Consumer complaint received 2021-04-08
Product: Mortgage — Conventional home mortgage
Issue: Applying for a mortgage or refinancing an existing mortgage — 
Company: AMERISAVE MORTGAGE CORPORATION (CA)

We began our refinance with AmeriSave XX/XX/XXXX or sooner. We paid a {$500.00} application fee and provided all documentation requested. At the time, very low rates were available, and have since increased significantly. Over seven months, AmeriSave has dragged on the process of our refinance by continually assuring us that the process was almost complete, and requesting more documents after a period of time. In mid-XXXX, I learned from attempting to contact the representative assigned to our refinance that he was no longer working for the company. No one took over his work on our refinance, and I wasnt informed. When I reached out to AmeriSave I was assigned a new representative who assured me he would finish the process. He informed me that usually the refinance process takes 4-6 weeks and it was very strange what happened to us. He informed me that he was in contact with a manager to give us the best discount possible given what happened. As of XX/XX/XXXX, the refinance has not completed, and AmeriSave ( our representative and also customer service ) has ceased to respond to all phone calls and emails since XX/XX/XXXX. Through the months of delays, AmeriSave has cost us thousands of dollars in application fees, increased rate, and months without our new lower payment. 

We have email documentation that evidences these delays through repeated assurances that the process was nearly complete. On XX/XX/XXXX, we uploaded or emailed all of the initially requested documents. On XX/XX/XXXX, we signed documents needed. On XX/XX/XXXX, I requested a status update, and after receiving no response, again on XX/XX/XXXX. In my email, I noted that the representative had told me the estimated closing was XX/XX/XXXX. On XX/XX/XXXX, the representative responded, Were trying our best to close asap, the title is what taking longer than I expected. California are extremely short staffed when it comes to the title work. 

On XX/XX/XXXX, AmeriSave requested two months of bank statements. On that day, the representative stated that he had good news, our rate dropped and he was hoping it would keep dropping. We sent over all additionally requested documents. 

On XX/XX/XXXX, the representative stated, As of right now we have everything we need. Ill be bothering my processing team all day today so we can get this done. On XX/XX/XXXX, in response to us requesting an update, he wrote, Based on how things are going closing is on the XXXX XXXX of XXXX. Were waiting on the pay off statement. They told us it can take 3-5 business days. Which makes no sense because everything is done electronically. Weve been on your file everyday including the weekends to finish it. Ill make sure this gets done ASAP. 

On XX/XX/XXXX, he informed me We have reached the final stages of the process, one more item that was recently posted on your MYAMERISAVE account so we can get it to the underwriter for final approval. We provided the document. On XX/XX/XXXX, he confirmed, This was the document needed to complete the final get it approved from the underwriter. Once its approved the processor will call you to schedule closing. Closing could be done within this week or worst case is entering the next week. On XX/XX/XXXX, we again asked for the status and were informed, Were trying to find a closing agent. On XX/XX/XXXX, he wrote, I escalated this to my manager and hes been on your file getting it ready to close. Based on what my manager said once you complete those 2 items well be done. The processor will send it to the underwriter for a stamp of approve to schedule closing. We subsequently did everything he asked. On XX/XX/XXXX he wrote, Getting it cleared and finalized. Waiting on the processor to get it ready for closing. 

On XX/XX/XXXX we requested another update, and after not hearing back, again on XX/XX/XXXX. On XX/XX/XXXX, he replied, I have put your file on priority and have my manger and his manager handling your file. Its being accelerated, were now in the stages of getting the file ready for closing. On XX/XX/XXXX, he wrote The processor and the Underwriter are currently reviewing the file. The underwriter is reviewing it so they can give it a Conditionally approved, and asked if we would like closing on a weekend or weekday. 

Perhaps the most egregious example of delays through requesting additional documents involves a Profit and Loss Statement for my husbands law firm requested by AmeriSave. On XX/XX/XXXX, I sent our AmeriSave representative a document that my husband created as his P & L. On or about XX/XX/XXXX, over three months after we sent the document, they informed us that the document I had sent was insufficient. Obviously, if it was insufficient we should have been informed of it immediately, not three months later. During those three months, rather, the representative informed us many times, as recounted above, that we were basically ready to close, including providing multiple estimated closing dates.

Unfortunately, it took weeks for our accountant to complete the P & L. Once we provided it, our original representative apparently at some point left AmeriSave. Again, no one informed us or took over. Once we figured out that something was wrong in early XXXX, we called AmeriSave customer service, who informed me a manager would call me, which he did not. We checked our AmeriSave account, which stated that we needed an appraisal. We scheduled and completed it. We called a new representative who had to wait for the file to be transferred to him. Between XX/XX/XXXX and XX/XX/XXXX we were in contact with him, and though rates had increased significantly, he assured us he would work with his manager to get a discount given what had happened. After XX/XX/XXXX, he ceased to respond to all inquiries. Customer service did not respond to multiple inquiries. 

I had an interesting conversation with the representative for another mortgage company. I told him what had happened with another company without providing the name, and he asked me if it was AmeriSave. Clearly AmeriSave engages in a pattern of these delays and has a reputation in the field as such. My goals in this complaint are ( 1 ) to recover the losses weve suffered as a result of AmeriSaves wrongdoing, and ( 2 ) ensure that no other homeowner endures such wrongdoing by AmeriSave.