AmTrust Bank Reviews

Closing on my home was next to impossible due to having an incompitent broker who continuously forgot paperwork needed to complete closing. The closing date was pushed a week past due to them constantly "forgetting" to tell us what they needed. This was 7 months ago... now my mortgage was sold, in the midst of tax season (I had my taxes escrowed and paid up to $2000 in taxes). I received a call mid december from my tax collector saying they have not received anything. Amtrust says, oh, this is simple, they did not set up an electronic tranmission at time of escrow, we wil have a work order sent out and it'll be done within a week! Sounds good...if only they meant what they said! I recieved another call from my tax collector, she has not heard anything. Amtrust says they they are 3 weeks behind and don't know what happened and will escalate the work order. After several other calls within the past week I got the run around from every representative and am unable to speak with any manager or supervisor. Finally I am told my mortgage was released to the new company (best thing that could happen to get my money out of the possession of these idiots-however now my money is untouchable untill the account is set up). Moral of the story, because of AmTrust, I will need to pay penalties for my taxes being late, in ADDITION to paying the $2000 in taxes a second time over and waiting for reimbursement later...just so I don't go into tax collection!!

Cannot make principal only payments, every extra payment I have sent them (both online and by snail mail, both indicating P only payments) has been applied as a P I payment. This has pushed my automated P I payment out 6 months in the future, not what I wanted to do. It is very annoying that you cannot seem to make simple principal only payments to them, like every other loan I have ever taken out elsewhere whether it be car, personal, etc...

The customer service has been horrible, and I had a guy today tell me that prepaying principal would not reduce my interest paid on the loan because it was already amortized and the interest paid would be the same no matter what, the prepay would only apply to the final payments. I told him he was incorrect in his understanding of compound interest and amortization, and he said "no your interest is already figured out for the life of the loan". So either he's an idiot, or they have indeed build in a sneaky prepayment penalty.

I will not use them for any future mortgages or lines of credit.

Amtrust was late getting me registered in their system so my first month payment had to go to my broker (no late fee or penalty there). Then they didn't have me in the online system to make my (second) first payment, and therefor charged me like $12 to make it on the phone, and refused to waive the fee.

To top it off, now that I'm setup for their autopay, they will no longer allow any online payments for additional principal. So while there is no prepayment penalty, they either charge you to make it on the phone or force you to mail it in. Basically they just make it harder for you to prepay principal, because they want your money.

The customer service has been horrible, and I had a guy today tell me that prepaying principal would not reduce my interest paid on the loan because it was already amortized and the interest paid would be the same no matter what, the prepay would only apply to the final payments. I told him he was incorrect in his understanding of compound interest and amortization, and he said "no your interest is already figured out for the life of the loan". So either he's an idiot, or they have indeed build in a sneaky prepayment penalty.

I will not use them for any future mortgages or lines of credit.

I refinanced through my Mortgage broker and had my loan sold to Amtrust. I will only deal with banks that have online banking as it is so much more convenient, and I was reassured I could make payments online for no charge.

Amtrust was late getting me registered in their system so my first month payment had to go to my broker (no late fee or penalty there). Then they didn't have me in the online system to make my (second) first payment, and therefor charged me like $12 to make it on the phone, and refused to waive the fee.

To top it off, now that I'm setup for their autopay, they will no longer allow any online payments for additional principal. So while there is no prepayment penalty, they either charge you to make it on the phone or force you to mail it in. Basically they just make it harder for you to prepay principal, because they want your money.

The customer service has been horrible, and I had a guy today tell me that prepaying principal would not reduce my interest paid on the loan because it was already amortized and the interest paid would be the same no matter what, the prepay would only apply to the final payments. I told him he was incorrect in his understanding of compound interest and amortization, and he said "no your interest is already figured out for the life of the loan". So either he's an idiot, or they have indeed build in a sneaky prepayment penalty.

I will not use them for any future mortgages or lines of credit.

My husband had a heart attack during a brief period where we didn't have health insurance. Ran into trouble making the mortgage, and called them to ask for help. The horrible rude lady on the phone (Tina Davis) told me to go check with the county for health care options and that was considered an "unnecessary" expense. She also told me to get rid of our dogs as that was another "unnecessary" expense. Then I could afford my mortgage, so I didn't need help.

Amtrust has been in my corner since day one, helping with all my major financial decisions. They got me the loan that fit my budget and monitored the percentage rates, advising me when it was in my best interest to refinance. I am glad that I found them and as long as they are around, they are who I'll rely on.

Amtrust is an impeccable Mortgage Company. My family has had the opportunity to use their services twice. We recommend them highly to anyone seeking the perfect company. Not only were they professional, but they treated us with respect.

Those are difficult qualities to find in a lender. I have been shopping around for a lender to help me purchase my next home, and my business will be going to Brandon Smith, the director of Amtrust Mortgage Advantage Group. He lives up to my expectations and then some.

We had a very positive experience with Amtrust when we refinanced. I've refinanced about 4 times in my life, and this was the best. I'll only go through this company while I live in Atlanta.