Consumer complaint received 2020-12-10
Product: Mortgage — Conventional home mortgage
Issue: Closing on a mortgage — 
Company: AMERISAVE MORTGAGE CORPORATION (TX)

1 : What is this complaint about? I'm a XXXX veteran who served 20 years and retired from the United States XXXX XXXX. When assigned to XXXX XXXX, XX/XX/XXXX my wife and I purchased a condominium and decided to keep it an rent it after we moved back toXX/XX/XXXX. The cost is high for this property and we were thinking of selling since we loose money monthly keeping it. When interest rate dropped we decided to refinance the loan and possibly make positive income flow. Most banks would not refinance our property since it was an investment property or if they would the rate would be significantly higher. We stumbled on Amerisave Mortgage who advertised rates at 2.25 %, which was a great rate. I called and was approved for the rate in XXXX XX/XX/XXXX. Started the lengthy online process of filling out paperwork and uploading documents. In XXXX after waiting 6 months I was told everything is good to go and closing in the next week or so. I requested if possible to have another title company do the closing, because we did not fill comfortable with anyone comming to our home during COVID 19. 

Step 2 : What type of problem are you having? Interest rate, appraisal and closing cost fees, and dishonest delays and questionable tactics. First, I was told by Mr. XXXX our loan originator that the interest was 2.25 and that he was personally getting me that rate or better. Then when all the documents started comming in they were at 2.37 to which I complained and was told those are just preliminary and rest assure I'm getting 2.25 or better. I had already given them XXXX to start the loan so hesitantly decided to move forward, but was clear if the rate was not corrected we would not be closing and expect a refund. Next, they ordered an appraisal even though the LTV was clearly within range, however I understand these things may be needed. When I saw the bill for the appraisal i almost fainted. They charged almost 1000.00 dollars for the appraisal when the average cost in HI is between 500 and 600. As I researched why the cost was so high I discovered Amerisave and the appraisal company have a buisness relationship. Nothing much I could do so I just pressed forward with the thought of the 2.25 rate still outweighing other closing cost. I was then provided my final documents to sign before closing at the end of XXXX and the rate was not changed, still remained at 2.37. I informed Mr. XXXX that I no longer wanted the loan if the rate is 2.37. After several back and forth the rate was changed to 2.25 and my wife and I signed the final documents needed prior to closing. After a few weeks of no closing date and no response to my emails or calls I just wanted to end the process. At that point I was called and told that we can close and changing the title company shouldnt be a problem. That Amerisave ccx would contact new title company and get back with me on closing. A week or so later no email response or calls returned. When I called the title company they said no one has been in contact or forwarded any paperwork for closing. I finally received an email from Mr. XXXX stating there is now an issue with DTI, but they will get it cleared up in 24 hours. I had had enough at this point and no longer want to do buisness with this company who in my opionion tried to bait and switch with the rate, charged excess fees with associated appraisal firms and other closing cost and simply delay or make excuses to increase the rate back to 2.37 i.e. the DTI issue right before closing. 

Step 3 : What happened? First, I was told by Mr. XXXX our loan originator that the interest was 2.25 and that he was personally getting me that rate or better. Then when all the documents started comming in they were at 2.37 to which I complained and was told those are just preliminary and rest assure I'm getting 2.25 or better. I had already given them XXXX to start the loan so hesitantly decided to move forward, but was clear if the rate was not corrected we would not be closing and expect a refund. Next, they ordered an appraisal even though the LTV was clearly within range, however I understand these things may be needed. When I saw the bill for the appraisal i almost fainted. They charged almost XXXX dollars for the appraisal when the average cost in HI is between 500 and 600. As I researched why the cost was so high I discovered Amerisave and the appraisal company have a buisness relationship. Nothing much I could do so I just pressed forward with the thought of the 2.25 rate still outweighing other closing cost. I was then provided my final documents to sign before closing at the end of XXXX and the rate was not changed, still remained at 2.37. I informed Mr. XXXX that I no longer wanted the loan if the rate is 2.37. After several back and forth the rate was changed to 2.25 and my wife and I signed the final documents needed prior to closing. After a few weeks of no closing date and no response to my emails or calls I just wanted to end the process. At that point I was called and told that we can close and changing the title company shouldnt be a problem. That Amerisave ccx would contact new title company and get back with me on closing. A week or so later no email response or calls returned. When I called the title company they said no one has been in contact or forwarded any paperwork for closing. I finally received an email from Mr. XXXX stating there is now an issue with DTI, but they will get it cleared up in 24 hours. I had had enough at this point and no longer want to do buisness with this company who in my opionion tried to bait and switch with the rate, charged excess fees with associated appraisal firms and other closing cost and simply delay or make excuses to increase the rate back to 2.37 i.e. the DTI issue right before closing Step 4 : What company is this complaint about? Amerisave Mortgage Step 5 : Who are the people involved? 

XXXX XXXX Processor AmeriSave Mortgage CorporationNMLS ID # XXXX XXXX XXXX XXXX XXXX, XXXX XXXX XXXX, XXXX XXXX XXXX XX/XX/XXXX XXXX XXXX Desk XXXX Fax XXXX XXXX XXXX Loan Originator NMLS  ID # XXXX AmeriSave Mortgage Corporation NMLS ID # XXXX XXXX XXXX XXXX XXXX XXXX XXXX XXXXXX/XX/XXXX XXXX XXXX Desk XXXX Fax