Americash Reviews

I am still trying fix my refinance that closed 6/16. Americash did a bait and switch at the last minute, dropping half of the requested escrow account by removing homeowners insurance without notifying me in between the final GFE and closing, and not collecting all funds required, so that my payment amount and closing costs appeared smaller. Clark Kirby used high-pressure tactics to push me into closing, and it wasn?t until afterward I became aware that he had removed my insurance from escrow without notifying me. I was in my cancellation window, but he assured me it would be easy to add back in, or he would handle it for me. I wrote a letter and spent and many hours on the phone to straighten it out. Initially, the servicer, GMAC, agreed to add my insurance in, but wanted an extra $993 to do so. GMAC wants a two-month payment cushion in my escrow account that Americash neglected to account for in closing. Americash?s oversight raises my monthly payments $43 a month from what was represented by Americash in GFEs and closing documents, and is $43 higher than my initial mortgage payment and leaves me without insurance included in escrow. It appears that Americash made a mistake and that GMAC didn?t initially realize it, and didn?t account for their mandatory ?cushion? until they closely analyzed my escrow account after I requested insurance included in escrow as initially requested to Americash. Despite numerous e-mails to the president, Chad Church, for help straightening my refinance out, I still have not received help.

My wife and I were in the middle of a refinance with another company when we decided to go with Americash. I had sent the loan consultant our terms for refinance by email before moving forward. He then sent us a Good Faith Estimate based on these terms. We were taking cash out so that we could pay off our auto loan. According to the GFE we were to receive about $8659. When we received the HUD this number had changed to $2788. Apparently the representative forgot to enter both the Cash out option and Waive Escrow option that were part of the terms that I had emailed beforehand. This increased our points paid. We requested that they make up the difference as it was their error but they declined. After we told the rep. that we would not be signing, we were contacted by his supervisor. The supervisor then waived some fees and moved things around so that we would have cash back of $5476. This is still a difference of $3183. In their defense, the supervisor did offer to pay us back for the appraisal but because we had given them the appraisal that we requested from the previous company, they could not even live up to this. Because the rates have dropped in the past few weeks were are now going with another company at a higher rate. My wife and I would suggest looking elsewhere for your mortgage needs. This company cost us our appraisal ($350) as well as the $64 a month that we are losing in monthly payment with the higher interest rate. That alone adds up to $23,040 over 360 months. Do yourselves a favor and avoid this company.

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!!"

This website is junk. Cannot navigate through it at all. I'm amazed they give out loans.

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!!"

Used Lending Tree and Americash made the best offer in the initial percentage rate. They were quick to get me committed, and quoted me an approximate amount of "no more than $1,200 for the total closing costs. After I sent all the requested information, I was contacted and informed that a drive by appraisal was needed, and requested my credit card number. Then I was called, and advised that an "In house" appraisal was required. Appraiser never came by even though I took the day off work to be there. Was billed $375.00. Finally, when the paperwork came for me to sign, the Amount I had requested for the loan had been diminished by $5,000, and the interest rate had jumped from the initial quoted of 6.4% to over 10%. The payments jumped over $200 per month from the quoted payment, and they were for 25 years not 20 as I had requested, and was quoted over the phone. Finally, they had attached a balloon payment of over $48,000 on an original loan of just $55,000. So, I would be paying for 25 years, over $700. per month, and only pay off $7,000 in the principal. I refused to sign the papers, and will have to pay the appraisal I did not get.