Americash

I recently spoke with a sales person at Americash and had a very good experience… not the usual pressure sales you get from a mortgage broker. Ultimately, I didn’t do a deal with them because I have to put off my home purchase for a while, but I will get back with them when I’m ready to make a move. I would recommend Amercash to anyone looking for a home loan.

Ray Saagar and Nicole Tomei are loan officer recruiters for Americash. To me this company is a joke. While they claim the the average loan officer at Americash makes over $ 117,000 annually I yet to see anyone in the entire building and office who owns a pair of shoes that were most likely bought at Payless. Working for them is like a pyramid scheme. The broker needs worker bees to make money and that is what loan officers are worker bees. Working here does not require a bachelors degree so to me that is scary when they apparently work with so much money. There are many more other mortgage companies that handle themselves professionally and who’s goal is to hire experienced an educated people.

Thank you !

I just closed my 3^rd loan with Americash Mortgage, and by far this was the most important loan I got. I was originally referred to Americash Mortgage through a friend, since I didn’t trust mortgage brokers or lenders (can you blame me?). I got my house refinanced twice through Americash, and everthing went well and loans funded on time. We were in the market for a new house, and I decided to use Americash again. The scary part is for a purchase, you really need a lender than can close on time or your escrow could be in danger. I love that everything is electronic. If you need to constantly meet with someone, this isn’t for you. But if you have all your paperwork ready and in electronic format, you’re in good shape. We were able to get our loan approved and funded in 30 days…30 DAYS!!! Yes, that’s super fast for any loan, let alone a jumbo loan for a home purchase.
I guess when it comes to certain things, I rather go with reliability than price.

I agree with all the people who were played by this company. RUN and do NOT even attempt to do business with them. They are incompetent and will turn and around and try to put the blame on you, when, hey, IT’S their job to know how to do a loan! They do NOT! Do not say you haven’t been warned!

Not sure what experience others had. I used Americash for a refi and it was very smooth. They quoted the rates and fees, which were a mirror image as to what their rates were at their web site,
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They were polite, professional, well organized, and everything was delivered when they said it would be. I have since referred three friends to Americash, all of them are very happy.
The only negative thing I have to say regarding our experience with Americash is that the notary, whom is employed as a subcontractor by Americash, was 20 minutes late for our scheduled appointment. The notary didn’t spend a great deal of time explaining what each document.
At the end of the day, I will call Americash first if we consider refinancing again. I suggest they tighten up their vendor approval process and work with notaries that can show up on time.

I tried working with Americash for a loan on a condo. They asked me to pay $ 595 to process the loan and use the funds for the appraisal fee. After they did the appraisal, they told me the HOA for the condo does not meet the standards and they cannot give me a loan. I asked for help and they tried, but I got NOTHING in return. Clearly they should have checked on the HOA BEFORE they start the loan. Also the rep I worked with is horrible with follow-​up. I had to practically beg him to call me back. I WOULD NOT use them for another loan.

My experience with Americash was great. Phil Simon was my initial contact and he gave me confidence from the start that they would work with me. I’m retired and have excellent credit and my assets are substantial. But my income stream is all from investments and savings. I basically take withdraw what I need when I need it. Phil said that would not be a problem, and he was right. We closed my refinance in 30 days. Phil and my second contact, Tricia Dodge, were communicative, easy to deal with and very personable on the phone. Basically, I can’t think of one thing they could have done better. Sure, they ask for a lot of information. What do you expect these days? But I was prepared and sent them electronic versions of everything. It was easy. At the last minute, when I mentioned in passing to Tricia Dodge that the location for closing was 19 miles away and it would be nice if we could do it at a place closer to home, she contacted the title company and they moved it to a place a couple of miles away. What more can you ask for? I would recommend Americash to anyone.

My husband and I just got done signing escrow paperwork with this business and I have to be honest if it wasn’t for the 2.75% rate no closing costs on a 7year loan we would have never have delt with this business. Terrible service from Matt Petterson Loan officer. Have any of you consumers heard of this line? «This rate is only good until 7:00 tonight» What a joke my husband missed our daughters open house because Matt said he could not just accept a good faith estimate signing he needed to have W-2’s, check stubs, statements etc… then he did not even stay in the office to confirm that he received the paperwork. Seriously a joke, there was not rush.
When I called the next day to talk to the boss Bryce he stood behind his employees actions it does not matter how much experience they have in this case, it was very clear that these two persons are all about security in theri job because they have worked their a long time no matter how unprofessional they are. Oh did I mention that the loan officer told me that the appraiser would contact me within two days, try more like six days and that was only because I followed up on why they hadn’t called. The new Escrow company they used had all our paperwork mispelled on the street name and instead of just signing our signatures I had to fill out escrow/Americash’s underwriting paperwork because they did not fill it out what it the point of paying for these services if you are doing the work. I have a ton of more things to complain about. We had all our paperwork together because we had refinanced befor so we knew what to expect.
Even then they were still so unprofessional and disorganized.
To bad the owner does not care enough to pay attention.
So Cal Mom

So this is my view of Americash refinance — The big shots in the company hire a bunch of peons to make sure to get ALL NECESSARY PAPER WORK so they can resell your loan to another company for top dollar.
By all necessary paperwork, they hound you for everything… I’m surprised they didn’t try to get a DNA sample. Statements for every single loan, W-2’s, information about every past address you lived at for the past 8 years, work history for the past 8 years, deeds, divorce papers. Then when you give them the information, they can barely comprehend what they are getting. For instance, when we submitted my husband’s W-​2 for the prior year, they were confused and thought it was my W-​2. They asked for certain documents multiple times.
Then they nitpicked every detail. They only wanted to count my base salary for the mortgage, not including any overtime, bonuses, stock options, etc. They didn’t even look at my prior taxes and paystubs to calculate the average salary I had received in past years. Even though I had received a bonus and overtime EVERY SINGLE YEAR, they had to use «base salary only.» Ridiculous… When the appraiser updated his appraisal of our home to include our ½ bath (which he had forgotten the first time he created the appraisal), they panicked. They asked us for the building permit for our ½ bath. Our response was that it had been there since we moved in so no we don’t have a building permit. They said, «sorry we can include that as part of the appraisal and used the first version of the appraisal». They also complained since I had 1 year 11 months and 15 days of work experience at my current job, that it was not 2 years…“We need 2 years consecutive work experience.” At one point I mentioned that I was living in New York, but was working in New Jersey. They freaked out and said «You never told us you lived in New Jersey. Are you sure you never lived there?». I had to explain that no, I never lived in New Jersey. I lived in New York, but I worked in New Jersey… I know… it’s difficult to comprehend. And now you see what I mean by peons… people who may not really know what they are doing.
Now here’s the bright side-​It all worked out. We closed on time. We ended up with a GREAT fixed interest rate loan. They ended up selling our loan to another company after 1 month (and probably making a bundle of money after getting all that documentation). The question is– was this great outcome worth all the hassle of dealing with the people there? All I can say is I definitely had a more positive/​professional experience with other mortgage companies. I have been treated a lot better elsewhere.

I worked with James Lowell.
When shopping around for quotes, every company I talked to was offering 3.875% or above. James quoted me 3.75% and I jumped on it. After submitting everything required for the application (no small task), he informed me that he made a mistake and the rate was actually 3.875%. Since I didn’t want to re-​do the work with another company to get the same rate, I just accepted the 3.875% with Americash.
The rate-​lock they provide expires after 30 days. Because of this, at the beginning of the process, James advised that we move the settlement date up four days to keep the rate.
Everything appeared to be going well afterwards. The appraisal was performed in a timely manner and underwriting was asking for all my paperwork (tax-​returns, pay-​stubs, etc). I submitted all the paperwork in a timely manner but it appeared as though they weren’t doing anything with it.
With about a week left before closing, I called James to express my concern with the lack of underwriting’s progress. He said he would talk with underwriting to make sure they were ready for the day of settlement.
About two days afterwards, I called the underwriter to check on the progress and she was still sitting on it; her reason was that nobody told her the closing date was moved forward. I immediately called James, and he was very defensive and cavalier, asking «What difference does it make if we aren’t ready in time for your closing date? How does it impact you if we have to delay everything?».
The next day, he called in a much more humble tone and said they were working hard to progress everything but would miss the closing-​date by a day.
We pushed back from first-​thing-​Monday to last-​thing-​Tuesday. They sent the information for the HUD form on Saturday and it was all wrong (Tax rates, interest rates, reserve requirements, EVERYTHING). It took several iterations throughout the day on Tuesday to get everything correct. My required closing costs in each iteration swung wildly from $ 8k to $ 11k to $ 6k (I remind you that this was going on during the day-of-settlement)and I didn’t get the final number until about an hour before settlement. Because of this, I had to get the cashier’s check made on the way to settlement (thank god the bank was open at that time).
The bank faxed the final forms to the settlement-​site, and after seeing how many mistakes were on the HUD, I kept an eye out for more errors, which, of course, there were (one form had my monthly payment being $ 400 more than it should have been). We had to call Americash from the settlement table and wait for them to fax over the corrected forms.
All-​in-​all, I got the rate I was promised (sort of) and they were only a day late; however, I had to pull my hair out throughout the last week or two of the process. If you chose to use these guys, you need to keep a close eye on their progress and be prepared to correct tons of mistakes on their paperwork. Very, very sloppy.

Let me just say that they did deliver the rate, fee and term that was quoted, but other than that it has been a real hassle dealing with them, they take an extraordinary amount of time to process the loan and do not seem in an rush to speed up or to return phone calls in a timely manner. I had to spend hours upon hours just to get them to move the loan thru their departments and even more time calling and email the loan agents managers, managers to get a response.
As an example my brother started his loan with another company three weeks after I did and was funded two weeks before we were. The loan agent rarely returns phone calls or emails unless you leave a message for his boss, or even his bosses boss. They changed the mortgagee on my homeowners insurance five weeks before they funded the loan and thus my current mortgage company would not pay the bill out of our escrow account since they were not the mortgage payee on the policy. If you have all of the time and patients in the world then I might suggest using them, otherwise find someone else.

I just refinanced with Americash and it was smooth with no problems. 35 days from the frist phone call till closing.

I would strongly advise to not do business with Americash. They have caused me nothing but stress in four months dealing with them, and I’m still attempting to undo the mistakes in accounting they made with my refinance resulting in higher payments than quoted: more than $ 500 – due to Americash’s accounting error for a two-​month payment cushion in my escrow account. If I can save one person from going through the ordeal that I have, I hope I can.
Their business practices are very questionable, including a bait and switch at the last minute – dropping half of the requested escrow account by removing property 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. They have admitted to making mistakes in the process, which I will end up paying for in increased monthly payments – $ 43 a month from what was represented by Americash in GFEs and closing documents, and my initial mortgage payment.
Despite the loan processor promising it would be easy to fix his negligence, and that he would help me straighten it out if I experienced difficulty, it was up to me to write letters and spend countless hours on the phone to straighten my escrow account out with the servicer, which I still have not been able to do. I have received no help. More than two months after closing, I am still trying to fix my escrow account.
Throughout the process, I found everyone I’ve dealt with at Americash form the loan processor to the funding manager to the president unprofessional and oftentimes rude. The president finally admitted their mistake after weeks of contacting them and trying to initiate a dialogue, but they refuse to correct it or even apologize. I would strongly recommend staying away from this company for your refinance, and finding a more reputable company.