Consumer complaint received 2021-02-19
Product: Mortgage — Conventional home mortgage
Issue: Applying for a mortgage or refinancing an existing mortgage — 
Company: AMERISAVE MORTGAGE CORPORATION (MI)

See the attachment Chronological Order of Detail in Failure to Process AmeriSave Loan for an easier to read format of the following. 
A loan with AmeriSave was applied for on XX/XX/XXXX. Throughout the course of the loan application, the loan has not been processed properly and in a timely fashion. AmeriSave employees are not serving us as customers, but are instead nonresponsive to requests for information. At points in time, it appears that AmeriSave will actually process the loan, going through motions of new loan disclosures, then closing disclosures and requests for payoff figures of existing mortgages. The closing disclosures have not had the loan amount we requested or the previously offered terms. Then there are delays in responses and new issues that they request to be resolved. We have now experienced this cycle twice. 
Initial terms offered are included in the emails of XX/XX/XXXX ( Attachments Email XXXX - Initial Quotes.pdf ; Email XXXX - Initial Closing Costs.pdf ). The loan offered had lower points than our local financial institutions offered for the same interest rate for a cash-out refinance, so we decided to go with AmeriSave for our refinance. 
All information that was requested from us was completed same or next day, with the exception of our pension verification letters, which took a week to get and then upload. 
Early in the process, the loan originators business phone had static and was hard to hear. He instructed me to call his cell phone when contacting him for a better connection. Upon research of the communication between myself and the loan originator, the company will not have record of all of my calls to the loan originator. Additionally, when I have emailed a question or information request, the responses are delayed for days or weeks. For some questions, I have never received a response. 
Updated loan or closing disclosures have been posted to the my.amerisave.com portal with " new '' figures which are usually wrong. Reasons given for the changes at the end of the document state " customer request, '' when I have not requested any changes. 
The initial loan application ( Attachment Amerisave Initial Mortgage Documents XXXX.pdf ) provided for a loan amount of {$310000.00}, interest rate of 2.75 % and points of {$2000.00}. We had previously been told our rate would be locked, but noticed it was a float rate. We discussed this with XXXX XXXX, Loan Originator, who said not to be concerned, and our rate would be 2.75 %. 
It took a month for our home appraisal to be scheduled. We received our home appraisal report on XX/XX/XXXX, valuing our home at {$430000.00}. This put our loan at a 72.7 % loan to value ratio, allowing for the terms we had been offered. If the home value to loan ratio had changed to over 75 % or 80 %, the loan terms would have been changed at each 5 % increment. 
On XX/XX/XXXX, I received an email stating a loan disclosure was placed in our portal ( Attachment Loan disclosure_XXXX XXXXpdf ). The loan amount had been increased to {$320000.00}. I emailed the loan originator stating what we wanted included in our loan resulting in a lower loan amount than had been stated in the loan disclosure and asked if my figures were an accurate understanding of what our loan would be. 
On XX/XX/XXXX, I did receive an email verifying that they understood I wanted to pay prepaids ( insurance and taxes ) out of pocket. I was then provided with the amounts that would be required as prepaids to place in our escrow account ( Attachment Email XXXX Finally Received Actual Figures for What Is Needed For Escrow.pdf ). I had been told in phone conversation by the loan originator that even though it showed six months being escrowed on the loan disclosures and application, AmeriSave would actually only require two months taxes and insurance as prepaids for the escrow account. The insurance amount is six months and the taxes were 4.77 months of prepaid. With nine months before taxes would be due again, this would allow for an extra {$2000.00} to be held in the escrow account and not needed to pay taxes. The decision was made to not escrow taxes and insurance, and I asked the loan originator and processor to refigure my loan details. 
On XX/XX/XXXX, another loan disclosure was placed in our portal ( Attachment Loan disclosure_XXXX ( 1 ) XXXXpdf ). This disclosure still valued the home at {$450000.00} instead of {$430000.00} as stated on the appraisal that had come in eight or more days earlier. The mortgage amount was now listed at {$310000.00}, due in part to our request to not escrow taxes and insurance or include prepaids in the loan amount. The loan originator also told me on the phone that we were now getting lender credits. I do not recall what he said the loan credits would be or the date of the phone conversation, but the XX/XX/XXXX loan disclosure shows a lender credit of {$920.00} and no Discount ( points XXXX. In addition to our home value, there are incorrect figures listed. For our present First Mortgage on page 2, it is {$1100.00}, not {$670.00}. On page 3, the XXXX XXXX is a vehicle loan that was paid off when it was refinanced to XXXX in early to mid XXXX. The new loan has fewer months to payoff and is {$510.00} per month. 
We next heard from AmeriSave on XX/XX/XXXX, requesting a break down on our income and we replied next day. ( Attachment Email XXXX - Request for Income Data.pdf ) I have a voicemail message from the loan processor that our loan was pending final approval on XX/XX/XXXX ( Attachment AmeriSave Voicemail XXXX ). I received an email from the loan processor on XX/XX/XXXX, stating in part, Your Closing Disclosure is complete and ready for you to review, you must review and acknowledge this document 3 days ( not including Sunday or Holidays ) prior to your actual closing date. You may access this document by clicking on the following secured link ( Attachment Email XXXX First Incorrect Closing Disclosure and Response with Questions.pdf ). The loan amount, interest rate, and loan costs had been changed ( Attachment ClosingDisclosure_XXXX.pdf ). Here is a summary of the pertinent differences between the initial Closing Disclosure XXXX and Loan Disclosure XXXX and Loan Disclosure of XX/XX/XXXX. 
Page 2 Loan amount changed to {$350000.00}. It was {$310000.00}. 
Interest rate changed to 2.875 %. It was 2.75 %. 
Monthly Payment changed to {$1400.00}. It was {$1200.00}. 
Page 3 Lender Credits changed to {$710.00}. It was {$920.00} The unrequested increase of the mortgage loan amount increased the loan to value ratio resulting in a higher interest rate and lower lender credits. 
I emailed the loan originator and processor regarding the incorrect changes, was told by the loan processor that only the loan originator could change these back. Subsequently, another loan disclosure ( Attachment Loan Disclosure XXXXpdf ) was posted to my portal, and it appears to be very similar to the XX/XX/XXXX loan disclosure. However, the incorrect closing disclosure remained posted as well. I expected that the figures would be corrected and that the loan would close in three days since I had received the three-day notice of closing disclosure. 
After XX/XX/XXXX, I repeatedly asked for an update on the status of our loan application, usually resulting in no response for days or weeks. Some responses were that I would receive information at the end of a particular day. More often than not, no information was received by the stated date, prompting additional emails requesting updates. I was asked for additional documentation of income and there was a posting in the portal to finish my loan application. Both tasks were completed same day as requested. Both tasks should have been requested much earlier in the process. ( See Attachments Email XXXX - Response to Incorrect Closing Disclosure Questions.pdf ; Email XXXX to XXXX - Status Inquiry - Express Concern for Payoff Letter Fees.pdf ; Email XXXX Status Request - Statement by XXXX  XXXX To Extend Rate Lock ) In the XX/XX/XXXX email exchange, you will find I expressed concern that the rate lock was expiring and the statement by loan originator XXXX XXXX that he would extend and take care of that for you so no worries. 
Having not heard anything since XX/XX/XXXX, I sent additional status request ( Attachment Email XXXX - Status Request.pdf ) I received a reply that our loan was stuck in the system. Additional information on income was needed. I found this perplexing as we had previously received a closing disclosure that would indicate we would close the loan. I replied to the request and asked for a response. ( See attachment Email XXXX - Application Stuck in System, Request for Additional Information & Reply.pdf ) I did not receive a response to my XX/XX/XXXX email reply to XXXX XXXX, processor, so emailed again on XX/XX/XXXX with detailed statements requesting to know if the income information I provided was sufficient, if they needed more information, and I began requesting time frame for processing of our loan application, which now had been in process for almost a full three months ( Attachment Email XXXX - Status Request, Notify Unhappy with Loan Processing.pdf ). I also expressed my dissatisfaction with the service I was receiving. 
I called AmeriSaves customer service phone number during business hours on XX/XX/XXXX at XXXX XXXX, and the message stated that I would receive a call back the same business day. I also sent a detailed email expressing my concerns to AmeriSaves customer service email address on XX/XX/XXXX ( Attachment Email XXXX To Customer Service - Unsatisfactory Processing of Loan Request.pdf ). I did not receive a call back or an email reply. 
I emailed a request for an update again on XX/XX/XXXX. At this time, I began including the customer service email in addition to the loan originator and processor on my emails. I did hear back from the loan originator stating I would hear something by the end of business that day, however, I did not receive information by the stated time. ( See attachment Email XXXX to XXXX - Status Update Requests and Responses.pdf ) I again emailed all three parties on XX/XX/XXXX at XXXX XXXX., and did not receive a reply. The loan originator emailed back on XX/XX/XXXX stating that there would be a resolution that day. I did not hear back from the loan originator. 
During this lengthy process, I have checked my portal at my.amerisave.com almost daily. On XX/XX/XXXX, I found a task to complete. The upload was not working properly and this exchange of emails documents assistance with the task ( Attachment Email XXXX - Additional Financial Data Requested.pdf ). During this email exchange I also received a reply from a person in customer service. I began including her on emails sent to AmeriSave employees. 
On XX/XX/XXXX, I received an email stating that our loan was approved to close. A time was set for the traveling notary to come to our home to sign documents ( Attachment Email XXXX - Approved to Close, Set Notary Appointment Time.pdf ). As it was late in the day, I downloaded the closing disclosure the following morning. 
On XX/XX/XXXX, after reviewing the closing disclosure, I emailed all parties providing information that the loan amount and terms were not as requested and previously promised. This was now the second incorrect closing disclosure we received ( reference XX/XX/XXXX ). ( See attachment Email XXXX - Incorrect Values on Closing Disclosure.pdf ). 
I did not receive a reply to my XX/XX/XXXX email, so emailed again on XX/XX/XXXX ( Attachment Email XXXX Loan # XXXX Complaint - No Response to Email Regarding Incorrect Figures.pdf ) In this email I ask why I did not receive an answer to my previous two emails, notified all parties of my dissatisfaction with the loan process, that I had already filed a claim with the XXXX of Georgia XXXX and that I would file a complaint with the CFPB if they did not process the loan I have requested or refund my {$500.00}. 
On XX/XX/XXXX, I was contacted by another AmeriSave employee, XXXX XXXX, who stated she was filling in for XXXX XXXX who could not load documents onto her computer because of the storm. XXXX verified the loan amount we are requesting. She called me back in the evening of XX/XX/XXXX and stated that our debt-to-income ratio was 58 % for the loan we want. This was why XXXX XXXX had increased our loan amount and added a payoff of our automobile loan and credit card balances to the closing disclosure. When I calculate our debt-to-income ratio, it is around 30 %. I requested the figures that they used to come up with the 58 % debt to income ratio ( Attachment Email XXXX - Request for Figures Used to Determine Income to Debt Ratio.pdf ). I did not receive a response. In regard to our debt-to-income ratio, we were approved for our home equity loan with XXXX XXXX in XXXX being similarly situated in our debt and income levels. The loan we are requesting would lower our current debt to income ratio. 
On XX/XX/XXXX, as I did not receive a response to my XX/XX/XXXX email, I emailed asking if they were including my vehicle loan twice in determining my monthly debt ( Attachment Email XXXX - Debt to Income Ratio Question, Loan # XXXXpdf ). In reviewing the loan disclosures, it looked like this might be a possibility. I did not receive a reply. 
We are now in the stage where I stated that the loan amount and terms were not as requested and previously promised, no replies are received, consequently, closing documents are not adjusted and no closing occurs. This happened after the XX/XX/XXXX closing disclosure was received and now after the receipt of the XX/XX/XXXX closing disclosure. 
AmeriSave has repeatedly changed the loan amount we requested to a higher amount. This results in a higher interest rate and/or higher discount points and/or lower lender credits depending on what time frame we look at during this process. 
AmeriSave has repeatedly asked for income verification in various forms over the past four months, all of which was readily available whenever it was asked for. It seems to this applicant that the income verification is spread out over the course of the process so that they can say we dont qualify, lengthen the time for processing the loan, then approve the loan at a different, higher amount. It is curious that the loan amount is increased over the amount initially requested and a clear to close on this higher loan amount is received, yet we do not qualify for a lower loan amount. Paying off the vehicle loan and other credit card balances is not on the XX/XX/XXXX closing disclosure, yet XXXX XXXX stated that it was necessary to qualify for the closing disclosure received XX/XX/XXXX. Both closing disclosures have the same loan amount. It seems that AmeriSave is attempting to get us to use additional equity that we have built up in our home to give them a larger mortgage than we want, resulting in a higher interest rate and lower lender credits. 
An additional note : Our home equity loan is with XXXX XXXX. For each email/fax request for a payoff letter, they charge {$30.00}. During the processing of our loan application, there have been five requests for an email/fax payoff letter. These occurred on XX/XX/XXXX, XX/XX/XXXX, XX/XX/XXXX, XX/XX/XXXX and XX/XX/XXXX. Fees for payoff letters attached to our account now total {$150.00}. The XX/XX/XXXX request was done by me at the request of the loan originator XXXX XXXX. He said that the account holder was typically able to get the payoff letters faster than their company. This statement doesnt seem to hold water since they were able to get an additional four payoff letters emailed/faxed to them without my assistance. Additionally, after talking with XXXX XXXX, we rescinded our authorization ( Attachment Rescission of Borrowers ' Certification & Authorization to Release Loan Information XXXX.pdf ) for XXXX  XXXX, the closing company, to request information on our current loans in hopes of not incurring additional fees for payoff letters for a loan that is not correct and, consequently, doesnt close. In my phone conversation with XXXX XXXX on this issue, I was told that they do not and will not remove these fees. We, of course, are able to secure payoff letters should it become needed in the future. 
Further, it appears that our loan could have closed on XX/XX/XXXX as evidenced by the closing disclosure we received. The new loan as requested would have a payment of {$1200.00} per month for principal and interest ( Attachment Loan Disclosure XXXXpdf ). Our existing loans are {$1100.00} for our mortgage and {$670.00} for our home equity loan, totaling XXXX for principal and interest. The difference is {$590.00} per month ( {$19.00} per day ) which we would be saving in home loan expenses each month.