Complaint / review text:
We applied for a refinance mortgage back in January. Our credit ratings were both over 750 and we had our proof of income, etc. We did all of the paperwork and paid for a full appraisal. The appraisal came in over where we needed it to be. AmeriSave chose to "review" the appraisal, stating that the comps the appraiser used were not within the mileage/time of sale guidelines. They were all within the accepted distance and had all sold within the acceptable time frame. The appraisal review commissioned us to non-comparable homes. The closest in our own neighborhood was almost 1000 sq. Ft. Smaller, with less bedrooms and baths and on a much smaller lot, with a smaller garage.
They gave us the same value as that home's sales price. They came in with an unrealistic value about $30,000 less than our full appraisal so they wouldn't have to fund the loan. We think we were targeted for unfair refusal based on the number of foreclosures in our area of the country. We went through weeks of undue wasted time and energy getting paperwork done and paid over $300 for a full appraisal that they refused to use. The appraiser was contracted by AmeriSave. When we let the appraiser know what happened they were furious. We had another appraisal done with a different mortgage company and got our loan. However, AmeriSave's practice of profiling in certain areas is unethical and I would tell anyone not to waste his or her time on them.