Amerisave, RingCentral clash in mortgage tech lawsuits

A major cloud vendor is suing Amerisave Mortgage for nonpayment, a lawsuit the lender has countered by claiming the vendor's solutions didn't work.

The publicly traded Ringcentral sued the Atlanta-based direct-to-consumer shop in October, with damages filed under seal to protect the company's pricing information. Amerisave has denied the breach of contract allegations and filed counterclaims last week, accusing the vendor of fraudulent misrepresentation after its platforms supposedly didn't work after months of troubleshooting. 

The fight stems from a 2021 agreement, and it's unclear why Ringcentral filed the suit now. The defendant is one of the industry's larger independent mortgage banks and reported over $36 billion in origination volume that year, and $2.3 billion in 2024, according to Home Mortgage Disclosure Act data. 

The products in question include Ringcentral's MVP tool, now known as RingEX, which allows for internal communications, and Contact Center as a Service, which allows companies to engage with customers via incoming and outgoing phone calls. 

While the contracts Ringcentral included in its complaint are heavily redacted, some lines describe 1.3 million calls expected per day including with a dialer, or 4,000 simultaneous calls at peak hours, and up to 2,030 seats for the Contact Center services. Ringcentral argues that it made "extraordinary accommodations" for Amerisave and incurred significant costs to do so.

Neither attorneys for the parties nor spokespersons for the companies responded to requests for comment Monday. 

Amerisave claims Ringcentral's tech didn't work

After signing the 60-month services agreement in April 2021, Amerisave signed a document in September acknowledging the vendor's business requirements were met, according to the initial complaint. However, Amerisave continued to suggest revisions to Ringcentral's software and claimed the products didn't work. 

Amerisave allegedly told Ringcentral it was terminating its agreement in January 2022, and hasn't paid since. In its counterclaims last week, the lender describes six months of "incomplete and erratic implementation efforts for the telephone software, and proposals by the vendor that would have required major changes to Amerisave's business. 

The originator also claims a Ringcentral manager acknowledged in October 2021 that the vendor "couldn't deliver the calls at a pace necessary to achieve Amerisave's business objectives."

Ringcentral recently countered by suggesting the fraudulent misrepresentation claims exceed a 3-year statute of limitations, and fail to meet the legal pleading standard for fraud. The sides will meet in court in January. 

Last month the lender was also sued by a consumer for allegedly violating the Telephone Consumer Protection Act, in calling the individual on the Do Not Call registry.