Consumer complaint received 2021-01-02 00:00:00
Product: Mortgage — Conventional home mortgage
Issue: Applying for a mortgage or refinancing an existing mortgage — 
Company: AMERISAVE MORTGAGE CORPORATION
State: CA

Complaint narrative:
This is a copy of the email I sent to them. 

On XX/XX/XXXX I was looking to do a refinance on my home loan due to the rates being so low. I went to XXXX to review the rates out there and your was one of the competing rates. I entered my information and immediately received a call from one of your associates. I also received an email from Amerisave outlining the information I put in and a quote. 

XXXX XXXX XXXX XXXX # XXXX XXXX. I reviewed that I wanted to get a refinance on my home and was looking for a 15 or a 20 year fixed loan. I knew rates were low so I wanted to know the difference. He asked me all the basic information about my home to get a better understanding of my situation. He did some calculations and came back with a 15 year loan at 2.00 % and a 20 year at 2.30 %. Not much of a difference so I said that we should pursue a 20 year loan. I was also doing some calculations on my side to figure out the details of the loan. I said lets look at the 20 year loan cause the rate isnt much different. He proceeded in asking me questions about by status, social, name, address and then I interrupted him and said this is a no point loan right? He said let me see, he did some further calculations and said this will cost XXXX points. I said are you kidding, thats going to be over {$3000.00} for fees alone. I stated that I wished to discontinue the application. 

A few minutes later I received an email from XXXX XXXX thanking me for my application???? My application??? I didnt not submit one. I replied back that I was not going to proceed with the application and there should have been no application taken and no credit report drawn. I also noted that he did not disclose the rate and APR at the time of the quote. Also noting that this rate was totally different from the one that was emailed me moments before. He replied that it was already run he also stated that there was no way that he could have evaluated by rate if a report was not run. Im in the banking industry, I know a regulation violation when I see it. I also note that this was deceptive leading to two different violations Truth in Lending as well UDAAP. This predatory lending practice of non-disclosure is wrong and from my understanding Amerisave was penalized for these actions in XXXX. 
I responded to Mr. XXXX that this was wrong and I would formally request a name of an area supervisor as well as a transcript of our call. I know the calls are recorded due to the need of capturing affirmative consent for sales practices. He has ignored my emails with no response. I have also received daily emails wanting me to continue with the saved application. [ end email ] I received a response from XXXX XXXX, manager of XXXX XXXX who through 5 emails avoided the point that XXXX XXXX did not disclose the required Rate and APR PRIOR to running my credit. 

I've included the context of emails. 

XXXX, I am sorry you feel this way. Please accept my apologies. The APR was quoted XXXX. Let me know if I can do anything further for you and I hope you have a great rest of your day. 

From : XXXX XXXX XXXX Sent : Saturday, XX/XX/XXXX XXXXXX/XX/XXXX To : XXXX XXXX XXXX AmeriSave XXXX Subject : RE : AmeriSave Mortgage Corporation Loan XXXX XXXX XXXX XXXX You just proved my point. The rate and apr would have been determined when the factors have been input the correct way. This is why the requirement for truth in lending is there. Your agent would have seen that and should have disclosed that. 

You still have not stated at what time stamp this information was disclosed to me. You are actually trying to avoid it. You clearly and quickly outlined when I gave my information over the phone but have yet to disclose when your agent disclosed the apr. You're in fact condoning his actions which makes you culpable. 


-- -- -- -- Original message -- -- -- -- From : XXXX XXXX - AmeriSave XXXX Date : XX/XX/XXXX XXXXXX/XX/XXXX ( XXXX ) To : XXXX XXXX XXXX Subject : RE : AmeriSave Mortgage Corporation Loan XXXX XXXX XXXX XXXX XXXX, I believe I have it figured out. So when on XXXX you need to go to more filters and make sure and choose condominium and you can then also choose rates at XXXX points and the terms you want for 15 and 20 year. On the call you stated reviewing 15 year rates but we reviewed 20 year options with you. You will get different points for different loan terms. Also, if the property type was not changed to condo then you would get an incorrect rate quote as well. So a single family home versus a condo will have different points as well as a 15 year term versus 20 year term. 

Let me know if that helps. I am happy to talk with you on Monday when we should have all lenders available on XX/XX/XXXXand we can price it out together and make sure what we show on the website is correct to what we show as well on our end. 


From : XXXX XXXX XXXX Sent : Saturday, XX/XX/XXXX XXXX XX/XX/XXXXTo : XXXX XXXX XXXX AmeriSave <XXXX Subject XXXX RE : AmeriSave Mortgage Corporation Loan XXXX XXXX XXXX XXXX That is exactly what I'm saying. What was disclosed on the website was XXXX points and during the call I am the one who wanted to confirm and then you agent said no, it's going to be XXXX. You've avoided my question again. At what time stamp did he disclose that? 


-- -- -- -- Original message -- -- -- -- From : XXXX XXXX - AmeriSave XXXX Date : XX/XX/XXXX XXXXXX/XX/XXXX XXXX ) To : XXXX XXXX XXXX Subject : XXXX : AmeriSave Mortgage Corporation Loan XXXX XXXX XXXX XXXX XXXX XXXX, The APR was disclosed on the website XX/XX/XXXX before you applied to even started talking with us and is also attached here in the loan estimate. The website discloses, rate, APR and fees. Only after viewing this information on the website would we have started talking. I have attached a copy of the loan estimate which also discloses rate, APR and fees for your review. I do not have the ability to provide transcripts of our call recording. I am sorry but I do not see Unfair, deceptive, or abusive acts or practices from the phone call that I reviewed. Let me know if you have any further questions over the APR or if I can be of any further service to you. Thanks and have a great day. 


XXXX XXXX Mortgage Sales Manager NMLS ID # XXXX AmeriSave Mortgage Corporation NMLS ID # XXXX XXXX XXXX XXXX XXXX, XXXX XXXX XXXX KY XXXX XXXX Desk XXXX Fax XXXX We at AmeriSave Mortgage Corporation strive to put our customers first. If at any time you believe I exceeded your expectations, or did not deliver on our pledge to put you first, please feel free to contact Customer Service at XXXX or via email at XXXX. Thank you. 

From : XXXX XXXX XXXX Sent : Friday, XX/XX/XXXX XXXXXX/XX/XXXX To : XXXX XXXX XXXX AmeriSave XXXX Subject : RE : AmeriSave Mortgage Corporation Loan XXXX XXXX XXXX XXXX Hello XXXX Thank you for emailing me and outlining the conversation. 

I see that the bottom line of my complaint came as an oversight. Can you review the recording and verify the time stamp of when your agent disclosed the APR. I can confirm that that was disclosed AFTER this conversation. Per TILA, all rates and APR must be disclosed. This unscrupulous act should not be tolerated. Baiting a consumer into proceeding with an application without the full disclosure of what is being agreed upon is a violation. 

I await the information on when the APR was disclosed. I also request a transcript of what you are reviewing to confirm with my records for accuracy. 

XXXX XXXX From : XXXX Sent : Friday, XX/XX/XXXX XXXXXX/XX/XXXX To : XXXX Subject : AmeriSave Mortgage Corporation Loan XXXX - XXXX XXXX XXXX, My name is XXXX XXXX and I am the sales manager for your loan officer you spoke with. I received the email from customer service and I pulled the call to listen to it. I am sorry to hear that you had a poor experience and I wanted to be sure and thoroughly look into your concerns. To address the concerns listed I will break the email down. 

XXXX - This is tied directly to our rates and accurate. You can choose to have rates show with or without points and it will list these along with lender fees up front on the website. If you were looking at 15 year on the website and getting a quote on a 20 year from us, these will be different as they are different terms. 

For consent on the sales call. At XXXX into the call your loan officer asked permission to do a soft credit check and you agreed. At XXXX you stated let 's proceed and from there the loan officer stated that in order to proceed we would need to do a hard credit check and verify a 2 year work history and you stated okay. Then provided social for the hard credit check. 

Application - Yes you completed a full application via the phone call with all the pertinent information needed. We are required by law to send out information based on that application even if you wished to not proceed with the loan. Please advise if it is okay for me to cancel out the application and I will be happy to do so for you. 

Let me know if you have any further questions or I can be of any further assistance to you. I hope you had a happy new year. 


Warmest Regards, XXXX XXXX Mortgage Sales Manager NMLS ID # XXXX AmeriSave Mortgage Corporation NMLS ID # XXXX XXXX XXXX XXXX XXXX, XXXX XXXX XXXX KY XXXX XXXX Desk XXXX Fax XXXX Visit my personalized webpage : https : //www.amerisave.com/lo/apayne A referral from a friend, past client, or colleague is the highest compliment I can ever receive. 



We at AmeriSave Mortgage Corporation strive to put our customers first. If at any time you believe I exceeded your expectations, or did not deliver on our pledge to put you first, please feel free to contact Customer Service at XXXX or via email at XXXX. Thank you.

Company response to consumer: Closed with explanation