Consumer complaint received 2021-02-10
Product: Mortgage — Conventional home mortgage
Issue: Applying for a mortgage or refinancing an existing mortgage — 
Company: AMERISAVE MORTGAGE CORPORATION (GA)

We began a refi with XXXX on XXXX XXXX by completing the pre approval process on the phone and our Loan originator XXXX XXXX accepting a {$500.00} fee to continue the process and complete the official loan application. Mine and my wifes credit score are excellent and we had been shopping for a refi so we had all our documentation prepared so we were awaiting the appraisal in a matter of hours not days. Our credit scores were XXXX for myself and XXXX for my wife and the loan amount was 60 % of appraisal value so we were assured loan would process reasonably quickly even with the large number of refinaces taking place across the country. Was told normally we could close in 45-60 easy but with the Covid impact we could still easily complete in 90 days. After approximately 6 weeks and no communication from XXXX I begin to inquire of the status of my loan. Appraisal was complete. We had signed disclosures and all appeared to be processing normally. Suddenly as I began to inquire about the status we began to receive duplicate document request concerning payroll and income history which we had already submitted in early XXXX. It's early XXXX. Additional duplicate documents get requested. We submit requested documents in less than one hour of request on XX/XX/XXXX. Receive call requesting 3rd party call to current mortgage company for payoff information begin to feel the closing date will be approaching shortly. Just before XXXX we get call from loan originator after I call and leave voice mail looking for loan status. We've been 2 more weeks since loan payoff inquiry so I call and express frustration. XXXX calls and gives me some stall tactic conversation about there being a problem with the title company. Tells me he is going to speak with me after XXXX and we will get this thing locked quickly. XXXX week comes and goes with no communication. On XX/XX/XXXX, First business day of new year I email XXXX and express my frustration and demand immediate update. Suddenly his assistant is requesting the same payroll and income information they asked for in XXXX and in XXXX. They have added W-2 and other pay history documents. Nothing has changed with either my wife 's or my income. They are just stalling to buy time because they don't have the human resource available to service their clients or the financial resources to take on all the loans they have engaged clients bound to. 3 days go by some new document request comes from XXXX XXXX assistant! What document could you possibly need in this process that you haven't already requested since XX/XX/2020. I submit document cant even tell you what document was but it was another duplicate. Payroll, replacement value statement for Insurance, Insurance waiver something. Either we submitted. Again within hours of their request. Another 3 weeks pass and suddenly they inquire about a XXXX charge Card we opened to purchase a freezer {$820.00} to replace a failed unit. Opening the account sayed {$100.00} on the unit and we had to have the freezer has we have {$3000.00} worth of beef in the freezer. We responded with the receipt for the charge and a full explaination. By the way we are no where near our income to expense percentage number most loan company 's feel comfortable at. I believe its 38 % of your overall income. Not there. It shouldn't be a factor they just needed something else to delay closing this loan. That's XX/XX/XXXX. Send XXXX another email expressing frustration and asked status. Another week goes by no communication back about loan. I email XXXX again and I call XXXX Customer service log formal complaint with them on XX/XX/XXXX. I ask to speak with XXXX XXXX supervisor. No response. Approximately a hour later XXXX XXXX calls me and begins attempting to tell me how the loan process goes and that there is only one item holding my loan up and that item is concerning the title company! Same song and dance from 5 weeks earlier. Oh I failed to mention that on XX/XX/XXXX XXXX, XXXX assistance sent yet another payroll and anual salary verification request. Thats 4!! XXXX XXXX XXXX and XXXX! I work for a living and my time is very expensive yet these XXXX continue to stall over my loan due to their lack of resources and personel. They simply have engaged more clients than they can service, mean while the interest rates are in limbo and I am burning thousands of dollars providing the same document over and over and over again! It is fraudalent at its best. Don't secure a client and assure them you can provide a service in a timely manner and then stall them due to your lack of resources. I can't go seeking another loan because the 45 day window is over and my credit score which took a 28 point hit upon beginning the loan with XXXX has dropped in the XXXX range now. Not a big factor but it affects my interest and leverage. They also have {$500.00} and disclosure that are suppose to bind me to this good faith process. They entered it in bad faith and knew they couldn't close the loan. Not because of a bad credit rating or high loan to appraisal cost. Nothing related to our assets or ability to pay. Simply their lack of resources while the whole country is trying to refinance. We are 113 days in right now and we still don't have a interest rate locked or closing date. In early XXXX XXXX XXXX had the nerve to lied to me and tell me he could see this loan closing in 9 Days. On XX/XX/XXXX I checked with the Better Business Bureau and filed and complaint. I didn't have to write much of a complaint as I simply compiied other people 's complaint text word for word and inserted my name and loan info. It appears hundreds of people are experiencing this same stall and delay tactic of document submission and Amerisave should be fined for their bad faith action. I am on the edge of filing a class action suit concerning this unprofessional and fraudulent behavior but have completed this complaint in a last ditch effort to complete the loan and move on. Please help me and hundred of others who have been victimized by this organization. XXXX # XXXX