Americash Mortgage Bankers

Posted on Thursday, November 16th, 2006 at 5:50pm CST by af0c8e2e

Company: Americash Mortgage Bankers

Category: Business, Finances

We found Americash Mortgage Bankers on LendingTree.com. We wanted to refinance our house and they quoted a very good interest rate and corresponding monthly payment, based on the information we provided, which we feel was extremely accurate, down to our estimate of the current value of our home. Also, their closing cost estimate on LendingTree.com was very low at $1,290.00. After speaking with the loan officer quite a few times, providing all requested information and getting an appraisal which was actually higher than what we put on LendingTree, Americash came back with a higher interest rate and monthly payment. We chose to continue with Americash and several weeks later the loan officer called and said that we would be signing the documents the next day but the rate and monthly payment were higher than before. We would still be saving money each month so we agreed. When the documents arrived, we saw that the closing costs were $10,453.00. What a shock! We couldn't image how there could be such a huge difference between the costs quoted on LendingTree.com and the ones we were looking at. Over $5,000.00 were Americash's fees. We went from saving approximately $200.00 per month, based on the LendingTree quote to saving approximately $90.00 per month with $10,000 in closing costs. Not once did the loan officer mention the closing costs even when the docs were to arrive the next day. We should have asked several times during the process and we learned quite a lesson from this but we think that Americash tried to scam us. We did sign the documents while the courrier was at our home but decided immediately afterwards to terminate the agreement and did so in writing. I called Americash and left a message telling them why but they never contacted me. I also sent an email to the loan officer's manager but he never responded. Use Americash at your own risk.

kab


13 Comments

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69089e61, 2008-04-16, 10:54PM CDT

We have attempted to respond to this complaint as well as contact this customer and have had no success.

This is not how we operate nor is this normal business practice.

Chad Church

800-483-6565 ex 356

69b1e286, 2008-06-10, 04:10PM CDT

I had a similar experience. They were by far the best deal while I was shopping on Lending Tree, but after I agreed to go ahead w/ their loan I couldn't even get them to call back. Their game is promise no points and minimal fees. Then they hide from you and surprise you at closing w/ all kinds of fees. My bottom line went from getting cash back to having to bring money to close. I also had more than $10k in closing costs. I think they thought I was desperate and would take their deal. I told them "no" and had to start the process over w/ another lender. I am just glad I live in a state where their $699 "appraisal" paid to them was illegal, or I would have been out that money too.

69089e61, 2008-07-31, 01:19PM CDT

We still have not heard back and we would like to discuss and resolve this matter.

Please have this client respond so we can help resolve their complaint.

Thank you.

Chad Church

Americash

020c6493, 2008-09-30, 03:22PM CDT

My experience with Americash was almost identical to this...when actual signing docs arrived several categories had been inflated over their (already inflated) GFE, without a word to me about it. I guess they prey on the ignorant and stupid. They ignored endless requests by phone and email from me for an explanation of their explosive fees, and lied and lied.

69089e61, 2008-10-16, 02:34PM CDT

We still have not heard from the client and again, we would like to resolve this.

Thank you,

Chad Church

Americash

800-483-6565 ex 356

69089e61, 2009-02-20, 08:33AM CST

We have tried several times to reach this person as well as to conact complaints.com and we have received no response. While we understand there is two sides to any story please at least give us an opportunity to properly respond.

Thank you.

Chad Church

Americash

480b6e8b, 2009-08-20, 05:24PM CDT

I would strongly advise to not do business with Americash. They have caused me nothing but stress and struggle since I initiated a refinance with them in late April. It's now August 20th, and I am still trying to undo the mess they made with my refinance.

They have very shady business practices, like doing a bait and switch at the last minute to make your closing costs and payments appear smaller by taking off part of your escrow you requested.

Throughout the process, I found Clark Kirby, who was handling my refinance, difficult to work with, and would get one-word answers when I asked a question. I should have just walked away. Add, insult to injury, Kirby called me six times after I told him I was going to be in a funeral service for a couple of hours and applied hard-pressure sales tactics to convince me to close immediately when I returned the next day to the state, adding very much stress.

After closing, I realized that Kirby had removed my property insurance from the escrow account without notifying me to make my payments and closing costs appear smaller. Then it was up to me to write letters and spend countless hours on the phone to straighten it out.

Now, two months after closing, I am still trying to rectify my escrow account. My loan has been bought by Freddie Mac, and is being serviced by GMAC, whose customer service agents have been terrible to deal with, they now want a two-month payment cushion in my escrow account that Americash neglected to account for in closing, which raises my monthly payments $43 a month from everything Americash promised, my GFEs, my closing documents, and my initial payment to GMAC. Despite numerous e-mails to the president for help straightening my refinance out, I am incredibly unhappy with my experience, the deception, and the bait and switch.

ff3178cb, 2009-08-30, 05:39PM CDT

I too had trouble with Americash in August of 09. I was contacted by them and promised refiancing on 125% of my appraisal. I sent in my money to lock the deal and then of course the deal changed and suddenly the 125% refinancing was no longer available and they wanted me to pony up around 25K to complete the refi. I accused them of bait and switch and asked for a refund -of course they refused. Chad Church, who claims that Americash is so upstanding, emailed me simply stating that it was not bait ans switch. Wher I come from it was textbook bait and switch no matter what Chad Church says.

480b6e8b, 2009-09-03, 11:28AM CDT

KAB, I had a very similar experience, and only wished I'd terminated the refinance while I had time.

I would strongly advise to not do business with Americash. They have caused me nothing but stress and struggle since I initiated a refinance with them in late April. It's now early September (the 3rd), and I am still trying to undo the mess they made with my refinance.

They have very shady business practices, like doing a bait and switch at the last minute, dropping half of the requested escrow account by removing property insurance without notifying me in between the final GFE and closing, and not collecting all funds required, so that my payment amount and closing costs appeared smaller.

Throughout the process, I found Clark Kirby, who was handling my refinance, difficult to work with, and would get one-word answers when I asked a question. Kirby called me six times during a funeral service that I told him I would be in for a couple of hours and applied hard-pressure sales tactics to convince me to close immediately when I returned the next day to the state, adding very much stress to the process and trying to rush me into signing before I was comfortable reading all the paperwork.

After closing, I realized that Kirby had removed my property insurance from the escrow account without notifying me to make my payments and closing costs appear smaller. Then it was up to me to write letters and spend countless hours on the phone to straighten it out with the servicer, which I still have not been able to do, despite Kirby promising it would be easy, and that he would help me straighten it out if I experienced difficulty, which he has not.

Now, more than two months after closing, I am still trying to rectify my escrow account. My loan has been bought by Freddie Mac, and is being serviced by GMAC, whose customer service agents have been terrible to deal with. GMAC now wants a two-month payment cushion in my escrow account that Americash neglected to acknowledge and account for in closing. Americash's oversight raises my monthly payments $43 a month from what was represented by Americash in GFEs and closing documents, and is $43 higher than my initial mortgage payment to GMAC.

It appears that Americash made a mistake and that GMAC didn't initially realize it, and didn't account for their mandatory "cushion" until they closely analyzed my escrow account after I brought to their attention that I wanted homeowners insurance included in escrow as initially requested to Americash.

Despite numerous e-mails to the president, Chad Church, for help straightening my refinance out, I have received no help. He sent me an e-mail saying he'd look into it, and then didn't respond for more than a week. In the meantime, I am waiting to figure out how to handle my escrow account and waiting for my payment amount to be corrected (which will be deducted from my account by the 5th , I assume at the higher amount). Initially Chad Church passed the buck over to a Funding Manager (Tanja Rehders), who passed the responsibility back to him and asked him to contact me (which he did not until I contacted him). He returned from out of town and passed the responsibility back over to Rehders again, who has not contacted me.

I am incredibly unhappy with my experience, the deception, and the bait and switch, as well as how my loan was initially handled and how it's being handled now. In the end, I am the one who is going to pay for their mistake, both with the hassle of handling my own impounds and with my escrow account being handled improperly, to the tune of $43 a month--which is considerable when I budgeted my mortgage and refinanced in the first place to lower payments, based on false representation from Americash.

69089e61, 2009-09-11, 04:45PM CDT

We know there are two sides to any story and we had a great experience. They saved us a lot of money and provided all forms up front and nothing changed.

849bb2eb, 2010-02-09, 08:00PM CST

When the playing field changes, Home Value stated is $50,000 short than real value, no cash out Vs cash out, Owner Occupied Vs Investment all these cause changes in rates and terms, After 18 years in this Business my closing costs have never ever gone up $5,000, and after appx 10,000 closed loans with 2 complaints not a bad record

cf30e00c, 2010-03-20, 01:40PM CDT

I was gonna to apply for refi loan with Americash, but due to very unfavorable comments from consumers I have changed my mind. Rick.

b0c0af79, 2010-11-06, 01:11PM CDT

Completely concur with the people expressing distrust and disgust with AMERICASH. Below is a copy of an ultimatum email sent by Chad Church - I hate high pressure tactics like this. I especially hate them AFTER I ask a series of questions that are IGNORED and get a one or two line answer. Prior to the ulitimatum, Mr Church made an offer to waive fees and then in a follow on email rescinded the offer - all within a five minute time frame - complete knee jerk responses with no Due Diligence.

Patricia Dodge, a loan processor, wrote another email wherein she states it will become my mantra to ask why AMERICASH didn't request docs up front - essentially acknowledging their incompetence and / or ignorance of what will be required to close the loan - COMPLETELY UNACCEPTABLE BUSINESS BEHAVIOUR - CONSUMERS YOU HAVE BEEN WARNED - view these lame emails below:

From: Chad Church [mailto:[email protected]]

Sent: Friday, November 05, 2010 12:13 PM

To: xxxxxx

Cc: Bryce Williams; Clark Kirby

Subject:

$595 lender credit is the best and final deal. You also have to sign today or tomorrow.

You now have 48 minutes to let us know.

Chad Church

NMLS# 89936

800-483-6565 ex 4247

(866) 537-3109 [Fax]

www.ThankYouAmericash.com

Hello Mr. xxxxxxx,

My name is Tricia Dodge, Senior Loan Processor with Americash. <blah, blah, blah> I have to give you a heads up, this is when things start to get fun. Due to the recent refinance boom, things are extrememly busy. You may see a lot of back and forth requests and "why didn't they ask for ... in the beginning" will become your mantra. <blah, blah, blah>

Sincerely,

Tricia Dodge

Senior Loan Processor

800-483-6565 ext. 307

Fax: 866.275.5177

[email protected]

450 Apollo Street, Suite E

Brea, CA 92821

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