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Amerisave Mortgage, Atlanta, Georgia Complaints & Reviews - Fraud and scam

Amerisave Mortgage Contacts & Informations

Amerisave Mortgage

Posted:    Marcus

Fraud and scam

Complaint Rating:  97 % with 168 votes
Contact information:
Amerisave Mortgage
One Capital City Plaza
Atlanta, Georgia
United States
Phone: 404-2607534
amerisave.com
Usually would never write one of these complaints but my experience with Amerisave was so horrible that I feel compelled to. If you are reading this, it is my sincerest hope that what you read here will be enough to convince you to do business elsewhere. There are plenty of good mortgage companies out there... they just aren't one of them. I wish I had found this site before the fact. Anyways, down to business.

I wanted to refinance and locked with Amerisave in December of 2008. The rate and fees were very competitive. After paying the initial application fee of $35, I began the loan process with them and after being 'pre-approved' I was required to pay $325 for an appraisal. I did so and my appraisal came back at $199, 000. That was great for me since the loan amount I was looking for was only $156, 000. Over the next month and a half, I would continue to be told 'we're almost done' and 'we're about a week out'. That's when I got any response at all. My loan advisor, Roger Lee, would absolutely not provide any information unless I nagged him. Looking back over all the e-mails, phone calls etc, I can't remember one time where he contacted me on his own to provide any information... His communication with me was limited to responses to my own inquiries- basically he only told me anything if I barraged him with e-mails and phone calls.

On February 6th, 2009 (remember, I locked in December - 12/12/2008) I was told that my property was 'unacceptable' to the lender, and that it did not meet Fannie Mae/Freddie Mac criteria. That's total B.S. since I already hold a mortgage that met those guidelines. I talked with several people in my condo building who had been refinancing over the 2 months Amerisave screwed around, and not one of them had any problem with these 'guidelines' - of course the one thing they all had in common was that they did not choose Amerisave to do business with. At the end of the day, I lost 2 months of time and gained a whole bunch of stresses and headaches, with nothing to show for it but a lower number in my bank account.

If you're interested, my theory is they essentially get you on the hook by making you pay close to $400 up front (Application + Fees) which makes you want to stick it out to the end. Meanwhile, they are hoping the market interest rate tilts in their favor so they can actually deliver on what they promised you and still be able to make a huge profit. I know in my heart that my loan was denied because this 'float' strategy did not work for them so they had to come up with a reason to deny the loan. My credit score is 760, I make about 70K a year and my LTV would have been about 78% based on the appraisal, and my property met all the federal guidelines. In the end, they didn't lose anything but they would have probably tried to close this if the interest rate went low enough for them to make a fat margin by closing it at the terms they promised me. I truly hope that if you read this, you will find someone else to do business with. Ask your friends or someone at work and find a lender that people have had good luck with. As they say 'If it's too good to be true, it probably is' I learned that lesson the hard way here.
Comments United States Mortgage Companies
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 2nd of Mar, 2009 by   scottyb 0 Votes
Add Rosario Tyson to the list of dishonest lenders. Pulled a bait and switch, locked at a lower rate and fees, then got the loan docs at a higher rate and fees, non responsive to calls, and guess he wasn't lying when he said he had 16 years experience and would take care of us.

I would go elsewhere and did, got a better rate, lower fees, and better service at themoneystore.com.
 20th of Aug, 2009 by   WaPa 0 Votes
Excellent theory on Amerisave's fraud/scam. That is EXACTLY the theory I thought of lol. They did the EXACT SAME thing to me and have not honored my closing costs. Sara Cade was my loan person and she told me to just pay the $400 and "see what happens"! Ridiculous!!! THEY ARE SCAM ARTISTS FOR SURE!!!
 22nd of Aug, 2009 by   david_smyth 0 Votes
Exactly my experience. Amerisave is clearly a bait-and-switch fraudulent operation.
 20th of Oct, 2009 by   Banker Barry 0 Votes
Bad loan officer. He should have checked to see if your property was FHA-approved before wasting your money. You can check HUD's website to see if it is approved. If it is not then your lender would have to gather a lot of info (most won't if they already haven't) from the condo association. Also, FHA will only accept a certain amount of properties in that development. There are only a couple of options for condo financing now and that is FHA or a bank portfolio loan. Good luck.
 22nd of Oct, 2009 by   KLM114 0 Votes
Same EXACT thing here.. this company ought to be put out of business. I used them before and it was fine but this time it has been a nightmare! And now I have paid for a home appraisal that is useless. Other brokers I've talked to are shocked that they are allowed to continue operating with such shady practices. I am for sure going to report them to the BBB and states attorney general. I'll prob never see my money back but if I can stop some people from getting ripped off and make them lose business then that's I'll live with it - lesson learned!
 22nd of Oct, 2009 by   KLM114 0 Votes
I contacted Fannie Mae to report them as well as the BBB and their states attorney's office - if more and more people report them, hopefully someone can put a stop to them ripping people off.

http://www.fanniemae.com/contact/mortgagefraud.jhtml;jsessionid=5OEJB55H4N5TJJ2FQSISFGQ?p=Contact+Us
 3rd of Dec, 2009 by   trktchr 0 Votes
Sure wish I had read the complaints before I let the "high pressure, used car salesman" hook me for the credit check and apprasial.

After several unreturned calls and emails, to Anthony Wong, I went over his head to his supervisor that, believe it or not, operates in the same manner.

When Anthony finally got a hold of me he told me that it could not be sent to the underwriters without being able to show 6 mos. of liquid assets.
Our 401K has over 180K in it--that's not enough? Anyway he told me 6 mos @ 700.00 mo, $4200.00. Ok, we were selling some vacant land we owned, no problem.

We deposited $5000.00 into savings, we were then notifed by him that the underwriters still would not take this, the liquidity needed to be closer to $8000.00.

Lets see 180, 000.00 plus 5000.00 -- huh, when I went to school this number exceeded what they were asking for. Before you say, well, they must have had a bad credit rating, we are in the 730 - 750 range.

We had initially contacted them in late Sept. looking to do a refi for around $85000.00. Just talked with Chase, already approved with 4.875 % rate for 15 yrs.
 16th of Dec, 2009 by   Ski Hank 0 Votes
At least I know I'm not a complete idiot when I read that others had similar experiences with Amerisave! Ten months ago I wanted to refinance and chose Amerisave because of slick online ads promising the lowest price and transparent closing costs with no surprises. After seeing all my documentation, my "loan officer" Mark assured me (verbally but not in writing!)my loan would be approved, since I had a good income and FICO scores well over 700. I was pressured to "lock in" their fantastic rate by paying their application fee of $425.00. I paid the amount on a credit card, and then interestingly heard nothing further from my "loan officer" for weeks. After repeated e-mails and voicemail messages to him, I finally reached him by phone only to learn that there was a "problem" and that he would have a hard time qualifying me for a loan after all. I contacted Mark's supervisor Robert to ask for a refund of my application fee, because Amerisave had first promised approval, then ignored me, then rejected my application. Robert actually implied in an e-mail that I was somehow at fault for misleading them!! (How this would even be possible when before promising approval they had copies of my tax returns, income statements, bank statements, and credit reports he didn't explain.) I'm a military officer and considered filing a VA complaint, but instead just went to my original lender who refinanced at a comparable interest rate and with a lower closing cost than Amerisave's supposedly unbeatable rates. Is Amerisave still in business? Part of me hopes their staff--well, at least their managers--are now waiting their turn in the unemployment lines. Hank
 31st of Dec, 2009 by   GAPeachloanofficer 0 Votes
big news about the owner of Amerisave Mortgage, Patrick Markert coming soon. It will help you understand why all these complaints are true.
 1st of Feb, 2010 by   Mr. Neutral 0 Votes
Marcus is an idiot. Any margin a company collects is established up-front and is independent of the current rate. If it's locked, it's locked. If it isn't, it isn't. Condos often pose unique issues because the viability of loans are highly dependent on residential capacity, current construction status within the complex, building liens and condition and building age along with the typical factors such as credit score, income and assets.

While it certainly sounds like your loan officer was not equipped to handle this situation, you are obviously hiding some of the facts of your "case" that are distorting the truth.
 14th of Feb, 2010 by   Rlee 0 Votes
There a lot's company out there like that do the same old tricks of bate and switch but now with the new Respa Laws they have to Honnor what they charge in Loan Discount Points. They can not make any changes no longer untill 10 days of stopping the process. The Industry is changing for the Better especially for Consumers, now Brokers have to Disclose YSP, money made in back of the laon. Lenders Like Amerisave, Bank of America, Wells etc. are considerd a Mortgage Lender, they can benefit form this because they do not have to Disclose YSP.
Chances are if you are paying a No Point or a no Closing Loan, you will be paying it in the Rate.
Bottom Line, look for a Good Company where Customer Services is a priority and where Rates and Closing cost are very competitive as well.
Last thing DO NOT FLOAT YOUR RATE! Make sure you lock It right away by getting proof from Lender via email or writting, make sure its a 35 to 45 day Lock.
I have been doing this for 10 years already and I understand what customers go through and I always make sure they are Informed from the start to finish. Loans are not easy any more, Its getting harder and harder to qualify Borrowers in this Industry.
There are 3 Things Lender look into before doing a loan and those are: Credit( your Fico) Collateral ( Equity in Property), Capacity ( Income).
If any nobody needs help or advise you can email me at rdailey@lhfinancial.com
 11th of Mar, 2010 by   screwed in kalama 0 Votes
Hey I have an idea lets start a class action suit and put them out of business!
 9th of Apr, 2010 by   Robnsc +1 Votes
The exact same thing happened to me in Southern California! I will be posting a complete account of the scam that they are running on this web site. In the meantime, please report them via a complaint procedure at: http://www.georgia.gov/00/channel_title/0, 2094, 5426814_39102589, 00.html. In Georgia, unlike other states (including California) who handle consumer complaints via the State Attorney General's Office, all consumer complaints (with limitations) are handled by the Governor's Office. Also, be sure to file a complaint with the Atlanta, Georgia Better Business Bureau at: http://atlanta.bbb.org. Also, if you have time, Google "Amerisave.com reviews" or "Amerisave.com complaints" and start documenting your horror stories. I have found that it is best to do a "template" complaint account of your particular horror story with them on a word processor like MS Word, and then simply copy and paste your story to each "complaint web site" you find on Google. This saves time and energy. LET'S GET OUR HORROR STORIES WITH THESE BANDITS, WHO HAPPEN TO WEAR BUSINESS SUITS, AND SHUT THEM DOWN!!! Let's not let them continue scamming the average "Joe/Joan" who just simply wants to lower their mortgage rate/payment or purchase their dream home. This unscrupulous gang SHOULD NOT be doing business in the good old US of A!

By: A victim of Amerisave.com in sunny Southern California
 14th of Apr, 2010 by   Susan 12 0 Votes
Rich Vaux @ First Integrity in Irvine, ca Phone: 800.519.6558 x114 was the best person to deal with on my loan. Knows his stuff and has great communication. He even gave me his personal cell # so I could reach him anytime...

They are also rated with the BBB and have a perfect rating, I now know why.
http://www.la.bbb.org/Business-Report/First-Integrity-Inc-100062006

Rich Vaux @ First Integrity
Irvine, ca Phone: 800.519.6558 x114
www.firstintegrity.us
 5th of May, 2010 by   logical thinking 0 Votes
Another uneducated comment. If the property was not within guideline (FNMA, FREDDIE) that has nothing to do with the lender, and your loan to value would not be 78% after including tax, insurance, and closing costs. It would have easily been 81-82% based on the small loan amount. I tell ya sheesh the appraisal fee goes to a neutral THIRD PARTY APPRAISER ...no APPRAISER works for Amerisave not a single one. Another person who does not qualify, and points the finger at the lender...well point one finger four are pointing right back at you!!
 5th of May, 2010 by   logical thinking 0 Votes
ROBNSC is a total knucklehead...let's get a witch hunt going is basically what you are saying, and remember how stupid and uneducated the claims were about the people they burned at the stake in the name of Christianity...same thing here...uneducated comments...no understanding of the current market conditons (home values, credit crunch, etc.) Amerisave has funded close to $10 billion...again people who do not qualify pointing the finger...also there rating with the BBB is an A??? Uh yeah try again
 5th of May, 2010 by   logical thinking 0 Votes
Funny the comment up there that talks about yield spread premium(YSP)...Amerisave's website shows every rate from loan discount to par to yield spread...how do you think someone gets a "no cost loan" that is YSP. Funny how he jumps on saying bait and switch..then gives his email address to his mortgage company...trying to slander Amerisave to gain biz...NICE~
 5th of May, 2010 by   logical thinking 0 Votes
Patrick Markert is a reputable person, and businessman. Almost everyone of these complaints are persons who have no idea what they are talking about, and do not qualify based on their own comments...It amazes me how people do not know hardly anything about the current mortgage environment, but yet they jump on these blogs and spew pure crap...typical knucklehead borrowers who were so easily decieved by mortgage lenders handing out subprime loans (meaning they were told yes everytime in the past, because the guidelines were non-existent) and the a lender like Amerisave who never did subprime or negative amortization gets raked through the coals for upholding and following the guidelines
 6th of Jun, 2010 by   objective 0 Votes
I wonder if logic thinking is working for AmeriSav or the ower's close friend as I don't see any logic with his comments.
 22nd of Jul, 2010 by   richie0 0 Votes
I have been doing business with Amerisave for the last ten years. I have refinanced with them seven times; I have never experienced the problems that some of you experienced. I shopped around and their rates and rebates were very competitive. Amerisave did not really rip off the upfront appraisal fees because the fees were for the appraisers. The $35 credit report fee probably does not pay the hassle of processing a loan application.

Every loan application must submit to Fannie or Freddie for pre-approval and then official approval. After the housing debacle, Fannie and Freddie raised the bar so high that many solid people’s loan applications were denied. That’s one reason that the rate is so low but hardly anyone can enjoy the ride. Amerisave does not make a dime unless a loan is approved. It’s Fannie or Freddie decides the fate of a loan application but Amerisave takes the blame.

Like some of you, my last loan application in early July was denied because Fannie would not count my IRA withdrawal as a source of income. Therefore, my AGI was adjusted down from $160, 000 to $120, 000. The imbecilic underwriter only recognized W-2s as incomes. Pension and IRA withdrawals must be done through fixed annuities. They want me to completely pay off a 2.49% home equity line from Chase to qualify for a $417, 000 15-year fixed mortgage. I have $2 million liquid assets but they would not count because they say I could lose every dime on my investement or take the money and run and leave my $1m house to Fannie. In the eyes of underwriters, every loan applicant is an unscrupulou sperson. I guess they feel if Nicholas Cage can default a loan, a little guy like me could do the same..

Of course, I lost money in the prepaid appraisal fee of $450, but I did not blame Amerisave.

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