Amerisave Mortgage’s earns a 2.8-star rating from 161 reviews, showing that the majority of home loan borrowers are somewhat satisfied with lending experience.
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Waste of time
I recently applied for a mortgage with Amerisave and did not have a
pleasant experience.
Mr. Walt Parks was our loan "advisor"
For a week I have been asking a simple question: Do our scores
qualify us for your best rate. I asked this question 8 times, and it
was completely ignored by Walt.
Prior to submission of my application, I asked what the max
debt/income ratio was. I was told it was 50%. From this information,
I did not submit rental income documentation because I hadn’t done my
09 taxes and without rental income considered, our ratio was 46%, well
below the threshold.
The application denied because debt/income expense ratio was too high.
I asked how since it was well below 50%. Walt completely ignored the
question several times.
1st reapproval request:
I provided a lease to prove rental income. I was then told it was not
an acceptable form of income documentation and I needed to provide 09
taxes. I was told this after Walt submitted this document to the
underwriter and Walt should have told me before that this would not be
an acceptable form of documentation (I didn’t know because some banks
allow the lease to serve as rental income documentation). This is an
important detail because Walt blamed me for having to go back and
forth to the underwriter for an approval. If this was not an
acceptable form of documentation, Walt should have told me that prior
to submitting to the underwriter, and consequently blaming me for
having to go back.
2nd reapproval request:
I provided my 09 tax return with schedule E showing my rental income.
Schedule E had my income, but also deducted mortgage interest, condo
fee, property tax, and depreciation against this income. The
application was again denied because the underwriter did not add these
write-offs back into the rental income. This was a problem because
mortgage interest, condo fee, and property tax is already listed as a
liability. It cannot be counted as both a liability AND as a
reduction income, which it was because these were not added back in.
Subsequent correspondence:
Walt continued to refuse to speak over the phone which made this whole
process more time consuming and difficult. Walt then said that the
condo payment is not considered a liability when tax forms are used to
document the income, but then he has yet to explain the rationale for
declining based on expense ratio being too high when the expense ratio
is only at 32.5% as shown:
Income:
89400+50000 per year = 11616/month
Loss from schedule E = -8105
Adding back in deprecation from schedule E = 8105
Debt:
Proposed mortgage payment (P&I, MPI, tax, hazard) = $3750
Credit cards: $20
debt/income = 3770/11616 = 32.5%
All the documentation I submitted confirmed my income and I did not
exclude a single penny of debt from my credit files.
Walt then told me to use another bank without explaining why my loan
was declined when the expense ratio was so low so I have no idea why
my loan was not approved and never got an explanation.
During the entire correspondence, Walt was very unhelpful and did not
seem to even want me as a customer as demonstrated by is indifferent
tone and by continuing to flat out ignore my questions and concerns.
He was very poor at explaining anything and did not seem to understand
even basic loan approval processes as demonstrated by his inability or
unwillingness to explain the reason for denial, and blame me for
reapproval requests to the underwriter when I attempted to get it
correct the first time. It was Walt’s incompetency that caused the
application to be ping-ponged, first by him telling me that the
highest expense ratio was 50% and thus leading me to believe that my
rental income documentation was inconsequential as I was at 46%. Then
he submitted my lease to the underwriter which he should have known
was not an acceptable form of documentation (Again, I didn’t know
because other banks I went with did accept the lease as
documentation).
Bottom line is that I will not be able to take advantage of Amerisaves
low rates and Amerisave will not earn my business, despite the fact
that I am an extremely low risk candidate having a 32.5% expense ratio
(after the proposed monthly payments) and FICO score of 780. Walt’s
inability and incompetence cost both me and Amerisave thousands of
dollars.
It is also very suspcious that every other bank quickly gave me a GFE upon loan application, but I had to pay Amerisave to run my credit. No other bank asked for money to apply for the loan upfront. I could never get anything in writing from Amerisave that validated the rates on their websites, so it was all a LIE
The complaint has been investigated and resolved to the customer’s satisfaction.
These People Are Smooth Operators!
Wow! What can I say, first time I've been screwed without being kissed!
These people are really good. They have the potential, if they haven't already, of making millions $$$$ off of people.
First clue I missed, daaa. They had a CREDIT SCORE on me previous to running a credit check? They have it all figured out "LEGAL" like.
Well it was quite the romantic few minutes with Ameri-Rip. But a warning to all; they don't respect you in the morning!
The complaint has been investigated and resolved to the customer’s satisfaction.
Consumer Protect, You have posted 11 comments on this site and every one of them has been exactly the same, word for word. Do you perhaps have a personal grudge against Linear Title and Closing?
Linear Title maintains an A+ rating with the BBB, is a member of the INC5000 list, and is an SSAE 16 certified company with a sterling reputation. For any questions about Linear Title, please contact our compliance department immediately at [protected] or by emailing compliance@lineartitle.com.
Linear Title & Closing is their title company and they are part of the rip off!
THEY ARE THE SMOOTHEST OPERATORS (SCAMMERS) THAT I HAVE EVER ENCOUNTERED! They could sell snake oil!
Your comment makes no sense and appears written by someone with barely a high school education. If you sought a rate grid online then you would provide a credit score range. Thats it. No lender can do anything without pulling an actual credit report. Meaningless comment for all who are reading the anonymous complaints.
Mortgage fraud
I have just read all of the complaints against Amerisave and I wish I had seen this before. I can relate to every one of them. I am going on over four months of hell with this company as well. Everything every one has said has happened almost as it is a script! What the hell! How can this mortgage company stay in business???? I have called the Massachuett...
Read full review of Amerisave Mortgage and 18 commentsMortgage Refinanc
Amerisave is the worst mortgage company that I have ever used. They are a total rip-off. At first their agents are friendly and helpful which draws you in. They denied my loan on the basis of what was on my credit report which they had about 2-weeks before they ordered the $350 appraisal. I sent all supporting documents. My loan material never went to an underwriter. The login status report screen is a joke! They stopped returning my calls. They were a joke. There are no follow up - the Customer Service is clueless and useless. It is just another scam to take your money. Don't be fooled by their slick web site and low interest rates. Go elsewhere.
The complaint has been investigated and resolved to the customer’s satisfaction.
Linear Title & Closing maintains an A+ rating with the BBB, is a member of the INC5000 list, and is an SSAE 16 certified company with a sterling reputation. For any questions about Linear Title, please contact our compliance department immediately at [protected] or by emailing compliance@lineartitle.com.
Their title company is Linear Title & Closing and they are part of the rip off!
if you would still like your loan to be funded, feel free to shoot me an email to setup a free phone consultation. I am a seasoned mortgage vet and work for a federally chartered bank. If I determine you are eligible, I have no problem paying for your appraisal to gain your confidence. My personal email is egroussman@gmail.com. It's worth a shot, right?
Thanks
Ed Groussman
The owner of Amerisave Mortgage is Partick Markert, maybe someone should check this guy out!
Poor experience with Amerisave
Got enticed with their low rates on website and paid the initial credit report fee. The rates that came back were almost 0.5% higher because "my credit rating of 750 was not good enuf". That was my first red flag. I was dealing with someone on the phone and email at 10PM on a Friday night, which was another red flag. Then he started to pressure me to provide a credit card number for an appraisal that could be wrapped up by the weekend. That is when I did an extensive internet search and came accross several complaints. I havent seen a copy of my credit report from them. I consider myself lucky that I abandoned the whole thing at an early stage.
The complaint has been investigated and resolved to the customer’s satisfaction.
Sounds like you work for them. You take it way too personal to not have a vested interest. FYI - There isn't a .5% difference in rate from an 800 down to 750. It would be more like .125% if anything at all.
I'm a loan officer for a competitor of Amerisave. I lose a lot of business to Amerisave based on their initial quotes. Many times I'm called back 45-60 days later by people who initially decided to go with them and were later told of higher fees and excuses why they couldn't honor the rate. Or I'm called 60-90 days later and they are still being drug along on a loan I get closed for them in three weeks. Ultimately, I get the business but the customer is lead around for a month or better wasting precious time and losing $500 Amerisave requires to lock and order the appraisal.
I'm in the business so I'm fully aware of the legitimate things that can happen durring the process with appraisals, title, subordinations, etc. I think most of my customers are smart enough to know when their loan changes due to a circumstance like those versus being deceived. However, with Amerisave it is way too often to be the unknowns. They're liars. Flat out. From someone in it everyday stay clear of them. There are much more honest companies out there willing to earn your business.
The Amerisave system clearly asks you for a estimated credit score to run rates. If you left the default score at 800 instead of changing it to 750 that would be operator error in my opinion. A person working at 10pm on a Friday night would be a positive or would you prefer they not work hard and late for folks like you. Amerisave can never pre-determine the value of a home, and the appraisers do not work for Amerisave. Typical complaint a person thinks the lender is driving down property values all over when truly it is the foreclosures, and short/distress sales. educate yourself before making ridiculous comments
The guy (Patrick Markert) is a complete "A" hole
If you only new about the owner of Amerisave, Patrick Markert, you may think twice about doing business with amerisave mortgage.
PLEASE BEWARE
Please read this before using Amerisave.!
If it sounds to good to be true it usually is! I have been a real estate broker for 24 years.I have delt with every mortgage company around. I new better and bit into their scam. Please go directly to a lender. I thought I would take advantage of low rates and borrow some money against my paid for house. In 24 years in the real estate business I have never delt with a company this bad. Don't waste your money. They will not honor what they say. All the ads talk about being on CNN, CNBC and other well known media. Do your home work and look at the dates. [protected]. Money was loose during that time period. I am not writing this because I'm mad. I don't have to have the money. I don't want to see couples that are fighting to get through these tough times loose more money. The live feedback will not let you ad a comment if you are not satisfied, so don't think all is well at Amerisave. Again please don't fall into this scam.
The complaint has been investigated and resolved to the customer’s satisfaction.
Consumer Protect, You have posted 11 comments on this site and every one of them has been exactly the same, word for word. Do you perhaps have a personal grudge against Linear Title and Closing?
Linear Title maintains an A+ rating with the BBB, is a member of the INC5000 list, and is an SSAE 16 certified company with a sterling reputation. For any questions about Linear Title, please contact our compliance department immediately at [protected] or by emailing compliance@lineartitle.com.
Linear Title & Closing is their title company and they are part of the rip off!
If you only new about the owner of Amerisave, Patrick Markert, you may think twice about doing business with amerisave mortgage.
Bad business practices
Amerisave Mortgage practices the worst form of Bait and Switch. They advertise low rates. Draw you in with an online application process and then get you to front money for credit report and appraisal fees. after that they jerk you around and try to get you to pay a much higher rate. If you refuse, then they say oh we cannot approve the loan we told you that were were pre-approved for.
Their scam is that they take in lots of applications on the promise of low rates, but then if rates in the general mortgage market don't drop, they cannot deliver on the commitments they made and then all of a sudden the sure thing, "you are approved" loan vanishes.
Their employees must spend half their days writing reviews online to support their business and counter all the real reviews from those they ripped off.
Trust me on this Amerisave Mortgage is a BAD company that you need to steer clear of.
The complaint has been investigated and resolved to the customer’s satisfaction.
Amerisave Mortgage continues to do business in Colorado regardless of a Cease and Desist Order from the State Of Colorado Realestate Division.
They Need to be FINED and the business closed.
Every place I have applied for a loan has done the bait and switch on rates. There is only one exception, that was First Integrity Lending in Irvine California. Rich is the gentleman who helped us get out loan. He’s the only person who told me the truth that until your ready to lock an interest rate “Rates don’t matter until you are prepared to lock”. I was thrown off at first, but as he said you can shop all day long and have 20 different quotes. But until you lock, you don’t have any idea what rate you will get because rates are changing all day long.
First Integrity also has an A+ rating with the BBB with zero complaints. It’s because of honest strait shooters like Rich that they have a perfect rating with the BBB.
If the truth and a fair deal are what you seek, don’t waste your time shopping, go to Rich.
Rich
First Integrity
Phone: 800.519.6558 x114
http://www.firstintegrity.us
I to was ripped off by Amerisave. I was told that I would have a certain percentage rate and a certain type of loan and was "locked in." I am no mortgage expert and took this company on thier word. I gave them my credit card and paid up front for a credit check and appraisal. After they got that credit card payment everything changed. My rate, the type of loan and the communication they gave me was horrible. The rate went up, the type of loan changed and it was like they were trying to make the loan not go through.
I am not a rich man by any means and what they did to me and my family really hurt.
We needed to refinance and I feel like they really took advantage of us and our situation. Luckily, I was able to put a stop payment on the credit card that I paid for the credit check and appraisal with. The credit card company is investigating and hopefully they won't get paid. Please reconsider doing any services with this Company. I learned the hard way. And if anyone wants to get a class action thing going here or needs testimony on this company and thier fradulent practices please contact me. Mark in P.A. (Screwed by Amerisave)
big news about the owner of Amerisave Mortgage, Patrick Markert coming soon. It will help you understand why all these complaints are true.
I have to agree completely. Bait and switch is what they've done to you and unfortunately it looks like they are doing the same to me.
SACRAMENTO, CA
I wish I had seen these comments before choosing Amerisave to refinance with. We were promised that when we booked our appraiser the rate was locked. We paid $35 for a credit report (which two other companies were able to do for free) and $425 for an appraisal done on Friday. Our appraisal was high enough to qualify for a refinance. On Monday we were told that the interest rates went up over the weekend and did we now want to lock in a rate. WHAT? We were supposedly already locked in. The loan officer has not returned our multiple phone calls asking why our rate was not locked last week when we booked and paid for the appraisal. It looks like we just lost $460 for nothing. We are going back to Wells Fargo.
Refinance
I too was lured into using Amerisave... I did look at complaint boards and because you always see complaints about mortgage companies decided to try them out. I thought that if I kept on top of things it would work out OK---DO NOT MAKE THE SAME MISTAKE! THEY WILL TRY TO BULLY YOU!
Where do I begin? I have a credit score of 813. My loan to value is 65%. There should not have been any problems. (None with a different company...)
My first problem is you have to pay to get a "lock" rate. This is a teaser rate that they will not provide to you. They will not lock your rate until they get all of your paperwork to them. After they review your paperwork you can then decide what rate you will lock and it may be higher. Not so much a problem, as the company not being upfront.
My next problem occurred when I asked to use my own settlement (title) company. I was told that I needed to pay for an extended 15 day lock in order to use my legal choice. They claimed it was company policy to charge for an extra 15 day lock. I felt railroaded into using their title company. When I called Amerisave's customer service to ask if I was required to extend my lock to use my own settlement company, they said no, but because they could not guarantee that my settlement company would get all paperwork completed in a timely manner, a 15 day lock extension may be needed. The next day I logged into their web site to sign and return their "Good Faith Estimate" paperwork. The only document that mentioned anything about a settlement company said I had the right to choose my own. I called and asked about this again- I trust my settlement company- and the response was "I know what the document says. It is my job to let you know what it means". At this point I filed a complaint with the state licensing board because they were railroading me to use their title company- one that they own.
The next problem that I had- they claimed they could not get all of the paperwork needed to close the loan. In their agreement- I needed to return all paperwork within 24 hours of request, which I did. They claimed it was because of 3rd party party delays. They needed employment verification from my wife's work... Most employment companies are registered with a web site called the work number. This site is for loan companies and such to get employment and salary verification for prospective applicants. They claimed that they tried to get this information but could not.? They said that because my wife was a teacher, they would accept a copy of her contract as verification. There is no such contract but is a statement of salary. They also needed a letter from me stating why I had two jobs. I e-mailed this information back. Two days later I am told that they need a signed copy of that same information. Now keep in mind that all of the signed documents have been signed and faxed. An e-mail has a digital footprint that can be bound to someone easier than a faxed signature.
When I was told that I needed to pay for a 15 day lock extension because they could not complete the loan within the initial lock, I became tired of dealing with their lies. I told them that I did not agree to these terms and with my credit and loan to market value, this should have been closed within 20 days. They again tried to railroad me by providing me a document that I "digitally signed" stating that if I used my own title company, I would be required to pay for an additional 30 lock extension (yes that is the 3rd different disclaimer about the same thing), and that if I canceled, I would be charged a $500 fee. THIS IS A RAILROAD TACTIC. DO NOT BELIEVE THEM. READ YOUR SIGNED DOCUMENTS. In the original set of documents that were signed and returned, it states that if you decide to cancel, there would be no fee. You would only forfeit your deposit (application fee of $35) and any money provided to 3rd party services (appraisal company). This "digitally signed" document is the agreement when you click OK to "lock" your rate after you fill out your application. I use quotes because your rate is locked after you provide paperwork.
Amerisave is not a trust worthy company. They can not have you closed in 10 days- especially when they say they have a document from you and ask for that same document 19 days later.
This company uses teaser rates to lure you to use them, scare tactics and intimidation to get you to stay with them as your fees increase. DO NOT USE THIS COMPANY. I can not wait to hear from the state licensing board for more information!
I have contacted a different company, and am scheduled to close in a week. 19 days from lock to settlement--- DO NOT USE AMERISAVE.
The complaint has been investigated and resolved to the customer’s satisfaction.
If you only new about the owner of Amerisave, Patrick Markert, you may think twice about doing business with amerisave mortgage.
Scam Mortgage Brokers
Hello, I read your complaints about Amerisave and I am just coming from a terrible experience with them. I thought my mortgage refinance was a done deal as my credit score is over 800 no major debts except a mortgage, good finances and business. Every time I complied with whatever request they had, they came up with more demands. I paid for the appraisal for the appraiser they chose and it was not good enough. They had a second appraiser they paid for and it still was not good enough. My first question was " Is Amerisave a direct lender?" The answer was yes, but after I submitted all the required paperwork, Ray Martinez, my mortgage broker told me they were checking with the underwritter for Chase Bank who was going to hold the loan. At the end, I was utterly disgusted and appalled at the way they run their business. Ray Martinez, "my loan advisor" should not be allowed to deal with clients, let alone be considered a mortgage broker. Is there anything that can be done if we can get all get together? My direct email is jmmitler @ yahoo.com. Hope to hear from anyone. Thanks much. Jackie
The complaint has been investigated and resolved to the customer’s satisfaction.
big news about the owner of Amerisave Mortgage, Patrick Markert coming soon. It will help you understand why all these complaints are true.
I'm sorry to hear about the money you were scammed out on. They are many companies that are legitimate and can help homeowners stop foreclosure and keep their homes.
Mortgage Assistance Group is one of those companies that holds an "A" rating with the BBB and has help over 500 homeowners keep their homes.
They give a discount to the homeowners who have been scammed and treat each client with respect and dignity.
You can reach them at [protected] and at www.mag-az.com.
Thanks and good luck,
Randy D.
Misleading - ripoff
I filled out all of the information, and when I got to the last page I was wondering why I had not been asked for my social security number, and there it was - the last thing asked for was the SSN, and then under it was a request for $35 to run my credit. I am a 7 year real estate professional and have closed more loans for myself and others than I can keep track of, and no one has ever made a client pay $35 upfront for the credit check. Any legit direct lender would not charge for this service - it is a cost of being in this business. So, I opened up a new browser window and typed into Google 'amerisave complaints' and found this board and others... Needless to say I closed the application browser when I read the horrible reviews by people who has been ripped off and mislead. Since they want you to be on the up-and-up on providing all of your most personal living and financial information it's only fair that they treat you and your information with the utmost respect. Prior to completing the application I found out they don't respect their clients and are concerned more with making sure some money goes into their pockets first. I have not used them for a loan, I don't intend to and I recommend you don't either. I will seek my refi from a reputable company that respects my information and me as a client.
The complaint has been investigated and resolved to the customer’s satisfaction.
I appreciate the time that you took to post your complaint about Amerisave without even completing a transaction with the company. As anyone knows complaints are very easy to find on a company. However...when a client takes the time to rave about their experience with a company you know that they were WOWED! Please take the time to read all of the positive reviews that clients have posted. You will find that they actually out number the complaints.
http://www.kudzu.com/merchant/674865.html
http://www.epinions.com/pr-Online_Stores_Services-Amerisave
big news about the owner of Amerisave Mortgage, Patrick Markert coming soon. It will help you understand why all these complaints are true.
"no one has ever made a client pay $35 upfront for the credit check. Any legit direct lender would not charge for this service - it is a cost of being in this business."
Credit checks are a cost of the business, but not necessarily of the Lender. I've been with several lenders who charged for the credit check upfront. It saves both the Lender and the Borrower time by attracting realistic applications. Too many applicants delude themselves that they've got great credit scores, while behind on mortgages and installment debt, and over the top on debt to income ratios. If the Borrower has a conviction theirs is a good application, with no surprises, they shouldn't balk at paying a nominal amount for their credit check to continue the process.
You can Google and get negative feedback about almost any business, mortgage lender or otherwise. Good feedback isn't as sensationalized as negative comments.
A nightmare - use another lender
Like everyone else - this was a big waste of time. Don't even start with Amerisave. I had a no brainer type of refinance. Great credit, low LTV. Had me jumping through hoops - all to no avail. Just contacted Bank of America and got a better rate, lower closing costs and the process was a snap. Amerisave does not appear to be in the business of providing loans.
Which leads one to ask - what is the nature of their business?
The complaint has been investigated and resolved to the customer’s satisfaction.
Fraud and steal money
This business is horible . I give them the credit card number to pay apraisal $350 . After everthing complete Doc. . they send the lady to my house to sign all documents. But I change my mine that I don't sign all them to cancel this refinance on Sept. 4th 2009. They did not call me about this cancelation will be charge fee $500 on begin. Last time they was still keeping my credit card number, and then they steal my money $500 dolar withdraw from my credit card without asking or tell me take that money for what. I checked the bank see lost $500 dolar from Amerisave. That is Horible this business.
They steal my money withou my authorization. I email them why ? they said that is cancelation fee. but I did not sign all papers. and I did not see cancelation paper said charge fee like this.
This business are cheating all you and steal money from you
The complaint has been investigated and resolved to the customer’s satisfaction.
The hide these clauses within the bombardment of paperwork they email you. In the meantime, they are pushing you to get all of this paperwork in to "lock in the rate..." There Modus Operandi is to confuse you into making mistakes like signing clauses that guarantees them more fees. NEVER, EVER give them a credit card number! Do a debit transaction or just mail them a check! Once they have your CC number, they can charge whatever they want on it! They illegally charged mine for the appraisal!
Cheating Customer
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.
The complaint has been investigated and resolved to the customer’s satisfaction.
That shows you how bad the company is. The employees come online using the Nixon line "I'm not a crook" and disclosing details that I am sure are protected by some sort of privacy laws. Anyway, I am contacting Michelle to make sure she saw what the Nixon wannabe wrote and suggest she check into a possible lawsuit for his disclosures if she has not already done so. I am so glad to know who is holding her notes and what she may or may not have qualified for. Oh BTW, you have to have a rep to tarnish one.
This is Mark Hooper responding to the complaint filed against him. I would like to that one of my extremely satisfied client with sending me this so I could respond. Michelle Huynh is 100% correct she was doing a loan for 417, 000 loan 20 year fixed and had select an interest rate of 4.5% She is also correct that she could not lock her rate. Michelle was 100% aware of this as evidence buy the signed and dated letter that I had both her and her husband sign. Michelle and her husband were offer two programs. The first program combined her first and second mortgages together and would have allowed her to lock in right away. They did not like the terms of that loan and were offer a second option of not paying off the second mortgage but instead subordinating it. I contacted the lien holder of the second mortgage CITI Mortgage and they told me there were taking 60-90 days to approve all subordinations. Since it will take us time to underwrite our portion of the loan as required by CITI and CITI will take 60-90 days after that she was to told she had to float until CITI approved her subordination . 30 day later the subordination was still not approved by CITI and during that time period rates had increased. She was made aware of this by myself because I stayed in constant contact with hem even though the only thing I could update them on was we were still waiting on CITI and rates were moving up or down. The irony of it all is all is when CITI had approved the subordination rates were actually lower. I understand that consumers have no understanding of how mortgages work. What I do not understand is how someone feels justified to go onto a website and post a complaint to try and tarnish someone reputation, just because they could not get or did not qualify for what they want. the comet about the appraisal being done poor really proves this point. All three e compare used to evaluate here home were located with in three blocks of her home and the other three supporting home were located in her subdivision. Her home appraised for more than all three of these home due to it being in excellent condition, but what lees then she thought it was going to. Of course this mean the appraisal must have been done poorly since it is impossible that her home would have been effect by the decrease in home value felt by 99% of the county.
Yep! Their online system is designed to have multiple ways of adding more fees/a higher rate. You won't lock your rate in until they say so...
Tasks must follow???
We are going through the same thing. I was interested with the interest rates, quick closings, and all of the daily commentsx posted on thier web site. My husband was "pre-approved". We paid for the loan application, appraisal, inspection, and the credit reporting services, CredCo. We were told by Amerisave CredCo was unable to get a credit score from my husband. He is 30 something and has never owned a house, and has no debt.
Amerisave told him that he must file an Anthem credit report with CredCo. This took two weeks. Meanwhile we has to move out of the condo we were renting. We got pre-close possession on the house because the loan officer told our realtor that we would close in 10 days.
The Anthem report was faxed to Amerisave. The loan officer told us his boss wont accept Anthem in paper form. CredCo told us it was Amerisaves policy to accept only paper Anthem reports. By law CredCo could not send electonically. Why couldn't someone at Amerisave just SCAN IT?
After three days dealing with customer service, we were told they are UNABLE to fund the loan. We are being refunded for the inspection and are using another mortgage company that Credco suggested.
Unhappy with Amerisave in Warsaw, IN
The complaint has been investigated and resolved to the customer’s satisfaction.
I too was scammed by Amerisave! I was doing a refi on my home in Prescott, Arizona which had just been completed ( 1100 sq. ft. Master addition) for a total of 2500 Sq. Ft. 4bed, -4 bath total kitchen remodel. I went with them because of "good rates/fees" Paid all the upfront fees (application, appraisal) and the appraisal came in @ 280K which was a bit low, but I was only borrowing 200K. after 6-7 weeks they told me that they required annother appraisal. The appraisal they decided to use was based on not seeing the property physically. The company they used was a company called core logic which has a mission of arbitrarily devaluing clients property. The value came in @ 240K which meant that I would have to come up with add'l monies to avoid PMI (80%LTV) They wasted 2 months of my time! Iwent with AIM home Loan and had the re-fi done in three weeks. This company is a "SCAM"
My name is RYAN SABOUNEH,
I am responding to the above comment, MR. Zaiss was denied due to his appraisal coming in low. Since this is the worst housing market we have ever seen, he cannot realize that his home also has dropped and blamed the entire process on Amerisave. The market cannot dictate how this borrower gets a loan, but if the house if below value then we are unable to work with our clients. I hope that this exonerates my name and reputation with Mr. Zaiss.
Beware of Amerisave agent Ryan Sabouneh! They are all scammers!
Vit
If you only new about the owner of Amerisave, Patrick Markert, you may think twice about doing business with amerisave mortgage.
COMPLETE RIPOFF
This company is a NIGHTMARE! I was dumb enough to get sucked in by some guy named Brian Graf to apply for a loan. After discussing the details with him on the phone he advised me to fill out the online application. That's where the scam begins... they got my credit card info, DUMB ME.
Anyway my loan was refused for no apparent reason, (our credit scores are 800+), my credit card was DOUBLE CHARGED (just a website "glitch" I'm told, and an appraisal fee for $450 charged. After a month of emails, (NO ONE EVER ANSWERS PHONES AFTER THEY GET YOU --call screening I'm sure), I STILL HAVE NOT BEEN REIMBURSED CHARGES.
I finally resorted to disputing the charge with my credit card company but I'm sure this will be a drawn out affair.
STAY AWAY FROM THESE SCAM ARTISTS!
The complaint has been investigated and resolved to the customer’s satisfaction.
I have used Amerisav once before and I have to agree that getting the loan through was worse than a root canal. I was asked for some 'documentation' thast seemed almost impossible to get. At one point I told them that if they asked me for one more piece of documentation that they could take the loan and shove it. I got the approval and check shortly after. If you are thick skinned and can wait it out, you do get a good rate with reasonable closing costs. Besides,
after a few payments, they sell the loan to a reputable bank.
Arnold, California
Please read this before using Amerisave.!
If it sounds to good to be true it usually is! I have been a real estate broker for 24 years.I have delt with every mortgage company around. I new better and bit into their scam. Please go directly to a lender. I thought I would take advantage of low rates and borrow some money against my paid for house. In 24 years in the real estate business I have never delt with a company this bad. Don't waste your money. They will not honor what they say. All the ads talk about being on CNN, CNBC and other well known media. Do your home work and look at the dates. [protected]. Money was loose during that time period. I am not writing this because I'm mad. I don't have to have the money. I don't want to see couples that are fighting to get through these tough times loose more money. The live feedback will not let you ad a comment if you are not satisfied, so don't think all is well at Amerisave. Again please don't fall into this scam.
We are going through the same thing. I was interested with the interest rates, quick closings, and all of the daily commentsx posted on thier web site. My husband was "pre-approved". We paid for the loan application, appraisal, inspection, and the credit reporting services, CredCo. We were told by Amerisave CredCo was unable to get a credit score from my husband. He is 30 something and has never owned a house, and has no debt.
Amerisave told him that he must file an Anthem credit report with CredCo. This took two weeks. Meanwhile we has to move out of the condo we were renting. We got pre-close possession on the house because the loan officer told our realtor that we would close in 10 days.
The Anthem report was faxed to Amerisave. The loan officer told us his boss wont accept Anthem in paper form. CredCo told us it was Amerisaves policy to accept only paper Anthem reports. By law CredCo could not send electonically. Why couldn't someone at Amerisave just SCAN IT?
After three days dealing with customer service, we were told they are UNABLE to fund the loan. We are being refunded for the inspection and are using another mortgage company that Credco suggested.
Unhappy with Amerisave in Warsaw, IN
Unwilling to keep original agreement.
Beware... If you are purchasing a home, Amerisave will find appraisers to match your purchase price BUT if you have equity and want to refinance AMERISAVE finds appraisers who will lower the value of your home. The lower your appraisal the more lending fees Amerisave can charge. They don't tell you this until after they take $35 for credit check, $400 for appraiser and $500 "hostage" fee. The "hostage" fee is to keep you at the mercy of the company when they low ball your appraisal value. The appraiser they sent was their 9 minutes and withing 3 hours turned in a market value $183K below the tax assessed value. Get this...every comp was sold ABOVE the tax assessed value. Explain that? OH... after 20+ emails and 4 voice mails NOBODY will call me back. I have NEVER talked to the loan officer; Marc Cerra. The operator leaves messages but he or his boss will return calls. The operator is kind enought to leave messages with them. They will e-mail you "late" but they will not call you back. Good Luck!
I went through this company several years ago and everything went smooth. They are a different company now. Proceed with Caution! Better yet save the $435 and go to the bank. I suggest staying away from "Online leanders." See you later...I'm heading to the local bank.
The complaint has been investigated and resolved to the customer’s satisfaction.
I totally disagree with you.
The appraiser hired by Amerisave actually came in with the highest value of the four appraisals I got. How did I get 4 appraisals? Well I was shopping for loans and applied for loans with 4 different lenders. Long story. Wasted about $1500 in extra application and appraisal fees, but I had to hedge my bet because Amerisave was slow to lock my rate. Amersave's offered me the lowest rate and the lowest fees of the four offers, absolutely no comparison with the other three lenders I used to hedge my transaction.
The same thing just happened to me. We had a valid appraisal and the review appraiser took the 3 lowest comps available so Amerisave wanted additional points from us or a higher interrest rate. Luckily we don't have to have this loan because it's a refinance. I am not paying for the appraisal. I was able to dispute it before it was paid. I'll close my VISA account before I pay it. We need a class action suit againist these shysters. How do we do this?
Based on the numbers you are throwing around you were applying for a conventional loan (either Fannie of Freddie). You can thank the gov't for your low appraisal not the lender. They are bound by the new HVCC requirement that appraisals be blind ordered by an appraisal management company with which the loan officer has no contact with. The appraiser probably came up from Macon (because he was the cheapest) and doesn't even know your neighborhood. Good luck.
Again, I agree. They are trying to pull a bait and switch on me right now but I am standing firm. I WILL get the rate and closing costs I was locked into or I WILL get my appraisal refund! I WILL NOT get ripped off by a DISHONEST LENDER!
Amerisave cannot be trusted. They tried to pull a bait-and-switch on me. I am notifying regulators and will be holding them accountable.
Kami Bair
In January of 2008 we spoke with a Amerisave loan officer about refinancing our home. I had checked with other banks and they said they could close the loan with closing costs under $4, 000. So when I spoke with my loan officer Kami Bair, she said that she could do that for me, no problem. Well what she had me sign said alot higher on closing costs, but she just kept reasureing me that the numbers were high, but when everything is said and done, with credits, we would be where she said we would close at the 4, 000 mark. The loan closed with over $9, 000 in closing costs and Amerisaves famous surefees reached over $7, 000 of this amount. No credits were ever applied My loan was for only 121, 000 and our home appraised for 170, 00 and our credit score is 820 so why they think they need to rob the public for their services is beyond me because if it wasn't for me bugging them constantly with emails and phone calls, I don't know that we ever would've closed. My loan with Amerisave cost me over $5, 000 more then anywhere else would have charged. And I just want to know why!? is this company still in business, they are rip off artists who hide behind their loan officers or the other way around. No one with Amerisave and Amerisave themselves should be trusted with peoples money. I hope that someone can read this before they make the HUGE mistake of doing a loan with Amerisave or Kami Bair.
The complaint has been investigated and resolved to the customer’s satisfaction.
If your loan cost you so much, why didn't you go elsewhere to get a loan? Closing costs are based on the finance
percentage. The lower the percentage the higher the closing costs.
Fraud and scam
Usually would never write one of these complaints but my experience with Amerisave was so horrible that I feel compelled to. If you are reading this, it is my sincerest hope that what you read here will be enough to convince you to do business elsewhere. There are plenty of good mortgage companies out there... they just aren't one of them. I wish I had...
Read full review of Amerisave Mortgage and 30 commentsComplaint Todd Pityer Mortgage
Amerisave/Todd Pityer 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 Todd Pityer a credit card for the $395 which would NOT be charged and the next step there was an appraiser at my door. I haven't heard from Todd 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 we 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, Todd Pityer lead lied to us and proivded a horrible experience. 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 gavew Todd all our documents.
My suggestion to any one considering Todd Pityer & Amerisave DON'T!
You'll not only get high blood pressure but you won't get the loan, YOU WILL GET THE WORST SERVICE and the most likely HIGHEST FEES!
Todd PItyer IS A Terrible Mortgage Person!
I think they are fraudulent and advertisement is false. My cc better not be charged!
The complaint has been investigated and resolved to the customer’s satisfaction.
I know Anthony. I would not do business with him. Shady .He still hasn't changed
Horrible Experience. Overcharge Credit Card. Poor Follow-up. Long Delays. Will probably be cancelling my loan application even though its gone over 90 days. Website says that you can track status but it is not updated regularly. There maybe some honest people there but my experience has been the worse of over 10 loans that I've received over the years. I urge anyone to review all the complaints on them - would not be surprised to find out that they have one of the worst records.
I agree with the negative comments about Amerisave. They are a bunch of scammers. I was charged $35 for a credit check and my score came back 806. Then I was told by a Sara Cade what my rate and closing costs options were. I finally picked one (4.375% and only $1700 total closing costs!) and was told that I could lock them in AFTER I paid for an appraisal which I did. The next day, I was told by Sara Cade that my rate and closing costs would NOT be locked in until they got the appraisal back! So I cancelled the appraisal. Amerisave's OWN website says NOT to do business with a company that WON'T GUARANTEE their closing costs BEFORE you pay for an appraisal LOL! They are a terrible company! I make over $400, 000 a year and have excellent credit and about $200, 000 equity in my house and they STILL treated me like crap! There is something VERY FISHY about Amerisave!
I personally worked with Anthony McCallahan and he was great. He answered all of my questions. He offer great advice and incite. I have actually recommended him to my friends and family. Amerisave's process was quick and easy. I am sorry to hear about your experience as I know there are two sides to EVERY story. However, I just wanted to defend Mr. McCallahan as he was nothing but to myslef and my wife!
I allowed Amerisave to charge my credit card $35 for a credit check, sent in all required documents. On June 22nd credit score came back 806. On 25th at 10:30 at night they sent me an email stating my credit was denied. When I questioned this the loan processor, Anthony McCallahan, sent me an email stating I had not paid for the Credit Report. I sent him a copy of the receipt sent from Amerisave where they charged my card. Then he left me a voice mail saying the paystubs I sent were out of date. I had copies on my computer, pulled them up & they were up to date. Just so happens I just got paid so sent that 2 week periods stub. Have not heard from him. When you call nobody can answer your questions but your loan processor. Who just happens to work the same hours that you have to be on your own job. I thought complaints on various boards would be from people that do have all their documents & low credit scores, THIS IS NOT TRUE. I apologize.
I use to work at Amerisave and identities were compromised. They lost all emails full of social security numbers and bank id's etc. They process their loans via 3rd ghetto party processors that gives you "Attitudes!" unbelievable. Yes, I use to work for them and this guy was my Team Leader.
Funny part is that I was bringing in business to them and they would claim I did not bring in the paperwork. If anyone knows, mortgage loan officers rely on paperwork and I damn made sure my papers were in so I can get paid. Remember, mortgage professionals are paid by commission and not hourly or salary. So this dum-### to say paper work was never entered is f--kin ridiculous. After my 7 deals (in one month) I walked away because of the messs.
Todd Pityer doesn't even return their employee phone calls so, it's no surprise to me.
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.
The complaint has been investigated and resolved to the customer’s satisfaction.
I have been in this deal since Monday June 22, today is the 24th, I can smell scam already!
If you only new about the owner of Amerisave, Patrick Markert, you may think twice about doing business with amerisave mortgage.
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.
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.
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Amerisave Mortgage emailscustomerservice@amerisave.com100%Confidence score: 100%Supportmarketing@amerisave.com100%Confidence score: 100%customercare@amerisave.com97%Confidence score: 97%support
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Amerisave Mortgage address3525 Piedmont Rd NE, 8 Piedmont Center, Suite 600, Atlanta, Georgia, 30305, United States
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In addition to Walt Parks, add a lady by the name of DeAnn Myers to the list of unscrupulous people that Amerisave has on their team. She seems like a nice lady, but she will say she will do something for you and not follow through. The whole staff that I dealt with were a bunch of pompous, arrogant stiffs!