Consumer complaint received 2021-03-27
Product: Mortgage — Conventional home mortgage
Issue: Closing on a mortgage — 
Company: AMERISAVE MORTGAGE CORPORATION (AK)

This online mortgage service reneged on the agreed terms after more than 30 days. We could have gone with a different lender before rates increased We started a refinance with this company on XX/XX/2021. We told them all the available information on our multifamily property. The loan originator gave us terms for a 30 year fixed rate. He said we have a 2.2 % rate and could roll closing costs into the loan with an estimated value anywhere from {$540000.00} to {$600000.00} approximately. We talked about the possibilities of a low appraisal and told him our neighbors came in at {$540.00}, XXXX but that ours should be a little higher. He said that we would be good. I was shopping around with different lenders and decided to go with Amerisave because of the terms. He locked in our rate of 2.2 days before the rates jumped up over 3 %. We went through the process for 30+ days. Last week our appraisal came back at {$570000.00}. I called the loan originator XXXX XXXX and spoke with him about it. I asked if everything was all good. He said yes it all looks good we just need to schedule you in to close. Over the weekend I received a call from a different person at amerisave saying something about us needing to verify {$26000.00} in our bank account. We had already linked our account to the online portal so there would be no need to verify this since it was directly linked. It was also the wrong amount which made me wonder if this company is competent with my personal information. This week after days of me not being able to get a hold of anyone at amerisave Mr. XXXX called me back and said they can no longer do the loan. He stated that they thought our property was a single-family home and not a multifamily property. He also told us that the whole time they ran our application at the wrong loan to value ratio. I told him that I remember telling him in detail about our property and that I knew it was communicated. I logged in to our amerisave account after this call and noticed that all the previous documents from back in XXXX were not available for me to see. This concerned me right away and I felt something fishy was going on. My wife and I spoke with Mr. XXXX 's assistant manager later XXXX XXXX. When we asked for answers he told us it had nothing to do with Mr. XXXX 's error of saying that our property was a single-family and nothing to do with the loan to value which was the opposite of what Mr. XXXX said. Mr. XXXX told us it was because our appraisal came in low. We were very concerned again because we were getting several different stories and it seemed like Mr. XXXX was trying to cover for Mr. XXXX. This makes us feel like there is a huge error on amerisave 's part and that someone is covering it up. I asked if I could get a copy of phone conversations and all documents that they have processed to ensure that we are not being deceived. Since it is an online portal that I must log in to the documents can be easily changed, altered, or deleted. After speaking to Mr. XXXX he got his supervisor on the phone, XXXX XXXX. Mr. XXXX and Mr. XXXX started pushing us to just drop everything and take a refund of our appraisal costs which raised our eyebrows even more and it seemed very shady. Mr. XXXX did not sound like he was interested in hearing us out and seemed more concerned with covering for Mr. XXXX and Mr. XXXX. They both pressed the appraisal amount and did not have any answers on why each person we talked to seemed to have a different story. They also said if we would like to speak with their manager it would be days before we would hear back because he is busy. This is not acceptable in my mind especially after what we have been dragged through. The fact is that I would have used a different company back in XXXX if not for the agreed-upon terms with amerisave. It is now XXXX and rates are completely different. My options are much less. This fiasco has cost us much time, money and not to mention the missed opportunity of saving thousands with a lower rate if we are to start at zero again. This company should be held accountable.