I’ve been saying this for years… Stay as far away from big internet mortgage lenders as possible, and always go with a local company.
Here is a bit of proof… and interestingly, this is a company The Mortgage Professor claims on his site to be highly regarded “Certified Network Lenders ” Hmmmm…. Honest assesment, or paid reference?
The Consumer Financial Protection Bureau (CFPB) says it has taken action against Amerisave Mortgage Corp.; its affiliate, Novo Appraisal Management Co.; and the owner of both companies, Patrick Markert, for engaging in a deceptive bait-and-switch mortgage lending fraud.
The bureau found that Amerisave lured consumers by advertising misleading interest rates, locked them in with costly upfront fees, failed to honor its advertised rates, and then illegally overcharged them for affiliated “third-party” services.