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Amerisave Mortage Corporation
Amerisave Mortage Corporation Amerisave Charged loan extension fee and never telling us when it applied (many days prior to lock in expiration date) A
27th of Dec, 2010 by User314497


History is adapted from an email sent April
16, 2010


Ms.
Carol Poupart


President,
Amerisave Mortgage


Dear
Ms. Poupart


We
are writing you because we have been having a problem with our refinance loan
and it seems nobody at Amerisave wants to hear our concerns. You are the last stop before we decide on
whether to walk away from the loan. If we do walk, it will be because we believe
we can't trust Amerisave to give us the straight story about any issue that
should arise. The perception of public
trust is an asset that no company can afford to lose, if they wish to remain
successful going forward.


The
other attached file contains a letter we wrote to Ms. Marisa Davis, an
Amerisave representative, asking for a re-consideration of a loan extension fee
and explaining our side of the dispute. Unfortunately, in her answer, she did
not address any of our points, but instead blamed us for everything -- which is
exactly what Rebecca Raskin, another Amerisave representative, did. It appears
neither party was able to look at the issue from the customer's point of view. Perhaps
the perspective of a higher level manager will help to clarify the real
concerns we have and help you to address these concerns within your
organization.


The
critical point is that we were led to believe by various Amerisave emails and
the website that April 15th was the end of the 30-day period lock in period
which we could settle. Unfortunately, we
found out that Amerisave was secretly working towards an April 9th
date a date they did not share with us until April 7th. Normally, we would have been able to adjust our
schedule to accommodate this very late change of settlement date, but
unfortunately we were on the road visiting colleges that week so we were
spending hours in the car every day. Even given this logistical challenge, we
were able to offer a time and city to settle on April 9th. You'll see in our
letter that Amerisave chose not to accept that offer, nor did they pursue a
possible Saturday closing in Detroit. Instead they chose April 14th which
was after our return home. When they told us of that settlement date, they said
everything is fine, which led us to believe that the extension fee issue had
been resolved in our favor. We had no reason to believe otherwise and so we had
agreed to this date. It was only at the settlement
table that we found out that Amerisave had misled us and the fee was still
there. The everything is fine turned out to mean everything is fine for
Amerisave and not for us.


At
the settlement, we signed all document except one. This is now where we are. It
would be convenient to complete this loan, but it very hard to do this when Amerisave
doesn't want to look at any role they had in the multiple miscommunications
that occurred. The attached letter we wrote to Ms. Davis details the many
problems we ran into and these problems speak to some real procedural and
communications concerns.


I
assume Amerisave is in the business of successfully completing loans. In
marketing, the perception of doing the right thing is very valuable to a
business's long-term prospects. I hope the problems we have encountered are the
exception rather than the rule, and that after reading our attachment you'll be
able to correct what appears to be procedural and communications issues within
your company. Then help us to complete the loan process by removing the loan
extension fee.


Thank
you for your attention to this matter.


signed







copy of email sent to Ms .Davis, Amerisave's National Sales Manager a day before:




Ms. Marisa Davis April
15, 2010


I'm disappointed that you made a decision without hearing
all sides in the dispute. I had hoped you would take an unbiased look at all
the facts and talk to both sides before making your decision.&nbspIt's always very easy to blame the other side
in a situation like this, because it avoids having to take a closer look at what
could be a procedural problem in your organization.



When the rate was locked on March 16th, our interpretation
of this was that we had 30 daysto settle. Your representative said
the rate was locked untilApril 15th; there was no language
that indicated that there was a three-day cancellation period that had to be
included within that 30-day timeframe. When the Linear representative informed
us of this fact last night, it was the first time we had heard of this. On
previous closings, this issue never came up so we had no experience of this new
procedure.



Nothing from Amerisave put us on notice that our
interpretation wasn't correct. Amerisave
did not disclose this critical piece of information --
that we didn't have 30 days like we thought -- we had only 24 days.&nbspThis omission is central to this
dispute.&nbspSo we ended up working on the
basis that we had 30 days to settle, while Amerisave was working on the basis
we had 24 days to settle. Thus, there was never a true meeting of the minds.



All the communications from Amerisave alluded to the fact
that, yes, there was a lock extension fee, but it did not state what day it would
apply or even why it was being applied since it appeared to us we would easily
make the 30-day deadline. To us, it appeared to be an arbitrary fee that was
added on at the last moment for no apparent reason.



As a result, we based our decision-making on April 15th,
while Amerisave knew all along that the critical date was April 9th. The very first time we found out about the
April 9th date was in an email we received on April 7th,
when we were on the road. Even so, we
offered up a closing time and date of April 9th from 2-4PM in
Meadville PA, which is where we were that day. Since Meadville is close to Erie
PA, even that would have been possible. If Amerisave wanted to pursue it, all
they had to do was call the hotel and we would have responded. They did not.



On their own, Amerisave chose, and I want to stress that
fact: on their own, Amerisave chose April 14th at 6pm as the
settlement date and time -- saying in an email to us from Keisha that everything
is fine which we interpreted as this issue had gone away. Recall that April 14th closing date was suggested to Amerisave
while we were operating under the belief that April 15th was the
deadline.&nbspHow wrong we were! I note that
Amerisave chose a date which maximizes our cost and your income. Settling in Detroit,
Michigan on Saturday was also possible. Recall that I had said in an email that
we were heading to Detroit Friday evening. But no effort was made to arrange a close for
that day either. We learned that Linear's people also work on Saturdays last
night as well. &nbspIn effect, the man from
Linear was far more informative than the Amerisave representatives. If Amerisave had been specific on dates from the start and informed us that,
even given the 30 day lock in, we would need to settle on or before April 9th
to avoid extension fees, then this is what would have happened. We would have
made it work.



We have been in the midst of dealing with a $200K college
decision, so the refinance was just one of many activities that were ongoing. We
were also planning a trip to visit the final list of colleges from March 31st
to April 12. So settling on April 14 or 15th was just fine with us.



Had we known that April 9th was the deadline, we
would have had to push everything up to March 29th simply because
our plans were so fluid that we couldn't even tell where we were going to be or
what we were going to be doing in that 12 day period. Now going from lock to
settlement in two weeks probably wasn't possible, even if we had met all your
deadlines, so we would have discussed the situation with you and you probably would
have advised us to hold off the lock until we returned. We would have accepted that. However, lacking the specific knowledge that
April 15th wasn't the critical date because of the omissions from
Amerisave did not allow that process to even begin.



Last night when speaking with the Amerisave representative, almost
the first words out of her mouth were it's all your fault. It has been my
observation that like W.C. Fields said, blame is for dogs and small children.
Your representative did not facilitate the process and, in fact, I had to
request a supervisor.&nbspHad we known that
the $725 fee was being imposed at closing, we could have escalated the issue
last week and resolved it instead of having to do it at what is now the 11th
hour.&nbspRecall that the Amerisave
representative had said that was everything is fine.&nbspTo our detriment, we believed what we were
told by the email.



Remember in my first paragraph I said there were procedural
problems, well you now see what those were and how the lack of training,
knowledge, and communication added to this total collection of
misunderstandings.


I would ask you to reconsider your decision given these
facts. We may have been delayed in getting back with some information, but
there was a complete failure by Amerisave to communicate the essence of what
the dates really meant for all sides rather than a veiled threat of extension
fees with no clarification of why they would be necessary. Also, you set up new
loans all the time while we have very little experience in this area. We depended on you to our detriment to help
make this all come together.


signed



Result: Amerisave reduced the$725 extension fee by $300. We chose to settle to avoid further charges and still fight in other forums A report was later filed with the Atlanta Better Business Bureau but nothing came of that approach. The last communication to the Atlanta BBB was not returned.


This is still a ripoff which is why I'm filing this report. Amerisave never did tell us when the loan extension fee applied until they applied it.





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