Complaint Review: Amerisave Mortgage - Atlanta Georgia

1) You claimed in your statement that you had more than 20% equity. $194,000 Loan Amount / $235,000 Appraised Value = 82.5% Loan-To-Value (LTV). So in fact you had only 17.5% equity.



2) Mortgage companies only make money if they close loans. I'm not sure why people believe that mortgage companies discriminate on any basis since discrimination doesn't make them any money.



3) Obviously multiple appraisals were needed in your case more than likely due to the fact that the appraisals completed did not meet guideline requirements set by either Fannie Mae or FHA. Assuming this is the case then Amerisave can do nothing about this and you can thank your Federal Government for over regulating the industry. 4 years ago Amerisave would have been able and happy to close this loan for you. However, due to the new appraisal regulation standards no matter how much Amerisave would want to close this loan for you they simply can't.



Your best bet would be to try again with a local small bank or credit union that specializes in portfolio loans. These loans are held on the lenders books and are not regulated in ways that mortgages are for larger lenders such as Amerisave.



Good Luck!

 Kelly,

First let me apologizes for the delay in
the processing for you loan application.   During the time
in which you were looking to refinance rate had steadily
declining and Amerisave like most mortgage company were not prepared to handle
the extreme  increase in business almost overnight.  Prior to
the refinance boom our loans were closing in as little as 10 day but
were averaging about 17.   During the refinance boom  these
same applications were taking as long as 60 or more days in some
circumstances.   Even larger companies were taking as long as
4-6 months.   

 

With that being said I am positive your loan was not denied because
of your age , Not only is it illegal it makes no business sense at all.    Amerisave and everyone involved in your loan
only gets paid when and if you loan closes so it is in our best interest to
close as many loan as possible.   However,
there are guidelines and rules we must follow.  
It sounds as if your home original appraised value came in with the
value you were expecting.   All appraisals
s do go through a  3 step review
process.   If the appraisal fail the
first two steps of the review process a field review is ordered where a separate
appraiser is sent out to review the other comparable homes in your neighborhood
and surrounding areas to determine if the comps used were indeed the best ones
chosen and any adjustments made to your appraisal could be supported.   From the sounds of this the review process
was completed and the value given by the first appraiser could not be
supported.   Once the final review was
done it sounds like the original value given by the first appraiser could not
be supported, and therefore the loan had to be denied.  

 

I know this will be of little comfort for you but Amerisave,
your senior mortgage process made absolute for money for all the work they put
into trying to approve you loan.    In
fact your senior mortgage process may have actually lost part of their earned income
because they were unable to close your loan. 
So added to the disappointment of not getting paid for the work they did
they may have lost other income they could have used to feed their family or
pay their bills.    So besides the appraiser
who get paid for his work if the loan closes or not everyone else involved has
lost too.