Twice now this company has maneuvered to remove legitimate posts to other forums about the deceitful employment practices. I am reposting here to alert the public and future employees of their lies.

Want to know what Amerisave truly pays it's loan officers? Refer to this sales speech below with my note with a * next to each section

AS Mgt: We are lowering the loan loss reserve from 30 basis points down to 20 basis points.
* 20% off of LOAN VALUE, not markup+YSP. Previously it was 30%.

AS Mgt: We are also increasing the pay for outside sales to a true 70% or 80% (no longer taking 20% off the top and paying 74% of 80% but rather paying a true 70% or 80% as long as you do $5, 000 for 70% and 10k for 80% in revenue which is only approximately 2 to 4 loans a month.

* You will be fired if you only do 2 to 4 loans a month. I was terminated for low production and had closed consistently anywhere from 5 - 8 loans per month with my last month closing four. The real reason was my "revenue" was almost zero due to Amerisave Underwriting jerking around my perfect clients for months to the point that I could not consciously charge them sometimes up to three lock extension fee's because they had provided everything needed up front. So I paid for the lock extensions by reducing revenue.

AS Mgt: We couldn’t pay enough under the old system for production because we had obligated out so much in the generational overrides.

*They pay out overrides to upper management. That is why they take such a HUGE cut right off the top based on loan amount and not revenue.

Example:

Your Commission Rate 22.00% *Inside sales commission structure
Loan Amount $500, 000.00
Revenue (Markup) $2625.00 * 0.725% markup = $3625, but they take $1000 off your revenue for "processing" and they list the rest as revenue for you on your pipeline report.

Commissions
Gross Loan Markup $2624.00
- Loan Loss Reserve (30 basis points) 1, 500.00
Field Commissions $1124.00
x Commission Rate 22%
Paid to Originator $247.28Commission Statement Details
Revenue Listed * $1124.00
Commission Listed $247.28

Your actual commission is: 6.8% NOT 22% (3624.00/500, 000 = 6.8%)

It gets worse: This loan was hedged... when Amerisave sold it, it was sold to a different investor who paid higher than original pre-lock investor, and the actual revenue was 2.534250% which works out to $12, 671 in ACTUAL REVENUE that Amerisave made on this loan, but only paid me on the pre-locked pricing.When questioned on this, they said they pay employee's on pre-locked pricing... not ACTUAL revenue received on the loan. So my actual pay on this was: 1.952% (247.28 / 12, 671 = 1.952%)!!!

They are all about PROFITS FOR UPPER MANAGEMENT, push the sales people HARD constantly for sales, sales, sales and pay them squat! You don't even get any benefits other than they pay your w2 FICA tax. Forget about insurance or anything else if you are not in their corporate office in Atlanta.

These people will bleed you dry and you never will get anything except a smaller savings account. The first thing they ask for is a credit card # for a check. OK understandable. An Appraiser will call you within a few days, if not hours, and you will pay $375. Next comes the hassle of submitting everything except the results of your colonoscopy.

Even with a credit score of ~800 they will send your bank at least 3 Verification of Mortgage requests. In my case one for November, December, and January. Loan never closed and I am getting ready for legal action.

Amerisave Mortgage practices the worst form of Bait and Switch. They advertise low rates. Draw you in with an online application process and then get you to front money for credit report and appraisal fees. after that they jerk you around and try to get you to pay a much higher rate. If you refuse, then they say oh we cannot approve the loan we told you that were were pre-approved for.

Their scam is that they take in lots of applications on the promise of low rates, but then if rates in the general mortgage market don't drop, they cannot deliver on the commitments they made and then all of a sudden the sure thing, "you are approved" loan vanishes.

Their employees must spend half their days writing reviews online to support their business and counter all the real reviews from those they ripped off.

Trust me on this Amerisave Mortgage is a BAD company that you need to steer clear of.

We are going through the same thing. I was interested with the interest rates, quick closings, and all of the daily commentsx posted on thier web site. My husband was "pre-approved". We paid for the loan application, appraisal, inspection, and the credit reporting services, CredCo. We were told by Amerisave CredCo was unable to get a credit score from my husband. He is 30 something and has never owned a house, and has no debt.

Amerisave told him that he must file an Anthem credit report with CredCo. This took two weeks. Meanwhile we has to move out of the condo we were renting. We got pre-close possession on the house because the loan officer told our realtor that we would close in 10 days.

The Anthem report was faxed to Amerisave. The loan officer told us his boss wont accept Anthem in paper form. CredCo told us it was Amerisaves policy to accept only paper Anthem reports. By law CredCo could not send electonically. Why couldn't someone at Amerisave just SCAN IT???

After three days dealing with customer service, we were told they are UNABLE to fund the loan. We are being refunded for the inspection and are using another mortgage company that Credco suggested.

Unhappy with Amerisave in Warsaw, IN

In January of 2008 we spoke with a Amerisave loan officer about refinancing our home. I had checked with other banks and they said they could close the loan with closing costs under $4, 000. So when I spoke with my loan officer Kami Bair, she said that she could do that for me, no problem. Well what she had me sign said alot higher on closing costs, but she just kept reasureing me that the numbers were high, but when everything is said and done, with credits, we would be where she said we would close at the 4, 000 mark. The loan closed with over $9, 000 in closing costs and Amerisaves famous surefees reached over $7, 000 of this amount. No credits were ever applied My loan was for only 121, 000 and our home appraised for 170, 00 and our credit score is 820 so why they think they need to rob the public for their services is beyond me because if it wasn't for me bugging them constantly with emails and phone calls, I don't know that we ever would've closed. My loan with Amerisave cost me over $5, 000 more then anywhere else would have charged. And I just want to know why!!??? is this company still in business, they are rip off artists who hide behind their loan officers or the other way around. No one with Amerisave and Amerisave themselves should be trusted with peoples money. I hope that someone can read this before they make the HUGE mistake of doing a loan with Amerisave or Kami Bair.