Complaint Review: Amerisave - Atlanta Georgia

Correct!



First off, Amerisave charged a $35 Credit Check Fee and not a $30 Application Fee. There is a difference. Recently this was reduced to $7.50 for an individual and $15.00 for a joint application by the way. The original $35 is always refunded assuming the loan closes. Otherwise, the credit check fee along with the appraisal fee is used to cover the costs of the services provided up to that point. The previous post didn't take into account if the lender was also paying for the appraisal upfront then for 1,000 applications per month they would be paying $4,200,000 per year just in appraisal fees. Amerisave actually has closer to 5,000 applications per month so with both the credit check and the appraisal they would be risking $23,100,000 per year. I can go ahead and tell you that Amerisave nor any other lender would be in business today if they had to front that. No lenders = no loans = no house for angry guy. lol



Paying $385 to start the application process is 100% normal as most if not all lenders do the exact same. Most of the larger banks such as Bank of America and Wells Fargo charge more than that. I know this because I've worked for both of them in addition to Amerisave most recently.



Secondly,  with current regulation requirements it's now factually impossible for a lender to quote you one thing and offer you another at closing. The new RESPA and Good Faith requirements force them to offer you almost exactly what they quoted you when locking your rate as a part of the application process. "Almost" meaning the final rate has to be the exact same and the fees have to be within a certiain percentage. That percentage is so small it's not worth talking about. This applies to all lenders. Out of all of the garbage regulation requirements this one of the few that actually protect consumers and does so effectively. As a result, the common claim that past consumers had about "bait and switch" is now factually a false claim 100% of the time due to the new regulation passed on Jan 1, 2011.



Will all of that being said in combination with the fact that this client had to bring money to closing means that in this case there is only one thing that could have changed the qualifying rate and fees. This would be the appraisal coming in lower than expected and as a result changed what the customer qualified for. Unfortunately, this is something that would have happened no matter what lender was handling the loan. This circumstance is out of Amerisave's control and therefore makes this claim against Amerisave a false one just as many of these reports are.



I wish there was a way to prevent these ignorant claims from reflecting negatively on what actually is a reputable and respected company. But unfortunately the thousands of educated, compitant, and very happy customer don't get online to tell the world about how happy they are. While at Amerisave for 3 years and closing over 200+ loans I had a small handful of ignorant customers such as this but I also had over 200 extremely satisfied customers. This is one downside of the internet I guess. Does everybody get on the internet to tell the world about how happy they were with their dry cleaning service, lawn service, or their experience at a local restaurant? Unfortunately not! : (



If you want to close a loan fast and get the best rate and lowest fees then you should use Amerisave plain and simple. 85% percent of the Amerisave loans close extremely fast with no issues. The other 15% that don't close typically results in one of these stupid complaints. So do you homework, ask alot of questions, and do research so that if your loan doesn't close you know why so you don't sound as ignorant as many of these other people do on these reports! It's really that simple.

First of all  I am an employee of Amerisave.  I often have my clients bring these complains up in our discussions so i am taking some of my personal time to clear up some of the inflammatory remarks people like to make on website such as these.   

1st.  Amerisave does not have a $30.00 application fee.  Amerisave does have a $35.00 deposit to pull your credit report.   If your loan closes the $35.00 deposit is refunded back to you on your HUD at closing. If you loan does not close or you cancel your application after credit is pulled the $35.00 is not refundable.   This helps us to offer very competitive rates and cost since we do not adsorb all of those cost.  Imagen there were 1000 credit reports pulled on our website at 35.00 a piece that did not qualify or just stopped after getter their credit scores on our website.  $1,000*35= $35,000. Take that and multiply that by 52 weeks per year $35,000= $1,820,000. Wow that is a lot of money  that would need to either paid by Amerisave or passed on the the 1000's of other satisfied clients.

2. It is unclear why you would have to bring $8,000 to the table and have to pay an additional 2 points at closing.   I could give a list as long as you arm of different reasons such as a low appraisal, you changed programs, your current loan had a pre-payment penalty or your property taxes were due at closing.   Besides all of those those the fact that it was a surprise to is shocking to me.   This is because of the new federal guideline stating the terms or your loan change such as the APR by more the 0.125% or cost by more then $100.00 the loan needs to be re-disclosed to you in writing.  You as the client must acknowledge these changes at least 4 days before the loan can close.   I am sorry you had such a bad poor experience and am sure if you contacted you Senior Mortgage Processor and changes that were necessary on your loan could have been explained, correct or determined why the loan you originally applied for was not available to you.