Amerisave - Amerisave - never again...

Posted on Sunday, September 26th, 2010 at 12:12pm CDT by e25fc282

Product: Curt Miner

Company: Amerisave

Location: Amerisave Mortgage Corporation 3350 Peachtree Rd, Suite 1000 Atlanta, GA 30326
Atlanta, GA, 30326, US


Category: Other

Having mortgaged or refinanced several times over the past 25 years, we felt fairly comfortable with the process. So, in spite of the unsettling number of poor reviews we read prior to selecting Amerisave, we were lured by attractive refinance rates and decided to give Amerisave our business. Never again. Fortunately, we were able to successfully close our loan last Friday, but the service Amerisave offered throughout the entire process was in every way, substandard.

First, communication was nearly nonexistent. Not only were our phone calls typically unanswered, our emails were acknowledged with "read receipts", but rarely responded to in a timely manner. And when we did receive response, vitally important questions were not addressed. But that was only the tip of the iceberg.

Amerisave took 57 days to complete the process and close our loan. And with phone calls and emails going unanswered, we were never really sure where we were in the process. This was even more frustrating considering the fact that the Amerisave website has a built in Loan Status feature that is designed to keep the client informed throughout the process. Unfortunately, our status was never kept current. In fact today, 6 days after our closing, our loan status still warns that Amerisave urgently needs Compliance Disclosures signed and returned. It also indicates that our title has not been ordered! NOTE TO AMERISAVE: IF YOU ARE TOO BUSY TO RETURN PHONE CALLS OR EMAILS, AT THE VERY LEAST, MAKE EVERY EFFORT TO KEEP THE CLIENTS LOAN STATUS UP-TO-DATE. Otherwise, it becomes a source of angst and disinformation.

Furthermore, despite having had 57 days to process our loan, Amerisave did not deliver our HUD and settlement statements in a timely manner. We received all of our paperwork via email less than 4 hours before our scheduled closing. And when they did arrive, they were incorrect. Taking a quick cursory look at the HUD, I immediately noticed that winter/summer taxes had been added to our principal. When I immediately contacted our loan processor, she acknowledged the mistake and said she would correct and reissue the paperwork. Unfortunately, when the corrected HUD arrived, it was still incorrect; showing summer taxes that had already been paid!

When I promptly emailed our loan representative (with tax payment receipt attached) to bring her attention to the over-charge error, she replied, I believe the HUD Settlement statement is accurate...

The proof was sitting right in front of her!

It took Amerisave 3 more tries to correct the errors and when we finally signed all the papers, the tax foible had STILL not been corrected! The statements we signed at closing DID NOT represent accurate financial information. When Amerisave finally did acknowledge the error, we were emailed a final corrected HUD; two days after we closed! Unfortunately for us, this meant it was too late to deduct the summer tax overpayment from our loan amount, which in turn, increased our principal.

I might also mention that during the last-minute rush to closing, Amerisave mistakenly emailed me another clients Final HUD statement! No further comment necessary.

Also be aware that the Up-Front settlement fees that Amerisave touts on their website are anything but Up-Front. The origination fee for example, can and will change by the time you close your loan. We were distraught by the fact that we had absolutely no control over our Rate Lock. Apparently, out rate locked at the very moment underwriting approved our loan. I say APPARENTLY because no one explained the process and we obviously had no control in the process.

Perhaps the most disturbing aspect of this experience has to do with our final Origination Fee. Obviously, your loan origination fee is an important consideration in choosing a lender and/or interest rate. When Amerisave notified us that our rate locked, effective 08/03/10, I immediately went to their website to find out what the advertised loan origination fee was for that particular day. It was $297.85 So, I copied the information (their webpage) and emailed it to myself for reference and verification.

We would later discover that THE Amerisave actual origination fee for 08/03/10 was something quite different: $626.08. We protested, sending Amerisave a copy of the webpage I saved on 08/03/10. But it would have absolutely no bearing on the matter. Amerisave explained that origination fees can change throughout the day and that my loan-to-value could also have a final affect on the rate. (Remember that THEY increased my loan amount when they added my Summer taxes to the loan amount!) Whats the bottom line? The borrower has no control over the final origination fee. Amerisave would like to make you think you do, but you are completely at their mercy.

There were several other missteps throughout the appraisal (they missed a half-bath) and loan process, but suffice to say that we learned the hard way. When you encounter scores of poor reviews pertaining to Amerisave service and performance, believe what you read.


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