Ameriquest ripoff employee inside info DO NOT WORK FOR THEM.. DO NOT GET A LOAN WITH THEM..! Responsible for and sponsor of destroying the American Dream Nationwide
I am a current Ameriquest "Mortgage Specialist". I will keep this brief and keep myself anonymous as I am still employed by them, but I feel compelled to add to the volumes of disgust that have been generated about this company. If you are a Current or Perspective employee/client of Ameriquest Read on.......
DO NOT WORK FOR THEM...
DO NOT GET A LOAN WITH THEM...
I am relatively new to Ameriquest. At first, I thought this was going to be a great place to work. Funny commercials, "great pay", Trips to exotic locations, and a chance to win a porsche or some other expensive car at the annual bash thrown in Las Vegas.
The sad thing is......I found this website after I started working for this company and sank lower and lower into my chair as I read the postings. I feel like scum just working for this company, eventhough I haven't done anything wrong or dishonest during my short stay at Ameriquest. I feel somewhat fortunate that I have not seen alot of what is reported about Ameriquest Mortgage, probably because I haven't been there long enough....but what I have read....It doesnt surprise me in the slightest. I can brush off a few disgruntled customers or ex-employees, Ameriquest is a big company...What big company doesnt have a few. But this is just too much to ignore.
The clean cut professional you see on our commercials?? Those are actors....I have seen very few "Mortgage Specialist's" that look like the ones you see on TV, wheather they are bouncing through the crowd at a Rolling Stones concert, or chit chatting with a borrower at their home. In reality...a typical "Mortgage Specialist" is usually a 20-23 year old kid with $$$ in their eyes and a soul only the devil would love. Dont get me wrong...I have met and am quite close with alot of fellow "Mortgage Specialists". Only difference is....I/they have seen the light, have morals and ethics and are in the process of getting out or already have.
In reality, branch managers scream and cuss EVERY day for us to get the Applications and then turn them into a loan. I know he/she hates doing it, he's/she's burned out himself/herself. But he/she has to because of our Area Manager's, who are a piece of work. I am still trying to figure out why the great majority are paid 1+ million dollars a year to sit in their office for 10 hours a day berating and verbally abusing branch managers on a daily, if not hourly basis. Does anyone out there have a moral/ethical problem with selling the loans that Ameriquest offers?? With 3-4 points on the front, can anyone out there tell me why and how Ameriquest can get off charging someone with good credit 25-35 thousand dollars on a loan, when they can walk into any WAMU, Wells, BofA etc....and get the same d**n deal without tens of thousands of dollars in fees rolled into the loan. Just because Ameriquest can do it in 10 days?? I can somewhat see a couple of points, maybe if the person is not very creditworthy so the rate can be reasonable....but come on!!!!! This company was a serious let down once I was on the inside and saw how Ameriquest is run, From Mr. Demarin & Ms. Shelton all the way down. Very very sad.
This my freinds is Ameriquest in a very small, minute nutshell.
I still work for them...I have a family to support..I have to. As to how much longer I will work for Ameriquest is up in the air, I will quit or be fired (probably the later, as I have ethics and morals) I am looking to get out as soon as I can and go to a reputable mortgage company.
REMEMBER:
If you want a real estate loan, go somewhere else. Got a FICO greater than 660? Then go to a bank, you won't get screwed. Got a FICO in the 500's? Dont make a bad situation worse...go see a credit counselor.
If you are contemplating a career with Ameriquest..RUN..It will destroy you, and any morals and ethics you have.
Signed;
Anonymous in New York,
or is it Florida?
or maybe Texas
or even California
I know I am not the only Ameriquest Employee that feels this way.
Scared of Repercussions
anywhere, New York
U.S.A.
Click here to read other Rip Off Reports on Ameriquest Mortgage Company
1 Updates & Rebuttals
Bill & Ted
Orange,California,
U.S.A.
Ameriquest Founder Hits Snag in Bid for Ambassadorship
#2Consumer Comment
Sat, October 22, 2005
3:27 PM PDT, October 20, 2005
Ameriquest Founder Hits Snag in Bid for Ambassadorship
By Johnathan Peterson, Times Staff Writer
WASHINGTON -- The nomination of Roland Arnall for ambassador to the Netherlands hit rough water on Capitol Hill today as some lawmakers advised the founder of Ameriquest to resolve his Orange County mortgage firm's problems with U.S. regulators before turning to international diplomacy.
Comments by Sens. Paul Sarbanes (D-Md.) and Barack Obama (D-Ill.) at a hearing of the Foreign Relations Committee underscored the political sensitivities that surround Arnall and Ameriquest, which has been accused of unfair practices in its business of lending to borrowers with weak credit.
ADVERTISEMENT
The Orange, Calif.-based lender is in settlement negotiations with about 30 states attorney general and banking regulators.
"I'm pressing here this morning to try to get this matter fully resolved and settled," said Sarbanes, hinting that he might move more forcefully to block Arnall's nomination in the future. "I want you to understand what the concerns are. It seems to me the ability to resolve it is essentially in your hands."
Arnall defended Ameriquest as a "great company," and said he took full responsibility for past missteps. "Some of our employees did not do the right thing. When we found out, they were let go and action was taken so it wouldn't happen again," he said.
Arnall said he was not personally involved in the settlement talks, but believed with "total candor and from the bottom of my heart" that his management team was well qualified to finalize an accord with the state regulators.
The Senate grilling was an unusual moment for Arnall, 66, a Hungarian-Jewish refugee from World War II who migrated to Montreal and Los Angeles, where he launched the biggest subprime lending company in the United States and gained a personal fortune estimated at about $2 billion.
Arnall has long cultivated friends in both political parties and until now has been able to conduct most of his professional affairs out of the public spotlight. While a committee vote on his nomination could come next week, the pointed questions suggested that the process is about to slow down.
Arnall and his wife, Dawn, have emerged in recent years as among the leading financial backers of President Bush, California Gov. Arnold Schwarzenegger and Republican causes. The president nominated Roland Arnall on July 28 for the Dutch ambassadorship, which requires confirmation by the Senate. The Senate Foreign Relations Committee has not yet scheduled a hearing.
Ameriquest maintains that it adheres to a series of "best practices" to ensure fair treatment of customers, but it has repeatedly been the target of lawsuits involving charges of deceptive lending practices.
Without admitting wrongdoing, Ameriquest recently agreed to pay as much as $50 million to settle a class-action lawsuit representing borrowers in California and three other states, and it has earmarked $325 million to settle concerns raised by a task force of regulators from 30 states.
--------------------------------------------------------------------------------
Times staff writer E. Scott Reckard contributed to this story.