Complaint Review: Ameriquest Mortgage Company

Whoa, after reading how Ameriquest treats its customers, I am glad I wasn't hired.
After reading these complaints, I feel I need to work for a consumer advocacy organization, and go after predator lending mortgage companies.
Best to all.

I am evil. I am a self emplyed person. I own my own business- successfully for several years.

But try to get a decent loan with that.

I was searching for an escape from a another servicing scam, loosing many thousands of dollars in equity. Split payments, suspense funds, bogus fees & mishandled payments were the norm there. I could make my monthly P&I payment- only for them to apply the funds to fee's leaving me in deafult of my regular payments.

Ameriquest called & I gave them some info- Boom they said they could help me,

In preparing for the loan- We were required to pay for appraisels out of pocket. One the appraisers had other agenda's & spent over an hour trying to convince me to buy into his personal pyramid scheme. The appraiser actually told me that if I would join him in his venture- that he would add 20,000 onto my home value.

We were told our credit was aweful & that the only way they could help us is if we signed a paper that stated that we made more than we actually made. They also asked us to provide proof of our payments to our present servicer, We didn't have the cancelled checks for 2 of our payments (hadn't received from the bank yet) & they actually told us to photocopy the checks & change the dates on them. They didn't want to have to wait for the bank to supply the proper proof. They also wanted us to sign blank peices of paper that they said they would "fill" in later. We refused.

At the closing- the interest rate was 2% higher than quoted, included balloon payments & prepayment penilties. It also charged us for the appraisel that I had already paid for. We also saw our signatures on papers that we didn't sign. This loan was NOT the same loan that they had provided the information to us about just 4 days earlier. The closing costs were twice the cost that they had told us.We walked away before signing. Why would we refinance with a company that was so fraudulent that was as bad if not worse than our present fraudulent servicer.

So for all you "EMPLOYEES" That feel your company is so great-& would NEVER do any of these things- FESS UP. See the truth.

You seem to feel that you are helping people. But in the end- you are throwing them to the wolves. After you get done with them, stealing their equity in your closing costs & securitize their loans- they are assigned to less than legal servicers who will rape their equity further than you did when you origionated their loan. You bought them maybe 10 months of freedom--->> but in the end- they loose & if you don't see that- you are ignorant & need to go back to Morals school.

So- In conclusion- you employees that say you don't make them pay for appraisels up front. YOU DO--then you try to charge you again on the closing papers. You change the rate, the closing costs, & the entire deal at the time of closing. You promote the borrower to commit fraud by falsifying documents & to lie about their income.

All of this is fraud & if you can't see that---You are blind & now need to go back to "belonging to the human race" school.

Joe, I Would Not Be So Quick To Hitch Ameriquests Wagon To Beneficial Or Household-Both Of These Companies Have Their Own Storehouse Of RIP-OFF REPORTS On Them. They Both Were Found Guilty By The UNITED STATES ATTORNEY OF PREDATORY LENDING.
I Too Had A Loan With AMERIQUEST And By THE GRACE OF GOD AND ANOTHER HONEST LOAN COMPANY I Managed To Sell My Loan And Get A Better Rate Despite BEING FORCED INTO BANRUPTCY DUE TO A PREDATORY LENDER. I Had To Pay OVER 3000.00 In PREPAYMENT PENALTIES To Get Out From Under Them But I Am Better Off Even So. Like All Meteors Ameriquest Too Will Burnout Fast And Hot When It Finally Hits Earth.

Just a little note in response to your 11-25 entry. Have you ever heard of stripping??? GUESS NOT!!! Why would Ameriquest fund loans over value??? Gee maybe that answer would fall in a little research on your part. I found out too much too late. Well let me enlighten you... STRIPPING: lenders make loans that they know borrowers can't repay. They do this because they want to foreclose on the homes and sell them, thereby "stripping" away the home equity for their own profit. ( definition taken straight from bankrate.com) We were pitched this because our roof was leaking rain into the dining room and we needed to put a new roof on the house and the tiles are falling off the bathroom wall... I could go on about what we wanted to repair but that could be boring.These loans are granted relying less on the income of the borrower but more on the collateral to make payments on the loan.

How many ppl at the closing sit there with a calculator and make sure that the income figure on the paperwork is exact??? We provided pay stubs to the company and yet the income figure on the loan docs is $500/mo higher???You want to believe that when you enter a relationship with a bank that they can be trusted and that all the info is accurate. Just for your information, we had quite a bit of equity in the house. At the closing mysteriosly we were $10,000 short and the loan was changed from 133,000 to 144,000.Guess what Jeff we got hardly any money back and there sits the bucket two years later in the dining room only now the whole is larger and the water leaks around it. Not that it matters at this point because it belongs to Ameriquest bucket and all.

On another note, your comment about appraisals. We were told that we HAD to pay for our appraisal at the door before Ameriquest would consider the loan. Last night I looked over my HUD statement and GUESS WHAT Jeff... we were charged again on the HUD statement for the very thing we already had paid for out of pocket. Do you know what else JEFF? There is a fee for survey on the loan docs and there wasn't a survey at any time during or after the refi!(Ameriquest used the same survey that was used when we purchased the house)

I can't believe this... This company gets away with murder. I'm about to lose my house because they got a judgment and this all irregardless of the falsified income I discovered on my loan docs and the inflated home appraisal!!!

Well at least Jeff is right about one thing... doesn't matter who you contact... We called the FBI, media, attorney general, Senator Clinton, Senator Saland, ACORN and guess what... NOTHING!

Just a quick note for all of you with the finacial wisdom remarks about "don't put yourself into debt" and "it's your fault you have a subprime loan" remarks. Not everyone who has bad credit is such becuase they lived beyond their means or were partying too much or were lazy and didn't work or whatever stereotypes surround bad credit. Some of of have had handicapped children with immense medical expenses not all covered by insurance... and wives that get sick. People are not invincible and when these things happen in your life you aren't prepared for the emotional or finacial devistation.

"At Ameriquest you are an individual" #@&*&%##@! Yeah right. Ameriquest is a parasite- feeding off of the unfortunate.

That is just not true. It's easy to throw out a bunch of lies about any company. Shady people exist in every industry. When a company is on top like Ameriquest is right now a lot of people want to take shots at them. That's the American way. Call the FBI.... call your mama..... call whoever you want our deals are sqeeky clean.

Other lending institutions have sysems where they can uncover or prevent 100% of fraudulent activity. Ameriquest, as huge as it is, do not have these protective systems or policies.

Jeff, my point is, just because alot of mortgage companies have fraudulent employees doesn't mean Ameriquest should have them.

The recission period of 7 days is used so that the company can illegally satisfy all conditions before the loan is funded.

Looks like Steve opened up a can of worms for you Jeff. Everything he says is true.

By the way, if your branch funded over 100 loans in one month, I am willing to bet that at least 20% of those loans are fraudulant. Perhaps the FBI should visit your office.

Finally, Jeff, fraudulent activities are used in every state Ameriquest operates in. This tells me it not only happens on the loan officer level but on branch manager, area manager, and regional manager level.

I wish you good Luck

Steve did someone from Ameriquest steal your wife or something? Geez at least get a few of your facts straight

#1 Ameriquest has a standard 2/28 (2yr fixed 28 yr adjustable) and in most states there is a 3 yr prepayment penalty. BUT you state the rate will go up 3 points on the 25th month THAT IS AN OUT AN OUT LIE!!! The rate can only adjust 1 point every six months after the fixed period ends and it is based on the LIBOR Index (which most lenders use), which means if the LIBOR Index (which has been steady for the past 15 years or so)doesn't go up either will your interest rate.

#2 Getting borrowers loans at or above 100% LTV (loan to value) Why in the world would Ameriquest want to lend on a property above what it is worth? They would be setting themselves up for enormous loses when and if the borrower fails to pay their note. In fact Ameriquest has very strict and specific guidelines for their approved appraisers. Also our appraisal review department reviews the appraisals and ensures the value is accurate. I personally have had deals die because of appraisal review not accepting value and my branch has at least 10-15 deals a month that die for the same reason

#3 Borrowers getting stuck with Ameriquest because they have already paid $350 for an appraisal. That is a complete lie!!!! Ameriquest Mortgage NEVER requires a borrower pay the appraiser at the door. Last month my branch funded over 100 loans and NOT a single loan had an appraisal in which the borrower paid at the door.

#4 Recission period is 7 days and our corporate office will never make an exception on that. That federal law allows just 3 days to recind. A borrower last month wanted his loan to fund ASAP as he had a hardship situation. He called and faxed a letter to corporate begging to fund his loan sooner and is request was denied. The recission period is 7 days period.

Bottom line any falsified signatures or any shady activity of that nature may happen. Not just at Ameriquest, but many mortgage companies. Bottom line is that all the important docs have to be notarized and the borrower has their copy for protection.

Steve, sorry I had to clown you buddy, but you're just not telling the truth

Welcome back to the forum everyone. To those of you who read my first statement you will see that I admitted that I have seen fraudulant activity, that isn't a mystery. The fact of the matter is that any large corporation is always going to have some individuals whom act in a manor that is unethical or selfish. However, as previously stated, I have seen those people dismissed from their positions and replaced by people who do the right thing. The fact is we do maintain a market share that is sensitive. We are a sub prime lender, its no mystery. However, in my experience those people that we do help are those who truly need help. The days are long yes, the business is competetive yes, the industry as a whole is financially focused. There are people who look to take advantage of those less fortunate or whom have thrived on other poor financial decisions. However, today I saw a loan fund for a woman who had lost her son in a tragic accident 2 years ago and desired to get her life back on track, and we succeeded. Also today I saw my area manager and 4 of my associates go to an inner city school in downtown Miami and hand out 400 turkeys and gift certificates to less fotrunate children that we paid for out of pocket. All I am saying is exactly what I said before, make the decision for yourself as a consumer. Not all people are profits of deception and often we do improve the quality of others lives. To those of you who are ex employees I wish you the best of luck and hope you found a path better suited to you. To those of you who are current employees I hope you all conduct yourselves in a manor which makes my arguments valid and accurate. Happy Thanksgiving everyone.

Joe the whole company, in every state is fraudulant.

Please do not insult people by defending the company.

I am an account executive with Ameriquest. I will have been with the company a year this December. I have empathy for anyone who has honestly been defrauded by unscrupulous AE's in our company, which I am not denying. A company this size will always have a few less than honest people, as any other company. The bottom line is I am there 10-12 hrs a day.

I see all of the ins and outs of what takes place within our office as well as other offices in my area. The fact is that I can't even begin to count the numerous customers that I have saved from foreclosure, from bankruptcy and all out financial ruin. I have had countless clients who have broken down in tears, not from anger, but from relief after getting an opportunity to save their homes or save enough money every month to feed their families. My branch is honest. I have lost an unbelieveable amount of deals because of appraisals that come in too low. There is no inflation of value. There is no forgery, no bait and switch and no illegal or dishonest activity whatsoever, punishable by immediate termination.

ALL ASPECTS OF THE LOAN ARE fully DISCLOSED WAY BEFORE SIGNING. I work in the state of North Carolina, which is the only state in the U.S. where you have to be licensed to lend money and we are closely monitored by the Commission of Banks. I love the people that I work with, they are all good, hard working, family oriented people who I admire tremendously. Sure we get paid an unbelieveable amount of money for what we do, but it is well deserved because it is NOT an easy job. EVERYONE isn't cut out for the long hours and the competitive atmosphere. Sales is sales. I do not apologize for being good at what I do.

This company is the same as Beneficial, Household and other lenders, except that we are the BEST at what we do. When a company does $2 billion in new business a month, some loans are bound to be problematic. It is inevitable. Your job as the consumer is to listen, read over everything completely, and don't put yourself into a position that you know doesn't meet your needs. Period. Dont blame everyone else when you have already spent your $10K cash out and are now bitter because you got a higher rate than you felt you deserved.

Sub prime is an ugly biz, and the client base is not the cream of the financial crop. People think that even though they just filed BK 6 months ago and haven't paid a bill on time since 1986 they are still entitled to that 5.25% rate with zero fees and points. Reality check...you ruined your credit, you didn't honor your financial obligations, and you will have to settle for the rates that are avaiable to you because YOU DID IT TO YOURSELF!

You are all a very tiny portion of disgruntled consumers that got taken advantage of by a small group of unscrupulous people. And as for the ex-employees, Im sorry that you couldn't put your 10 plus on the board every month to help save your job. Life is unfair. Admit your failures and get on with your life. Go work at Wells Fargo, they can always use a good teller. If that fails, there is always the McClown (special sauce lettuce cheese). PS......DONT BELIEVE EVERYTHING THAT YOU PEOPLE READ.

I am extrememly pleased by the above answer it just proves that there are people who understand how this organization oerates. Thank you

Ben, I will agree that Ameriquest has helped thousands of people refinance their loans. And the experience was possibly a positive one. It is easy for a loan officer to write a mortgage for even a crappy 580 score if there is a nice, fat 70% LTV, no mortrgage lates, and a 30% DTI ratio.

The problems come when the L.O. needs to get "creative" and take an honest 100% LTV and inflate the value by $15,000 or $30,000 to get down to an LTV that will fit the guidelines. I have personally tried to help clients who have had this done to them by that company.

OR, when you overstate the borrower's income by 50% in order to make the DTI fit the guidelines. This might make the loan work for the L.O., but does it really help the client if they are all ready having trouble making their house payment? It always makes their single biggest payment even bigger!

The 7 day recission is a joke. I personally witnessed an Area Director by the name of Frank Cortinas berating the staff of a branch office in Monterey Park (East Los Angeles) about this exact subject. He wanted everyone to pressure their borrowers into waiving the extra 4 days with the promise of faster funding and quicker money in their hands.

And Ben, and for you being a "Senior" Loan Officer, 'fess up. All that means at Ameriquest is that you have been there more than 5-6 months and you somehow have survived the ridiculous turnover at that company. And...you have learned to play by the "rules" and that you have become one of "them".

I know the compensation is outstanding there...If you fund 10 loans, say $1,400,000, hit your pricing model at 105.5 or even the office average of maybe 104.5, makes revenue of about $75,000. That earns you a paycheck of about $12,750.00, add in the units kicker of another $1,000.00, plus 10 appraisals at $300.00 each, and of course your base hourly wage of $6.75hr. Thats not bad! $18,000.00 a month for a guy that was selling used cars 6 months ago and is now a Senior" loan officer...

Trust me...I'm not jealous of that. I also do quite well in the mortgage business selling sub prime loans. The difference is I don't have to look over my shoulder waiting for the last borrower I screwed, and I get to sleep at night.

Ben, I will agree that Ameriquest has helped thousands of people refinance their loans. And the experience was possibly a positive one. It is easy for a loan officer to write a mortgage for even a crappy 580 score if there is a nice, fat 70% LTV, no mortrgage lates, and a 30% DTI ratio.

The problems come when the L.O. needs to get "creative" and take an honest 100% LTV and inflate the value by $15,000 or $30,000 to get down to an LTV that will fit the guidelines. I have personally tried to help clients who have had this done to them by that company.

OR, when you overstate the borrower's income by 50% in order to make the DTI fit the guidelines. This might make the loan work for the L.O., but does it really help the client if they are all ready having trouble making their house payment? It always makes their single biggest payment even bigger!

The 7 day recission is a joke. I personally witnessed an Area Director by the name of Frank Cortinas berating the staff of a branch office in Monterey Park (East Los Angeles) about this exact subject. He wanted everyone to pressure their borrowers into waiving the extra 4 days with the promise of faster funding and quicker money in their hands.

And Ben, and for you being a "Senior" Loan Officer, 'fess up. All that means at Ameriquest is that you have been there more than 5-6 months and you somehow have survived the ridiculous turnover at that company. And...you have learned to play by the "rules" and that you have become one of "them".

I know the compensation is outstanding there...If you fund 10 loans, say $1,400,000, hit your pricing model at 105.5 or even the office average of maybe 104.5, makes revenue of about $75,000. That earns you a paycheck of about $12,750.00, add in the units kicker of another $1,000.00, plus 10 appraisals at $300.00 each, and of course your base hourly wage of $6.75hr. Thats not bad! $18,000.00 a month for a guy that was selling used cars 6 months ago and is now a Senior" loan officer...

Trust me...I'm not jealous of that. I also do quite well in the mortgage business selling sub prime loans. The difference is I don't have to look over my shoulder waiting for the last borrower I screwed, and I get to sleep at night.

Ben, I will agree that Ameriquest has helped thousands of people refinance their loans. And the experience was possibly a positive one. It is easy for a loan officer to write a mortgage for even a crappy 580 score if there is a nice, fat 70% LTV, no mortrgage lates, and a 30% DTI ratio.

The problems come when the L.O. needs to get "creative" and take an honest 100% LTV and inflate the value by $15,000 or $30,000 to get down to an LTV that will fit the guidelines. I have personally tried to help clients who have had this done to them by that company.

OR, when you overstate the borrower's income by 50% in order to make the DTI fit the guidelines. This might make the loan work for the L.O., but does it really help the client if they are all ready having trouble making their house payment? It always makes their single biggest payment even bigger!

The 7 day recission is a joke. I personally witnessed an Area Director by the name of Frank Cortinas berating the staff of a branch office in Monterey Park (East Los Angeles) about this exact subject. He wanted everyone to pressure their borrowers into waiving the extra 4 days with the promise of faster funding and quicker money in their hands.

And Ben, and for you being a "Senior" Loan Officer, 'fess up. All that means at Ameriquest is that you have been there more than 5-6 months and you somehow have survived the ridiculous turnover at that company. And...you have learned to play by the "rules" and that you have become one of "them".

I know the compensation is outstanding there...If you fund 10 loans, say $1,400,000, hit your pricing model at 105.5 or even the office average of maybe 104.5, makes revenue of about $75,000. That earns you a paycheck of about $12,750.00, add in the units kicker of another $1,000.00, plus 10 appraisals at $300.00 each, and of course your base hourly wage of $6.75hr. Thats not bad! $18,000.00 a month for a guy that was selling used cars 6 months ago and is now a Senior" loan officer...

Trust me...I'm not jealous of that. I also do quite well in the mortgage business selling sub prime loans. The difference is I don't have to look over my shoulder waiting for the last borrower I screwed, and I get to sleep at night.

BEN, Wake up! I know for a fact, that your office is under watch, for fraudulent claims. You just wait. The day will come, you will sit-back and wonder, what hit you.

Your state is a buffet for crime in the real estate mortgages'. One thing you should do, is dig deep; and I mean DEEP; into what is going on with the employee of Ameriquest. Not everyone who works for Ameriquest is bad. But, there are over 2000 thousand employee being looked at for fraud.

If you say you are a honest man, then "God Bless YOU', but when you walk with the devil, your playing a game that you will not win. Be careful, I say this to all. If you find a bad egg, Then report them, not only to Ameriquest, but, call the FBI.

NOW TO EVERYONE OUT THERE, THAT HAS HAD A BAD DEAL.
WRITE TO YOU SENATORS,THE PRESS, PICK THE AGENCY WERE YOU CLOSED YOU LOAN. STAND OUT FRONT, WITH A SIGN AND PICKIT THEM. REMEMBER TO GET THE RIPOFF BOOK IT IS THE BEST. IT TELLS YOU HOW TO PICKIT!!

Good Luck

I am a proud employee of Ameriquest Mortgage Company. As the senior loan consultant at the Miami location I deal with a diverse sample of families both economically and ethnically. Regardless of such I can say that I, and my co-workers, always do the right thing. Those individuals whom have not, and I admit there have been some, have been dismissed from their positions. We have given millions of people their lives back financially. People who are frightened of losing control of their finances, people who are in debt, people with leins on their homes, or people who have struggled to pay taxes have all been helped. Many people however are just hard working home owners who want some extra cash to enjoy the life they work so hard to live in. The fact of the matter is we have the longest recission period in the industry, if we were not confident in our people or our product why would we make this part of our business? To all of you I ask you to challange people, including myself. Call your local Ameriquest, spend 5 minues with a loan professional, and see what it is we do. I guaruntee regardless of credit history, very strong or poor, we can better your situation. We stand behind our people, our products and our company and I challange anyone to look into it themselves. Infact I invite anyone to even contact me at the Miami Office and find out what we are all about....helping people and families better their lives.

ALL YOU EX-EMPLOYEES WHO HATE THIS COMPANY NEED TO MOVE ON AND TAKE A BREAK FROM TRYING TO DESTROY THE CREDABILITY OF AMERIQUEST. I HAVE BEEN AN AE HERE FOR 2 YEARS NOW AND ENJOY CHANGING PEOPLES LIVES. I GET LETTERS AND CALLS ALL THE TIME FROM CUSTOMERS. IT TAKES A LITTLE COMMON SENSE TO DO THE WORK ETHICALLY. IF YOU KNOW YOU ARE DOING SOMETHING ILLEGAL YOU DO NOT DO IT. SIMPLE. 1+2=3. BOOK LOANS AND MAKE MONEY LIKE ANY OTHER SALES JOB. QUIT WINING AND GET A JOB YOU ENJOY. EVERY COMPANY WILL HAVE COMLPAINTS, GET OVER IT. THIS KIND OF FORUM NEVER REINVENTS THE WHEEL. THE WHEEL WILL KEEP GOING THE SAME WAY. JUST REMEMBER TO GO THROUGH TO THE LEVELS THAT ARE ON THERE!!!

AS FOR THE CUSTOMERS WITH BAD EXPERIENCES, IF YOU ARE UNHAPPY WITH THE SERVICE, CONTACT ANOTHER LENDING COMPANY AND GO WITH THEM. I AM SURE THE NEW COPANY WILL WAIVE FEES IN ORDER TO ABSORB YOUR PREPAY FOR US. IF THEY WANT YOU BAD ENOUGH OR YOUR LOAN IS BIG ENOUGH, I AM SURE THEY WILL DO WHATEVER IT TAKES TO GET YOU A NEW LOAN.

EVERYONE BE HAPPY AND GO THROUGH!!

HEEB
EAST COAST

I work as a Director of Production for a direct lender in Irvine California. My mortgage experience is over 9 years in consumer direct lending, primarily doing refinances.

It is EVERY DAY that I see my LC's trying to help a borrower out of problems in their existing 1st or 2nd mortgages. Probably 70% of these loans were not structured properly for the borrowers' benefit. These loans were sold to create the most revenue for the mortgage company, not to address the particular circumstances that would help the borrower. The sales agents are trained to focus on "REVENUE" rather than "BENEFIT". I absolutely know that Ameriquest agents are trained that way. I have 2 guys who have worked for me since early 2004 that are former Ameriquest reps.

EXAMPLES:

Borrower had low FICO scores, high LTV, mortgage lates or other issues that earned them a high interest rate. They were sold a "credit fix" loan, 2 yr. fixed, then variable, amortized 30 years. It is sold as a way to get your scores up, keep your credit clean for a couple years, then refinance at a much better rate. That's fine, we sell those too. BUT, what the borrower didn't realize is the lender had a 3 year prepayment penalty written in to that note. So, in the 25th month, the rate jumps as much as 3% in the 1st month, then possibly again every 6 months thereafter. This is the Ameriquest standard "fix-it" type of loan. Depending on the amount of the loan, a pre payment penalty of 6 months of interest could amount to $6,000, $10,000 or even $15,000.

Another way to generate high revenue loans is to convince the borrower that their credit is "terrible" and they needed to act now before their scores went down some more. Then they might not be able to get a loan from anyone. The borrowers didn't know their scores before they started looking for a loan, and they took the word of the Ameriquest sales agent. The sales agent has the ability to place the borrower into almost any program that fits, so long as the revenue is maximized. Again, this concept favors the company, not the borrower.

The inflated and fraudulent appraisals are DEFINITELY out there. I see loans that were done as 100% LTV or less according to the appraised value, but at the time there was NO WAY that this home's value would have supported that appraisal. Now, in trying to refinance the loan, the borrower is upside down and owes more than what the house could reasonablly be sold for.

Probably the most common tactic of predatory lenders is the bait and switch. Then lender gets the borrower on board with an attractive program then committed by having the borrower pay $350.00 (approx) for an appraisal. Now the borrower feels like they can't use another lender. Then lender the tells the borrower that there are "issues" that need to be worked out along the way, getting the borrower nervous about not being able to get the loan. At the 11th hour, often right at the signing of docs, the rate is changed, fees go up, the expected cash out goes down, etc., etc. At this point the borrower is mentally beat down over the last few weeks with "issues" and they sign sign anyway. And the the 3 day recission period is countered by the rep because they keep calling the borrower to keep them on board.

All these practices you have heard or read about regarding falsified inflated appraisals, falsified signatures, extremely high pressure and bullying by the reps DEFINITELY does happen. To some degree or another.

I restate my original premise. YOU (the borrower) are your best defense against getting screwed when obtaining a mortgage. If you do not understand all the technicalities, then get the services of someone who does. Pay someone to be your advocate if you need to.

Get more than one price/program put together by different lenders and don't get rushed into getting an appraisal until you have decided on the right lender. Ask for your copy of the appraisal at the signing. The lenders are obligated to offer it to you.

Now, in support of what some others have said before me...the foreclosures, BK's, late payments, getting those credit cards run up again, buying that $30,000 new car when the $18,000 used car would suffice, all that stuff is on YOU: not Ameriquest, Aegis or anyone else. Live within your means.

I am an undergraduate student taking a class that looks into companies on how they create domiance and sustain their success. My team project was to pick 4 company and analyze how they "creates customer value". I picked Ameriquest and have used the firms website and a friend within the firm to help build my research.

After reviewing all the comments on the firm, I know now how to close my closing/analysis/recommendation statement. I feel for all those out there cheated by the firm directly and indirectly. As a student I am growing my credit and will use this website to be a smarter consumer.

I just wish I can help -maybe if my teams paper does really well and is convincing enough for the professor he can contact Ameriquest to help them refocus what is REALLY important - creating value, trust and loyalty for the customer NOT the firm. That is the only way they can sustain dominance and success in such a competitive market. HEY ya never know, he mentioned he has done this before based off the students reports!! I hope I have not offended any one.

Hello:
I have been reading your comments about Ameriquest with an increasingly sinking feeling. My parents refinanced their home with Ameriquest, twice in less than 2 years, (now I understand why). I have been managing their finances over the past year and have noticed two things on their mortgage statements that have me puzzled. I have looked at their loan papers and the Ameriquest website and have not been able to find an explanation that I understand.

The first thing I noticed was that the principal payment of their loan has on occasion gone down, instead of steadily going up like one would expect. I have no idea why that would occur.

After 4 years the monthly principal payment is just over $150 which seems extremely low to me.

I don't know if this is relevant but they do have an adjustable rate mortgage (for some reason, I'm not sure why, at least I wasn't until I read all of your comments :{

The other thing I have noticed and questioned is related to the way Ameriquest documents the additional principal payment I make on the loan each month, their loan documents indicate that they do not have a prepayment penalty. Each month I pay an additional $350 to be credited to the principal. On the following months loan statement this $350 will be listed as a "suspense balance" credit.

I have not been able to find a clear explanation of why it is written this way and what it means. I am not sure but I suspect it means that this amount is not being deducted from the total principal owed until the following month, effectively increasing the interest payment.

Any explanations or suggestions you might have would be appreciated.

I am in the process of researching mortgage companies I am considering to broker with. This thread, and this website, has been very helpful and informative. I have gained the true colors of some companies, and ultimately re-enforced in my belief the correct foundations I want to build a lasting business on.

Service with a conscience is clearly swerving out of norm when the race for the ultimate dollar is the only goal. I truly want to extend my thanks to those who have the honesty and courage to divulge practices contrary to decency and acceptable conducts. Exploitation in any disguise, whether in business or private matters, is deplorable.

Thank you. Your truthfulness has made my list shorter. And Bob, if you want to re-enter the mortgage industry, you may obtain my info from the sitemaster and contact me.

To the consumer or borrower, I would advise to insist on receiving a 'good faith estimate' from the broker or lender before committing to a loan proposal. This document will provide loan rate and terms, itemized charges, & estimated cost for the loan request. Of course, this amount may change due to variables in rates or terms that you 'initiate' and approve. One aspect you should closely pay attention to is the closing cost (fixed cost, i.e, points, escrow & title fees, processing fees, etc.). The pre-paid items cost (principal, insurance, etc.) is dependent upon the lock-in period you chose (normally 30-45 days). All items should be clearly described and understood by you. Don't be bashful or feel inferior by asking about any concern. A lender or broker should earn not just their commission but also your trust if they expect your business.

Excuse the grammar and mis-spellings -- it's 2:20AM- time to go.

This company is rotten to the core. It is amazing how the same thing happens all over the country. Its not just one specific area.

If the same thing happens in every state this company does business in, its a system problem. The upper management is responsible for the system. They do not put in fail safe procedures to protect against bogus appraisals and or fraudulant loan officer activities before the loan has a chance to close.

Other companies banks who do business all over the country and they do not have these problems. They have fail safe systems to protect them. Why doesn"t Ameriquest utilize these techniques?

It only suggests that they encourage shady activity.

I cant understand why they have not been shut down yet.

Any present or former employee who defends this company is totally out of their minds. I gave them 4 1/2 years of my life. I'm talking more than 12 hours a day. The more money the managers and loan officers make, the more they want and the more Ameriquest wants them to make. This is a privately held company who has more money than anyone does. I can't begin to tell you the hell they are putting me thru as an ex-employee. If you still work for them get out now while you can and get a real job. If you can't do that, then something is wrong with you. All I can tell you is that my life has been totally ruined by this company. I will never, never be the same person again.

The prepay will vary from 3 to 5 years. The loan seller will offer to forgive the loan after a while to hook you into another loan with anothere pre pay penalty and upfront closing costs.

After finding your credit is actuall good, Ameriquest will delay closing to try and get more money and possibly a penalty.

Try closing the new loan without paying Ameriquest - $25 to $100 for the demand payoff letter. As the closing date is near, Ameriquest will delay the demand letter until the next payment is due.

For those getting adjustable rate mortgage. Find some one to do the calculations. If in going for the close, the terms of the loan has changed, do not sign. Walk away.

Beware of mortgage companys like E-Loan and Lending Tree. If a flaw appears on your record it is the bankers and loan agents fighting over your loan is just one - Ameriquest.

I was an employee at Ameriquest for 4 years. I was a processor. I want to apologize to all Ameriquest customers that instead of making their lives easier I compounded to their problems. I would advise anyone who is doing a loan with Ameriquest please review all documents carefully, if you do not have any experience in the area of home refinance have someone look over the documents for you before your 7 days. While I was their I fooled myself into thinking that I was not the one lying to these customers I am just a processor all I did was process the loans. I wasn't the one charging people high interest rate and outrageous fees.

I would sit their while managers and account executives lie in their customers faces. They tell customers that they are going to give them a prepayment penalty because their credit is bad, After 6 mos to a year if they make their payment on time for they will remove the pre-pay, Lie Lie Lie, once those documents are signed they will never remove that prepay.

Another lie they will tell customer in 6 mos to a year come back I will redo your loan for a lower rate for fee. That never happens because once you sign a loan with Ameriquest its like signing your soul over to the devil, You life goes from bad to worse. After they are done with you, you will need to take your credit to get an emergency surgery.

Another way Ameriquest rip off customers is their famous stated deal, this is when acustomer income does not qualify them for a loan and the person write a letter stating how much they makes and its never verified. This forces a lot of customers into forclosure because if the person only makes $1000.00 per month and their monthly payment is $1200.00 of course they do not make enough money to make the payment.

In most cases that person end up getting forclosed on. I am not saying everyone that works at Ameriquest is going to scam their customer, they have people with morals there but they do not stay long because the way their commission structure is set up they have to charge customers 2-3 points for them to make any money on the loan.

During my 4 yrs I have seen 6 different managers and they all push loan officers to do the wrong thing. I have heard managers told loan officers to change documents, give customer wrong information. Most of the loans were not done in the customers best interest. Documents were often fraudulent, customers cancel their loan and we will never inform home office that the customer had cancel the loan.

Per Ameriquest guideline loan officer cannot have a custoemer over 62 state their income what the loan officer will do, if they have a customer whose income does not qualify them for a loan. They will stated the customer income and change the age on the application.

Of course they will not make a copy of the driver license, they will just fill out the identification form and of course the custmer will be around 45 year old.

Loan officer will just write the state letter and customer will have no idea this is done. In every Ameriquest office their is a shedder, white out, and high tech machine to make the fradulent documents look real.

Now I know that I am just a guilty as the loan officer that took advantage of people that did not know better. A few months ago my husband and I got rip- off its was only $1,600 we stumbled upon this web site. After looking at all the stuff customers were saying about Ameriquest my stomach turn I literally felt nausea. I had a hard time going to work. I didn't want to believe that I was part of this injustice to poor people. Ameriquest tend to prey on older citizens, people that are uneducated about the mortgage industry, people that are in desparate suitation.

During my time there I have never seen a customer walk in with their attorney and sign those documents. People that are educated to the industry do not fall prey. while I was there I never did a loan for anyone that I knew I would always refer them to reputable companies. One day I just walk offthe job and I have never been back. Now I have peaceful sleep at night.

I still pray for forgivess for all the awful things that I was a contributor of.

For everyone that has been rip off by Ameriquest employees I pray that you will find true justice and everything that Ameriquest has taken from you will be return a 100 fold.

Companies like Ameriquest should not be allowed to stay in business.

I am sincerely surprised that there is anyone out there that would defend this company. My husband and I were investigating several mortgage companies in effort to get the best rate and get a reputable company.

We had researched 4 different companies and then after seeing a commercial for Ameriquest, we called. I was utterly amazed at the complete nonsense they tried to make me believe. Both my husband and my credit scores are above 730.

They tried to tell me that due to our substandard credit scores we would qualify for a mortgage rate of 7.75%. When I laughed at her out loud she asked me why I would not jump at a % rate as great as what she was offering.

I proceeded to tell her that her "great" rate of 7.75% was about 2.75% higher then the other 4 companies quoted us. She then proceeded to tell me that the other companies can offer those rates because they make it up in hidded charges.

I then told her that we have bought and sold homes in the past and we are not strangers to the "Rap" she was trying to sell us. She got angry and told us that if we had a brain in our heads we would jump at Ameriquest's offer. I asked to have her "offer" in writing before we decided just so we could see on paper the BS she was offering. I was told, she would not send me anything until we committed. I knew then that that the fast talk and total lack of knowlege on her part was the reason they will not be in business for the long haul.

People MUST realize that there are other options and if a Mortgage company pushes the fact that you have a "substandard" credit score to push you into closing, they are not an upstanding organization.

The Company we are working with would never use a tactic like that to close. I hope enough people see this and expose them for the thieves they are.

My husband and I needed to refinance our house about 2 years ago. Hubby was handling all the details. He was working at a job that paid between $8 and $9 per hour and was working about 30 hours a week. I was working 40 hours a week making about $10 an hour. Our Ameriquest rep, Todd, wrote on our application that my hubby was a "computer consultant" making $50,000 a year! This is the God's Honest Truth! I'd be worried about such a major material misrepresentation, except that we sold our house last year, thus incurring the prepayment penalty, but at least we are done with Ameriquest.

I remember some other shady moves on their part, I can't recall the specifics but falsifying income was the biggest one. This particular Ameriquest office operated out of Apple Valley, Minnesota. I strongly urge anyone to avoid Ameriquest, you could really end up in trouble.

DEAR FRIENDS,

Mike, and, Sean? First of all, Ameriquest does not do, or every will do, a 6.5%IR on any loan. It is a proven fact that, Ameriqest has one, or two pups without their mother. So,
they have to keep you well fed, and warm so you will not futher from the flock. If that was to happen, then the pups might get a little closer to the truth. I 'am sure you are good men, but you really should look into some of your closings, an see how the final paper work looks like.

What you should do is request a loan doc. , and look over it very carefully. You might be surprised? There are to many people who have had this happen to them; you might be a little more considerate of their feelings, because it did happen to them, and that is the fact.

And to my friends out there, closer is nearing in; for the damage that was cause by greedy employee's, for their love of money. Now remember, "not all Ameriqest employee's commit fraud". They just happen to be the ones they feel dont' have it in them. There are good people who work for them, I'am sure?

Please contiune to write your State Senators, Federal Senators,Attonery General, and please do not forget you Governor.

"PLEASE SUPPORT RIPOFF, EVEN YOUR LOOSE CHANGE CAN HELP THEM. THEY JUST PUT IN THOUSANDS OF DOLLARS FOR US TO CONTINUE OUR FIGHT. SO SEND IN A BUCK OR TWO. AFTER WHAT HAPPEN LAST WEEK,WE SHOULD BE GRATEFUL TO ED, AND HIS STAFF. THANK YOU ED,AND STAFF FOR HELPING US IN OUR FIGHT"!!!

I'll tell you, if they did not have this site for us, we would not be as far as we are. Word is out about Ameriquest, the states, the goverment and WE THE PEOPLE.We will be compensated for what was done to us. Make sure you have a good attorney? Have your paper work together. Talk to the press, news, and for the good of all, MAKE NOISE!!!

GOOD LUCK,

Best Wishes

bob i was an employee for ameriquest two years ago. If you as an employee wanted to make decent money you basically had to take advantage of people's misfortune. You needed to charge about 4 points and go above 2% in interest rate higher than they would qualify with a broker. consumers dont believe when they tell you no one else will do the loan for you. In regards to tracing that was done in the office by many different people, they justified it by saying the paper they were signing was'nt that important and if the people really wanted their loan to go thru they would'nt mind. This company reminded of the movie boiler room, because that's what it was a sweatshop.

Mike-

You see, it's not a matter of being a good or bad salesman with Ameriquest, it's a matter of believing in the product your company is offering. I did just fine as a saleswoman, as you put it, but did not believe in the product and after witnessing months and months of forcing people to sign these horendous loans, I'd had enough. I CHOSE to leave, I was not fired and I DID make my quotas every month. Personally, I'd rather flip burgers any day of the week than ever work for Ameriquest again. I work for an extremely reputable company, still working in the mortgage industry processing multi million dollar commercial loans. My job is not based on pressure of management or making goals for the month, it's about selling a loan that is right for the borrower. I make 4 times what I did at Ameriquest, I work 8-5, no commission-straight salary, no pressure from upper management and recieve a bonus and a raise EVERY year. Not everyone who leaves Ameriquest goes to flip burgers because they are not capable of selling a loan, it's a morality and ethical issue. Obviously Ameriquest has you believing, Mike, that they are the only company where you can make the money that you do. Obviously you are blinded too. So you keep working the 10-7 shift with the 3 hours of telemarketing everyday and busting your a*s. I'm sure you make good money, as did I, but I go to sleep every night without a guilty conscience and make more money that I ever did. T

There are many, many companies out there that are reputable and have class, you just have to have the drive and the resume to get them. I believe you're just scared of change and wrapped around the fingers of Ameriquest a little too tight.

I have been with Ameriquest for over 2 years, never have I seen any fraudulent activity. With any company the size of amc you will have customers who feel they have been treated poorly. You will have former employees who feel they were let go for the wrong reasons and they are bitter. The truth of the matter is, we are salesmen not loan officers, we sell you a deal that will fit your needs as well as ours, there have been numerous occasions when we have sold a deal at negative revenue to help a customer out. The men and women who think it is unfair to expect a quota of loans every month are not best suited for there positions. In every sales job you have expectations that are placed on the employee, meet the standards or you will be let go. Sales jobs are a performance based industry. Sink or swim.

As far as not addressing the fact that a customer may receive a lower rate down the street, show me one retail outlet, one mortgage company, one bank that will tell a customer, "well I can get you a 6.5% rate but i know that the bank down the street can do 6%, why don't you go there". Its counter productive, in every business you must sell the benefits of your company.

The prepay, it is a 3 year prepayment penalty, that is clearly stated at closing, if you prepay you will be charged 2-6 months of interest. Every bank and mortgage company in the USA has programs with prepayment penalties, they may not sell them every time but they are certainly there.
Foreclosures are at an all time high in the USA right now and it has nothing to do with the lenders. if people would live within their means, and control their spending this would not happen, the rate of foreclosures is fueling the refinance boom.

Please sweet first hand, move on with your life, get another job, go work at Wendy's or Burger King, take your order taking skills and move on with your life. You may not be successful in life, but please keep trying you will find your niche.

Bob if you can only close one loan per month, I beleive you should also consider the fast food industry.

Sean--
Sweet, innocent Sean. You must be completely naive or they just haven't started to taint your fresh blood yet. Maybe you should read these postings more closely.

Yes, many people do have bad credit and get into situations that they can't dig themselves out of and yes they may only qualify for a higher rate. But what lender otherwise charges 5 points on a 2/28 or 3/27 with a three prepayment penalty to someone with very little income or has an unstable job history knowing d**n well their payment will go up SIGNIFICANTLY after the 1st 2 or 3 years? Do you feel comfortable selling people loans that you KNOW down the road aren't going to be to afford the payments? You're okay with putting people and their children on the streets? Suppose these people do turn their credit around after the first 2-3 years and get their acts together. Now their house payment just went up $200 a month and could probably refinance to a MUCH MUCH lower rate, but can't because of the prepayment penalty. Now they can't afford their house payment and lose their home and now where are they? Right back to square one, with not only a bad mortgage history but a foreclosure AND no place to live!! So you tell me SEAN, how does this help people??

AND...there are many people that start the process with Ameriquest who have good credit, but remember Ameriquest teaches their account executives to make the consumer believe their credit is shot. You are probably one of those extremely persuasive salesman that can talk anybody into anything. I could have a 685 FICO score and you may see on my credit report that I had 1 late car payment 5 years ago and try to use it against me. You see SEAN, it is AMERIQUEST, and all the Account Executives who believe in their product and believe that they are "DOING THE RIGHT THING".

I spent 2 dreadful years at Ameriquest,not 2 months and know more ins and outs about this company than you could ever fathom. Oh yeah, and how is it that you came across this website SEAN?? Was Ameriquest giving a seminar on how to respond to the media?

Anyone want to take dibs on how long Sean will last at Ameriquest before he wakes up and smells the coffee or he gets fired because he can't hit his 8 loans a month. We'll probably see him on here 6 months from now describing the same thing as the rest of us ex's!!

AND I am not a revengful, angry ex-employee. I left that company with dignity and holding my head high knowing d**n well that it was the right choice for me and for all the people in the community that I WOULD NOT be attempting to sell a loan too!!

I would advise anyone reading this report to think twice about the false information contained within the reports. I have worked for Ameriquest Mortgage for the last two months. Not only have I worked in the industry before, but I have been quite succesful with all sales jobs that I enter into. I pride myself on doing the right thing and always have. I would never work for a company that is unethical and rips people off. Not only have I been able to help people out of the precarious situations that THEY PUT THEMSELVES INTO, but they thank me gratefully. What I would say to you consumers out there is simple. If you don't want a subprime loan, don't put yourself in that position. Respect your credit and the flexability it gives you. Don't abuse it! Not abusing your credit means good rates. Abusing it means bad rates. Whatever your situation, remember that you put your self there. Not me, or Ameriquest.

To answer you John,

I didnt see any management training employees to trace signatures but I did see one employee tracing. This employee was our top producer for the office. She was not to smart but she was fed by the manager. Fed means to give her leads that he gets from a office in Phoenix, Az. These leads are very good leads. The people were usually very desperate. So I know she did anything the manager asked or she would not be fed. I pissed the manager off because I would not play the game of ripping people off. My boss didnt consider me one of them. So I wasnt fed, but I at least had my dignity. We were trained to go for the throat. We offered loans as low as 6.25% and there was talk of dropping them lower. I did loans with no prepayment penalty. The problem with these loans is you make no money, so the manager does everything in his power to keep you from making the loan. He would so that it won't make underwriting, and just making you feel like crap. His motive was to push up the discount points or interest rate to make the revenue increase which increase his cut. This was changed usually 2 to 3 times during the processing because the manager, AE, and processor wants their share. The old Bait and switch was common too...My advice is this...
with any loan..

1. Question all costs and get a mortgage calculator to make sure all things add up.
2. Pick your title company and mortgage insurance. Pay it on your own. Saves you money.
3. Never accept anything that is not written down. If it is not written it didnt happen.
4. Close at the title company or lawyers office. Less chance they will attempt to rush you. If you have a Realtor take them with you if buying a property. If they dont want to come then they are not worth the money you are paying them.
5. Get a copy of ALL paperwork. Everthing. Huds anything they send you. This will show you if they are doing the bait and switch.
6. If the loan officer doesnt call you back the first day. Go the the office and talk to their boss and manager. But, if happens again dump them. It only means they dont care at all about customer service.
7. This is the biggest financial transaction that most people do in their lives. So take your time. Shop around. Dont get rushed.
8. Guard and protect your credit like it was gold because it is. Check it yearly. If it is incorrect write the credit company and dispute the information. Dont listen to what loan officers say about what a credit company will do and wont do. The do loans and the credit company does credit.
9. DONT LET ANYONE PRESSURE YOU AT ALL. If you dont feel comfortable with any of the people your dealing with trust your instinct. Your instincts are usually right.
10. Dont close at the office of the loan company doing the loan and dont let their people notarize the papers. A notary is a State appointed person who is supposed to be impartial to make sure that the signings is correct.

Thank you for having respect for folks who have been taken advantage of by Ameriquest Mortgage Company. Do they really teach you to duplicate signatures? What kind of training do you go through to prepare you for the business? Have you written to your Attorney General in your state to advise them of what you know?

These questions are important ones if we are going to unite and bring this company to their knees. AND WE CAN DO IT !!!!

Please email me at not2sure1@yahoo.com and tell me more about how you can help us, the consumer.

I truly look forward to hearing from you soon.

Thank you for your comments. There are alot of people who need to hear things like this about Ameriquest Mortgage Company. Have you read any of the previous remarks from former Ameriquest employees? Do they really tech you to trace signatures? Can you tell us other ways they teach you to trick the consumer? I thank you again and may God Bless you. I look forward to your comments below.