AmeriSave Charges Excessive Fees

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My wife and I have been saving for some time to purchase our first home. We applied online for a home mortgage with Amerisave and I submitted financial information including social security numbers for me and my wife.

My wife got her Green Card not too long ago and has never had a credit card or purchased anything on credit in the world. She has been working for around 4 months. We, ill-advisedly, paid AmeriSave $13.50 to run credit checks on both of us. Much to my surprise, my wife had an Experian Credit Score of 659, an Equifax Credit Score of  636, and a Transunion Credit Score of 691! I repeat …. she has never had a credit card in her name or purchased a single item on any form of credit. If these three credit scores have been reported accurately by AmeriSave, then we might have a case of identity theft on our hands.

I would advise you to not use Amerisave , if for no other reason, because they charged us $13.50 to pull up our credit history. I had never been charged an upfront fee by a lender or landlord for running a credit check until AmeriSave did the honors.  Quicken Loans who took over for Charles Schwab’s mortgage products did NOT charge for retrieving our credit history and bent over backwards to find the best rate for us!

One more thing about AmeriSave’s poor service: One lame email was sent with the intent of getting the mortgage ball rolling. We were never contacted via the telephone by an AmeriSave representative regarding the processing or status of our loan! They ignored all of our followup questions regarding loan questions. It is almost as though once AmeriSave got our $13.5o for running our credit histories, they were happy campers and onto the next victim! Finally please read this excellent post at pissed consumer detailing why AmeriSave is a fee scam.

Also you can read this indeed.com link for what it is like to work at AmeriSave. Their business model has many critics at least from the loan officer/processor perspective. Their setup appears to be distributed among employees all over the place with no central location. I believe I read AmeriSave employees purchase software to install on their home computers so they can function as AmeriSave agents from home.

We Paid $13.50 for this at AmeriSave
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3 comments on “AmeriSave Charges Excessive FeesAdd yours →

  1. Please contact Amerisave Customer Service to discuss your experience. I look forward to speaking with you. Thank you!

  2. The following post from RefiAdvisor.com dated January 2010 seems to be an accurate and fair appraisal of AmeriSave operations:

    Be careful with AmeriSave. Like all others leaving the comments, AmeriSave doesn’t provide vital information up front and I only found it out later after I paid $325 for appraisal+$35 for credit report+$400 for extension of maintaining locked rate. I refinanced my house and never had any problem before (4 loans prior), I has some many troubles with them. Here are some examples of their deficiencies:

    1. They were very slow to respond my request or to clarify some misunderstanding (I was always the one finding things out).

    2. Inexperienced underwriting department & loan processor. I have two different last names on the files I sent (got married in between) and they were not able to figure out it’s the same person by using SSN. Then didn’t verify with me until I called to see what delays the process.

    3. They misplaced my documents A LOT. I called them countless times to check and always heard “I am still waiting for this … or that …” and I already sent them ALL of the required document. Of course, after I confronted them, they would say “oh, I have it!! I thought I didn’t”.

    4. It took them “7 days” to pay off my previous lender (yes, 7 days – from the day of “closing” till the day my previous lender finally received the money to be paid off). 7 days?? and I paid extra fees to “expedite” the process.

    If you have time to mingle, energy to waste, don’t mind to stay worried, you may choose them. Because that’s me during the whole time.

  3. I wonder how these people stay in business. There is an absolute torrent of horror stories, long waits, tons of fees and incompetent lending agents. There are some people you just can not make happy and they will complain about anything and everybody, BUT if you research Amerisave you will find many unhappy customer experiences!

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