Amerisave Mortgage Review
Amerisave Mortgage claim on their website to be “one of the nation’s leading and fastest-growing retail mortgage companies, serving customers in 50 states and DC. Amerisave currently employs over 1800 mortgage professionals and has funded over $6.5 billion.”
Our Amerisave Mortgage review goes beyond PR sound bites to inform you about the real Amerisave. We located six telephone numbers, a website, and a list of customer complaints.
Amerisave Mortgage Websites and Phone Contacts
Amerisave Mortgage Website: http://www.amerisave.com/
Amerisave Mortgage Company
Phone: 866.970.SAVE
(404) 424-0632
(404) 260-7507
(404) 260-7524
(668) 283-400
(404) 736-1798
Fax: (404) 806-0076
Address: One Capital City Plaza, 3350 Peachtree Rd, Suite 1000, Atlanta, GA 30326
Amerisave Mortgage Review
Amerisave Mortgage is like all other “online” mortgage companies like the former E-Loan and Ditech in that they operate as a bank with a national call center that funds their own closings effectively hiding their YSP/SRP earnings.
Amerisave boasts about the Certified Upfront Mortgage Broker designation which was created by the Mortgage Professor, Jack Guttentag. Jack states on his website he is compensated by Amerisave, so make of that what you will.
Amerisave also claims to buy over 40,000 internet leads per month from major suppliers like LendingTree and LowerMyBills. I’m not sure I’d brag about that…those companies have dubious reputations at best in my opinion. Plus spending exorbitantly for mortgage leads only means your clients must cover the cost eventually.
Lastly, the recruiting information they provide for loan originators smacks of “MLM” or networking marketing…the website says,
“Through a revolutionary system the Amerisave’s Business Partner Program (ABPP) provides an amazing opportunity to mortgage originators nationwide. ABPP gives mortgage professionals the opportunity to increase their income dramatically. With commission splits up to 88% of field commissions, unlimited access to internet leads, and the ability to recruit your own sales team with overrides up to 30%, there are no limits to your income possibilities.”
This idea of “overrides” and “recruiting your own sales team” could work, but most “MLM’ type sale force expansion mechanisms work temporarily, but implode over the long run. I can also see no harm in getting soap through this type of sales force, but I’d draw the line getting mortgage advice and financial products this way.
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I searched for complaints against Amerisave, there are many. Click here to see all the Amerisave Mortgage complaints listed in Google.
BBB Activity on Amerisave Mortgage
BBB Complaint Record:
“BBB processed a total of 145 complaints about this company in the last 36 months, our standard reporting period. Of the total of 145 complaints closed in 36 months, 57 were closed in the last year.”
See Comments Below to Add/Read Customer Opinions On Amerisave Mortgage
Author: The Mortgage Insider
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I got into Mortgage refinance process with Amerisave. with all my financial information submitted, half way in then I learned many people complaint about this company. Therefore, I decided to withdraw my application. But the company got my personal and financial information. My question is that Am i going be ok with the company has these documents?
chanpho,
Any large company gets complaints. Sears, Trowe Price, Samsclub etc. Everybody has an opinion. Out of the hundreds of loans closed a month Amerisave according to the data has one complaint a month. If you a business owner and sell 100’s of widgets a month and get only one complaint your doing well.
It’s underhanded how they lead the consumer all the way through their “10 minute” application for good faith estimate, only to let the consumer know at the very end that they’ll need $35 right away for the credit check. Meanwhile they take all your personal data with every click. No other lender I’ve dealt with does this. That’s deceitful business.
StolenData,
You provided your data through a secure online application. With our without the credit report fee you did it with free will. Not deceitful at all. If you apply for a loan the next obvious step is to pull credit. Reports are not free. By the way you would have been refunded that fee at close. Pretty admirable. All Amerisave was looking for is committment so when you loan is locked the loan closes. Locked loans that don’t close mean higher rates over time for future consumers. You see the guaranteed rate/fees online and can lock online so you know what your getting if your application data was truthful. A very streamlined system in the age of technology.
A fraud for certain.
Quote: 4.75% with zero cost (no points, no fees). So I paid the $35 application fee, $350 appraisal fee, and agreed to $500 lock cancellation fee.
1) My credit rating is 50 points higher than I thought
2) Mortgage rates have fallen another 0.05%
3) Loan docs: 5.316% with $7443 in points!
RIPOFF
notoAmerisave does not understand that no points/no fees has never included 3rd party fees. The $35 dollars was for credit and committment. When folks lock loans then withdrawal the overallcost to the secodary market rises subsequently consumer rate will rise over time when locked loans don’t close. Which is why there is a $500 cancellation fee. Its expensive for large companies to lock hundreds of loans that don’t close. Also you loan doc will show an APR in contrast to a rate. 5.3 is the APR and 4.75 may have been your rate. Your complaint is with out merit since rates change throughout a day. If rates were 4.75% nopoints and you didn’t jump aboard on time thats not the fault of a mortgage company. So accept some responsilbility. Your complaint is full of holes. By the way if your loan amount was $744,300 and you paid 1 pt then the fee would be $7443. 4.75 and 1pt sounds like a good deal to me in any market. So whats the problem. NONE except your upset about something totally different than a bad mortgage company or rate/fee.
mike,
It looks like notoAmerisave is saying $7443 in points…not 3rd party fees. Discount points go to Amerisave…if he was quoted 4.75 with no points…and then got a worse rate WITH discount points…in an rate dropping environment…
I’d say he has a bona fide complaint…