Beware!! Americash Adept at Deceptive Practices
Written: Apr 29 '08
|
Product Rating:
|
|
| Customer Service: |
 |
|
| Web Site Experience: |
 |
|
| Web Site Load Time: |
|
|
|
Pros: Quick first contact; highly-trained, silky-smooth over Lending Tree others; impressive bait &switch tactics
Cons: Deceptive practices; unprofessional; dishonest, skilled at getting you to pay more than you otherwise should
The Bottom Line: Americash is a professionally run organization. The smoothness with which they bait and switch is does not happen by accident; it comes via rigorous training or unnatural talent. Beware!
|
|
|
| salubryan's Full Review: Americash Mortgage |
Americash gave the quickest response to my Lending Tree inquiry and also offered the lowest rate. On 12 Mar 08, Christine Deao, Americash Senior Loan Officer, verbally quoted me 5.99% and emailed me a written Good Faith Estimate (GFE). I was still shopping. On 21 Mar I received a follow-up verbal quote and a written GFE for 5.625%. I had narrowed down the potential lenders and was getting my papers together when on 28 Mar, Christine called to tell me that the rates had dropped to 5.5%. The rates had indeed just dropped; I was getting updates from all the other lenders, but the Americash rate was at least a quarter-point lower than the rest! Thinking that this was too good to be true, I asked if this was a no-cost loan at 5.5% with no points and no buy-down fees. Christine verified that it was. So, I agreed to send in my paper work for the loan application and requested a written GFE; Christine agreed to lock in the rate and send me confirmation. I sent in the info that night, but after several days I had not received anything in reply. On 4 Apr I sent a reminder email about the GFE (if you get it in writing you have something to fall back on in redressing your case with the Better Business Bureau, Attorney General, or other consumer advocate). I never received confirmation of the rate-lock details and for the next four weeks there was nothing but excuses as to why they could not send me the GFE. Meanwhile, they were pressing me hard about the appraisal. Funny thing about the appraisal: Americash orders it but wants you to pay for it outside of closing; but you are not the appraiser's customer. Americash is named as the client, not you. So, if you can arrange to have it done but not pay until after you get the GFE, then Americash will be obligated to pay for the appraisal if you take your business elsewhere upon finding that the GFE does not represent your last conversation with Americash. [In my experience, appraisals were paid for at closing. I personally believe they want you to spend this money up front, typically $350, so that you are reluctant to walk away when finally confronted with the bait-and-switch; but more on that.] On 28 April I was finally sent the GFE and for the first time was told when my rate-lock would expire -- on 2 May. That left little time to argue about the 5.5% GFE, which unlike the previous two, had itemized a $2500 fee for a one point buy-down. When I inquired about this via email (you want to document as much as possible), Christine sent the following email reply: "There are some times points attached to the rates and the 5.5% had a point attached to it, the 5.99 did not and the 5.625 did not. It is not there to buy it down and it is not an origination /broker point. It is not a point I am charging you at all it is a attached to the interest rate." Double talk like that speaks for itself and says loudly: "Beware of Americash!!"
Recommended:
No
|
|
|
|
Epinions.com ID:
salubryan
|
|
Reviews written: 1
Trusted by: 0 members
|
|
|
- Add to My Yahoo!: 
- Add to Google Homepage: 
© 1999-2009 Shopping.com, Inc.