Why you should not do business with Amerisave

I recently was confronted with urgent repairs to be done in a rental.  I went to several banks who all told me why they could not make a loan, and all of a sudden I was pre approved by Amerisave.   I had paid $35 for them to run a credit report.. Great.. Now they wanted $500 to do a appraisal, and they took the money ASAP even though they were not ready to do any such appraisal..

HURRY and get your paperwork in.   I had to write a statement of why I wanted a loan, provided all the documents, all was great till they got the appraisal, and found the house needed to have repairs..

WELL, YEAH!   I told them this up front.  In stead of coming clean and saying up front you need a 203(K) loan, or a Fannie Mae HOME RENOVATION LOAN to do this work.   they told me they were not sure they could make the loan and the appraiser went out. 

The loan officer tried to discourage me from the appraisal but left it open ended.. and I needed help cause the health dept wanted the furnace FIXED!  --10 days...

Well,  the loan officer came back and said they would not make the loan till the house was repaired and now I was at the end of a catch 22..  my tenants had to move,  I was now out $575. AND I had no loan to help me fix up the property.

I will never recommend anyone waste their money on this company..  they take the money up front and have no intention on lending..   I am not working with Wells Fargo about getting a Home Renovation Loan.  All of the lenders I have talked to since have immediately come back and told me that they dont do the loan I want and made recommendations.. why did Amerisave not do the same.

STAY AWAY FROM THIS COMPANY!
  • February 05 2011 - US
  • 0Yes

  • Report a Problem

    Please enter a valid email address.

    Content flagged

    We will review this content. Thanks for helping make the site more useful to everyone. To learn more, read Zillow's Good Neighbor Policy.

    We're sorry. This service is temporarily unavailable. Please come back later and try again.

Be a Good Neighbor. Be respectful and on-topic. No spam or self-promotion! See our Good Neighbor Policy.

 
 

Answers (16)

Typical, and sorry to hear your story. Not for first time Ive heard that routine.
  • February 05 2011
  • 0Yes

  • Report a Problem

    Please enter a valid email address.

    Content flagged

    We will review this content. Thanks for helping make the site more useful to everyone. To learn more, read Zillow's Good Neighbor Policy.

    We're sorry. This service is temporarily unavailable. Please come back later and try again.

Truthfully the skill level of the folks you talk with at Amerisave is low.  They don;t know what they can or can't do they have to wait till an underwriter reviews the file.  Companies like Amerisave can be OK for a+ very clean loans anything less than that and your results are the norm.

The fact that the home is an investment property will make a renovation loan more difficult and more expensive.  203K loans are for owner occupants only.  So you will need to get either a Fannie Mae Renoovation loan investor on single Family loan or Freddie Mac backed loan.  Wells is a good place to obtain that financing.
  • February 06 2011
  • 0Yes

  • Report a Problem

    Please enter a valid email address.

    Content flagged

    We will review this content. Thanks for helping make the site more useful to everyone. To learn more, read Zillow's Good Neighbor Policy.

    We're sorry. This service is temporarily unavailable. Please come back later and try again.

Profile picture for Glenn E. Weeks
We applied for a small residential loan with Amerisave.  An appraisal was done and loan documents submitted. However, I own a 'C' corporation.  Amerisave insisted that a 'C' corporation be treated as an 'S' corporation and disqualified the application because the 'C' corporation had applied equipment depreciation. This is gross incompetence in applied accounting as was substantiated by our CPA.
Applied depreciation in accounting of a 'C' corporation does not reduce the net worth of the corporation and 'C' corporation income is not treated as personal income or loss. The Amerisave evaluation was perposterous.  Stay away from this unethical organization.

Glenn Weeks  
  • February 19 2011
  • 0Yes

  • Report a Problem

    Please enter a valid email address.

    Content flagged

    We will review this content. Thanks for helping make the site more useful to everyone. To learn more, read Zillow's Good Neighbor Policy.

    We're sorry. This service is temporarily unavailable. Please come back later and try again.

Profile picture for user0925424
Amerisave is a complete sham of a company. They are quick to collect an appraisal fee from you ($675 for us) but then they ignore the comps that the appraiser they chose uses and say that there are no comparable homes in a town of 80,000. Their appraiser didn't feel this was true. My wife and I have credit scores over 800 and high incomes but still we were denied arbitrarily. We even could have paid the whole loan off with our savings but chose to refi because of such low rates. We had done so previously twice before with other companies with no problems and a higher loan to value. (this time would have been 65%) We wasted a lot of time and $675 just because of their false lure of a low rate they were never going to honor. This is one of the most unscrupulous companies I have ever dealt with. They seem to exist just to get your appraisal fee. They also ask for feedback about their performance before they have even done anything with the loan (other than the appraisal that they won't use). They offered to pay for a positive review, to be credited at phantom close. (Do you give feedback about your hospital stay while you are still in the hospital?) Use them at your own peril, 
  • May 26 2013
  • 0Yes

  • Report a Problem

    Please enter a valid email address.

    Content flagged

    We will review this content. Thanks for helping make the site more useful to everyone. To learn more, read Zillow's Good Neighbor Policy.

    We're sorry. This service is temporarily unavailable. Please come back later and try again.

Profile picture for boblhead
I understand that there will be situations where every lender will fall short. And, when you are a consumer on the wrong end of that, it can be painful. Since I don't know any of your situations, I can only assume that Amerisave did you wrong as you state.

However, I will say they can be fantastic. I did an FHA refi through them and had a great experience. My situation was not the cleanest, though we did have excellent credit and decent assets.

The loan process went very smoothly - as smoothly as my best mortgages before - and their web-based approach suited me well because I could always see where my loan was in the process. My loan took about two and a half months, but that was only because I waited to let my lock expire since rates were still dropping at the time. My loan agent Marcel was patient and up front, and rarely missed a beat.

My experience was so good with them that I called them first when I needed to refi a rental property. Though they couldn't help me with that, I would still call them in the future.
  • October 07 2013
  • 0Yes

  • Report a Problem

    Please enter a valid email address.

    Content flagged

    We will review this content. Thanks for helping make the site more useful to everyone. To learn more, read Zillow's Good Neighbor Policy.

    We're sorry. This service is temporarily unavailable. Please come back later and try again.

Profile picture for user9920900
I just had a bad experience with them as well. Same sort of deal except I just wanted to refinance to a lower rate.  I have excellent credit but after they rushed to do the appraisal within two days of my online application, the appraiser said the house was empty and because of that, I couldn't get a loan.  First of all, whoever said the house had to be furnished?  No one. Secondly, it was sparsely furnished, but not empty. I can't believe I couldn't refinance because of this. 

On top of that, I rushed to give them every single thing they needed over the course of a week...all for nothing.  Now they have every bit of financial info on me and I have nothing from them.  The only recourse for me was to stop payment on my Visa for that appraisal fee. I don't know if it'll work but is worth trying because they don't deserve to be paid that fee, even if it happened. It was also $500 which seems very high for an appraisal but perhaps those costs have gone up...or they get a kickback.  I'm not sure but I will never recommend them and am happy to provide a scathing report on them to anyone who will listen.
  • November 21 2013
  • 0Yes

  • Report a Problem

    Please enter a valid email address.

    Content flagged

    We will review this content. Thanks for helping make the site more useful to everyone. To learn more, read Zillow's Good Neighbor Policy.

    We're sorry. This service is temporarily unavailable. Please come back later and try again.

Profile picture for shapiroamg
User:
Was your loan for a primary residence? You could also file a complaint with the regulating agency in your state in charge of mortgage licensing.
  • November 21 2013
  • 0Yes

  • Report a Problem

    Please enter a valid email address.

    Content flagged

    We will review this content. Thanks for helping make the site more useful to everyone. To learn more, read Zillow's Good Neighbor Policy.

    We're sorry. This service is temporarily unavailable. Please come back later and try again.

Profile picture for user9920900
No, my loan was for a second home, a vacation home and said that when I applied. It just seems like someone would actually speak to you prior to you spending the money for an appraisal because a 15 minute conversation would weed out a lot of applications that they plan to reject for reasons unknown to the applicant.
  • November 21 2013
  • 0Yes

  • Report a Problem

    Please enter a valid email address.

    Content flagged

    We will review this content. Thanks for helping make the site more useful to everyone. To learn more, read Zillow's Good Neighbor Policy.

    We're sorry. This service is temporarily unavailable. Please come back later and try again.

Profile picture for senmmail
Four of us refinanced in 2012 with no issues. 

As Andrew mentioned, Amerisave is good for clean loans. Most of the complaints are about getting loan denied after appraisal which they do very quickly. 
  • November 21 2013
  • 0Yes

  • Report a Problem

    Please enter a valid email address.

    Content flagged

    We will review this content. Thanks for helping make the site more useful to everyone. To learn more, read Zillow's Good Neighbor Policy.

    We're sorry. This service is temporarily unavailable. Please come back later and try again.

Profile picture for clevie64
I totally disagree that they are good for clean loans, as I am a retired loan officer and a file couldn't get any cleaner than mine with over 800 fico and enough liquid assets to pay off mortgage, which is only about 35% of the value of the $1.1 mil property. I had a COMPLETE loan file ready to submit, but when I started to upload the file, there was a snag in getting it uploaded.  I'm pretty sure I could have figured it out, but just wasted to test them to see how good their customer service was before I got too deep into the process. Well, my loan officer, Tom Kelly, emailed and called me almost daily until after I submitted the application (GOTCHA), then after that my emails and calls to him (and his supervisor) was only responded with an AUTOMATIC generic email telling me that I needed to upload my documents.  NEVER ONCE did they address the issue that I asked them for help with, but just kept sending automatic requests for me to upload docs. This was a blessing for me, as I could see right up front BEFORE I submitted any money, that I did not want to deal with them.  Amazing that I could talk personally with Mr. Kelly anytime I wanted (or didn't want) BEFORE submitting file, then suddenly he disappeared and absolutely no calls from him - on to soliciting the next victim.  They missed out on a very easy loan because I know the business and could have made the process very slam dunk for them.
  • November 23 2013
  • 2Yes

  • Report a Problem

    Please enter a valid email address.

    Content flagged

    We will review this content. Thanks for helping make the site more useful to everyone. To learn more, read Zillow's Good Neighbor Policy.

    We're sorry. This service is temporarily unavailable. Please come back later and try again.

Are you in need of a loan? Have the bank denied you of a [Spam deleted by Zillow moderator.]
  • June 05
  • 0Yes

  • Report a Problem

    Please enter a valid email address.

    Content flagged

    We will review this content. Thanks for helping make the site more useful to everyone. To learn more, read Zillow's Good Neighbor Policy.

    We're sorry. This service is temporarily unavailable. Please come back later and try again.

Profile picture for scheidt
Amerisave will never receive my recommendation. They treated me with contempt, pretended to always be "in a meeting" anytime I called to check in on status, made us pay for comps then flat out lied to our faces to tell us that our property had no comps, therefore they would not give us a loan. So we paid for comps which the company first acknowledged as comps, then decided they didn't like the comps and, without giving any refund for the report, decided to tell us that there were no comps. They overstep their bounds, are incredibly rude on the phone, but always respond in "good faith effort" on the BBB for their score, even though hundreds of complaints have been filed. Disgusting. Stay far away. And if they change their name one day, avoid that one like the plague also.
  • June 09
  • 0Yes

  • Report a Problem

    Please enter a valid email address.

    Content flagged

    We will review this content. Thanks for helping make the site more useful to everyone. To learn more, read Zillow's Good Neighbor Policy.

    We're sorry. This service is temporarily unavailable. Please come back later and try again.

Profile picture for user8398114
The owner of Amerisave also owns the appraisal company, which explains why they want an appraisal done even if they have no intention of making the loan. Here is recent news about Amerisave:

On August 12th 2014, the Consumer Finance Protection Bureau orders Amerisave to pay $19.3 million for bait and switch mortgages. The article on the CFPB's website says, "(CFPB) took action against Amerisave Mortgage Corporation, its affiliate, Novo Appraisal Management Company, and the owner of both companies, Patrick Markert, for engaging in a deceptive bait-and-switch mortgage-lending scheme that harmed tens of thousands of consumers. The Bureau found that Amerisave lured consumers by advertising misleading interest rates, locked them in with costly up-front fees, failed to honor its advertised rates, and then illegally overcharged them for affiliated "third-party" services. Amerisave and Novo will provide $14.8 million in refunds to harmed consumers and pay a $4.5 million penalty. Patrick Markert, as an individual, will pay an additional $1.5 million penalty."
  • September 01
  • 0Yes

  • Report a Problem

    Please enter a valid email address.

    Content flagged

    We will review this content. Thanks for helping make the site more useful to everyone. To learn more, read Zillow's Good Neighbor Policy.

    We're sorry. This service is temporarily unavailable. Please come back later and try again.

Profile picture for user9920900
Ok, so where's my check?
  • September 01
  • 0Yes

  • Report a Problem

    Please enter a valid email address.

    Content flagged

    We will review this content. Thanks for helping make the site more useful to everyone. To learn more, read Zillow's Good Neighbor Policy.

    We're sorry. This service is temporarily unavailable. Please come back later and try again.

Profile picture for user97563279
Ironically, I think that fine and bad publicity they just received may make them the better lender to go to (temporarily, at least). I have been working with them for a while now. I'm self-employed and (although my income-to-debt ratio is amazing and my credit is decent) it's difficult anywhere to get a loan. I told them I wouldn't consider an appraisal until I got pre-approved and locked in my interest rate (fixed - not floating) and they never once complained. Like anything in life, you have to be nice, but still set your boundaries.

I recommend that you find your own title company and home insurance though. Amerisave offers its own affiliated companies but you should definitely shop around - it's simply the right and responsible thing for you to do.

If you're someone who is timid and easily pushed around, getting a mortgage is akin to buying a car. You should probably have a trusted family member step in and take the reigns. Preferably, that pushy New Yorker relative that drives everyone in your family nuts. ;-)
  • October 02
  • 1Yes

  • Report a Problem

    Please enter a valid email address.

    Content flagged

    We will review this content. Thanks for helping make the site more useful to everyone. To learn more, read Zillow's Good Neighbor Policy.

    We're sorry. This service is temporarily unavailable. Please come back later and try again.

Profile picture for user563483
If you knew the home needed repairs, the appraisal would come back with that info , this is your due diligence. The lender has nothing to do with how that appraisal will come back. Knowing it needed repairs, you could have repaired it - if you needed the refi to get that done you could have looked it up who writes 203(k) loans , and checked on comps in your area to know where your appraised value should be. Lenders that do not write 203(k) may have no idea what it is , and many lenders do not write them. It is also not their job to determine what you want, or what is best for you - that is your job. 
I do not think this is a fair writeup on the company. It sounds like something you should chalk up for your learning.
Do your homework first and then ask questions if you had asked they may have told you we do not write 203(k) and if you did not know about 203(k) your comment certainly says you knew the appraisal would be adversely effected by the required repairs. Why give the go ahead to process for a loan..
I do not work for that company but researching how this company performs with customers and reading your comment as I was researching them I had to respond.
  • October 08
  • 0Yes

  • Report a Problem

    Please enter a valid email address.

    Content flagged

    We will review this content. Thanks for helping make the site more useful to everyone. To learn more, read Zillow's Good Neighbor Policy.

    We're sorry. This service is temporarily unavailable. Please come back later and try again.