Amerisave Mortgage / Beware
We started trying to refinance our house with Amerisave in June 2008 and had the misfortune of have Marcel Fombrun as our agent. We were told we were approved and not to worry about making our mortgage payment with the other company on 2 different occasions. Then we stopped hearing from Marcel. This went on for 6 months. Finally, we were denied because we were behind in our payments. We are only behind because we did what Marcel told us to do. Then Marcel being such a good guy and taking full responsibility for the mess referred us to Federal Loan Modification. We tried calling them and still got no response. My husband looked them up on the interntet an they have a D rating with the Better Business Beauru. It is not a federal program. They are a group of "lawyers" but it is a scam also. They are not even registered as lawyers in the state of California.
If you are even considering working with Amerisave just don't. I don't want this to happen to anyone else.
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Date
Well, I know the complaints I hear from most of the folks about Amerisave is because of a particular loan officer. That is usually where the problem is, imcompetent loan officers. The company has an amazing system they use to lock in the best rates in the business. However, if you happen to get an LO that does not know what they are doing, then you are in trouble fast. I know the company hires them, and that definately falls on them, but the company has over 1500 LOs, so you might get someone that does not understand especially if they are familiar with another state and not yours.
The right thing for them to do if they do not understand your particular states requirements is to pass you on to an LO that does. But that does not happen very often. I am thinking about going to work for this company and certainly would not want to do that if these types of complaints are real high on the list, but out of thousands of of loans per month a very small amount does not close, like less than 1%. So, overall, Amerisave is still a good company minus the few bad deals people have gone through and I empathize with each one of them...I really do. The company I came from...if a person had spent $400 up front, was promised a loan, and then in the end did not get one, then the company would pay them back the $400...Amerisave is suppose to have a guarantee and they should have.
The game that is played sometimes by individual loan officers is they float a loan trying to catch an upswing in the market so they can actually make more money on the loan while you get your rate. I never liked playing games like that. If I can lock in the rate that makes you happy, makes a profit for me and the company, then lock that rate in and do not gamble with someone's mortgage.
The advice not to pay the mortgage was outrageous. You only time you do that is when the loan is about to close and you know it is about to close. Otherwise always make the payment, especially if it is the 15th of the month and the loan still has not closed...you have until the 15th to get it in before it is counted as late. Due on the 1st, but not late until after the 15th.
That is all I have...the bad taste in peoples mouths over Amerisave is unfortunate.
Marcel Fombrun was an idiot and definitely gave you bad advise and service. You should have sued Amerisave actually I think you still can. You should have had Marcel call your existing lender -at that time- of his mistake and your lender would have made some sort of concessions. If you have email correspondence from Marcel that states he told you to stop making payments, save that email (don't print it) email it to your other emails over and over and save save save to your hard-drive.
Now, onto Amerisave.
I use to work for the horrible company Amerisave. And I won't be surprised if identities were compromised. They lost all emails full of social security numbers and bank id's etc when processing my loans. They process their loans via a 3rd 'ghetto' party processors that gives you "Attitudes!!!" unbelievable. THey were contractors (which is legal) but were the most ghetto'st of people like LaShaunda, Mercedes and Porsche and what ###in attitudes and hangs up on you.
Every case I brought in, went to these [censored] processors while the team leader checked off what's come in. I would always CC my team leader and would still claim they did not receive the paper work. Funny thing is, I was sending the paper work from their own servers!!! ###ing idiots.
If anyone knows, mortgage loan officers work off commissions and without the proper paperwork, we would never be paid. So, when my [censored] team stated I didn't send in the paper work it was like saying I didn't want to get paid, now who does that? So, I had to go above my team leader and asked his manager to log into my email to confirm what I sent.. that [censored] leader protecting his own interests stated, "there's something wrong".
After my 7th deal (in one month) I walked away and went to Bank Of America (yes, we're still alive).
Floating the loan:
Loan officers do float the loan (at the customer's request) BY LAW we have to provide that information to the customer and in return we do what the customer asks. Amerisave has a policy where you can lock in loans and if the rates drop, you can buy down to the rate which is usally a .125 xloan amount = cost to you. So this guy that just posted that loan officers "float" the loan on purpose makes no logical sense. I use to work for Amerisave, I'm an INSIDER. Horrible horrible company.
One last note: PLEASE DO NOT REFINANCE/PURCHASE WITH THESE TYPES OF LOANS: Option Arms, Negative Amortization, Power Option anything that looks too good to be true do not take it!!! ALWAYS ALWAYS ASK HOW MANY YEARS THE LOAN IS FIXED FOR AND REPEAT THIS TO YOUR CLOSING "LAWYERS" MAKE SURE THEY'RE LAWYERS.
If you only new about the owner of Amerisave, Patrick Markert, you may think twice about doing business with amerisave mortgage.