Complaint Review: Amerisave Loan Company - Atlanta Georgia

Dear Anonymous, You are right the loan officer probably did not know his guidelines very well -but then why did Amerisave hire him? I mean that is like going to an auto repair shop and have them mess up your car and the owner say "well it looks like my mechanic really did not know his job...." I mean would you as a consumer accept that answer or would you hold the owner responsible? (Then again Amerisave never was a very customer focused organization) As to the claim of being an upfront certified mortage lender - do you know what it takes to actually qualify to be a certified upfront lender? The requirements are not overly stringent (they can be found at the mortgage professor's website via google search). The reason there are only 5 is that not many companies are applying for the designation....... Finally, while I applaud Professor Guttentag for educating consumers about mortgage finance and trying to bring greater transparency to mortgage lending, I think that the current management of the UML is not benefitial to the consumer. For a designation like the UML to be valid, a company must meet certain criteria when they apply, but is are the company's monitored for compliance? To my understanding they are not - I may well be wrong about this and if I am please correct me but telling us the last time you passed your UML audit..... Finally, to your comment "What I think a lot of borrowers fail to realize is that in todays market things can happen (sometimes at the last minute) and not every loan is easily approved like it was in the past. The same thing can happen with any other lender. Apparently your loan was very risky and we could not get it done" - what you say is quite try, guidelines are/were changing almost daily and the happy go lucky loans of pass are no longer with us. However, if you actually read this poor person complaint it was not so much about being denied the loan (althought I might be wrong here) but more about the fact that an Amerisave Loan officer kept string them along. We both know how hard it is to get loans done these days, why didn't the officer say "look I'll do what I can but until this is fully underwritten and approved I can not promise you anything. Keep in mind that to move forward, you will have to pay for an appraisal and credit report which will be non-refundable if the loan is denied. This process can take anywhere from 45 ~ 60 days, so please plan accordingly..." Hey we both know that the LO did not say anythinig that even came close to that - hence yet another POed customer.

Dear Anonymous, You are right the loan officer probably did not know his guidelines very well -but then why did Amerisave hire him? I mean that is like going to an auto repair shop and have them mess up your car and the owner say "well it looks like my mechanic really did not know his job...." I mean would you as a consumer accept that answer or would you hold the owner responsible? (Then again Amerisave never was a very customer focused organization) As to the claim of being an upfront certified mortage lender - do you know what it takes to actually qualify to be a certified upfront lender? The requirements are not overly stringent (they can be found at the mortgage professor's website via google search). The reason there are only 5 is that not many companies are applying for the designation....... Finally, while I applaud Professor Guttentag for educating consumers about mortgage finance and trying to bring greater transparency to mortgage lending, I think that the current management of the UML is not benefitial to the consumer. For a designation like the UML to be valid, a company must meet certain criteria when they apply, but is are the company's monitored for compliance? To my understanding they are not - I may well be wrong about this and if I am please correct me but telling us the last time you passed your UML audit..... Finally, to your comment "What I think a lot of borrowers fail to realize is that in todays market things can happen (sometimes at the last minute) and not every loan is easily approved like it was in the past. The same thing can happen with any other lender. Apparently your loan was very risky and we could not get it done" - what you say is quite try, guidelines are/were changing almost daily and the happy go lucky loans of pass are no longer with us. However, if you actually read this poor person complaint it was not so much about being denied the loan (althought I might be wrong here) but more about the fact that an Amerisave Loan officer kept string them along. We both know how hard it is to get loans done these days, why didn't the officer say "look I'll do what I can but until this is fully underwritten and approved I can not promise you anything. Keep in mind that to move forward, you will have to pay for an appraisal and credit report which will be non-refundable if the loan is denied. This process can take anywhere from 45 ~ 60 days, so please plan accordingly..." Hey we both know that the LO did not say anythinig that even came close to that - hence yet another POed customer.

Dear Anonymous, You are right the loan officer probably did not know his guidelines very well -but then why did Amerisave hire him? I mean that is like going to an auto repair shop and have them mess up your car and the owner say "well it looks like my mechanic really did not know his job...." I mean would you as a consumer accept that answer or would you hold the owner responsible? (Then again Amerisave never was a very customer focused organization) As to the claim of being an upfront certified mortage lender - do you know what it takes to actually qualify to be a certified upfront lender? The requirements are not overly stringent (they can be found at the mortgage professor's website via google search). The reason there are only 5 is that not many companies are applying for the designation....... Finally, while I applaud Professor Guttentag for educating consumers about mortgage finance and trying to bring greater transparency to mortgage lending, I think that the current management of the UML is not benefitial to the consumer. For a designation like the UML to be valid, a company must meet certain criteria when they apply, but is are the company's monitored for compliance? To my understanding they are not - I may well be wrong about this and if I am please correct me but telling us the last time you passed your UML audit..... Finally, to your comment "What I think a lot of borrowers fail to realize is that in todays market things can happen (sometimes at the last minute) and not every loan is easily approved like it was in the past. The same thing can happen with any other lender. Apparently your loan was very risky and we could not get it done" - what you say is quite try, guidelines are/were changing almost daily and the happy go lucky loans of pass are no longer with us. However, if you actually read this poor person complaint it was not so much about being denied the loan (althought I might be wrong here) but more about the fact that an Amerisave Loan officer kept string them along. We both know how hard it is to get loans done these days, why didn't the officer say "look I'll do what I can but until this is fully underwritten and approved I can not promise you anything. Keep in mind that to move forward, you will have to pay for an appraisal and credit report which will be non-refundable if the loan is denied. This process can take anywhere from 45 ~ 60 days, so please plan accordingly..." Hey we both know that the LO did not say anythinig that even came close to that - hence yet another POed customer.

Dear Anonymous, You are right the loan officer probably did not know his guidelines very well -but then why did Amerisave hire him? I mean that is like going to an auto repair shop and have them mess up your car and the owner say "well it looks like my mechanic really did not know his job...." I mean would you as a consumer accept that answer or would you hold the owner responsible? (Then again Amerisave never was a very customer focused organization) As to the claim of being an upfront certified mortage lender - do you know what it takes to actually qualify to be a certified upfront lender? The requirements are not overly stringent (they can be found at the mortgage professor's website via google search). The reason there are only 5 is that not many companies are applying for the designation....... Finally, while I applaud Professor Guttentag for educating consumers about mortgage finance and trying to bring greater transparency to mortgage lending, I think that the current management of the UML is not benefitial to the consumer. For a designation like the UML to be valid, a company must meet certain criteria when they apply, but is are the company's monitored for compliance? To my understanding they are not - I may well be wrong about this and if I am please correct me but telling us the last time you passed your UML audit..... Finally, to your comment "What I think a lot of borrowers fail to realize is that in todays market things can happen (sometimes at the last minute) and not every loan is easily approved like it was in the past. The same thing can happen with any other lender. Apparently your loan was very risky and we could not get it done" - what you say is quite try, guidelines are/were changing almost daily and the happy go lucky loans of pass are no longer with us. However, if you actually read this poor person complaint it was not so much about being denied the loan (althought I might be wrong here) but more about the fact that an Amerisave Loan officer kept string them along. We both know how hard it is to get loans done these days, why didn't the officer say "look I'll do what I can but until this is fully underwritten and approved I can not promise you anything. Keep in mind that to move forward, you will have to pay for an appraisal and credit report which will be non-refundable if the loan is denied. This process can take anywhere from 45 ~ 60 days, so please plan accordingly..." Hey we both know that the LO did not say anythinig that even came close to that - hence yet another POed customer.

The crux of most of the complaints against Amerisave is issues over locks and Loans not closing. The Loan Officer does NOT lock your rate. That function is performed by a team manager ? who's job function is to lock rates and pass the loan onto processing. Most of these team managers take thier sweet time locking the rate. That is what happened to me. The Loan Officer felt so bad he laid out Amerisave's entire process because he was told by his team manager that my loan was locked at the rate agreed. TWO DAYS later, I get an email that Amerisave needs "more information" and my loan was not locked "at this time". I was very upset and contacted my Loan Officer. He was not aware of this information and told me he would call me back. Twenty min. later he returns my call and states the error was Amerisave's and the more information" was already in the hands of the "TEAM MANAGER". The Loan Officer states he asked if the original lock could be honored because it was thier error. He was told to "re-sell me" and nothing could be done. The Loan Officer told me that this happens all the time because they are really a Correspondent Lender .

It sounds like the loan officer did not know his gudelines very well. Amerisave Mortgage is actually one of the top mortgage lenders in the Nation! We are one of 5 upfront certified mortgage lenders and we also guarantee everything in writing. What I think a lot of borrowers fail to realize is that in todays market things can happen (sometimes at the last minute) and not every loan is easily approved like it was in the past. The same thing can happen with any other lender. Apparently your loan was very risky and we could not get it done. Since we go by the same guideliens as every other lender, this loan would have been denied no matter where you sent it to. Secondly purchase transactions can always be a pain due to the paperwork, docs needed, title issues, etc. Anyhow I'm sorry to hear about your experience and wish you the best of luck in the future.

It sounds like the loan officer did not know his gudelines very well. Amerisave Mortgage is actually one of the top mortgage lenders in the Nation! We are one of 5 upfront certified mortgage lenders and we also guarantee everything in writing. What I think a lot of borrowers fail to realize is that in todays market things can happen (sometimes at the last minute) and not every loan is easily approved like it was in the past. The same thing can happen with any other lender. Apparently your loan was very risky and we could not get it done. Since we go by the same guideliens as every other lender, this loan would have been denied no matter where you sent it to. Secondly purchase transactions can always be a pain due to the paperwork, docs needed, title issues, etc. Anyhow I'm sorry to hear about your experience and wish you the best of luck in the future.

It sounds like the loan officer did not know his gudelines very well. Amerisave Mortgage is actually one of the top mortgage lenders in the Nation! We are one of 5 upfront certified mortgage lenders and we also guarantee everything in writing. What I think a lot of borrowers fail to realize is that in todays market things can happen (sometimes at the last minute) and not every loan is easily approved like it was in the past. The same thing can happen with any other lender. Apparently your loan was very risky and we could not get it done. Since we go by the same guideliens as every other lender, this loan would have been denied no matter where you sent it to. Secondly purchase transactions can always be a pain due to the paperwork, docs needed, title issues, etc. Anyhow I'm sorry to hear about your experience and wish you the best of luck in the future.

It sounds like the loan officer did not know his gudelines very well. Amerisave Mortgage is actually one of the top mortgage lenders in the Nation! We are one of 5 upfront certified mortgage lenders and we also guarantee everything in writing. What I think a lot of borrowers fail to realize is that in todays market things can happen (sometimes at the last minute) and not every loan is easily approved like it was in the past. The same thing can happen with any other lender. Apparently your loan was very risky and we could not get it done. Since we go by the same guideliens as every other lender, this loan would have been denied no matter where you sent it to. Secondly purchase transactions can always be a pain due to the paperwork, docs needed, title issues, etc. Anyhow I'm sorry to hear about your experience and wish you the best of luck in the future.