Complaint / review text:
On November 25 2009 I applied for a re-finance loan with Amerisave Mortgage. They said they could close the loan within 30 days but since the holidays were coming they recommended a 45 day rate lock with higher closing costs. With a credit score of ~800 and my only loans being my home mortgage and a commercial loan on a 5 unit apartment building, I thought it would be a snap. MY LTV was approximately 57% and my apartment income offset a fair amount of that loan.
Amerisave was unable to close the loan because they couldn't get a Verification of Mortgage statement on my commercial loan which was with National City Bank (now owned by PNC. I got involved and made several phone calls myself. I paid Amerisave about $500 to get an appraisal, an appraisal review, credit check Etc.
I was finally sent an e-mail saying my loan was declined due to incomplete credit information. Imagine my surprise when I received a $500 charge on my credit card on February 17. I can't get customer service on the phone and have spent the last 45 minutes trying to find out what the $500 charge is for. I already called American Express to dispute the charge.
Please don't initiate a loan with these people now matter how good your credit is or what your balance sheet looks like. They are not looking to close your loan, just to live off fees.