Complaint / review text:
When I first applied for the original 20 year, fixed rate refinance loan of 4.5% through Amerisave, there was to be a credit of $1,734.50 towards my closing costs per their website. When I received my first online GFE on 5/27/2010, it stated that the credit towards closing was for $1,268.54. I should have questioned why the credit was for a reduced amount at the time, but thought it was still a good deal and decided to proceed with the loan.
On 5/31/2010, I received another online GFE from Amerisave that stated that the credit was now for $1,223.32. No explanation from Amerisave and no notification of the change. If it wasn't for my own due diligence to check my online paperwork frequently, I wouldn't have discovered these changes.
On 7/9/2010, I received another online GFE from Amerisave that stated that the credit was now for only $793.73. For this reduction in closing costs, it was a result of their rate lock expiring, and my request for a lower rate that was now available. They charged me to move to a lower available rate after having waited 39 days to have this loan closed, which it still wasn't.
On 7/13/2010, I received another online GFE from Amerisave that stated that there was no longer a credit and that I owe $13.77 towards closing costs. No explanation from Amerisave.
On 7/15/2010, I received another GFE from Amerisave that stated that there was no longer a credit and that I owe $498.27 towards closing costs. This was due to another rate lock expiring, but this time, no changes in the loan rate. Once again, Amerisave made another excuse for them to charge me for something. They even stated that the fees are higher, but we will split the costs with you.
I went through two rate locks that expired through no fault on my part, and, with the bait-and-switch tactics of their closing credits/charges, I decided to cancel my loan application with Amerisave. To add even more bad taste to their business practices and loan process, they threatened to charge me the $500 cancellation fee on several occasions, which they did.
I have no credit card debt, 800 FICO, 14 years at the same job, verifiable income, and a 55% loan-to-value. This should have been a no-brainer loan for Amerisave, but I think they were trying to get greedy. I'm really glad that I didn't give them my business.
Hind sight is 20/20, but I should have questioned them on each GFE update, but since it was happening so often, I thought it might have been an electronic mistake on their part and that I'll just wait for the "final" GFE. It's interesting to know that their system only keeps the last updated GFE and that the loan processor does not have access to the previous ones once it has been superseded. Hmm, covering their footsteps???