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Amerisave.comScam and cheating

Amerisave seemed to be our lifesaver. Having bought my house alone in 2005 with an adjustable rate mortgage, little did I know how devastating that would become. My finance and I found Amerisave and yes we qualified for a FHA fixed rate mortgage. All our debts would be rolled ino the mortgage and we would close soon. My finance has 0 credit so we went scrambling to add him to my utilities bills. Everything was all set.

I gave Marcel Fombrun my cc for the $395 which would NOT be charged and the next step was for the appraiser. I haven't heard from Marcel for 3-4 days now. He doesn't answer phone, return any calls or emails. I called the main number and got another loan advisor who couldn't explain this. As we talked more she finally said if no return call or emails that usually means no loan.

I couldn't believe what I was hearing. I asked how can that be when we got loan papers and have already been approved. Not so, they tell you that. I have been trying to get a hold of some higher up but guess what? No other phone numbers or emails.

This is totally devastating to me, to lead us on like that is horrible. I can't tell you how much stress this put on me after I was told these facts. Of course she couldn't help because I all ready had a loan advisor. My suggestion to any one considering Amerisave DON'T!!! You'll not only get high blood pressure but you won't get the loan.

I think they are fraudulent and advertisement is false. My cc better not be charged!!!

Responses

  • Ni
    Nidia Nov 29, 2008
    This comment was posted by
    a verified customer
    Verified customer

    how about someone has place lude photos on this amersave employment site. Embarrassing to say the least and when I tried to get past those phots the site did not work. Revenge I guess?

    0 Votes
  • Sa
    SAB Mar 20, 2009

    This Marcel has come up before. I have seen complaints on him or her before. I think the issue is the loan officer not the company.

    Call the Better Business Bureau and file the complaint on Marcel wtih Amerisave and see if that gets you anywhere. Usually when the BBB contacts the company enough about the same LO that LO will be gone quickly and sounds like Marcel needs to find a different job.

    0 Votes
  • Ju
    juanie Apr 02, 2009

    hey thanks for making people aware, I was ready to give my social security # and the $35 for the credit report... but I just quit, but they may have gather all the info I put in the form...

    don't want no stress from dishonest people.

    thx,
    J

    0 Votes
  • Ma
    Mary Apr 14, 2009

    Never pay for a credit report. A legitiamate loan company does not charge for that. Also, every mortgage or refi I EVER got - which has been many, the company will be paid when the loan goes through - not up front. NEVER give money up front because then they are no longer motivated and basically you are on your own.

    0 Votes
  • Sa
    Sarah May 04, 2009

    I did actually just finished a refinance through Amerisave. Patrick Newbold was assigned to me and was not very good at all. The second person assigned was very professional and was able to get my loan back on track. It closed before the 30-day period with no extra fees. The rate was good, and I think the credit report charge is to see if you even qualify. You have to get all of your information to then quickly, and it is a bit stressful. There is no one there to hold your hand, so you have to ask questions via e-mail or by phone. Basically, you need to check in often to see the status. My sister did a refinance at the exact same time, and her loan processor was great. With any service, it jut depends on who is helping you. If you can find the same rate and fees in your home town, I would suggest you get your loan locally.

    0 Votes
  • De
    Debra May 24, 2009

    I agree with the above complaints about Amerisave. I completed the on-line application and paid the $35 processing fee and received e-mails from a Paul Fitz-Gibbon saying my app was being processed. I never heard from him after that -( even though their ad says "same day pre-approval')... I called several times and each time I talked to him he said he sent it in and I would hear back from him the next day... still nothing. I couldn't wait because I needed to make an offer on a home, so I called Wells Fargo upon my realtor's recommendation and was pre-approved within the hour! It still makes me nervous that he has all my info on the app. I may also contact the BBB or another agency just to make sure this person is legitimate. I wanted to get this info out there to let people know not to waste their time and money on this mortgage processor and/or this company...

    0 Votes
  • Mi
    Michelle Huynh Jul 08, 2009

    We very disapointed with AmeriSave services and bad experiences. I completed the on-line application on May 24. 2009 and paid the $30 for Credit Report and $575 for Appraisal. The intend interest rate that we applying for is 4.5% 20 years fix for the loan 0f $417, 000 stated clearly on the loan application The loan process was taken too long, since May approximately over 30 days, and until now it is still not locked. When I called and talk to Mark Hooper loan advisor he stated I have Float Rate and now the interest rate it up if I want to have 4.5 interest rate I have to pay more for the closing cost. We know this mortgage processor and this company cheating customer and waste our time and money. The communication between the loan advisor and loan processor has always been unclear. The appraisal was done poorly.

    We are not recomment your loan agent to any of my friends.

    0 Votes
  • Th
    The second side Aug 06, 2009

    This review was actually brought to my attention form a client of mine that is actually closing today. He found it after going online to post a comment on the level of service that I truly provide to all of my clients. I truly understand her frustration, but her review is just not factual. I am going to do my best to clear this up with using any personal info. The client originally wanted to combine two mortgages they had on the property. The total of those two mortgages were greater than $417, 000. That meant she only qualified for a jumbo loan. She did not like the rate available to her on that program. I then gave her the option to not combine the two, but to just refinance one of her mortgages. She liked that rate and cost on this program. I told her at that time that since we would need to subordinate her second mortgage. I contacted the current lien hold of her second mortgage, which in turn told me that they would need at least 120 day to approve the subordination. Amerisave cannot control other mortgage companies’ processes. I told the client since this is going to take so long we cannot lock your rate until this is approved. To make sure the client was aware that her rate would not be locked until this was complete; I had her write and sign a letter stating this. They decided to move forward. I worked extremely hard to get the other company to process our request fast than they said they could and it was completed in 45 days! The bad news is rate had gone up. She did not accept the new terms and declined to move forward. There was no one cheated.

    0 Votes
  • Am
    AMERISAVE CHEETERS Aug 19, 2009

    AMERISAVE SUCKS THEY TAKE YOUR MONEY FOR WHAT SHOULD BE A FREE CREDIT REPORT INQUIRY THEN THEY LET YOU DOWN BY SAYING YOU CAN'T HAVE A LOAN F THOSE LOUSY SCREWS

    0 Votes
  • Bo
    Bob in Indiana Aug 25, 2009

    AMerisave pretends to lock in your rate, then when rates go up, they tell you to lock now before they go up more. They advertise low rates to bait you, then once they got you, switch to a higher rate. STAY AWAY!

    0 Votes
  • Di
    DissatisfiedWithYou Oct 07, 2009
    This comment was posted by
    a verified customer
    Verified customer

    I was a loan officer for Amerisave Mortgage Corp. When I was first accepted I was required to pay an upfront fee ($375.00) to access the software in order to submit a loan request. A couple of months later they changed their software sccess fee to $0.00. I requested a refund of my fee and was told that when I had closed 3 loans the fee would be deposited into my lead purchasing account. Go figure...I had to pay for my leads! I initially deposited $500.00 in this account. Once leads started to come in I called ASAP and to my surprize these "leads" had also been sold to many other originators and the potential client had been bombarded with calls from other lenders. Needless to say my application rate was very, very low. I contacted approximately 90-100 of these leads and not one filled out an online application. When I did finally get a customer, on my own not with purchased leads, Amerisave would not qualify them for the loan. Again, go figure...Credit Score 670, 22+ years 0x30 days late on a mortgage and never late on a consumer credit item. To sum this up I submitted 4 loans, which I hustled for myself and not from purchased leads. Not one of my apps submitted qualified for a loan. They still have $125.00 of my monies in this lead purchase account and I am waiting to see if they refund my monies to me. If not, maybe a Civil Suit will be required because I'm sure there are many ex-Amerisave officers that have funds on deposit with Amerisave that have not been refunded. To answer some of the above complaints it became apparent to me early on that Amerisave was an A+ lender only! If you don't have at least a 700+ credit score, 45% or so debt-to-income ratio and only need to finance 90% loan-to -value don't waste your time with them!

    0 Votes
  • Bi
    billboardNJ123 Oct 15, 2009

    Another scan with Amerisave is with HELOC subordination. On internet they will take ur. applictaion and give u a rate and charge 35 dollars for credit report and 350 for appraisal, but they actualy never lock ur. rate till your HELOC subordination is complete which can take upto 30 days... so basically u are in the process as bait waiting to be eaten up when rates go up within 30 days.. It happend to me. Only when rates went up the processor told me my rate is not locked because of HELOC subordination and he assumed that HELO subordination takes more than 30 days so why lock rates...

    This is a scam company that lures people with nice rates and then does not deliver the promise. They should clearly say that in cane of HELOC subordination the rate will not be locked till subordination is complete.They know about HELOC very well so why hide this...cheats !!!

    0 Votes
  • Ro
    rossollo Dec 04, 2009

    My wife and I are experiencing the same type of issues. We were charged for an appraisal which came back lower than expected, but understandable with the mistakes the appraiser made. They didn't include an detached garage with electric and they miscounted the number of rooms in our home. (How can you miss a whole building?) When we contacted our Amerisave representative John Valencia he stated you have one chance to dispute the appraisal. We created a list of the differences with the appraisal and returned it to Amerisave listing the new room count the detached garage. Low an behold LSI came back with the same answer, no updates to our appraisal of either room count or detached garage.

    When we asked for a copy of the appraisal we were told by the appraiser LSI, the appraisal company out of Georgia (worthless), that we don't provide any copies of the information, even though we paid them $325 for the appraisal.

    We have now spent almost 3 weeks trying to make contact with Amerisave to get status. Luckily we are ok with the situation we are in, but this is the worst service, worst support and worst attitude I have seen ever from a service company. I recommend you use anyone else except Ameriasave and LSI if you want to be successful with your loan application.

    1 Votes
  • Vm
    vmullins Dec 04, 2009

    I totally agree with what is being said about Amerisave. They make the initial contact with you, get your credit card number and you never hear from them again. Oh, but your credit card company sure does. I made the mistake of giving them my cc number, and they not only charged me for the appraisal and the application fee, THEY OVERCHARGED ME BY $100!! Not to mention the fact that despite MANY attempts to speak with someone via email I received no response. Every time I called, my call was redirected and I ended up getting "cut off." Don't trust them!! Don't be a sucker like I was. Lesson learned.

    1 Votes
  • Ch
    Cheated Consumert Jan 07, 2010
    This comment was posted by
    a verified customer
    Verified customer

    We are experiencing a nightmarish situation with Amerisave. Their employees will call you and answer your phone calls until you pay for the credit report, application fee and house appraisal. After that, good luck! We have not had a call received or answered - just endless emails with one new issue after another and it is weeks after the initial escrow closing date. This is a scam company and should be shut down by the Regulators.

    1 Votes
  • Yo
    yoitsandy Jan 17, 2010

    Do not recommend this company at all. I applied, paid for the appraisal and credit check, got all the paper work sent in three days, and understood I was locked-in at the rate and points at the time of application. Amerisave took over five weeks to process, telling me to be patient, and in the meantime the rates went up a half point. After five weeks Amerisave comes back and says because my appraisal was 5% less than I estimated, still under the industry standard of 80% loan to value, they rejected my application. My credit was excellent without any blemishes on my financial record, so obviously to me they did not lock-in my rate and because rates went up would not honor the original agreement with me. Luckily, I was only applying for a refinance to save some money, and even though I'm out almost $400, it could have been worst if I trusted them to obtain a new mortgage to purchase a home. To add insult to injury, when I sent a note to their customer service they did not acknowledge my complaints, just said "Thank you for your interest in Amerisave. We understand that you are not in need of our services currently. However, please keep Amerisave in mind for your next home financing transaction, because we are dedicated to your satisfaction". What a Joke!

    1 Votes
  • Fr
    frustratedamerisavecustomer Jan 18, 2010

    This is the worst company I dealt with. I applied online and paid for the credit report. The site was going to charge me for the appraisal and I was excited because they show the lowest rate in their website. Litlle did you know that they don't care about the rate they are posting because they will hold your application for a very long time for reasons I don't know. I think this company really does not approve any loans unless they get a lot of money from you on appraisal. Since I dont have any appraisal done, they do not stand to get as much money from my transactions. I am with FHA and refinancing do not require appraisal and LTV ratio. When I told them I do not need appraisal because I am FHA, they said ok, just pay the $35 appraisal fee. When I followed up from the agent working with me, I can sense a lack of interest. The excuse is his boss in not available. I waited for 2 months after that and an email came back with a denial saying my application is incomplete. No communications from them. THEY ARE A BIG SCAM.

    I hate to say this but I will not deal with internet based finacing company anymore... ever.

    0 Votes
  • Be
    benjamin1028 Jan 19, 2010

    Amerisave is one of the worst mortgage company in USA, they are just a punch of scammers and they will never get you a mortgage on time and if they do it will never be the same rate they told you in the beginning, please stay a way from them, buying a house is very stressful so don't make worst by dealing with those people.

    0 Votes
  • An
    ansryan Jan 27, 2010

    I totally agree with everybody. Amerisave is the worst bank. I have been stuck in this limbo state with them for the past 4 months regarding my mortgage. They keep dragging me back and forth. They first said I need to wait for my subordinate paper work to come in. The paper work came in now they are saying I have to wait for final approval. DON’T USE THEM. All you will get is stress. Again DON’T USE THEM!!!

    0 Votes
  • Do
    DonNyal Jan 28, 2010

    First let me tell you i am an employee of Amerisave but i am an outside rep. So i'm not in the call center in Georgia. I have closed loans from the East Coast to the West Coast . Here is an email i asked my last client to send regarding their experience with me and Amerisave.I have more coming. ITS WHO YOU WORK WITH. Hello i recently financed a mortgage for an investment property through Don Nyal with Amerisave ([email protected] at # [protected]) The property closed in September of 2009. The rate quoted was the best I could find and the rate i was quoted was the rate I received(no bait and switch). The loan also funded as scheduled. I would give the process of obtaining the loan an above average rating. It seemed as though a massive amount documentation was required but I think you'll find that anywhere these days. Phone calls and emails were promptly returned. If I were buying another property today, I would call Don Nyal with Amerisave again. Don Thank u again, Ray Apple Valley, CA

    0 Votes
  • Ar
    Armelius Booker Feb 08, 2010

    i refinanced with Matthew Broder and he was so great. Smart, nice, and fun to talk to. Thank you Matt for helping me save my home. Bless your heart Matt. Thank you Amerisave and Matt. YOu are life savers

    0 Votes
  • Ap
    Appraiser Mar 01, 2010

    Have you ever heard the old saying "NOTHING IS FREE" Believe it!! Educate yourselves, and be a smart consumer!!! There is no such thing as a free credit report or a free appraisal, who pays for the credit report? Who pays for the appraisal? You do that's the requirement when you ask for a loan, beware of unscrupulus loan officers or lenders. Use local lenders and banks. The appraisers job is to provide an unbiased opinion of fair market value, and the appraiser has to be paid!!! Yes I am the appraiser, I don't work for free, and I don't like dealing with the crooked loan officers either. Federal Regulations prevent the appraiser from providing details/copies to the borrower. Don't kid yourself by relying on the loan officer for the details and answers, be an informed borrower and know what you are doing. Ask questions, research, all this information is available to you, the internet is the best tool. Find out a ball park figure of what your home is worth, use the tools available for you to discover. All these process's are imperfect, if someone guarantees you the loan or assures you this will go through, RUN. Credit ratings, market value and income are the three things that make or break your final outcome. You control two of these educate yourself on the third. It's just that simple.

    0 Votes
  • Ap
    Appraiser Mar 01, 2010

    Further information, when experiencing no return calls etc, call and speak with a manager let the company know of the bad service. If no results go higher, if results are not seen file a complaint with your state banking department, & the BBB, and anyone else that will listen.

    0 Votes
  • Ss
    SS81301 Mar 06, 2010

    I just read all of the posted comments and it's a very good thing I did it today and not 2 months ago. In January I started the process with Amerisave and closed 3 weeks later. The whole process was smooth, professional and very efficient. I got a very low interest rate and closed without unreasonable fees. I do have very good credit, decent loan-to-value and so on. So perhaps this company is better to work with if you are someone who actually should have the loan you are applying for. Try not to forget the reasons for the entire world's financial crisis right now.

    0 Votes
  • Ss
    SS81301 Mar 06, 2010

    It's a good thing I read this today and not 2 months ago. In January I started the process of a refinance with Amerisave and closed 3 weeks later. My experience Amerisave was smooth, efficient and professional. Granted I have very good credit, decent loan-to-value and so on. Just a thought, but perhaps they are better to work with when dealing with people who actually qualify for the loans they are applying for. Don't forget why the entire world is in this financial crisis right now.

    0 Votes
  • Te
    telephone abused Mar 10, 2010

    I called Amerisave after receiving voicemails repeatedly from their automated loan application department. I returned the call and spoke with a lady to see if I could have them remove my cell phone # from their calling list, I did not tell her my name, nor did she ask, she only wanted my e-mail address, cause that was the only way they could take care of it. I asked why I just couldn't give my name and number, she told me to call customer service. (after all they already had my phone#, I sure didn't want e-mails from them) I then called C.S. and Ryan answered. I explained that I wanted my # taken off and for Amerisave to stop calling me, he then asked for my # and name and I responded with you already have it, your company keeps calling me. Of course that was the wrong thing to say, he then got extremely rude and loud, he then read off my name, phone #, and e-mail address . I could not get another word in edge wise. He then told me I evidently filled out the information online, that was how Amerisave got it. I have not applied for any loan with them, he then said rudely they were affiliated with alot of other companies, he asked me if someone stole my information if I didn't give it. I would say yes, it's Amerisave and their affliliates. If I ever wanted a mortgage loan it will not be with Amerisave and their C.S. named Ryan.

    0 Votes
  • Mr
    Mr. America Mar 11, 2010

    Amerisave is great.

    0 Votes
  • Mr
    Mr. America Mar 11, 2010

    I usually would never take the time to even post a comment but here we go

    You peolple are so stupid or should I say uneducated. Amerisave is the best. If you are a good borrower the will give you a great loan. They won't approve crappy files, like the most of you have above. Why do you think they are still running strong when so many other companies fail? Thousands of banks and lenders have failed, why, bc they gave people like you loans when you do not deserve them. Not Amerisave. You can actually price out your own loan on there website amerisave.com. It is an amazing system.
    If you are a clean borrower, good credit, good income, and equity then you are fine. If you are underwater DON'T APPLY. If your credit is busted DON'T APPLY. If you are on unemployment DO NOT APPLY.
    Simple. If you were fiscally responsible in the past and present then you will be fine.
    I closed a loan with them and they were great. I got them what they requested and they delivered. Yes, I have good credit, yes I have equity and yes I have a Job. Wow, that was it.
    AMERISAVE IS GREAT AND I WOULD USE THEM AGAIN BUT I DONT KNOW IF I CAN GET ANY BETTER THAN MY 3.625% 15 YR FIXED. Yea I know, I got a great loan.
    Next will be my 2nd home in Florida and guess what, I am not underwater on that either. Amerisave will be doing this loan as well.

    0 Votes
  • Sp
    sparklesssss Mar 11, 2010

    i am happy with what Amerisave did for me. I paid less for an appraisal than i would have at any other bank and they locked my loan in right away. i gave them a pay stub and w2 and was approved in a week. thanks Amerisave.

    0 Votes
  • Ca
    Candace28 Mar 22, 2010

    I had all the same problems with Amerisave and their loan consultant Peter Huggins. From the beginning the rates quoted kept changing. When I asked about locking in I was told I couldn't until a credit report (my score 796) was rec'd and an appraisal. I gave approval for the credit report but not the appraisal.
    After shopping around I found two companies with good rates that did not require me to pay for an appraisal upfront.
    On Oct. 6, 2009 after Peter Huggins requested I sign and return the Loan documents. On Oct. 7, 2009 he sent me an email saying I was locked in. I emailed him back saying how was I locked in and at what rate and fees. On the Loan Term Agreement it clearly showed I was floating, he had completed the document on Oct. 5, 2009 and I had sign and returned it on Oct. 6 @ apprx 6:30 p.m. He did not sent me rate and fee documents so I immediately cancelled the application and appraisal that was scheduled for Oct. 8, 2009. I cancelled with the appraiser directly.
    Peter Huggins said if I didn't proceed with the loan he was going to charge me $500. I told him we had never discuss an application cancellation fee. Mr. Huggins said the $500 was for cancelling my loan lock request. As stated above I had never request a loan lock.
    Mr. Huggins sent me a document that refers to this fee and said I had signed it electronically on Oct. 6, 2009. I have never in my life siigned a document electronically.
    All other forms required me to hand sign and fax back, even approval for the $35 credit report, that's how they got my CC number. This is straight out fraud and forgery on his part. When I pointed out that the Loan Term Agreement I signed on Oct. 6 clearly showed I was floating he told me there was no such option. I was looking at the agreement then and now, the option is called II LOAN PRICING lock or float. Float is checked. Mr. Huggins prepared the form Oct. 5 I hand signed and faxed on Oct 6. 2009. This was no misunderstanding-STRAIGHT OUT FRAUD I WILL BE PURSUING/

    0 Votes
  • Jd
    jdunn1 Mar 28, 2010

    WHY WHY WHY, do people go to INTERNET lenders? There may be a few decent loan officers, but most are just "order takers" and don't know the lending guidelines. If they screw up on your loan, they don't care. It doesn't affect their reputation ... you are just a number to them. The people who shop me against internet lenders I ask them one question, " who's neck are you going to wrap your hands around when you get to closing and the rate and/or fees are what was quoted to you originally?". 90% of my leads come from a Realtor or past clients. If I screw it up then that Realtor won't refer any more business to me. I've been in the mortgage business for 8+ years, from Loan Officer to Management and NOT sub-prime loans (most of these guys are back selling used cars). Use a mortgage professional in your area or ask a local Realtor who they use even if you want to refinance. The #1 complaint against mortgage people is they don't return phone calls and that's the easiest part of the job. So support you local mortgage professional!!! If you would like my assistance, post it on here as I will not blast out my information.

    0 Votes
  • Me
    Mechanical engineer Apr 10, 2010

    If you want to be safe, run from Amerisave.
    I saw their advertisements with low rates for a refi. Filled their application but found strange for a $35 credit report application fee (no other online companies ask for any fee). Spoke with MARCEL FOMBRUN on the phone and he gently states that we are guaranteed the online rate. Sure enough, I submit the credit card info, and I get an online quote higher than the original rate. I try to call MARCEL again more than a dozen times on his extension and all I get is voice mail. I go online to check Amerisave background and find this endless list of complaints and rip-offs.
    I guess I should be happy to have found out about this scam artists sooner than later.

    0 Votes
  • Am
    Amerisaver Apr 11, 2010
    This comment was posted by
    a verified customer
    Verified customer

    Be careful with Amerisave. One month ago their published rate quotes were for credit scores over 800 and now since the interest rates are going up their advertised rates are for credit scores over 830. If you have an excellent credit score of anything over 750 your rate will be significantly worse than what they advertise unless it is 830. Amerisave also does not want you to lock your rate until underwriting is complete however if you decide to lock your rate and you break the lock or something goes wrong in the underwriting process, i.e the house does not appraise as you thought it would, they will charge you an additional $500 for making the mistake of trying to get a loan through them. The Amerisave processors are out of Atlanta and your sales person could be anywhere in the USA. It makes sense to use a local mortgage professional in your area as you can report them to your local BBB office and hurt their business. The most you can do on the internet is post on a board like this and hope you help the next person from going with a company like Amerisave that uses sneaky tactics to secure your business and does not work hard to get the loan complete.

    0 Votes
  • Je
    JeffreyC21 Apr 12, 2010

    My name is Jeffrey Nyal a Realtor with Century 21 Fairway, Apple Valley, CA. I have sold over 140 foreclosures over the past 1 1/2 years. Many of those transactions i used my brother Don Nyal with Amerisave ( And i am not just writing this becasue he is my brother ).We have a high volume REO desk and it is important to me to provide my purchase clients with the best services and my REO clients with the best qualified buyers. I will say Amerisave is a "Vanilla" lender, meaning they are not a good fit for people who have credit challenges or need some kind of down assistance. So i do use a couple of other lenders but their rates and fees are much higher. My "A" clients i take to my brother with Amerisave because they have a great system designed to make the loan process easy and provide great rates and service to those who qualify. The fact of the matter is lenders/Banks are still very tight with their lending guidelines and many people WANT a loan but just will not qualify. Another fact is that the Amerisave website will provide anyone the ability to look up rates 24/7 based on many factors that can change the rate. You can put in everything from credit score to county, from the type of loan to the type of property. The rates displayed are accurate for those who are READY to lock. So what does READY TO LOCK IN mean. Well it depends on each individual's financial situation and their property or the property they wish to purchase. My advice is take the complaints posted here with a grain of salt. All companies have complaints even Century 21. For more information about Amerisave before you apply go to www.besthomeloanonline.com or call Don at [protected].

    0 Votes
  • Ro
    Robnsc Apr 12, 2010

    What J.N. (Realtor w/C21, Apple Valley, CA) just is not factual. Amerisave underwrite’s loans using the same Fannie/Freddie Mac guidelines as most other online lenders. The problem with Amerisave is that there rate loan system borders on being fraudulent. When you apply online, your “pre-qualification” means little. Some online lenders will lock a quoted rate immediately with obligation, other than your agreement to fill out their application. What Amerisave does is MAKE IT APPEAR AS THOUGH YOUR RATE (which was the reason you were lured to them in the first place) AT THE TIME OF APPLICATION PROCESS APPROVAL, is the rate you will receive. Maybe “yes” and maybe “no.” It depends on the market. It is virtually impossible to get the very rate that you applied for, unless you happen to complete the application early in the day. Amerisave WILL NOT lock in your rate UNTIL you provide them income verification. Nowhere on their web site or the online application process is that disclosed until a loan officer sends you that information in an email, typically the nezt business day. And, guess what? Usually, the rate is different on that day. In today’s market conditions, rates have fluctuated in an upward direction. Also, Amerisave touts the fact that they lump all their “lender fees” in one category. Guess what? That is another way they can work you with additional fees (hidden fees) that they do not delineate until after they have you hooked with an appraisal fee. Make no doubt about it, Amerisave has numerous ways of adding fees to your loan.

    I applied a few weeks ago. What started out with a 4.875% rate quote and approximately $2500 in lender fees ended up with a 5.00% rate and approximately 7600 lender fees. They just kept coming up with more “issues” on why my particular loan situation merited a “specialized” underwriter (I believe that they refer to them as “investors”). My credit scores varied from 730 -780. The loan-to-value was in the mid 50’s. My net worth is around 830k.. I have guaranteed income for the rest of my life. All of this information was verified by Amerisave In other words, I am a good risk. Yet, Amerisave kept coming up with reasons to milk me of more money.

    Make no mistake. Amerisave will increase fees/rates from the rates that you applied for on the date of your initial application. There “system” is geared toward NOT granting you the lower rate that lured you to them in the first place.

    Shop and compare. Amerisave is the ONLY online lender that does not lock in the quoted rate, just by you stating that you want the rate locked in. They make you go through submission of paperwork and then, when they are satisfied that they can get more out of you, they MAY lock your rate in. The actual forms that they have you “e-sign” are actually “defaulted” to a “float-rate, ” which leaves you at the mercy of the market. NEVER, EVER agree to e-signing anything UNTIL you read everything! The fact is that they are pressuring their customers to get the “paperwork” in to lock the rate. That puts pressure on the customers and they tend to sign (including e-signing) paperwork in their haste without reading what they are signing. Again, they have their system aimed at getting the most money out of their customers. Shop around and compare and you will see that Amerisave is not the way to go…

    Regardless of the loan type and the specific loan details, J.N., a “rate lock” is a “rate lock, ” it is not dependent upon the loan type or details…

    0 Votes
  • Je
    JeffreyC21 Apr 13, 2010

    Well Robnsc i have found them to be an excellent company and my many clients have been very satisfied with Amerisave and especially Don Nyal's service. And i was being factual. Below are links to Wells Fargo's Loan Pricing Disclosure and Rate lock policy and other complaints about big banks, who also go by FNMA/FHLMC guidelines. But they also have their own internal lock policies. You are one sitiuation and i have worked with many. So i'll take the word of my many clients who were very happy with my choice in lenders. I hope you were able to accomplish your refinance with someone else.

    https://www.wellsfargo.com/mortgage/rates/pricingdisclosure

    https://www.wellsfargo.com/mortgage/faq/ratesandfees

    http://www.consumeraffairs.com/finance/chase_mortgage.html

    Wells Fargo Mortgage — loan refinance

    Bank Of America Refinance — wont give a closing date for refinace

    I can do this all day long. So my advice is accept the fact that we are in the worst economic time for financial instutuitons and consumers since the Great Depression and obtaining a loan has long changed from just a couple of years ago.

    0 Votes
  • Ma
    Makosan Apr 14, 2010

    What a bummer company. I was prequalified and qualified to reifi. my existing ARM loan when rate were very low.
    Property is owner occupied two on one like a duplex but detached so there is an additional 1/4 point added to interest etc. No problem.
    My credit is excelent, loan to value only 50%, max, lots of cash reserve.
    Mike McCone was loan rep. As I now understand the reps work out of their own home etc.
    They came up with excuse that since my two on one is not attached they could not do loan.
    That is completly rediculous and I have never been turned down for that reason.
    Most of the residenses in my community are 2 on 1's like mine.
    I chose to use Amerisave via bankrate.com and was assured by loan rep there that these complaints on this board are not valid...
    Any bank would loan on my properety except Amerisave supposedly did not have bank that would loan?
    Total BS and now rates have gone up a half point.
    They have not heard the end of this.
    Had to be that because rate were low their baks must wanted to do loan.
    BSBSBSBSBSBSBSBSBSBS
    Stick with a regular bank in your own town.

    0 Votes
  • Pu
    puangpaga Apr 20, 2010

    i just paid $35 and $350 for amerisave agent name stanley collins advisor said I should got pre-qualify easy on the phone, and send me email to apply this loan, when I start talk to him that I need $288, 000 but 5/1 arm interest only to lower my payment because my job pay half less than last year, I try to fix my problem from underwater situation, he said I should be approved, that why i paid that $350 appraisal

    my credit 742 i told Stanley my income 44, 000 from first day that I talk to him on the phone, he told me I gonna get approve, don't worries so I pay for apprasal and end up they said sale manager turn down because my income too low, I mean he can check my income and my expenses from my credit score check before he can ask me to pay another $350 I already have hard time keep this house not to foreclosure but this peoples sucks small blood that i have left, push me to do foreclosure faster

    this website is a scam, I surprise FBI didn't do anything about it, seem like anybody can cheat to all good peoples, let all cheaters get away with all crimes and nobody in this country can't do anything about it

    0 Votes
  • De
    Deena D Jul 08, 2010

    Wow wish I had seen this before I refid with Marcel at amerisave. It was total bait and switch. They did lock right away but delayed and the points went up$ 1000. Marcel took days to get on the phone said the rate and fees were adjusted to what was online. Never was. Signing was delayed 3 times due to inaccurate fees showing on docs. My favorite is rates in the market went above their bate and switch rate which was 1/8 % and 1000 loan fee/ points ( i was told throughout he process he loan would be adjust to what was online) or I would have canceled the loan. So in the end I get loan docs to sign 2 days before the lock was to end and the docs show conflicts some show higher closing and my copy of the docs was on Russian!!! Was sook unprofessional. I ended up getting the loan % shown online and almost half (400) of the points back after a dozen e mails and calls to a manager threatening a law suit as I made sure marcel and the underwriter sent me things in e mail so I had proof of all of this including a screen shot when I locked my rate and the day following invade there was a delay in the lock. Save your self money and dozens of hours of e mail and phone calls and use a better mortgage co!!!

    0 Votes
  • De
    deearest Jul 21, 2010
    This comment was posted by
    a verified customer
    Verified customer

    I agree with most of you and had a similar experience with them. I was very clear and new my credit score and did not want to pay for the credit report and Kenneth Truss said that it wouldn't charged and cost of report would be paid at the closing and convinced me to give him the cc #. It was stupid of me to give him the info. He charged on my card and cost of loan is much higher than posted on the web site. It is bait and switch game they are still allowed to pay with people. Where the fed's and when are they going to stop this. I was under the impression that they took out the scums . There are no protections from people like these for an average person unless you belong to an elite group of people. I am so sick of these. It makes my stomach turn.

    0 Votes

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