Complaint Review: Ameriquest Mortgage

Well, it is great to see some observations about some of the former Area Managers at Ameriquest LOL:

Rebuttal UPDATE EX-employee responds
Submitted: 8/22/2006 1:44:04 AM Modified: 8/22/2006 1:44:04 AM

Corey Scandin was

my Area Manager and he used to come into our office and do coke in the kitchen with our branch manager. Corey Scandin wasn't all that bad though. I think it was just the drug problem that took hold of him.

Meglio - Cleveland, Ohio
U.S.A.

Does anyone know if all of the the Area Managers were fired? Were any of the Area Managers offered other positions with the company?

Does anyone know if the former Area 49 Manager, Corey Scandin, was fired?

Does anyone know if all of the the Area Managers were fired? Were any of the Area Managers offered other positions with the company?

Does anyone know if the former Area 49 Manager, Corey Scandin, was fired?

I would first like to state that the way Ameriquest Mortgage Pratices Business and the way they treat their clients and employees is not typical of the mortgage business. I own a Mortgage company here in Louisiana and have seen first hand how horrible they really are.

I am surprised that it has taken this long for them finally to feel the heat from their actions. I have countless stories of people in the same situation as many of the rebuttals that I have read. I also have know several people who worked for Ameriquest and have related their pratices to me.

What I call what they do is the "bait and switch" program. They promise you one rate and program and then have you not make your monthly obligations so you are basically forced to take whatever they give you. Also their 7 day waiting period for refinances is not legal.

Employees are told to put EVERY customer on an ARM product from the get go because they make more money on those loans when sold on the secondary market. They do not as a company care about their employees yet alone the client's that keep them in business. They are the bad apple in a barrel and need to be taken out as soon as possible.

Many of you may not know this but if your broker tries to put you thru a company called ARGENT, tell them NO! They are Ameriquest! I as a broker do not deal with them for that reason. I wish anyone out there the best of luck with any type of litigation that may arise.

Please remember that there are good lenders out there and if you have questions, ask the closing agent and if they do not answer them to your liking, walk away from that loan. You can also contact your state's office of financial services to lodge complaints.

RALPH,
YOU ARE TALKING ABOUT MARK M RIGHT? I agree with you, Mark Moyer was a car salesman before he came to AMC. He talked a big game so much that mangers began worshiping him and promoted him with no skills. Yes he did cheat on his wife with a processor.

But if you are Ralph G, you have NO ROOM TO TALK. You used your authority and big pay checks to date a processor that Corey later made you fire beacuse he was afraid of a sexual harrassment lawusit.

You are no better.

Damon
Ex Employee
Egg Harbor Twp. NJ
EX Area 49

HEY JOHN
I think I know you but I wont say your last name on the internet but LORDY LORDY LORDY if it is who I think it is then respond to this post because you sound like the guy I knew and I truly respect you as a person. And agian if it is the John that I am thinking of you were a top appliance sales person for another large chain.

John, dont be shy about it. The young punk manager that was fired for fraud was Ralph Gifoli (spelling of the last name may be wrong) but yes, he was a young punk who thought his s^^^ didnt stink. Bought himself expensive watches, a nice black BMW that now I'm sure he can't make payments on. He was even such a punk that he hired his best freind the a few months later business became business and fired his best freind for lack of production.

Some friend he was. Before Ralph started with AMC he was a bust boy for a restaraunt. No previous mortgage experience, worked in the Philly office became a top producer by ripping people off and then got caught after taking over our branch after I HAD THE BALLS to go to the top and report the fraud.

SO RALPH GIFOLI AND CORY SCANDIN GO F**K yourselves. and as for the person who said that if people are complaining cuz either the didnt have what it takes, I WENT TO BIG SPIN IN LAS VEGAS, and I certainly was on the s((( list with Corey and Ralph for spilling the beans about fraud. But the company had to send me because I earned it.

DAMON
FORMER AMC EMPLOYEE
EGG HARBOR TWP. NJ BRANCH
EX AREA 49

Does anyone know if Corey Scandin was fired?

Everything that I have read here is true about him. I would love to see his hiney canned and his career ruined.

Mark from Michigan and Jason Mansell have the same exact profile: Stupid, inarticulate empty-headed idiots:


Mark: A Typical AQ Dolt

Mark does not know the difference between you're and your.
He is a a typical Ameriquest dolt on the other end of the phone folks. Not much brain power here.

You have two types of Loan Officers at AQ:

1) Uneducated idiots like Mark.

2) Double Dealing Connivers.

I bet Mark wears his basball hat sideways, and he probably ate Ramen Noodles out of an upside-down frisbee before an Ameriquest Area Manager specifically targeted him for his empty-headedness.

John - Philadelphia, Pennsylvania U.S.A.

__________________________________________________


Ridiculous

You state that, "Were Notaries, commissioned by the state to do what is right.", and then launch into a diatribe of all of this fraud you alledgedly witnessed firsthand and are now supposedly "going public" because you were not paid redefines the word chutzpah. You then state that you supposedly changed and manipulated terms and conditions in direct violation of your sworn oath to the state of Florida that you took when you became licensed notaries is enough to give me pause at your shamelessness. Please post your names so that I can help report you to the state of Florida myself for perjury. Your not some sort of heroes,your scumbags.

Ex-employees, if you are looking to get some personal gain by reporting the company, ignore this post. If you are sickened by what you saw and are looking for someone to share your story with, contact your state Attorney General, they should have a consumer protection division that will handle your information and may very well already be in the middle of "something." Quit looking for federal regulators to contact, there aren't any, yet (preemption is coming). Look for a state agency that has issued the company a license to conduct business in whatever industry your state calls this, i.e. Dept of Banking in CT or NY.

You've got to be kidding!!!!!How in our life can something be organized like this? Anyone local in Il. shoot me an email.

I was wondering if anyone knows who Ameriquest sells their loans to on the Secondary Market. I have heard that WAMU buys a majority of their loans.

If any of the investors who are buying Ameriquest's loans are publically traded, SOX will apply to AQ.

Their Auditors have to be SOX compliant for a reason.

Once again, if you are witnessing fraud at your branch, document it. If you are fired because they think that you know too much or because they suspect you of being a whistleblower, file a complaint with OSHA and the Department of Labor within 90 days and site the Sarbanes-Oxley act.

Here is a want-ad for one of their auditor positions:

Ameriquest Mortgage Company
Job Title :Senior QC, Loan Servicing Internal Auditor
Reference #: JT
Location : Orange County, CA
Position Type: Permanent
Employment Type: Full Time
Career Level: Experienced (Associates, PQ, 1-4 yrs exp)
Salary Description: Extremely Competitive Compensation Package- DOE

Email job to a friend
Job Requirements
Senior QC, Loan Servicing Internal Auditor
Job Description
POSITION SUMMARY:

Provide input and implement the Servicing aspects of the Quality Control Program in conjunction with the Quality Control Servicing Director. Supervise and develop auditor associates for specific projects as assigned. Support management by identifying existing and emerging risk issues, evaluates action plans, and ensuring timely action plan implementation corrective actions. Conduct audits to evaluate processes and quality assurance practices. Perform all duties in accordance with AMC policies and procedures and all state and federal regulations. Assist with the Sarbanes-Oxley Compliance program

ESSENTIAL DUTIES AND RESPONSIBILITIES:

Effectively implement the Servicing aspect of the Quality Control Program including risk identification/analysis, review planning, coordinating testing, evaluation results, and management reporting.

Stay abreast of changes in the mortgage industry from a regulatory, sub-prime lending, and risk management perspective.

Represent QC Servicing in a professional manner with a high level of integrity and ethics and adhere to Ameriquest Standards of Conduct.

Supervise, motivate, train, coach and provide positive reinforcement for assigned staff on specific projects.

Prepare organized and logical workpapers that outline results and identify issues.

Up to 25 percent travel

Perform other duties as assigned

ESSENTIAL KNOWLEDGE, SKILLS & LICENSES:

Supervisory, analytical, oral and written communication, and organizational skills

Thorough understanding of mortgage compliance requirements and processes

Knowledge of Internal Auditing procedures including COSO standards

Knowledge of Sarbanes Oxley compliance including documentation and testing

Possess skills and professional experience in the areas of people and conflict management with tact and discretion

Thorough understanding of mortgage underwriting, documentation, and servicing requirements and processes

Thorough understanding of quality assurance and control techniques

Extensive experience with integrated Auditing software, ACL, Pantera.

Professional Certification preferred (i.e., CIA, CRCM, CPA, CRP, CBA, CFS)

EDUCATION AND/OR EXPERIENCE:


Minimum bachelor's degree or equivalent

5+ years of directly related experience

FIRST OF ALL, I AM AN EMPLOYEE AND I HAVE NOTHING BAD TO SAY ABOUT THIS COMPANY. IF YOU ARE AN EMPLOYEE AND YOU HATE YOUR BRANCH, AREA , OR REGIONAL MANAGER, THEN QUIT...I HAVE BEEN READING THIS WEBSITE FOR MONTHS AND IT IS MOSTLY CURRENT EMPLOYEES RIPPING APART AMERIQUEST, OR THEIR MANAGER LIKE MARK MOYER IS DOING IN HIS AREA49 BRANCH EGG HARBOR.. HE IS THE TRUE SCUMBAG THAT PEOPLE SHOULD BE WRITING ABOUT. FIRST THING, HE FILLS OUT HIS OWN VOE'S, CHEATS ON HIS WIFE WITH A PROCESSOR IN HIS OWN OFFICE, LIES TO CUSTOMERS TELLING THEM THEY CANNOT GET THIS ANYWHERE ELSE, AND BROKERS OUT HIS DEAD DEALS AS WELL AS MANY OTHER COWORKERS DEALS TO HIS BROTHER...ITS PATHETIC WHOEVER HIRED THIS DOUGHBOY WITH A 2ND GRADE EDUCATION..ALL MORTGAGE COMPANIES JUST REALLY NEED TO FOCUS ON HIRING GOOD PEOPLE NOT LIKE THIS GUY!!

President Bush Signs Corporate Corruption Bill
The East Room

Tuesday, July 30 10:15 A.M. EDT

THE PRESIDENT: Thank you very much. Welcome to the White House, and welcome to this historic occasion.

During the past year the American economy has faced several sudden challenges, and proven its great resiliency. Terrorists attacked the center and symbol of our prosperity. A recession cost many American workers their jobs. And now corporate corruption has struck at investor confidence, offending the conscience of our nation. Yet, in the aftermath of September the 11th, we refuse to allow fear to undermine our economy. And we will not allow fraud to undermine it either.

With well-timed tax cuts we fought our way out of recession and back to economic growth. And now with a tough new law we will act against those who have shaken confidence in our markets, using the full authority of government to expose corruption, punish wrongdoers and defend the rights and interests of American workers and investors.

My administration pressed for greater corporate integrity. A united Congress has written it into law. And today I sign the most far-reaching reforms of American business practices since the time of Franklin Delano Roosevelt. This new law sends very clear messages that all concerned must heed.

This law says to every dishonest corporate leader: you will be exposed and punished; the era of low standards and false profits is over; no boardroom in America is above or beyond the law.

This law says to honest corporate leaders: your integrity will be recognized and rewarded, because the shadow of suspicion will be lifted from good companies that respect the rules.

This law says to corporate accountants: the high standards of your profession will be enforced without exception; the auditors will be audited; the accountants will be held to account.

This law says to shareholders that the financial information you receive from a company will be true and reliable, for those who deliberately sign their names to deception will be punished.

This law says to workers: we will not tolerate reckless practices that artificially drive up stock prices and eventually destroy the companies, and the pensions, and your jobs.

And this law says to every American: there will not be a different ethical standard for corporate America than the standard that applies to everyone else. The honesty you expect in your small businesses, or in your workplaces, in your community or in your home, will be expected and enforced in every corporate suite in this country.

I commend the Congress for passing a strong set of reforms. I particularly thank Senator Paul Sarbanes and Congressman Mike Oxley. Both are very thoughtful, and were persistent voices for reform. They are true advocates of corporate integrity. I appreciate their working together to send a signal to the rest of the country that it's possible in Washington, D.C. to set aside partisan differences and to do what's right for the American people. I also appreciate the bipartisan leadership in the Congress, and I particularly thank Senator Daschle and Senator Lott who are with us here today.

I want to thank members of my Cabinet who worked on this bill: Secretary of Treasury O'Neill and Attorney General Ashcroft, Secretary Evans, Secretary Chao. I appreciate the FBI Director being here, along with the Chairman of Securities and Exchange Commission, Harvey Pitt. I appreciate the Corporate Fraud Task Force members who are here. I want to assure the American people, they're just getting started.

America's system of free enterprise, with all its risk and all its rewards is a strength of our country, and a model for the world. Yet free markets are not a jungle in which only the unscrupulous survive, or a financial free-for-all guided only by greed. The fundamentals of a free market -- buying and selling, saving and investing -- require clear rules and confidence in basic fairness.

The only risks, the only fair risks are based on honest information. Tricking an investor into taking a risk is theft by another name. Corporate executives must set an ethical tone for their companies. They must understand the skepticism Americans feel and take action to set clear standards of right and wrong. Those who break the rules tarnish a great economic system that provides opportunity for all.

Their actions hurt workers who committed their lives to building the company that hired them. Their actions hurt investors and retirees who placed their faith in the promise of growth and integrity. For the sake of our free economy, those who break the law -- break the rules of fairness, those who are dishonest, however wealthy or successful they may be, must pay a price.

Today, we are taking practical steps to encourage honest enterprise in our nation. Under this law, CEOs and chief financial officers must personally vouch for the truth and fairness of their companies' disclosures. Those financial disclosures will be broader and better for the sake of shareholders and investors.

Corporate officials will play by the same rules as their employees. In the periods when workers are prevented from buying and selling stock in their pensions or 401(k)s, corporate officials will also be barred from any buying or selling.

Corporate misdeeds will be found and will be punished. This law authorizes new funding for investigators and technology at the Securities and Exchange Commission to uncover wrongdoing. The SEC will now have the administrative authority to bar dishonest directors and officers from ever again serving in positions of corporate responsibility. The penalties for obstructing justice and shredding documents are greatly increased. Corporate crime will no longer pay. CEOs who profit by betraying the public trust will be forced to return those gains to investors. And the maximum prison term for common types of fraud has quadrupled from five to 20 years.

For the first time, the accounting profession will be regulated by an independent board. This board will set clear standards to uphold the integrity of public audits, and have the authority to investigate abuses and discipline offenders. And auditing firms will no longer be permitted to provide consulting services that create conflicts of interest.

This law gives my administration new tools for enforcement. We will use them to the fullest. We will continue to investigate, arrest and prosecute corporate officials who break the law. The Corporate Fraud Task Force I established is now hard at work, overseeing investigations of alleged fraud and insider trading. More than 200 federal prosecutors are at work detecting and punishing corporate crimes. Every corporate official who has chosen to commit a crime can expect to face the consequences. No more easy money for corporate criminals, just hard time.

As the work of enforcement proceeds, I hope Congress will join me in other important efforts to protect the savings and investments of Americans preparing for retirement. We've seen how workers can lose a lifetime of savings overnight, locked into pension plans without adequate choices and information.

Workers should be able to sell company stock and diversify into other investments after three years in their own company's plan. They should receive updates on their retirement accounts, not once a year, but every three months. They should have access to sound investment advice. I have proposed pension protection reforms; the House has passed them. I hope the Senate takes them up soon.

We must also work together to promote more growth in the economy and jobs for the American people. The fundamentals of our economy are sound. After all, sales of automobiles and new houses are on the rise. New unemployment claims have been falling since April. Inflation is low, productivity is increasing, and growth continues. Those are signs of strength in our economy, and with the right policies we can build on it.

We must continue to work to control federal spending, and make the tax cuts permanent, so Americans can save and plan for their own future. We must tear down trade barriers, so people everywhere can buy American. We must make terrorism insurance available to spur more construction.

And on energy, we must encourage conservation through new technology and produce more energy at home, to give our economy safe and steady sources of power, and make our country less reliant upon foreign sources of power.

The attacks against our economy in the last year have caused deep hardship, and highlighted the economy's fundamental strength. The American economy is more diverse and more innovative than ever before. And its greatest strength, the people who make it work, are better trained and more productive and more highly skilled than ever before.

Whenever we face challenges, from the fear that threatened our economy after September the 11th to the fraud that threatens investor confidence today, we've tackled them head on. The American economy depends on fairness and honesty. The vast majority of businesses uphold those values. With this law, we have new tools to enforce those values, and we will use those tools aggressively to defend our free enterprise system against corruption and crime.

It is now my honor to sign the Sarbanes-Oxley Act of 2002. (Applause.)

(The bill is signed.)

I am an ex-employee of Ameriquest, and I think that I have made it clear that they are a corrupt company.

Obviously Joe is a Socialist. He does not know that Ameriquest contributes to both political parties. For instance, Roland Arnall contributed to the inauguration of Grey Davis and Arnold Schwarzenegger.

This is exactly what disturbs me. When Ameriquest implodes like Enron did, it will enrage anti-Capitalist whack jobs like Joe even more. Somewhere along the way, he was indoctrinated into Marxism. This is probably due to lack of education, being spoon-fed demagoguery from the left-wing psycho professors at his college or maybe he has simply been brainwashed by his Marxist union.

I am sure that Joe does not realize that George W. Bush signed the Sarbanes Oxley act of 2002 into law. It primarily pertains to publicly traded companies, and it might pertain to Ameriquest because they sell 25% of their loans on the secondary market. Some of these loans have to be falling through the cracks to investors.

If any current employees are thinking of blowing the whistle on Ameriquest for fraud, you have 90-days from the date of an adverse action under section 404 of the Sarbanes Oxley Act. You have to report it to OSHA and the Department of Labor.

After Ameriquest implodes, I am sure that provisions will be made for privately held companies.

Matt and all you who think AQ is up-and-up as a loan company...YOUR DOORS are going to swing shut soon! Why do you think you got kicked out of CT and are being SUED in 26+ states! You're all friggin' liars, cheats and more. As someone who sees the ruination you create by trying to refinance people the hell away from you, it's just amazing that you aren't shut down.

Here's why....BUSH and his cronies supporting big business. In the same way they ignore environmental calamities being caused right here in the US (look up flooded coal mine disaster in google, and the subsequent executive order not to investigate) they are overlooking this because their binging buddies are part of the financial COUP this country is facing! The robber barrons are at our doors you idiots...and you keep on letting them in.

Working in the lending industry for quite awhile now, I HAVE YET to see an honest loan officer or mortgage broker/lender in the state of NJ. You're all run by the Mafia or something it seems. SCARY the stuff I see NJ lenders try to pull over on people.

So if you want, keep making your $ now if you have no morals...your day will come.

I would love to hear more stories about Corey Scandin.

I am sure there are current and ex-employees who are willing to share stories about Jason Mansell too.

I can still hear Mansell in my mind's eye saying "Come on guys, let's get THEM docs in". What a moron.

I agree that Mansell is a shady punk. Scandin molded him to be a manager because he is a virtual idiot. I was pleasantly surprised to hear that Scandin might not be an Area Manager much longer. Hopefully both Scandin and Mansell are fired and charged with document forgery under federal RICO statutes.

Maybe the two of them will move in together after Scandin's wife leaves him. But, after Scandin is indicted, he will probably not have enough money to be Mansell's sugar daddy. But hey, they can share 3 hots-and-a-cot in a federal penitentiary!!!

I also went through the same search to find a regulatory agency to report info too,

Try the Dept of Corporations.

I'm commenting on Mr Corey Scandin and Ameriquest Mortgage Company. Corey has essentially become a puppet as an area manager. Mariano Demarin runs area 49. Corey has no say as to who gets promoted as a manager in his area. In fact, Mariano does not respect Corey Scandin. Corey may not be an area manager for long.

It is true that Corey only thinks about himself. All he cares about is partying, cheating on his wife and having his managers stroke his ego. These are the people that Corey likes. People that will kiss his @ss and People that he can control. For eg. the manager of the new Dover, De office, Jason Mansell. This kid(24 yo) is a thieving, shady, white trash little boy that's going to be controlled by Corey Scandin. Corey promotes people that he can control that don't have minds of their own.

Except now he has a manager in his Cherry Hill, NJ branch that was appointed by Mariano, not Corey, who is going to be keeping tabs on Corey for Mariano.

Hence, Mr. Scandin may not be an area manager to much longer.

Corey is also the biggest liar in the world. He says one thing one day and totally contradicts himself the next. For Eg. He had let his top producers in his area know that he is only going to promote A.E.'s to manager's that have come from a $15- $20 Million branch.
Then he promotes Jason Mansell, who did not come from that type of branch. In fact Jason Mansell was so bad as an AE in the Cherry Hill, NJ office he transferred to the Philly office where the competition was much less because everyone there is new. Mansell was at best the 6th best producer in Cherry Hill. Because of this decision, Corey is going to lose many more top producers in area 49. he has already lost 4 in the last two weeks. This is not the end either. The flood gates are going to open real soon. One by one, top producers after top producers are going to leave AREA 49. You heard it hee first!

Going back to Corey being a puppet, Corey promoted an AE from the Wilmington, DE office as the new branch manager for the Dover, DE office and 2 days later took the promotion away from him. Why? Mariano told him to.
Corey admitted to this AE that he has no control over the decisions that are being made in his area. THIS IS A FACT!!!!!

Oh by the way, NEWS FLASH to all Ameriquest Mortgage Company Mortgage Specialists; when management tells you that borrowers can't get that type of program anywhere in the industry, don't believe them... The truth is these consumers really can. This is why Ameriquest Mortgage Company likes to hire individuals that do not have any mortgage experience.

HAVE a mind of your own so you can think for yourselves. By the way, I was not fired by Ameriquest Mortgage Company, I still work for them in Area 49. I have no axes to grind.

I began looking for the regulating entity for Ameriquest for over a year and a half. I have inquired with the DOJ, DRE, Sec of State, etc...etc...! Because AMC shares are not public, It is not a bank, Credit Union or brokerage, everyone just passes the buck. The only 2 entities that I have found to have any leverage what so ever is ACORN (a consumer advocacy group) and the Los Angeles Times.



Having once been employed by AMC I can attest to the acts of deception, misrepresentation and fraud that are standard operating procedure.

In regards to the responce to the borrower that had not received their money in 11 days, you are correct except, in California, the recording must be confirmed prior to disbursement of funds.



Unfortunately, when an AMC loan is being refinanced, the pay off is internal and done concurrently with funds being wired to title. hence, AMC loan is paid off without the benefit of the title company's (the insurer) final sign off for recording!



In closing, I suggest that ANYONE doing a loan with this company excercise due diligence. This is your home..your "American Dream". It is YOUR responsibility, to yourself and your famiy, to research ALL of your options and to read every word of the documents you are signing. If and when you find anything that is "less than truthful" or inaccurate it is your responsibility to correct or not sign.



When you sign those documents you are attesting to the validity of what they say. When you choose to go through with the transaction you become an accomplice to fraud! Not only are you jeopardizing your home, but you become a part of the problem rather than a part of the solution!

First off, I'm not an Ameriquest manager, supervisor,employee or customer. From what Ive read, I will never be.



What I don't understand is if this is such a corrupt company, why haven't any of you dropped a dime and call the federal regulators who over see this company. I find it hard to believe that with all of the disgruntled people on BBB.com that no one has done this.



What's up with that?

I think that Matt should look up the word rationalize in the dictionary.



It is obvious that mortgage companies are going to get paid one way or the other; and the subject of yield spread could be debated all day long. The fact remains, Ameriquest is charging fees that go well beyond what your average Mickey Mouse Broker is charging on the front and back - to A+ borrowers!



A lender can legally charge any amount of fees that do not fall under the category of a section 32 loan. Ameriquest is going to implode because of the widespread fraud at Ameriquest.



Since I have already articulated my case in other blogs, I will copy and paste them here:



The Shenanigans are not isolated to One Branch



All you have to do is read the employee entries on here to see that the pattern is the same throughout the company.



Allow me to copy and paste my own here:



Corey Scandin Hedges his Bets



I heard they fired the manager in Egg Harbor who was a little wet-behind-the-ears punk. You see, Corey Scandin wants young naive managers at most of his branches because they don't fully understand the consequences of their actions.



Once they have a short run as the branch manager, they are fired. Then Ameriquest conducts their own internal audit and they then pin all of the fraud on the manager. Since they sell 25% of their loans on the secondary market, they probably keep the fraudulent loans and sell the more legitimate loans to investors.



Ameriquest just hired a bunch of new employees in Area 49 and Scandin will be watching all of them. If you are a new employee - watch out! Scandin speaks with a forked tongue, and if he ascertains that you think critically you will be fired.



I was hired in December, and there are only 2 people left from my initial training group. One is young and dumber than a rock, and the other made every effort to ingratiate himself with Scandin and every scumbag in upper management.



When Scandin decides who his favorites are, they are given workable leads. All of the other poor schmucks will be given the same recycled leads from Snap along with the outbound leads. It is virtually impossible to convert those leads because it is literally like opening up the phone book. Once you sit there and make 250 calls a day for 3-4 months and can't close 7 loans a month, you will be given a 30 day notice - talk about blatant favoritism!!!!!!!!



As you can see, Corey Scandin is the principle architect of area 49. Watch his body language, it speaks volumes!!!!!!!!!!!!!



John - Philadelphia, Pennsylvania

U.S.A.







Rebuttal REBUTTAL employee

Submitted: 4/26/2005 8:55:04 PM Modified: 4/26/2005 8:55:04 PM



Corey Scandin Follows the Same Pattern as other Ameriquest Area Managers





To all the new employees who were hired recently by Ameriquest for Area 49: Get out while you can!



If you are skeptical about what you are reading on here it is mainly due to the fact that Scandin and his cohorts have you hyped up about the pie in the sky numbers that they gave you in the interview. But, the fact remains that unless you are ready to have a brown nose, if you are dumber than a rock or if you are a double-dealing conniver, you will not last more than 4 months.



Let's look at some excerpts from other Ameriquest employees who have shared their thoughts with us.



-------------------------------------

Quinton

Greenbelt, Maryland:



I worked for Lloyd Grant, the "golden boy" of the Maryland area. This guy was promoted to run a branch after being with the company for less than 6 months. Do you want to know why, because he closed 36 loans in one month, that's right, 36!!! He always brags in our office how he closed those loans, through his "girls" that he has in other company's feeding him leads illegally!!!



That's just the tip of the iceberg, as soon as this guy walked into the office with his "ghetto" attitude, it's been nothing but fraud ever since. I've witnessed him on the phone with our title company begging them to remove liens from title just so we can close a loan. Or to put someone else on the title that didn't belong there in the first placed, just so we could do the loan as a refi instead of a purchase, this guy is crooked!



And this goes all the way to the top, the area manager, Cory Lenard, knows that all this goes on but just turns a blind eye. He never even comes into our office, and when he does, him and Lloyd just joke about all the money they are making and the girls that they hooked up with during the weekend. The area manager frequently goes out with the salespeople, but only a few certain salespeople, his "crew".

-------------------------------





This is exactly how the new office in Berwyn was run from what I have heard. The manager, who was also a 7-month rookie, carried himself the same way and engaged in the exact type of fraudulent activity that took place in Maryland. That particular manager was fired. Ameriquest conducted their own internal audit and pinned everything on him. They also had to hire a security guard because he threatened to kill Scandin. This was mainly due to the fact that Scandin befriended him outside of the office - Scandin does this with all of his flunky managers and potential flunky managers.



-----------------------------

Mariano

Mirimar, Florida:



AE's are forced to work 70 hr weeks and are threatened to be fired on an almost daily basis. Fraud is rampant and I have not only seen this first hand (fake signatures, cut and paste of almost every type of doc from W2's to insurance) but from speaking to other AEs in different areas, the stories are almost identical. The branches that are doing over 12 million in rev a month are ALL dirty. It is impossible for an AE trying to do things honestly to compete with dirt bags who lie, cheat and steal their way to Hawaii trips & $200,000 plus salaries. All one has to do to see this first hand is go into a branch, you will find an unqualified manager barking at a group of even less qualified account execs about why there isn't more gain on the board. You will see a group of 10-15 males all under 30 years old, throwing soccer balls around like monkeys and bragging out loud about the "last poor dumb b*****d that I bent over". All of these posts on this site are true.



THE APPRAISERS ARE ALL ON THE PAYROLL.The closing agents are taught to use the HUD arm, an old trick where the schedule of disbursements is covered by the notaries arm during signing so that the customer doesn't see the sick enormous fees and the pre-pay that are being charged to them. I myself have done countless loans where there was very little or no benefit to the customer...but they were done anyway because it meant $$ for the manager and the processors, and they threaten your job and pressure the AE's into signing them. I have also signed countless deals where I checked the final numbers after signing, only to find that the rate and the fees had been dramatically changed.



This company is SO greedy that it not only screws the customer, but after the loan signs, the corporate offices give seven days for the loan to fund, or else you as an AE get half of the revenue that was rightfully yours. They wait until the fourth day in and then sock you with a list of stips to collect that are so long that they KNOW you will never clear them in time. Hence, they take half of your money. Where does that money go? Who knows. Bottom line is, this company is about one thing, and that is the bottom line. Greed, Greed, Greed. I feel like I lost a piece of my soul working there, and I regret all of the bad loans that I have done.



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This is exactly how Scandin's branches are run in Egg Harbor, Cherry Hill, King of Prussia, Berwyn, Bensalem and several others.



Scandin has been told by Account Executives at his branches that the fraudulent activity is not isolated to the Branch Manager. He has also been informed that appraisers ask for kickbacks to inflate the appraisals and he turns a blind eye to it.



Fact: Two of Scandin's Branch Managers have been fired this year, in Egg harbor and Berwyn. Both were rookie Account Executives with less than a year's experience, both were under 30 and both carried themselves like the thugs. Does anyone really think that Scandin does not know what kind of people he is appointing to his branches?



Scandin is following the same pattern that all of the other Area Managers are.



I would like to challenge every Account Executive who is fired or given a 30-day notice to send a copy of this report to Corey Scandin.



John - Philadelphia, Pennsylvania

U.S.A.



I think T should look up the word diatribe in the dictionary.



It is obvious that Ameriquest keeps employees like T because they want uneducated Account Executives at most of their branches. Clearly, they do not want anyone intelligent or savvy enough to understand how the Secondary Market works.



The training program at Ameriquest teaches next to nothing about traditional mortgages. The only thing taught is the unique underwriting guidelines that enable the AE's to rush customers to the closing table. A proper refinance loan takes at least 3 weeks to originate process and underwrite for closing.



As for the Secondary Market, 25% of Ameriquest's loans are sold to investors. It is obvious that Ameriquest allows fraud to take place at most of their branches, then they pin all of the fraud on the Branch Manager or Account Executive and then go on to conduct their own internal audit. At that point, Ameriquest keeps the fraudulent loans for their own portfolio. The more legitimate loans are sold to investors.



You do not have to be Sherlock Holmes or Perry Mason to deduce that there is an obvious pattern at Ameriquest branches throughout the country.

Ameriquest is a place where you either sink or swim. If you survive than you're making a ridiculous amount of money, but most people can't put up with the pressure. I was there for 8 months where I averaged about 10K a month..I'm sure if all of you made the same your morals wouldn't get in the way as much. The problem is the company wants to be the largest in the country and to do that needs their employees to compete. Of course in such a high pressure sales environment you're going to have the ones who try to cheat their way to the top, but after seeing person after person fired for fraud it's not like the company is condoning it. The company is going through growing pains, but they're smart...introducing the Alt A and A products to their line-up so you don't have to sell everyone on a 2/28 with a 3 year prepay anymore. As for Corey...I was in Chicago with him when he first got promoted to Area and I think he's simply a man who struggled financially until he found Ameriquest where he makes close to 50 to 150K a month. Hell I'd buy 50 pony's just for sh*ts and giggles if I were him. My area was Steve Blood who is basically a boy scout and will terminate anyone who even whispers fraud. So you can see the company isn't all like that.



My Advice to you all is to find a brokerage like I did where you can still give someone no points and make 3 on the back. That way you can screw them without them even seeing it. Will that make you all feel better?

About a month ago, Corey Scandin visited my branch and bragged that he was going to buy his kids a Pony! He said "I truly am living the American Dream".



I would like to encourage current and ex-employees to share some Corey Scandin stories with us.

The principle architect of Area 49 (Egg Harbor is part of Area 49) is Corey Scandin. Sure, people think that he is a stand up guy, but he is actually the ultimate wolf in sheep's clothing. He knows exactly who is engaging in fraud on a daily basis at his branches and he does nothing to stop it.



I currently work at one of Scandin's branches and I am trying to find another mortgage company to work for. I am very concerned because it is becoming increasingly obvious that most mortgage companies do not want Ameriquest employees with no prior mortgage experience. It is well known in the industry that Ameriquest is crooked.



The word around the campfire is that Ameriquest is under investigation in PA. Scandin should put those fancy ties that he wears on Ebay because he will be wearing an orange jump suit very soon!!!