Consumer complaint received 2020-11-30
Product: Mortgage — Conventional home mortgage
Issue: Applying for a mortgage or refinancing an existing mortgage — 
Company: AMERISAVE MORTGAGE CORPORATION (CO)

I applied for a mortgage refinance on my primary residence through Amerisave Mortgage ( NMLS ID # XXXX ) on XX/XX/XXXX due to their low interest rate offer on XXXX. They offered a 10 year fixed mortgage at 2.125 %. At the time of application, I was told that due to my credit score of just over 800, the underwriting process would be very simple, no appraisal would be needed to to very high equity in my home and that the loan would close within 30 days. I paid an application fee of {$500.00} to get things started. 

The problems began immediately. They never called or e-mailed to request documents and when they did request things, they only posted them to their website with no notice to me that they were there. I used the link the first week to subscribe to a text notification service that would let me know status updates and requests, but to date have not received a singe text for anything and that is after signing up 3 different times. 

Once it had been 30 days and I still had no closing date or contact, I sent an e-mail to XXXX XXXX, broker, asking him to give em an estimate of the approximate closing date. He said he could not do that and told me I had a list of documents I had to provide, which were things I had previously uploaded to them and did not match anything in the task list on the site. He then told me he had not locked in my rate, but had allowed it to " float '', and by them rates had begun to climb. He also told me an appraisal would be included in my closing costs and I reminded him that my loan was less than 40 % of my property value, but it didn't matter. Even though I was very upset, I decided that after 30 days working with them, it would be best to just finish the process rather than start over with another lender. XXXX made a commitment to me to communicate more frequently and that he would make sure I was active on the text notification service. 

Two more weeks passed and, other than supplying more requested items through their site ( many for a second time ), and never once getting a text to tell me the requests were there, I called and spoke with a manager whose name I can not remember. When I told him my experience, he apologized and promised to communicate regularly and to make sure I was getting texts. Again, I gave them a couple of weeks to get this finished. 

On XX/XX/XXXX, I sent XXXX an e-mail and voiced my disappointment that it had now been over 60 days and I still did not have a closing date. Here is my e-mail with his responses included with an > : RE : Loan status Contact photo From XXXX XXXX - AmeriSave on XXXX XXXX XXXX  Details Plain text XXXX, It has now been over 2 months since I began the refi process with you and AmeriSave. I have refinanced my mortgage on this property once and on my previous home 4 times and never has it taken even half this long. 

>During those last four refinances, were we in the middle of the largest refi-boom in recorded history? 

I am very unhappy with the lack of communication from you throughout this process, especially with how long it has taken, and I can not understand why it is taking so long when I have a credit score north of 800. 

>Credit score has nothing to do with how fast low your loan completes, were aren't bumping people with good credit to the front of the line. 

You required that I close my HELOC, which I keep for short term funds for my XXXX. I did that for you two months ago, planning to apply for a new HELOC as soon as this refi >Did not require you close your HELOC before starting the loan, I told you it would have to closed before we complete the loan and fund it ( very big difference ). 

process is complete. I am now running without a business credit line in a very uncertain time which is unacceptable and very unwise. I keep logging in to the web site once a week to check status, but nowhere does it actually show me how far along underwriting is so I can predict when it will be done, all I see is that almost every week there is a new document request that I had zero notice of. The least you could do is drop me an e-mail or a text when you need something so I can return it promptly and keep the process moving along. Where did your company learn such dreadful customer service skills? Simply adding a request to the site and never telling me it is there is not useful when you are going to take months to finish a loan - do you think I have nothing better to do than check my mortgage app every day? 

BTW : I saw the request today for XXXX and XXXX 1065 's, so I uploaded them. I assume this was for my two holding companies since they are the only ones I have form 1065 for, my active XXXX has K1 's, which you already have. A note about the 1065 's : XXXX  is a current holding company used to purchase a practice in XXXX. It does not pay me income, it just pays revenue sharing to the seller and I will fold the XXXX as soon as she is fully paid at the end of XXXX in order to accelerate the 15 year amortization schedule. Similarly, XXXX  was a holding company used for purchasing a practice in XXXX which was paid off in XXXX when I folded the XXXX for the same reasons. This is why there is no 1065 for XXXX, XXXX  no longer exists. 

>I am aware of the requested documents, if you have looked at the items needed in your customer portal recently, you would see that we still need 60days most recent bank statements, and third party paperwork proving that your business is still operating. 

Now that I have given you everything you need, I will tell you what I need : TODAY I need two things from you if you want me to continue this process with your bank. 

1.I need an email from you giving me current status and a date by which you will be able to fund this loan. No more XXXX, give me a timeline. 

>There is no way to accurately give you a date when the loan will fund at this time for the simple fact that we still need documentation from you. 

2. I need to know what my rate and terms will be. As you know, rates are climbing again and I will not lose out on these low rates due to your company 's delays and incompetence. 

>Your most recent signed disclosures will have the rate listed for you, and your costs are floating so we wont have a final answer until your loan is eligible to be locked in. ( again dependent on the paperwork we are waiting for from you ). 

And don't threaten me with keeping the {$500.00} I paid with my application. First, {$500.00} is less than a day 's work to me and certainly not worth the headaches  you are delivering so far. But also, it is very easy to justifiably reject the charge and get that back too due to non performance of your service. I need this loan done and I need it done now or I will take my business elsewhere. 

>App fee is non-refundable, I told you this verbally over the phone and you signed docs that you agreed to those terms. 

With great frustration, XXXX XXXX -- -- -- -- -- -- -- -- -- -- -- -- -- -- As you cam see, there was zero service in his reply and I can attest there were no e-mails or calls that he references until the day I sent this e-mail. He confirms he still had not locked my rate and all of the docs he asks for here had already been sent to him and were not on my task list on his site. 

After this reply, they did not contact me at all for 1 week and that is when I decided I was not willing to do business with Amersave and sent an e-mail demanding they cancel my application and back everything out to make it as if we had never begun an application so I could start over with a competent lender without their loan activities messing up the process. I informed them that I had already disputed the {$500.00} charge with my credit card company on the grounds of non delivery/non performance and that it had been granted. I gave them 1 week to do cancel everything and told them I would file a small claims case against XXXX and the bank if they did not get it done within that time frame. 

One week later, I had not received so much as am email let alone a call from them in response to this complaint. The following Monday I planned to file the case in court, but on my way to work I got a call from XXXX XXXX Loan Originator NMLS ID # XXXX. He was cheerful and told me he was calling to let me know that XXXX was no longer with Amerisave and that he would be taking over my loan application. I thought I was going to have a XXXX, I was so angry. 

I tried to maintain my cool, but very sternly told him that I had requested a cancellation and all of the info I just wrote herein. He claimed they never got the message ( Does no-one check email accounts for ex employees with clients in process? ). Since I am a fair and reasonable guy, I told him I would extend my deadline one more week and again told him that if they did not cancel everything within one week I would file a small claims case against XXXX and the bank if they did not get it done within that time frame. 

It has now been two weeks and we are now 3 months past my application date. Their site is still showing my loan in progress with no changes at all. I have applied for a refi with another lender and it is hitting snags because it appears I have two apps in process and the additional pings to my credit report have lowered my credit score below XXXX for the first time in years. 

So, the first step in making good on my threats of action is to file a complaint with you. I will also be filing in small claims court for the losses I have incurred due to no rate lock and my rate climbing by 3/8 % ( I have a 2.5 % rate locked with Quicken loans. ) This 3/8 % difference will cost me over {$6000.00} in interest costs over the life of the loan. I have been credited the {$500.00} app fee from my credit card company. 

I need help getting them to back out this loan now. As I told them in my email, I closed my HELOC at their request, and no, they did not give me a choice about this. I pushed to have it resubordinated because I did not want to close the HELOC when my terms were Prime XXXX0.51 % and I did not think I could get a line that low again. But XXXX told me it had to be closed and there were no options. As a XXXX XXXXXX/XX/XXXX and with the new round of shutdowns, this is not a time to lose access to my credit line which I only use for short term cash flow purposes for the XXXX. I have 12 XXXX  and can not run too long without access to short term financing. 

So what I need immediately is to have them back out the loan and remove any incidence of us ever starting this process. I would also like to have a formal complaint in the record for both Amerisave and XXXX. ( By the way, I have noticed on my bills for for 2 months that Amerisave is listed as leinholder on my homeowners policy. How did they do that without closing my loan, seems like fraud to me. ) What resources or guidance can you give me to help me make this happen? Year end is approaching and it is my most expensive quarter due to license renewal, E & O, etc. and I need my credit line, but I can not apply for a new one until the refi is done now and it is being held up by this disreputable company. HELP! 

Thanks! 

XXXX XXXX XXXX