Amerisave Mortgage
reviews and complaints

Amerisave lied to me and made a false promise to adjust my locked in rates for refinance loan. Amerisave charged me $8 dollars plus $375 dollars on my credit card for their processing of my loan application. Their original quoted rates differ from the what they were asking me to sign. They forced me to roll in the closing cost of 10, 000 dollars into loan amount despite i told them many times not to do that. As per Annette's directions, I arranged for 10, 000 dollars from my bank and got the funds ready for them. On Aug 29, after I had been asking for status constantly, they informed me the underwriting will not accept the funds. They forced me to take a loan from 401K or personal gifts. Amerisave VP of sales Joseph Watts has very poor way of addressing consumer concerns. If fact he blamed me that I am not interested in loan refinance cuz I remorse that the adjustments to my rates were not made. Now with no fault of mine they are asking me to pay $500 for doing nothing for me. Instead I get a disappointing, unsatisfactory service. I have faxed them every single document and every single details of my whole life in order to get my loan go through and working with them for exactly past 30 days now. They asked me to provide closing cost funds, which I did upon their request and followed their steps to get the money arranged. Now they have trouble in accepting the funds. I did not ask them to cancel my loan. They refused to accept 10, 000 dollars that I got arranged from my bank for closing cost, and forced me to roll over the this money into loan amount which I do not want to do. I have spent a lot of time dealing with them also I consider them responsible for $375 Plus $8 dollars fees that I have paid to them for the loan process. After i fulfilled all of their conditions and arranged money for closing cost, they declined my loan application and threaten me that I should be paying them $500 for cancellation. They cancelled my loan by themselves I did not ask them to cancel it. I am seeking justice. I am seeking justice. I want Amerisave to apologies to me for a bad treatment that I received. I would want Amerisave to process my loan refinance that I have spent a month worth of time and money on it, and get it approved. I am ready to pay them closing costs by check/cash. I am feeling like I have been robbed off $382 dollars in the name of processing my application and has been denied with no fault of mine and I received very bad unsatisfactory and disrespectful treatment from the staff.

My spouse and I have excellent credit, few credit cards that we pay in full every month, solid incomes, a single family home with a 35-40% loan/value ratio. Home is > $1M.
We contacted Amerisave in June 2011 to do a refi at an attractive rate and agreed to their credit report.
The credit report came back with these vague concerns:
- too many inquiries
- high revolving balances on credit accounts (which ones ? we pay everything in full)
- insufficient credit history (say what ? - we have 25+ years, with financial relationships > 20years old)
Amerisave could not explain in detail and waffled about their credit reports being *different* from
the reports produced by the 3 agencies.
I subsequently discussed the Amerisave report with the Experian, TransUnion and Equifax and they
explained that mortage brokers have discretion on their reporting. The agencies sell raw information but the lenders use services to cook-up their own score.

Conclusion:
Amerisave offered us a loan at a higher rate and we declined it.
Amerisave engages in the time honored bait and switch tactic to push for higher rates.
If you have good credit, you can walk away from such practices but it will cost you a hard
credit inquiry (having too many of hose is not desirable) and some time haggling with some
drone who is following corporate directives.

Always be clear in your communication with mortgage brokers that such practices will
not work with you, so they have a chance to bail, saving you tmie and aggravation.

AmeriSave is not accredited by the Better Business Bureau with good cause. You see the ads all over the internet as they troll for business. They need an enormous volume of applicants who are fleeced of their appraisal money and time. Applicants are subjected to endless requests for more information before they are rejected. My wife and I have 800 credit scores and substantial resources. We have never been declined for a mortgage or loan until we got suckered into dealing with them. They will take your $450 appraisel fee, bombard you with ridiculous questions, and then decline the mortgage if you are not perfect plus. The rate that they quoted a;ong with the credit were reduced after they took out money for the appraisel. There are much better choices out there with low rates that are accredited by the Better Business Bureau

I applied with Amerisave for a mortgage refinance and was told by the agent I wouldn't qualify. A second agent call and told me I would qualify. He accepted my application and told me he would not charge me for the credit report or appraisal until after I was approved. He, then called me again and told me he couldn't represent me because I was the property of the first agent. My credit card was charged $35.00 for a credit report and the appraisal was cancelled. The credit report was not done because I had locked my accounts, but Amerisave would not issue a credit and I had to dispute the charges. Several months later the charge was deleted from my account. Not a good place to do business.

We chose Amerisave because their closing costs were supposedly much lower than their competitors and they had a good Better Business Bureau rating. I became suspicious after they began a loan process, charged us $375 for an appraisal and then we were told that we would be charged another $500 if for any reason the loan did not go through. After being told that we qualified, and after sending pretty much every single item of financial information to them for the last 10 years, we were suddenly stonewalled by outrageous requests for more documentation. I became suspicious and told them that they would not get any further documentations (we already had submitted a hundred pages or more) unles they could guarantee me that they were sincere about going forward with the loan. I never heard from them again. It was an expensive lesson, hopefully my experience will prevent someone else from getting scammed.

I applied for a Mortgage refinance through Amerisave. After paying the nonrefundable deposit to start the process, we got started on the paperwork. We exchanged paperwork for 6 months which included 2 appraisals and many duplicate paper work including tax returns, bank account records etc. I have a credit score of 787, the house appraised for 2 1/2 times the amount of the loan, have a job that pays over twice the loan amount, and have an average bank account balance of 3/4 the amount of the loan and no consumer debt or car payment. I was rejected with no reason. I think that they are in the business of collecting fees for refinancing they have no intention of granting and at interest rates that are teasers and not real. They are THEIVES in bankers guise.

I began the process of refinancing a mortgage with Amerisave on July 16, 2010. I used my credit card to pay an upfront fee for an appraisal and credit report. I finally contacted them near the end of August to see what was going on. I was told that we were conditionally approved and would be closing soon. I then contacted them again in mid September because I had locked a rate for 60 days and was concerned that we were not closing. I was then told that my current lender was holding things up and was asked to contact them to keep things moving. for the next month I tried everything I could to get this done and they were not very helpful. I then said that I wanted to restart the process because we were beyond 60 days and I wanted to relock at a new rate, They agreed to do this once they had proof that my current lender closed a home equity line of credit that we had but had never been used. I agreed and got the bank to move and process this the beginning of November. On November 5 I received an email asking if I have the document and I said I would have it shortly and was told we could lock the next week. I sent them the document showing it closed and asked to lock and was told that I could not do so until the underwriting was complete. The next thing i heard was November 15 when they told me I now had to resubmit paystubs which I did by the end of November. the next I heard from them was January 4, 2011 when they said my appraisal was updated. Then on February 14 i receive the following email, "Dear John Seabul:

After reviewing your application, we are unable to approve you for a loan program. Thank you for allowing Amerisave Mortgage the opportunity to assist you. Attached is a notice of declination which indicates the reason(s) your loan request could not be approved.

David Grill

This email had an attachment stating that my original credit application was incomplete. I emailed and told them what I thought about this and did not hear back. I then received my next month's credit card bill and found that they had charged my account $500. I again emailed and asked what the hell they were doing and have not received a response. I have disputed the charge with my credit card company and am outraged that they have acted in this way by not having the respect to even call me and talk to me but just communicating a cancellation via email and fraudulently charging my card.

Beware of this company. Their goal is not to fund loans. Their goal is to collect $500 from your credit card. This is done by having you sign a cancellation form that "allows" them to hit your credit card when THEY
cancel your loan. I have a 780 credit score and an LTV of 60% and gainfully employed as a physician. This was a slam dunk refinance.
What a business! Two thousand of these x $500 and you've got yourself a million dollar company without providing ANY product or service!
Save yourself the TIME and money and use a reputable company.

In late 2010, I submitted my information on the web in an attempt to refinance my mortgage. I received calls from 4 different companies. Amerisave and another company had the best rate, but i decided to go with Amerisave because they seemed like the larger bank.

Once Amerisave actually started working on my loan, I was asked to send in many other documents. This occured for about 30 days. It seemed that everytime i would send in the document they were requesting, they would ask for completetely new things. At the end of the process (about 50-60 days later, and countless hours spent), Amerisave declined our loan because "our income did not qualify for the amount of the loan". Myself and my wife both have impeccable credentials, and have never had any problem securing a mortgage.

Luckily for me, the interest rates had remained relatively the same in the 2 month period. However, imagine if they had gone up. The error of going with Amerisave would literally have cost me tens of thousands of dollars.

I ended up calling the other company back that I originally chose Amerisave over. I explained to the new company why Amerisave declined the loan. My loan representative said that he was very familiar with Amerisave's misleading practices and would have no problem getting me a great loan. With this company, I received a rate and cost quote within minutes. They locked the interest rate with NO cost or obligation to me. They completed the loan in about 25 days, with relatively low docuemtation from me. Anytime I had a question, it was responded to within minutes, even on weekends. They delivered on everything that they had told me upfront. I would recommend this company to anyone.

The company is First Integrity Inc. They are located in Orange County, California. Their website is www.firstintegrity.us and phone number is [protected]. Ask for Sam. They have an A rating on the BBB and all 5/5 star reviews.

Please do yourself a favor and stay away from Amerisave.

Unbelievable joke of a company. I went against better judgement from read complaints against Amerisave and was pulled in with the lure of low advertised rates. Andrew Rochester started my loan process, all seemed to be well until the appraisal value came back much higher than expected which of course changed the value of my loan to a better interest rate than expected. He failed, however, to update this information. Therefore, when I tried to lock my loan with a great rate and money back I was unable to do so as the rate was still registered with the incorrect information. I couldn't get in touch with him by phone of course so I emailed him, he said the info was correctly updated yet it was not. By the time he updated the info, rates had worsened and even with all the timed documention I had from emails to and from him they were unwilling to take blame or do anything about it. Meanwhile, through this whole process rates have worsened and worsened (partly my fault for trying to wait it out). To make things worse...Darla Castillo informed me that I had until Feb 14th to lock before my appraisal expired. She felt it unnecessary to include that the loan needed to be closed before the apprasial expired! So now I am out another appraisal fee not to mention the tens of thousands of dollars I am out from Andrews initial screw up. My advice...do not waste your time or money with this company, it was a nightmare from the start for me.

Greetings,

Too many reports of the same rip offs Amerisave is now famous for to go into detail. Simply google class action Amerisave and get in on a class action law suit against this corrupt company.
Example of what you will find below once you find the contact site. Let's do something about them that will last! Good luck.

We are investigating a potential class action against Amerisave Mortgage Corporation, for deceptive practices in advertising of residential mortgages.

Many customers report that they respond to an Amerisave published offer of a low interest rate for the purchase of a home, or to refinance an existing mortgage.

It appears that Amerisave charges customers fees for both a credit check and property appraisal, but deny their application based on the credit check, which can be done instantaneously. In addition, Amerisave appears to deny applicants who are well-qualified and have excellent credit ratings. Amerisave may also state that by applying, one is "locking in" a rate, when that is not the case.

If you have applied for an Amerisave loan and have been assessed fees and charges as described above contact us at: go to google; Amerisave class action law suit

The experience I have had with this company is horrible. I locked in a 60 day rate agreement on September 7 2010, the terms of which would cover all my closing costs. Ater 70 days of continuous runaround, and $500 in expenses, I found out they ordered three payoff statements from my current mortgage lender, for $30 each, at my expense. I assumed the terms of my lock agreement had expired, and sent an e-mail to my loan processeor expresssing my discontent. He assured me the terms of the rate lock had not changed. On December 11th, they requested that I sign a new Loan Terms Agreement to replace the original agreement, which eliminated all closing cost credits I was to receive, and added discount points to the loan. They were asking me to sign a new agreement that added $3000 to the original cost of the loan. They implied that I checked the wrong box while applying for the loan over the Internet, which invalidated the first agreement. I refused to sign the new agreement. Now they're trying to charge me $500 for canceling my rate lock agreement, which they're saying was invalid to begin with. What a bunch of crooks! I strongly suggest you take your business elsewhere.

AVOID AMERISAVE AT ALL COSTS, TOTAL SCAM, as they are not really in the business of writing loans but a complete scam. They suck you in with a low rate lock then drag things out waiting for market conditions to turn in their favor. I locked in at 4 1/8 only to have them drag out the process for 3 months letting my rate lock expire three times running my closing costs from around $2k up to over $7k. They finally denied the loan for lack of funds while I had $40k in a business account for a consulting business that I own and control (sole owner). Had they worked with me I could have easily transfered funds to my personal account but they weren't interested. I also had over $100k in after-tax long term investments but didn't want to liquidate them to pay the closing costs. Keep in mind I also have significant assets, perfect credit, good income, very good LTV (purchased 17 years ago). If they can' t close a loan with me they can' t close a loan with anyone. Run don' t walk and avoid Amerisave at all costs. If you did happen to get screwed by them as I did file a complaint with the BBB. If enough complaints are accumulated maybe they can be put out of business.

Be careful before paying for an appraisal through this company. I just wasted $325 (and the $35 for the credit report) for a RIDICULOUSLY low appraisal. My realtor thought it would come in between $350 and $360K. Amerisave's appraisal was $305K! The appraiser actually told me that Amerisave forces him to use certain criteria which makes the appraisal so low. He was apologizing to me before he even left the house saying it was going to be low and to please not blame him! I will NEVER use this company,

Amerisave lies. They posted lowest rates to draw in massive clients to pay them locking fee $35 plus $375 appraisal, and Amerisave will let 60 day rate lock expired via asking additional documents again and again such that Amerisave could charge you “extension fee” each month or you have to pay $500 fine if you want to cancel. Amerisave will never close the loan at your locked rate, and the massive quantity of $400 will make them rich! Amerisave cannot be trust.

wish i had seen this site first as well. what a scam just to get the $35 credit check fee and $400 "appraisal" fee onto your credit card. appraisal in quotes because i'm a former realtor. and, i've lived in the house i'm trying to refi for 23 years. you might say i know what house values are in the neighborhood. my "appraisal" was absurdly, shockingly low. cryptically, the amerisave agent, teresa lykstad, apparently in seattle, i was dealing with said this in an e/m to me. "the appraisal was lower than what we thought but that does not effect your loan." lower than what we thought. wtf does that mean.? now i know after reading this site. low appraisal provides amerisave an excuse to prolong the process till you give up. avoid this gang. wow.

I tried to refinance with Amerisave recently in Sept 2010. My mortgage officer was Christopher Workinger. He does not reply to phone call and very rarely returns emails. After completing all the paperworks and submitted $35 and $325 for appraisal, I waited for a month, before finally getting a word 'You app was denied by Underwriter'. FYI: This message was not initiated by them, instead I had to keep sending email to this guy once in a while asking for the status.

They said there was something wrong with my number of 2009 tax return. I did my research and responded about the number. Again, I kept sending emails about the status since my lock will expire in Oct 24, 2010. After waiting for 10 days, he sent me an email saying my app was also denied the second time due to 'Too high debt to income ratio'. I was confused and I did my number: my DTI is still within the 29% for mortage only and less than 40% combined with tax/insurance. I asked him to send a letter to the UW to reconsider which he said 'There is not much I can do". To confirm my calculation, I have asked QuickenLoan to do the automated Underwriting to calculate my DTI (Debt to Income) ratio and it was approved.

My credit is 800+ and my properly has less than 80% LTV. With enough DTI, I should be qualified to get the refinancing.

It seems to me Amerisave is a scam corporation. They might not be able to find investor to find the mortgage based on their promised interest, perhaps? Or perhaps they are in the business in getting $35 credit and $325 appraisal money? Who knows, but definitely one for sure: They will find ways to decline your app!

I had a terrible experience with refinancing my house with Amerisave.

Both my husband and I have total annual income over $300, 000, with credit score over 760, and we wanted to refinace our house with 520k of loan. We had experincing of purchasing two houses and refinance a few times before, and we had never any problems. Since Amerisave offered good rates, and on their website published many good customer feedback, we thought we have a relatively simply case so it is worthwise to try to refinance with an online lender.

I started the online application. Whatever they put on line, they give you an impression that the rate can be locked immediately, but they asked for many documents at the end which they did not even mentioned at the beginning, the lock of rate was impossible. Even after I faxed them everything the second day, it took them more than 2 days to lock the rate for me. Fortunately the rate was dropping in those two days, but what if the rate had gone up?

Then I waited another week or two to be assinged a loan processor. Before that the loan officer I had been dealing with had asked for all the documents which I had emailed them, and repeatedly asked for the confirmation of receiving those docs. But by the time the loan processor taking over the case, many docs were missing. I had to resend many docs again to the lona processor. It was very frustrating to be asked to send the docs, but then they lose them, and I had to resend.

Then it kept sending me email saying "final condition - please send xxxxx". After I sent it to them, something else popped up... Amerisave finally denied my mortage after I provided everything they were asking for, after I spent tremendous time providing them the same docs a few times.

At one point, the loan office told me, "if you are willing to pay 2-3000 dollars, we can still close the loan". The loan he originally offered and locked me had more than 6000 dollars credit toward closing cost. I said that means I have lost almost 8000 to 9000 dollars, and would not do it.

It is a strange company. How can they survive with this kind of operating philosophy? trying to break their own promise? The loan officer I worked with is very mean, rude, incompetent...

Beware of Amerisave.com. The loan rates on the site are not what they actually offer and they use high pressure sales and say you are "pre-approved" to get you to commit to the expensive appraisal so you are locked into working with them. The representative will be vague with you on the phone and keep telling you that your are "pre-approved so everything will be fine. In my case the credit scores were over 800, the appraised value was more than twice the loan amount but they tried to get me to increase the loan and get a more expensive one. I walked away from the nearly $500 in fees because it was clear they were leading me on and would not honor any commitment. DO NOT TRUST AMERISAVE.

Amerisave fooled me and kept hundreds of $$$ of my money! I applied for a refinance with Amerisave in early 2010. I had 35% equity in my house, 805 FICO, no debts, and enough savings to buy the house outright. Yet, after charging me hundreds of dollars for the appraisal, which came in HIGHER even than what I paid for the house, Amerisave declined my application because my income had declined from the previous year, EVEN THOUGH my income was still 3+ times my mortgage amount! I went with another lender after Amerisave declined me, and they had NO problem approving my application. So, I would highly advise you NOT TO GO WITH AMERISAVE--they will charge you hundreds of dollars upfront, then will VERY LIKELY DECLINE YOUR APPLICATION and keep your money! In particular, I can mention Annette Orange, the processor assigned to me at Amerisave, who was unresponsive and uncaring.