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Author: Dwdonhoff Big gold star, 5000 posts Top Favorite Fools Old School Fool Add to my Favorite Fools Ignore this person (you won't see their posts anymore) Number: of 127472  
Subject: Re: Amerisave SUCKS Date: 6/4/2013 11:39 AM
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Hi Wasmick,

I don't think this is right. Last time I was on their site they seem to have both wholesale and correspondent channels.
Actually, you are correct... mea culpa.... had to go check my lender communication archives.

They were soliciting me for deal flow a while ago, and I waved them off because;
1) they required a file to be locked *before* they would put it in queue for underwriting, however,
2) they offered no turntime guarantees, and
3) lock extension or re-lock fees were fairly heavy.

They penalized the borrower (with heavy re-lock or extension fees) if there were delays at no fault of the borrower... and they forced the borrower to take worst-case rate pricing (by locking rather than floating) if the markets were trending in the borrower's favor during the underwriting process.

It made no sense... especially since a lock is a one-way commitment against them, at their expense.

Their wholesale rates were among the best... but their process terms by far the worst. There was no significant upside, and tons of downside.

Dave Donhoff
Leverage Planner
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