Amerisave Third Party Orgination


Ed Abufaris Named President of AmeriSave Mortgage

Amerisave Mortgage Corporation announces that Ed Abufaris has been named as President. As the mortgage industry and the company continue to evolve, Amerisave is fortunate to have such a knowledgeable, experienced and capable leader.

Ed joined Amerisave in January 2011 as Executive Vice President of Wholesale and Correspondent Lending and is credited with the continued success of the TPO channel. In 2012 he was promoted to Executive Vice President of Sales, leading both the TPO and Retail sales teams. Ed has also been a member of the Amerisave Senior Leadership team since joining the company.

A 35-year veteran of the industry, Ed came to Amerisave from CitiMortgage where he was a Managing Director. Ed has extensive experience in capital markets, wholesale and correspondent lending as well as retail lending.


Big Changes in Government Lending Overlays


  • 600 credit score allowed for Purchase, Rate/Term, Cash-Out with Approve/Eligible findings and also for FHA Streamline.
  • VOR no longer required for borrowers who have been renting (unless required by AUS findings)
    •  AUS findings must be based on $0 for current housing expense if housing is not verified **


  • IRRRLs now available for TPO!!!  Conventional appraisal IS NOT required.  Property must receive a GeoCore AVM pass with an FSD score of 20 or less (Amerisave will obtain)
  • 600 credit score allowed for Purchase of Cash-Out with  Approve/Eligible findings and also for IRRRLs
  • VOR no longer required for borrowers who have been renting (unless required by AUS findings)
    •  AUS findings must be based on $0 for current housing expense if housing is not verified **
  • Increased LTV: VA cash out capped at 90%.  However, if we are doing a loan to payoff only liens on the property and no more than $500 cash in hand, then LTV allowed up to 100% including the funding fee.


  • 600 credit score
  • VOR no longer required for borrowers who have been renting (unless required by GUS)
    • GUS approval must be based on $0 for current housing expense if housing is not verified **
  • Collections must be paid off if a manual underwrite (unless credit waiver by USDA), otherwise follow GUS findings

** If an exception is required on the loan, then housing will most likely need to be verified


Promotions to Assistant Vice President

It is with great pleasure and with much honor that we announce Diane Carmignani and Azeem Malik have been promoted to Assistant Vice President of Amerisave. 

Diane Carmignani, AVP of Operations, is the liaison between our Account Executives and their clients. She provides approvals, sets communications standards and makes the tough decisions that put AmeriSave at the forefront of the wholesale lending business.  Diane also manages our award winning team of Client Account Managers (CAMs).  For more information on the CAMs, click here.



East Region Annual Meeting

Held from November 12-15th in beautiful Savannah, Georgia at the Westin Savannah Harbor.  All AE’s from New England to Florida attended along with AmeriSave's Executive Vice President, the National Sales VP, the East Regional Sales Manager representatives from the CAM’s, Business Development, Underwriting and Marketing.

Central Region Annual Meeting

AmeriSave’s Central Region Account Executives held their regional meeting at Riverbend Country Club in Sugar Land, Texas.  The three day meeting accommodated an idea exchange as well as providing updates on recent regulations and changes in process.  The group was treated to a trip to Regional VP, Fred Freeman’s house as well being provided with some great TexMex food!

Blind Squirrel Award

Hi fans of the visually challenged rodent!  It is a great honor for us to announce that the August recipient of the Blind Squirrel Award is Angelo Zakis.  Angelo had 74 funded loans!!  He told us it was only a matter of time and he was correct. Congratulations Angelo!

Turn Times

The mortgage industry continues to experience historically low interest rates resulting in higher than anticipated volume.   As a result, the Mortgage Bankers Association recently increased their forecast of origination volume for 2012. You have probably experienced that the processing and underwriting of each mortgage loan requires a high degree of detail in order to be assured a high quality manufacturing process.

The impact of just these two areas (higher than anticipated volume and quality manufacturing process) has taxed the industry as well as AmeriSave. There have just not been enough qualified personnel to handle the increased levels of volume.

The AmeriSave Wholesale/Correspondent Team takes its responsibility seriously and is working relentlessly to improve its customer service levels. Please see below a list of improvements the company has instituted in order to improve its performance:

•     Continuous training and adding to our underwriting staff in order to increase our capacity.

•     Adding experienced underwriting resources to our Live Help Desk in order to provide you with  more immediate responses to your underwriting questions

•     Improving the pricing structure and functionality of our rate sheet allowing you to price more accurately

•     Producing a revised and improved lending guide which will provide you with information around policies and procedures

•     A new team that provides a pre-underwriting review of your files are not slowed down by packaging deficiencies and oversight

•     Prioritizing your “purchase” transactions

•     Changing our process to allow loans to be submitted earlier in the process once an appraisal has been ordered


Blind Squirrel Award

Everyone at AmeriSave Wholesale/Correspondent was far too busy to take any time off to attend the Summer Olympics in London so we sent our Blind Squirrel, who is awarded to the Account Executive with the highest number of funded loans for the month, to represent AmeriSave at the summer games. Just like our team of experienced professionals, he brought home the gold! The winner of the Blind Squirrel Award in July was Tommy Cruse.

AmeriSave Welcomes Four New Account Executives

Amerisave Wholesale/Correspondent welcomed four new Account Executives this month. Pictured are (back row) Joel Dulmage representing Ohio, George Hudson representing Washington, Becky Ward representing Texas and David Langlois representing Illinois.

AmeriSave Named 15th Fastest Growing Company in Georgia

AmeriSave is proud to announce that it has been named the 15th fastest growing business in the large-middle market category. AmeriSave joins other well-known companies on the list but it is notable it was the only business in the real-estate/mortgage sector recognized.  The award honors Georgia based companies that have demonstrated the greatest growth in both revenue and number of employees over the past three years. The Georgia FAST 40 is presented by the Association for Corporate Growth (ACG) Atlanta and is published in the July issue of Georgia Trend business magazine. The awards dinner was held on June 5th, 2012 at The St. Regis Atlanta.

AmeriSave Partnership Featured in Independent Banker















Senior Marketing Manager Dana Duggan Competes in Triathlon

Before turning 40 Dana, mother of three girls, had a goal of completing a triathlon. To achieve this goal Dana endured three months of rigorous training and conditioning five days a week. The Iron Girl Triathlon was held at Lake Lanier (45 minutes north of Atlanta) on Saturday, May 20th. Dana finished the race in the top 15th percentile in her category, adding that the most challenging part of the competition was the swim. Dana is already planning her next race, maybe one without water. We’re proud of you Dana!

Dana Duggan (R) with a friend after the race.


Ed Abufaris' Weekend at the Adventure Skills Workshop

Each May, the Shepherd Center holds its Adventure Skills Workshop in Jackson’s Gap, Alabama for individuals who have suffered from a spinal cord or brain injury.  Participants can choose from a variety of therapeutic recreation activities like canoeing and kayaking, basketball and rugby, riflery/skeet, fishing, swimming and all-terrain vehicles.  The purpose of the Workshop is to allow these remarkable people to participate in activities that they may not have thought were possible due to their injuries and to take the skills and experiences back home with them. Participants are also able to spend time with leaders who have overcome the very same obstacles they currently face.

Ed took a ski boat to be used for tubing and water skiing and 2 jet skis to the camp.  Remarkably, paraplegics and quadriplegics are able to waterski (with a specially designed ski chair), tube or jet ski, many for the first time.  Of the experience, Ed had this to say, “The lessons learned are incredible, it makes you truly appreciate what you have.”

Check out the video below, produced by Shepherd Center, for a peek into the amazing program.

Shepherd Center, located in Atlanta, Ga., is a private, not-for-profit hospital specializing in medical treatment, research and rehabilitation for people with spinal cord injury or brain injury. Founded in 1975, Shepherd Center is ranked by U.S. News & World Report among the top 10 rehabilitation hospitals in the nation and is a 132-bed facility. Last year Shepherd Center had 965 admissions to its inpatient programs and 571 to its day patient programs. In addition, Shepherd Center sees more than 6,619 people annually on an outpatient basis.



AmeriSave and NOVO Share the Spotlght in ICBA Magazine

Ed Abufaris, EVP AmeriSave Wholesale/Correspondent, and Tom Hutchens, President of Novo Appraisal Management, were featured in an advertorial in Independent Banker, the ICBA’s monthly magazine, regarding 2012 Industry Partner Perspectives. Click here to read the article.

AmeriSave and NOVO Share the Spotlght in ICBA Magazine


To get started today: