rate, and closing the loan without a hitch. 

We started our application online but found the website difficult to navigate. When we called, we were connected to XXXX XXXX and he completed both applications. XXXX told us in the beginning approval was contingent, according to the underwriting department, that we set up an ACH for {$5000.00} per month in our Rollover IRA. We set it up immediately and uploaded proof through the AmeriSave portal. 

Our income sources have not changed since we applied for these loans XX/XX/XXXX. 

After reassurances from XXXX that we would get our money back if the loans did not close, AND HE IS NOT DISPUTING THAT HE MADE THAT COMMITMENT, my wife and I agreed to pay {$1000.00}, {$500.00} for each application, and I gave him my credit card information. 

The month passed as we uploaded documents requested by AmeriSave. We received an Email from XXXX XXXX with the closing department of XXXX XXXX on XXXX XXXX requesting a copy of the survey and confirmation of no structural changes in order to close XXXX XXXX XXXX XXXX We responded to her request immediately. Five days later, on XX/XX/XXXX we received a second request from the title company. We responded the following morning on the XXXX. According to the portal, all documents had been uploaded, including the survey for XXXX XXXX XXXX XXXX. Final Underwriting approval, in our sights, we thought we were ready to set a closing date and move forward. 

Then suddenly, on XX/XX/XXXX we received an Email saying they closed our file for incompleteness. All uploaded documents were removed. It appears that the Underwriting Department, anxious to escape for their XXXX XXXX  weekend, did not operate in good faith. 

What my wife and I want, is to get the application back on the track and both loans closed in accordance with the rates and terms laid out. 

Please help resolve this issue and either get the loans closed or our money refunded.