AMERIQUEST ripoff New York New York
For the people who think they know about Ameriquest........
I worked at AMC for 3 long years and some of the things ive witnessed are horrible. first off , let me explain what ameriquest does . Ameriquest has the ability to close a loan in as little as two days so most people dont know what hit them - before they know it the cancellation period is up . The company does have competitive rates but they charge people a minimum of 4 points . people with perfect credit get banged over the head with ridiculous fees . as salespeople , we were told to just " sell the sizzle and not the steak " or told countless times that " ameriquest sells benefits , not rates or fees . " 9 out of 10 branch managers were pimple faced kids - 23 or 24 years old that had no work experience nevermind managerial experience. Being promoted to manager meant that you were in the right clique , in most cases it had nothing to do with merit . Account executives were scloded several times daily for not cold calling enough customers , not closing enough deals or not working enough hours . The managers used tired , old motivational tactics - " do it for your families , get that extra deal this month no matter what , dont you guys have any pride? you guys suck !we need to close more loans!"
Most of the lame salespeople that i ran into couldnt sell pencils , nevermind a loan with fees in excess of $35,000 so they lied , falsified documents , etc . they would pull the cancellation papers out of the customers paperwork so that the customer had no recourse .
Ameriquest ruled by fear , telling employees that they would be fired if they didnt hit certain goals . and if you hit your impossible goal one month you wold be expected to hit a higher one the next . its just a big scam . all the commercials , the charity work , the blimps - its marketing . ask anyone thats ever worked for ameriquest and they will tell you that they would NEVER , EVER , refer friends or family members to Amerquest . when i started there was not one minute of training . if you tell a manager that a particular loan wont work because the person dosent make enough money to qualify then the manager would say " just go stated" which meant that even though the borrower didnt have a job , we would just state that they made a certain amount of income . it was totally irresponsible .
Preying on people that werent very proficient in english was a whole other story . we were instructed to tell every customer that their credit was "terrible" and "you cant get this loan anywhere , ameriquest is the only place you can do this type of loan " most account execs. knew nothing about mortgages , most didnt own houses . such a joke . i had one colleague tell me " i just sold something to someone that they didnt need , now thats a salesman " most people at ameriquest were weak minded followers , that had no other work experience . there were some though , that were shrewd and milked ameriquest for the 3 years that they worked there . like me , who told countless customers that they might be better off not doing bussines with a place like ameriquest . who told people the truth about ameriquest and offered to point them in a direction where they could find a cheaper loan . ahh the satisfaction !!!!
John
new york, New York
U.S.A.
16 Updates & Rebuttals
Thomas
Bossier,Louisiana,
U.S.A.
What happens
#17Consumer Suggestion
Mon, May 29, 2006
I think the answer is. It will be different state to state depending on your states laws. But if you have already sued Ameriquest I have a idea Ameriquest may lump all of these into one basket and file bankruptcy. I think Ameriquest will sell off the rest of the corporation and then file bankruptcy against all the loans with Lawsuits against them. I also expect them to file bankruptcy in whatever state the Ameriquest lawyers think Ameriquest can best protect its assests. I could be dead wrong but I do not think they got to be the huge Corporation Ameriquest is by being stupid.
Tom
Kansas City,Missouri,
U.S.A.
question
#17UPDATE EX-employee responds
Mon, May 29, 2006
I have no idea Kay, I'd ask your lawyer about that one.
Tom
Kansas City,Missouri,
U.S.A.
question
#17UPDATE EX-employee responds
Mon, May 29, 2006
I have no idea Kay, I'd ask your lawyer about that one.
Tom
Kansas City,Missouri,
U.S.A.
question
#17UPDATE EX-employee responds
Mon, May 29, 2006
I have no idea Kay, I'd ask your lawyer about that one.
Tom
Kansas City,Missouri,
U.S.A.
question
#17UPDATE EX-employee responds
Mon, May 29, 2006
I have no idea Kay, I'd ask your lawyer about that one.
Kay
St. Louis,Missouri,
U.S.A.
QUESTION FOR TOM
#17Consumer Comment
Mon, May 29, 2006
Tom what happens to the loans that are in a lawsuite with Ameriquest, If they sell out, what happens to those loans?
Kay
Tom
Kansas City,Missouri,
U.S.A.
Signatures
#17UPDATE EX-employee responds
Sun, May 28, 2006
If you think that you didn't sign all required documents here is how you obtain proof that will hold up in court against Ameriquest:
They have you sign the documents they want you to see and then copy and paste your signatures on the ones they don't want you to see. This is "arts and crafts" time for the employees. When they provide you with copies of "documents" that you "signed" find a way to compare them to your ORIGINAL paperwork and you will see that there was some cutting and pasting of your signatures. Don't know the legal implications of these actions but if you didn't actually sign ALL of the contract maybe it is null and void and you can get totally out of it with a free and clear house... man that would really hit AMC right where it hurts!!! Hope this helps you guys out.
Ameriquest will be sold within 6 months so don't let their lawyers drag their feet, get what you deserve from these scumbags NOW before they get bought out and you're S.O.L.
Tom
Kansas City,Missouri,
U.S.A.
Signatures
#17UPDATE EX-employee responds
Sun, May 28, 2006
If you think that you didn't sign all required documents here is how you obtain proof that will hold up in court against Ameriquest:
They have you sign the documents they want you to see and then copy and paste your signatures on the ones they don't want you to see. This is "arts and crafts" time for the employees. When they provide you with copies of "documents" that you "signed" find a way to compare them to your ORIGINAL paperwork and you will see that there was some cutting and pasting of your signatures. Don't know the legal implications of these actions but if you didn't actually sign ALL of the contract maybe it is null and void and you can get totally out of it with a free and clear house... man that would really hit AMC right where it hurts!!! Hope this helps you guys out.
Ameriquest will be sold within 6 months so don't let their lawyers drag their feet, get what you deserve from these scumbags NOW before they get bought out and you're S.O.L.
Tom
Kansas City,Missouri,
U.S.A.
Signatures
#17UPDATE EX-employee responds
Sun, May 28, 2006
If you think that you didn't sign all required documents here is how you obtain proof that will hold up in court against Ameriquest:
They have you sign the documents they want you to see and then copy and paste your signatures on the ones they don't want you to see. This is "arts and crafts" time for the employees. When they provide you with copies of "documents" that you "signed" find a way to compare them to your ORIGINAL paperwork and you will see that there was some cutting and pasting of your signatures. Don't know the legal implications of these actions but if you didn't actually sign ALL of the contract maybe it is null and void and you can get totally out of it with a free and clear house... man that would really hit AMC right where it hurts!!! Hope this helps you guys out.
Ameriquest will be sold within 6 months so don't let their lawyers drag their feet, get what you deserve from these scumbags NOW before they get bought out and you're S.O.L.
Tom
Kansas City,Missouri,
U.S.A.
Signatures
#17UPDATE EX-employee responds
Sun, May 28, 2006
If you think that you didn't sign all required documents here is how you obtain proof that will hold up in court against Ameriquest:
They have you sign the documents they want you to see and then copy and paste your signatures on the ones they don't want you to see. This is "arts and crafts" time for the employees. When they provide you with copies of "documents" that you "signed" find a way to compare them to your ORIGINAL paperwork and you will see that there was some cutting and pasting of your signatures. Don't know the legal implications of these actions but if you didn't actually sign ALL of the contract maybe it is null and void and you can get totally out of it with a free and clear house... man that would really hit AMC right where it hurts!!! Hope this helps you guys out.
Ameriquest will be sold within 6 months so don't let their lawyers drag their feet, get what you deserve from these scumbags NOW before they get bought out and you're S.O.L.
Laura
Apple Valley,California,
U.S.A.
Dee
#17Consumer Comment
Fri, May 26, 2006
Do you really believe what is comming out of your mouth. I am a customer of AMC and was ripped off by your company. I was charge an outragious $13000.00 in closing costs the 4 points mentioned. My personal information was leaked by a now ex-employee (illegal. Have you listened to all the complaints and the lawsuites AMC have lost. Us the AMC customers are tired of their deceatful ways. I'll give you the benefit of the doubt and mayby (although to be honest I don't believe this) you work for a good part of AMC.
Although AMC as I see it they breached our contract by allowing my personal info to be leaked to third party brokers none of whom are affiliated with AMC but yet they still want to charge me the pre-payment penalty. That shows what kind of values AMC has. We are now being harrassed by brokers wanting our business and I have to assume it is because of the leak not becaue these brokers purchased my info from my title company. AMC didn't even bother to ask the employee after being terminated what companies mine and hundreds of others in CA. he or she gave to.
All I received was a letter and an offer for AMC to pay a one year subscription to Equifax (whoopie)The office of the pres. is no help at all. After insisting for the name of the CEO in Orange Ca I finally got his name and a physical address to write to.It was made cleared to me the other day by one of the reps for the office of the pres. that the CEO would NEVER call me or write to me. That sounds like this CEO does not care about what is happening to AMC and its customers.
You would think that with all the lawsuits that we the people have won that top management would be interested in fixing the numerous problems AMC has. I can only hope that these suits will put AMC in bankruptcy like it has to a lot of other people and the employees will soon see the unemployment line. Open your eyes DEE and get out of this company. Thousands of people are not lying about how deceatful and malicious AMC is.
Rex
Campbell,California,
U.S.A.
For The Record - All of the Above is True
#17UPDATE EX-employee responds
Sat, May 13, 2006
I left AMC in 2003. I don't even need to have worked with John to know that he's telling the truth.
However, my recollection is that there are 2 or 3 copies of the recission notice in each loan doc set. Things could have changed.
I also saw people take loans to brokers when the loan was clearly never going through with AMC. If it was turned down by the company or declined by the borrower, the loan was seen as fair game by some of the more senior people in our branch.
They moved away from paper files toward electronic files to prevent Acct Execs from walking out with files. It only minimized this.
John accepting $$$ for these docs was walking a fine line because he was not licensed by the Dept of R/E, rather, it was the Dept of Corporations. This is how AMC is able to skirt so many of the laws that govern people with R/E licenses.
I agree that processors are the kinky ones in the network. Especially because their profit sharing is so low, that they almost need to do something to supplement their incomes.
And, Three years IS a long time to work at Ameriquest. I left when it became clear that things just weren't right there. In the beginning, many things are concealed to the newer people.
Steve
Corona,California,
U.S.A.
John, you committed a RESPA violation
#17Consumer Suggestion
Mon, May 08, 2006
John, quoted from your post...
..."regarding why i would refer people elsewhere - thats simple - money. .....then i would make money by referring potential customers to real banks, banks that had low rates and reasonable fees. and i of course would receive a handsome referral fee."
"... i feel good in knowing that i always did the right thing."
John , you are either lying or you committed a criminal act several times. Getting a referral fee is expressly prohibited by RESPA.
I quote...
Relevant Law: The Real Estate Settlement Act (RESPA), P.L. 93-533.
24 CFR Part 3500 (1993)
Important Issues:
Kickbacks and referral fees prohibited -- The paying or receiving of any fee or thing of value for the referral of business related to the settlement without rendering a service is a RESPA violation.
It is key that any payment is in return for a service provided. Settlement services are broadly defined to include more than just the traditional services performed by a lender, mortgage broker or title company, such as origination, processing, or funding a loan. Rendering credit reports, termite inspections, and home inspections are all considered settlement services.
Fees that are not permitted to be paid or received under RESPA are not legalized by disclosure or consent. -END-
Now, John, if you were actually a licensed mortgage broker you would know this wouldn't you? This particular tidbit of law is pretty much Mortgage Broker 101.
And don't even tell me that you had a CBA or an ABA because not being licensed you would not be able to legally enter into one of those either.
So, basically John, while maybe you didn't directly screw the borrowers, you received illegal compensation in connection with the closing of referred loans.
John
Queens,New York,
U.S.A.
dee this is earth , have we met?
#17UPDATE EX-employee responds
Sun, May 07, 2006
yes dee, being able to close a loan very quickly is seen as an asset to some customers. usually those are the customers that are desprate and the desprate customers were charged the highest fees.
regarding the 7 day cancellation period - that 7 day perios was imposed on ameriquest by various attorney generals. Ameriquest was forced to put that policy in place.
regarding ameriquest's high fees. about half of amc's customers have bad credit. besides, ameriquests idea of bad credit is anyone with a credit score under 710, which in the real world is a joke. everywhere else in america, if you pay higher fees on a loan you are paying those fees in order to get a lower rate. at ameriquest you pay the high fees and get a high rate.
regarding the removal of cancellation papers - there were always 2 copies of loan papers printed - its standard - one that amc keeps and one that the customer keeps. the cancellation papers were removed from the borrowers loan documents. a loan package literally contains hundreds of documents so 1 missing isnt going to be noticed. as far as the loan processors adhering to "strict guidelines" please.... they make 30k a year so most account execs. would slip them $$$ every month so that they would do whatever was needed.
regarding why i would refer people elsewhere - thats simple - money. you see i could close three or four loans a month at ameriquest and fly under the radar. get my medical benifits, my small salary and my commissions. i never earned less that 130k per year. and then i would make money by referring potential customers to real banks, banks that had low rates and reasonable fees. and i of course would receive a handsome referral fee.
maybe i was part of the problem by not speaking up. but i have a family and being a whistleblower was not in their best interest. i feel good in knowing that i always did the right thing.
Dee
Folsom,California,
U.S.A.
Work at Ameriquest
#17UPDATE Employee
Fri, May 05, 2006
I also know some things about ameriquest.
A. Being able to close a loan in as little as two days is seen as an asset to alot of borrowers.
B. Ameriquest has a 7 day right to cancel. Every other lender only has a 3 day. Four extra days to go over those docs to make sure all is okay.
C. Most borrowers of ameriquest have bad credit. Therefore no matter where they find a loan they will pay higher rates and/or higer fees for their loan. That is just the way it is throughout the industry. Most can not even get a loan anywhere else. When there is alot of risk involved usually alot of extra fees/higher rates are involved.
D. People with excellent credit should know that they can get a better deal somewhere else. Shame on them if they don't do their research. Most people shop around for a car, house ect... Most intelligent people also shop for their loans.
E. The account executives do not have the opportunity to pull the cancelation papers out of the package, and even if they did the loan would not go through until they were received with the package. The loan processers/ underwriters/ funders do have strict guidelines and can be held personally legally responsible so it is quite doubtful they would let this slide.
F. While there were obviously alot of managers and loan officers that were practicing predatory lending and being unethical and untruthful,not all managers and loan officers were. There were alot of honest ones too.
G. Why would you work somewhere for 3 years with all this unethical stuff going on around you. If you knew it was going on and you felt that the company was so iresponsible and such a big scam why would you hang around. Sorta makes you guilty by association. If you are not part of the solution....then you are part of the problem.
H. I doubt that you would send people away all day long and give them the name of other lenders, unless of course you were just there for fun and did not really need to make a living. Most people can not live on the $12.50 an hr. they pay. Most live off the commissions they make on the loans they sell. Can't be selling many loans if you are sending them to other lenders.
Just my humble opinion.
Kay
St. Louis,Missouri,
U.S.A.
JOHN NOW WE NEED YOUR VOICE TO HELP
#17Consumer Comment
Fri, May 05, 2006
John I just read your statement and I appreciate your honesty, There are alot of us suffering here and having nervous breakdowns. I for one am in a very very serious lawsuit with this Co. I really really pray to GOD that the x-employees who really want to make things right, need to help us now.
I'am in St. Louis and I really need someone to come forward. There are ways you guys can do this, just tell us and we will get a way to contact each other. Im so tired of all these comments on this site that we are stupid, or not educated about mortages, or why did we sign paperwork. Your not us. All these comments and judgemental remards are not funny, it sickens me, and I 'am very upset and mad.
I do not want to lose my home over a bunch of people that were more worried about that $$$$$$$ amt. than human beins. I am sick of crying, I'am sick ofshaking so bad inside worring. My loan closed in 4 days and yes you are right, everything changed after the recission,They didn't even give me a new settlement to sign. My appraisal was inflated 45.000, I never got a truth n lending till 4 days after we closed, it goes on and on. I hope you respond to this site again with answers for us,
DO YOU KNOW HOW IT FEELS TO BE AFRAID TO EVEN PLANT A GARDEN OR A FLOWER, BECAUSE YOU DON'T KNOW IF YOU'LL HAVE A HOME IN A MONTH OR NOT???
THINK ABOUT IT