American Equity Mortgage reviews and complaints

I've had a bad experience also. I applied for the loan, was told I was approved. Had the appraisal done and paid for. Then I was told that the loan couldn't go through because too many of the properties where I live are rentals. It is a 55+ development where over 53% of us own our home and the land it sits on. I was working with Jefery Dacus - Mortgage Consultant and Steve Murray - the Processor. They made promises to call me on a Tuesday to let me know about the loan. I received no call. I called and called and called. Got no return calls from either one of them. Finally I called and spoke to Keith Berry - he told he was their manager. He explained the situation as to why the loan wasn't going through. I explained to him that I told both Jeff and Steve the situation at our development so they were well aware of how we are setup and that I shouldn't have gone ahead with the appraisal because they should have known the loan wasn't going to be approved (although I was approved). I asked to be reimbursed the $545.00 for the appraisal. This was on August 28, 2017. He told me he would send out a check. I called again on Sept 1, 2017 to see if the refund had been processed. I was told it had been. Never received it. Called and Oct 23, 2017 spoke to Keith Berry again, said check was going out either that day or the next express mail that I should have it by Friday. I called again on Tuesday, OCt 31 to let him know I hadn't received it. He said he would get the tracking number and call me back. It's been an hour and I haven't heard a thing. I'm starting to believe what the others have said - they are SCAMMERS. Don't use them for any reason. There are plenty of reputable lenders out there.

This is a summary of the worse company that I have ever had in the mortgage industry. Based on a recommendation from a friend, I applied for a position at American Equity Mortgage. He did give me a word of caution to watch out for a few things. The atmosphere at this company was a little strange although the people there were nice enough. I realize later what was wrong after the first meeting why the people there were so intimidated. They were afraid to get caught talking to each other because this manager has been known to intimidate or use profanity or whatever else.
Our first meeting, he practically without raising his voice belittled everyone there because they were not like No. 1. No. 1 is the top producer and he really feed them the best leads. All the meetings are about why you can’t be like No. 1. He gives examples of what the loan officer did wrong by passing out a credit report with no loan officer name on it but that loan officer is sitting there in the meeting. He criticizes how that loan officer should have called the client one more time. When No. 1 called the client the 21st time they got the credit pull. In other words, the client allowed their credit report to be pulled in hopes of doing a loan. These meetings were pathetic. It is all about numbers and not building any relationships with their clients.
I was given about 30 to 40 leads and I am thinking yes, let’s rock and roll. When I looked at these leads they were from other loan officers. They have called these clients at least 10 to 15 times over the past couple of weeks. Multiply that by 5 or so other companies calling this one lead and you must keep calling until he feels that it is dead or you speak with someone. He kept sending more of these and occasionally I would get one or two new leads each day.
I am seeing the reports each day of loan officers pulling credit reports and the goal is to pull 2 a day and 10 for the week with putting at least 2 loans in the pipe or processing. No one seems to really hit this goal but his blessed No. 1. I was able to find out how to pull credit reports from other loan officers. They would literally sit with their fingers on the button on the phone system. When the calls come in, you have to be fast to get the call because this is a potential client. That was the secret to getting the credit pulls, all about numbers. In addition, you need to watch how you are getting PAID. The worse job I have ever worked. I will not recommend this place to anyone. Sad thing about this is that the company is aware of what is going on but as long as the numbers or credit reports are being pulled. They are okay with this.

American Equity Mortgage is an absolute scam! I regretfully ask a friend about them and was told they were a great company another of their friends had recent used! Shame on me I know better my first gut instinct was NO NO NO red flag in less than 10 minutes the seemingly polished loan officer was asking me for my credit card number at which I told him I wasn't comfortable giving my card for an appraisal fee approx. 450.00. Of course he said he understood but all my information credit extra was good and if we hurried and requested a appraisal schedule we may get everything wrapped up by end of month 2 to 3 weeks. I still wanted to talk to someone that I knew had refi fed several homes for lower rates. Asking if common practice to get appraisal fee upfront. Weil another lesson learned sometimes people will answer to appear to know but really don't again I should have checked further time so little of it can cost you money, self respect and lost sleep mixed all in with regrets ! Follow you gut get good advice I wanted to reconvene to lose my interest rate from 8% to 4.75 not wanting cash and lower my payment and costing much less interest. The loan guy super attentive appraiser showed up spent approx 8 minutes said 3 to 4 times really having a hard time finding comparable s. wow after providing numerous tax doc personal and business etc... The day after appraiser left I got a voice mail which basically said my house didn't appraise for the 73000 dollars I owed orin cost 110000. Customized additions tin ceilings every room ceilings customized etc.. 2 car wood shop garage you could live in if needed to boat house behind the work shop attached. Great yard fenced in a beautiful neighbor hood beside a chartered school across from an immaculate park. But the picture I was sent of my home was so hideous I almost hyperventilated. I thought ok it has incorrect data as to crawl space not sure of exact value difference so I called the loan guy left a message waited waited no cal so I sent an email noting my concerns sent pics from my iPhone to show the crawl space and other areas of the home. The pic the appraiser took and sent was so hideous I couldn't believe a spot at the front corner of the home that I had sod planted grass I short a problem that professional. Or so called couldn't get grass to grow either but the area is about 6 ft by maybe 10 feet appeared in the appraisers pic to be my entire front lawn are their classes that teach this seriously. I knew the minute I saw it even before reading the 25 page appraisal I was ...well you know we'll see I'm gong to appeal the appraisal. I was told two addresses close by we're how the market value is established I really was stunned lived in this town a long time the two properties were rental houses for a very long time maintained as needed maybe? Unbelievable. I won't stop until I have learned every angle I can every resource and I really am curious to know since I only wanted to defiance what was owed 73000 yet as I explained that I would find comparable s that actually are then I would need the house to be at least 73000. Oh no because at this time the loan officer stated no that won't work because I based it on what you stated the value at 100000. Which was not the case initially he had ask and I told him what the loan (original ) was buy in view of market I didn't really know. So it's quite no call from loan guy but I will be making many call immediately . So do lots of research don't trust anyone until they show you what they are really about and rookies beware get wise and get even by exposing the thieves and helping someone else!

I live in Oklahoma and we have had the worst experience with American Equity Mortgage. We were told two months ago that we were ready to close on our refinance and every week since we have been given some BS line of they need something else! I am at my wits end. We had plans for our equity that we were getting back and now its been a living nightmare. I am seeking legal advice as we speak because I think this is wrong, people shouldn't be let on and told things and then as they are walking out the door to close get a call saying "it can't happen until we get XXX" this has happened twice now. I could see if we were behind, late or about to file bankruptcy but nothing of the sort here...I would not recommend this company to the devil! They are pathetic!

American Equity Mortgage in Franklin, TN is horrible. Worked with them for two weeks and was told that he was going to email me some documents to look over and sign to return. It is now a month and a half later and I have not heard a word from them. At first I made numerous calls and sent emails and have not received a reply. I even verified if the per son was still employed and he is. I would not reccomend them to anyone. Beyond poor customer service. Funny thing is I am closing on a home on Thursday and it has only been three weeks since I have been with my current mortgage company.

Every company has bad seeds and unfortunately your experience was not the normal way they do business. As a customer they handled everything completely legal and ethical for my wife and i. I also have a close friend that works for the company in a different state and they told me all of the laws and rules they have to make sure they are accurate and go by the laws when they work with customers and how they are trained alot on all of the rule changes. when i spoke to other lenders american equity was one of the only companies that didnt lie to me.

These people tell you one thing and the do another. I got denied on a refinance loan after I told them my house is on a concrete foundation with a 4 foot crawl space. The underwriters said that was not a problem and they only thing stopping the loan would be for termites. Low and behold, I got denied because my house was on a concrete foundation with a 4 foot crawl space and said in needed to have a basement. What a joke this company is

unbeLIEVable! i had the same experience with brandon porchea today! he said one thing & did another, then would not take my calls! i am outraged that this company continues to conduct "business". PUBLIC BEWARE!

I was going to refinance my property with American Equity Mortgage in Sandy, Utah. I choose to take my business elsewhere because the company on a whole is unethical and lacks integrity.

The several times that I went to the office to meet with my Loan Officer I'd hear other employees saying things about my Loan Officer and felt they were sabotaging the Loan Officer I was working with to elevate themselves with the Branch Manager.

One time I went to the office and there was nobody at the front desk but I could hear voices down the hall. It was obvious they were in a meeting and I heard one man speaking about the progress of the branch and he included profanities such as the F word, said G-d da--it and Jes-s Chr-st among other things. He also said horrible things about his wife. I was literally astonished. Yes I shouldn't have eavesdropped but who wouldn't have?
Along this same line I heard one Loan Officer mention how he was making 15k off of a client by giving her a 6% interest rate when she qualified for 4.75% but he wanted to make "bank."
I quietly slipped out of the office and the building and I was mortified by what I heard the entire drive back to my home.

The company's motto is Integrity, Customer Service and Intensity. The only thing I experienced was the intensity of their outrageous dishonesty, unprofessionalism, and greed.

After the face, I hear that the CEO of this company, is a woman, who buys Jets and Bodyguards. Perhaps this is why I was charged 4% on my loan and it took an honest Loan Officer to point out I'd have paid this had I closed my loan with this company.

One last thing, they asked me for my credit card number etc to be able to order an appraisal and I hadn't even been given a TIL or GFE yet. I was told I needed to get the rate locked right away and this was the only way to do this. Later I found out that this is against the law and this event happened in October of 2009.

Stay away and do your business with a reputable company!

I refinanced with their MA office at 5% with no points and $3700 in closing costs. It was a smooth process.

Denise