Consumer complaint received 2021-02-09
Product: Mortgage — Conventional home mortgage
Issue: Applying for a mortgage or refinancing an existing mortgage — 
Company: AMERISAVE MORTGAGE CORPORATION (TX)

On XX/XX/XXXX I filled out a web based application for a cash out refinance of my current mortgage. I was approved and XXXX XXXX called me and I worked with him through the process. The system was having issues and so the online application was not established until XX/XX/XXXX. I paid the {$500.00} fee that I verified with XXXX that if the loan was not approved it would be refunded on XX/XX/XXXX, XXXX was instructed to update my homeowners insurance to reflect Amerisave. I was sent all the documents and disclosures. On the evening of the XXXX Amerisave requested my bankruptcy discharge papers. They were submitted to Amerisave on the XXXX, same day that Amerisave scheduled my home appraisal. For weeks I submitted paperwork whenever requested and was assured from XXXXXXXX that everything was going smoothly and that it should be closing soon. When we got to the 60 day mark I wanted to know what was going on and when was the loan going to close, only to find out that because of the bankruptcy, which Amerisave knew about from XX/XX/XXXX, that the loan could not be approved. It has been two weeks, and my money has still not been refunded to me. XXXX is not answering my calls or returning emails. 
Amerisave Responded with the following AmeriSave Mortgage Corporation ( AmeriSave ) appreciates this matter being brought to its attention and the opportunity to respond. In researching the consumers concerns, AmeriSave reviewed the transaction history for the mortgage application and communication records. While AmeriSave makes every attempt to confirm a customer will qualify for a loan prior to moving forward, a loans final approval must come from a qualified underwriter reviewing all documentation including verifying the customers income. The Loan Originator ( LO ) prequalified the consumer using information provided by the consumer pertaining the Discharged bankruptcy case from XXXX. Unfortunately, the LO was unfamiliar with the precise requirement for a discharged bankruptcy and as a result, AmeriSave was unable to approve the loan. In the interest of good service, the LO should clarify the consumers loan is prequalified at the time of the initial application pending verification of the most essential application data. The consumer was advised that the {$500.00} Application Fee was nonrefundable. This is consistent with AmeriSaves Advance Application Fee Agreement that was disclosed to the consumer along with the Loan Estimate ( LE ) prior to accepting payment. Due to the bankruptcy document not being reviewed earlier in the process, AmeriSave will refund the {$500.00} application fee to the credit card initially charged. The refund will appear on the consumers credit card account within 3 to 5 business days. AmeriSave apologizes for any inconvenience to the consumer and trusts this matter is resolved satisfactorily. 
As of XX/XX/XXXX the loan still has not been closed or the funds refunded. I have called repeatedly and have gotten the run around and calls not returned. I have attached emails from XXXX XXXX stating that the file was closed on XX/XX/XXXX when it was in fact not closed. I am also attaching email received today that they are still trying to close the loan and refund the funds.