Consumer complaint received 2016-09-02
Product: Mortgage — Conventional fixed mortgage
Issue: Credit decision / Underwriting — 
Company: AMERISAVE MORTGAGE CORPORATION (PA)

In XXXX 2016 I received a phone solicitation from Amerisave Mortgage to refinance my home. I told the caller I refinanced 2 years ago and have been trying to do so again because of low rates but have n't found anyone to do it. I explained the problems I had when trying to refi were either because of this being a multi-family property or if done as a single-family then they would n't use my rental income which I need to qualify. I said please do n't waste my time unless these issues wo n't be a problem. I was then put through to a salesman XXXX XXXX who I again explained all of this to. He checked some things and then came back and said none of that should be a problem for Amerisave. He asked me to send all my financial information so I sent everything requested. 

Next came the point where I had to agree to an appraisal to lock in the rate and move forward. Again I explained I did not want to pay for an appraisal if there was going to be any problem with my income or the property. I was assured that as long as the appraisal came in with a value close to what I estimated there would be no problem. So I said ok to the appraisal and paid {$450.00} to the appraiser Amerisave selected. The appraised value came in higher than estimated so everything looked good according to XXXX. All that remained was the underwriting step, but was told because of Amerisave 's current backlog that might take a few weeks. So I waited, and waited. 

On XXXX/XXXX/16 I received an email from XXXX XXXX at Amerisave stating " I wanted to let you know your file has been assigned to me for processing. I will be reviewing your file in the next 24 hours and will contact you via email and phone to go over what documentation will be needed in order to submit your file to the underwriter. '' I heard nothing further from XXXX XXXX. 

Then, on XXXX/XXXX/16, I received an email from XXXX XXXX of Amerisave stating the exact same thing, " I wanted to let you know your file has been assigned to me for processing. I will be reviewing your file in the next 24 hours and will contact you via email and phone to go over what documentation will be needed in order to submit your file to the underwriter. '' Apparently nothing had happened since XXXX XXXX. More waiting. 

On XXXX/XXXX/16, after sending an email to XXXX XXXX asking if I should pay my XXXX mortgage payment or if my loan closing would be happening before it was due, I received a reply from him that said " *** Suspended *** ''. That 's all it said. So I called Amerisave 's customer support and asked what that meant. They could not give me an answer but later that day I received an email from XXXX XXXX telling me Amerisave would not be doing my loan because my house was " not eligible ''. I asked what that meant and was told the underwriter said it was ineligible, it did n't meet their risk profile, then I was told they could n't use my rental income so I would n't qualify because of that. I asked why and was just told again that my property was ineligible. I was shocked after all the time spent gathering and sending information, downloading, signing and returning forms, after more than 2 months thinking all was going well to find out I would not be getting the loan. I locked in 3.375 % and now rates have gone up so trying to refinance with someone else does n't make sense for me. I refinanced 2 years ago and did n't encounter this ineligible problem so why now and why did it take almost 2 months to tell me. I am also currently waiting for a response to my request made on XXXX/XXXX/16 to XXXX XXXX that they reimburse me for the appraisal fee since I told them all honest information up front and emphasized I did not want to pay for an appraisal unless they were sure they could do the loan, which they said they could. On XXXX I received notice that the appraisal was unacceptable. Unbelievable.