AmeriSave Review

Although it was founded in 2002, Atlanta-based Amerisave Mortgage has quickly become one of the largest privately owned U.S. online lenders. If offers a full range of mortgage products, including fixed rate, FHA, VA and USDA loans, in 49 states and the District of Columbia.

Pros

One of Amerisave’s strengths is its website, which allows borrowers to easily compare options and costs, apply, upload documents and request a rate lock in a minimal amount of time. A loan officer is assigned to each borrower. The officer works the loan through underwriting and communicates its progress to the customer. Other Amerisave services include in-house processing, underwriting, closing and funding.

In addition to the good customer service and the simplified application process, Amerisave also offers low rates.

Cons

The company’s reputation has taken a big hit due to the bad publicity which resulted from illegal and deceptive bait-and-switch practices conducted prior to 2014. In August of that year, the Consumer Financial Protection Bureau took action against Amerisave and its affiliate, Novo Appraisal Management Company, and forced them to refund $14.8 million to affected customers and to also pay a penalty of $4.5 million.
Fortunately for the company, things changed for the better and Amerisave is now praised by its customers for its customer service and the hands-on relationship between agent and borrower.

Fortunately for the company, things changed for the better and Amerisave is now praised by its customers for its customer service and the hands-on relationship between agent and borrower.