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American Equity Mortgage Complaints & Reviews - Terrible experience

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American Equity Mortgage

Posted:    Jack

Terrible experience

Complaint Rating:  87 % with 75 votes
Contact information:
American Equity Mortgage
United States
americanequity.com
American Equity Mortgage is a scam. Please make sure you get a few good faith estimates to make sure you are not taken advantage off. They will try and charge you as much as they can on every loan. Company will not give you a GFE unless you come in to the office. Just beware your experience will differ greatly depending on your loan officer. Get a few quotes. They charge a lot of bogus fees and will take advantage of you if they feel they can.

They treat their employees unfairly, go search on google for their previous employees class action law suits. I was a top loan officer for the company. I was fired on a month where I closed seven loans. I was fired for telling my boss I was not going to work for someone who was going to slam doors and curse at me. I was put on corrective action that same day for not making enough phone calls on a day I had an in office appointment with a client and told I would be reassed 15 days later. They fired me the very next morning on a day where I had my eighth loan of the month closing and I was never paid for that loan, it was transfered to another loan officer.
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 24th of Apr, 2009 by   Pat 0 Votes
As one of the nation’s leading mortgage companies, American Equity Mortgage is independently owned and has branches throughout the country. It is through our dedication to what we refer to as our “Three I’s”—integrity, intensity and impeccable customer service—that we have been able to exceed our customers’ expectations for over 17 years.

As an organization, we are committed to training our employees to ensure the best level of customer service is provided to our customers. Each customer receives individual attention at every step of the loan process and they are provided with a customized loan program that best achieves their financial goals.

Our dedication to customer service has been demonstrated through our numerous recognitions, including multiple Consumers’ Choice Awards and the Stevie Award for Best Overall Company.
 19th of Aug, 2009 by   PRW1 -1 Votes
I looked at refinancing with American Equity Mortgage one week ago and the fees they charge are outrageous. No one came close to charging as much at closing. Not to mention they hit you hard on appraisal fees, credit checks etc. I was quoted closing costs of $6048 and that doesn't include reserves. Be sure to check your APR because its nothing like the interest rate they quote. Another bit of advice, don't go into their office with your wife, they hate it. They want to throw the papers in front of you and make you sign and close the deal.
 12th of Apr, 2010 by   Take a wild guess +1 Votes
This company is an absolute farce...I worked for them and wouldn't recommend even that my worst enemy work for a company like this. they are unethical and sleazy at best, and violate national mortgage laws with impunity...also, they fleece customers at will with their bogus, rip off fees but yet are extremely reluctant to provide GFEs upon request, which I am pretty sure is AGAINST THE LAW...DO NOT DO BUSINESS WITH THESE CROOKS..and if you see their number on your caller ID, call them back immediately and tell them to remove your number from their calling list.
 14th of May, 2010 by   DeniseT +1 Votes
I refinanced with their MA office at 5% with no points and $3700 in closing costs. It was a smooth process.

Denise
 16th of May, 2010 by   A smart mortgager -1 Votes
I was going to refinance my property with American Equity Mortgage in Sandy, Utah. I choose to take my business elsewhere because the company on a whole is unethical and lacks integrity.

The several times that I went to the office to meet with my Loan Officer I'd hear other employees saying things about my Loan Officer and felt they were sabotaging the Loan Officer I was working with to elevate themselves with the Branch Manager.

One time I went to the office and there was nobody at the front desk but I could hear voices down the hall. It was obvious they were in a meeting and I heard one man speaking about the progress of the branch and he included profanities such as the F word, said G-d da--it and Jes-s Chr-st among other things. He also said horrible things about his wife. I was literally astonished. Yes I shouldn't have eavesdropped but who wouldn't have?
Along this same line I heard one Loan Officer mention how he was making 15k off of a client by giving her a 6% interest rate when she qualified for 4.75% but he wanted to make "bank."
I quietly slipped out of the office and the building and I was mortified by what I heard the entire drive back to my home.

The company's motto is Integrity, Customer Service and Intensity. The only thing I experienced was the intensity of their outrageous dishonesty, unprofessionalism, and greed.

After the face, I hear that the CEO of this company, is a woman, who buys Jets and Bodyguards. Perhaps this is why I was charged 4% on my loan and it took an honest Loan Officer to point out I'd have paid this had I closed my loan with this company.

One last thing, they asked me for my credit card number etc to be able to order an appraisal and I hadn't even been given a TIL or GFE yet. I was told I needed to get the rate locked right away and this was the only way to do this. Later I found out that this is against the law and this event happened in October of 2009.

Stay away and do your business with a reputable company!!
 14th of Jun, 2011 by   h_dsport 0 Votes
These people tell you one thing and the do another. I got denied on a refinance loan after I told them my house is on a concrete foundation with a 4 foot crawl space. The underwriters said that was not a problem and they only thing stopping the loan would be for termites. Low and behold, I got denied because my house was on a concrete foundation with a 4 foot crawl space and said in needed to have a basement. What a joke this company is
 24th of Sep, 2011 by   eeet107 0 Votes
Every company has bad seeds and unfortunately your experience was not the normal way they do business. As a customer they handled everything completely legal and ethical for my wife and i. I also have a close friend that works for the company in a different state and they told me all of the laws and rules they have to make sure they are accurate and go by the laws when they work with customers and how they are trained alot on all of the rule changes. when i spoke to other lenders american equity was one of the only companies that didnt lie to me.
 26th of Mar, 2012 by   angela l 0 Votes
American Equity Mortgage in Franklin, TN is horrible. Worked with them for two weeks and was told that he was going to email me some documents to look over and sign to return. It is now a month and a half later and I have not heard a word from them. At first I made numerous calls and sent emails and have not received a reply. I even verified if the per son was still employed and he is. I would not reccomend them to anyone. Beyond poor customer service. Funny thing is I am closing on a home on Thursday and it has only been three weeks since I have been with my current mortgage company.
 17th of Jun, 2013 by   Lolly68 0 Votes
I live in Oklahoma and we have had the worst experience with American Equity Mortgage. We were told two months ago that we were ready to close on our refinance and every week since we have been given some BS line of they need something else! I am at my wits end. We had plans for our equity that we were getting back and now its been a living nightmare. I am seeking legal advice as we speak because I think this is wrong, people shouldn't be let on and told things and then as they are walking out the door to close get a call saying "it can't happen until we get XXX" this has happened twice now. I could see if we were behind, late or about to file bankruptcy but nothing of the sort here...I would not recommend this company to the devil! They are pathetic!
 18th of Jul, 2013 by   Vickie Wilson 0 Votes
American Equity Mortgage is an absolute scam! I regretfully ask a friend about them and was told they were a great company another of their friends had recent used! Shame on me I know better my first gut instinct was NO NO NO red flag in less than 10 minutes the seemingly polished loan officer was asking me for my credit card number at which I told him I wasn't comfortable giving my card for an appraisal fee approx. 450.00. Of course he said he understood but all my information credit extra was good and if we hurried and requested a appraisal schedule we may get everything wrapped up by end of month 2 to 3 weeks. I still wanted to talk to someone that I knew had refi fed several homes for lower rates. Asking if common practice to get appraisal fee upfront. Weil another lesson learned sometimes people will answer to appear to know but really don't again I should have checked further time so little of it can cost you money, self respect and lost sleep mixed all in with regrets ! Follow you gut get good advice I wanted to reconvene to lose my interest rate from 8% to 4.75 not wanting cash and lower my payment and costing much less interest. The loan guy super attentive appraiser showed up spent approx 8 minutes said 3 to 4 times really having a hard time finding comparable s. wow after providing numerous tax doc personal and business etc... The day after appraiser left I got a voice mail which basically said my house didn't appraise for the 73000 dollars I owed orin cost 110000. Customized additions tin ceilings every room ceilings customized etc.. 2 car wood shop garage you could live in if needed to boat house behind the work shop attached. Great yard fenced in a beautiful neighbor hood beside a chartered school across from an immaculate park. But the picture I was sent of my home was so hideous I almost hyperventilated. I thought ok it has incorrect data as to crawl space not sure of exact value difference so I called the loan guy left a message waited waited no cal so I sent an email noting my concerns sent pics from my iPhone to show the crawl space and other areas of the home. The pic the appraiser took and sent was so hideous I couldn't believe a spot at the front corner of the home that I had sod planted grass I short a problem that professional. Or so called couldn't get grass to grow either but the area is about 6 ft by maybe 10 feet appeared in the appraisers pic to be my entire front lawn are their classes that teach this seriously. I knew the minute I saw it even before reading the 25 page appraisal I was ...well you know we'll see I'm gong to appeal the appraisal. I was told two addresses close by we're how the market value is established I really was stunned lived in this town a long time the two properties were rental houses for a very long time maintained as needed maybe? Unbelievable. I won't stop until I have learned every angle I can every resource and I really am curious to know since I only wanted to defiance what was owed 73000 yet as I explained that I would find comparable s that actually are then I would need the house to be at least 73000. Oh no because at this time the loan officer stated no that won't work because I based it on what you stated the value at 100000. Which was not the case initially he had ask and I told him what the loan (original ) was buy in view of market I didn't really know. So it's quite no call from loan guy but I will be making many call immediately . So do lots of research don't trust anyone until they show you what they are really about and rookies beware get wise and get even by exposing the thieves and helping someone else!

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