Complaint Review: Ameriquest Mortgage Company A.k.a. AMC - Orange California

There is a link to legal documents of the recent Ameriquest Settlement Agreement in CA. At the Orange County Register (newspaper) website. The story is dated June 25, 2005. The title of the lawsuit was Piercall vs. Ameriquest Mortgage.

When I went to work for Ameriquest I had previous experience in the Mortgage Business in the B/C less then perfect credit lending of about 10 years. I went there mainly for health insurance. When I walked in I was ready to go to work and then we had to go to training in Chicago. It was a wonderful training session for new people but I knew 95% of it. When I got back to the branch a week later 3 people had quite within a week period. There were 17 A,E. when I started. When I left 5 months later we had gone through not only 16 had left but another 13. So in the 5 months I was there the branch had gone through 29 A.E.'s! They set there scales so high that only one, two or three people in the branch make big money but there are other A.E. 's that still put on loans don't get any commission but Ameriquest still makes a ton of money. They make money from the fee's (points) servicing fee's and selling the loan. A new employee said to me what's going on around here. Why is there such a high turn over. I said 'look' you need to look at this job as a Temporary Agency not a permanent job. These are not the issue though I want to report here. There is definitely bad things going on in the branches. Removing liens and judgments from title when they shouldn't. Title companies get paid $1,000 per closing times 300 - 400 closings in Chicago per month. They are willing to take that risk! The inflate appraisals through an A.V.M. and this can sometimes prevent a customer in refinancing for years.............. I have seen them not properly fund the clients escrow at closing because there wasn't enough room and then 2-3 months later when their taxes are due Ameriquest raises the payment because escrow is short. This can raise your payment $200 per month. This happened several times. I had someone who had an AVM done and the house came in at $224,000. The house was near my house so I drove by it. The house is so beat up that as is it isn't worth more than $120,000. And Ameriquest was willing to give her $160,000 on Social Security. I turned the loan down and someone else picked it up and they closed it. What I do now is that I am a broker. I am having a field day paying off Ameriquest loans. Their rates and fee's are so outrageous and it don't take much to sell someone an interest rate that is much lower than what they have with Ameriquest and GET THEM ON A FIXED RATE. Ameriquest is a perfect example of a predatory lender. I know from both sides of the fence. Now to you customers. Sometimes your dummer then a box of rocks. Some of the complaints that I have read here are not valid. It is just because you weren't paying attention to what you were doing and what was told to you. You didn't add 2 plus 2 is 4. What you have here is a customer who doesn't know what their doing and a A.E. that doesn't know what their doing. That just spells disaster. Everyone needs to make money no matter where you go but Ameriquest is one wealthy company. Filthy rich. I use to teach my A.E. when I was a manager years ago that most customers know the right questions they just don't know the right answer. Your mortgage is the biggest amount of money you owe. You need to fing the right answers. You owe it to yourself and to your family!!!!!! Here is what you main goal in all of this needs to be. You need to get a credit score over 620 and GET BACK INTO THE CONFORMING MARKET AND GET OUT OF THE ADJUSTABLE RATE MORTGAGE.

When I went to work for Ameriquest I had previous experience in the Mortgage Business in the B/C less then perfect credit lending of about 10 years. I went there mainly for health insurance. When I walked in I was ready to go to work and then we had to go to training in Chicago. It was a wonderful training session for new people but I knew 95% of it. When I got back to the branch a week later 3 people had quite within a week period. There were 17 A,E. when I started. When I left 5 months later we had gone through not only 16 had left but another 13. So in the 5 months I was there the branch had gone through 29 A.E.'s! They set there scales so high that only one, two or three people in the branch make big money but there are other A.E. 's that still put on loans don't get any commission but Ameriquest still makes a ton of money. They make money from the fee's (points) servicing fee's and selling the loan. A new employee said to me what's going on around here. Why is there such a high turn over. I said 'look' you need to look at this job as a Temporary Agency not a permanent job. These are not the issue though I want to report here. There is definitely bad things going on in the branches. Removing liens and judgments from title when they shouldn't. Title companies get paid $1,000 per closing times 300 - 400 closings in Chicago per month. They are willing to take that risk! The inflate appraisals through an A.V.M. and this can sometimes prevent a customer in refinancing for years.............. I have seen them not properly fund the clients escrow at closing because there wasn't enough room and then 2-3 months later when their taxes are due Ameriquest raises the payment because escrow is short. This can raise your payment $200 per month. This happened several times. I had someone who had an AVM done and the house came in at $224,000. The house was near my house so I drove by it. The house is so beat up that as is it isn't worth more than $120,000. And Ameriquest was willing to give her $160,000 on Social Security. I turned the loan down and someone else picked it up and they closed it. What I do now is that I am a broker. I am having a field day paying off Ameriquest loans. Their rates and fee's are so outrageous and it don't take much to sell someone an interest rate that is much lower than what they have with Ameriquest and GET THEM ON A FIXED RATE. Ameriquest is a perfect example of a predatory lender. I know from both sides of the fence. Now to you customers. Sometimes your dummer then a box of rocks. Some of the complaints that I have read here are not valid. It is just because you weren't paying attention to what you were doing and what was told to you. You didn't add 2 plus 2 is 4. What you have here is a customer who doesn't know what their doing and a A.E. that doesn't know what their doing. That just spells disaster. Everyone needs to make money no matter where you go but Ameriquest is one wealthy company. Filthy rich. I use to teach my A.E. when I was a manager years ago that most customers know the right questions they just don't know the right answer. Your mortgage is the biggest amount of money you owe. You need to fing the right answers. You owe it to yourself and to your family!!!!!! Here is what you main goal in all of this needs to be. You need to get a credit score over 620 and GET BACK INTO THE CONFORMING MARKET AND GET OUT OF THE ADJUSTABLE RATE MORTGAGE.

When I went to work for Ameriquest I had previous experience in the Mortgage Business in the B/C less then perfect credit lending of about 10 years. I went there mainly for health insurance. When I walked in I was ready to go to work and then we had to go to training in Chicago. It was a wonderful training session for new people but I knew 95% of it. When I got back to the branch a week later 3 people had quite within a week period. There were 17 A,E. when I started. When I left 5 months later we had gone through not only 16 had left but another 13. So in the 5 months I was there the branch had gone through 29 A.E.'s! They set there scales so high that only one, two or three people in the branch make big money but there are other A.E. 's that still put on loans don't get any commission but Ameriquest still makes a ton of money. They make money from the fee's (points) servicing fee's and selling the loan. A new employee said to me what's going on around here. Why is there such a high turn over. I said 'look' you need to look at this job as a Temporary Agency not a permanent job. These are not the issue though I want to report here. There is definitely bad things going on in the branches. Removing liens and judgments from title when they shouldn't. Title companies get paid $1,000 per closing times 300 - 400 closings in Chicago per month. They are willing to take that risk! The inflate appraisals through an A.V.M. and this can sometimes prevent a customer in refinancing for years.............. I have seen them not properly fund the clients escrow at closing because there wasn't enough room and then 2-3 months later when their taxes are due Ameriquest raises the payment because escrow is short. This can raise your payment $200 per month. This happened several times. I had someone who had an AVM done and the house came in at $224,000. The house was near my house so I drove by it. The house is so beat up that as is it isn't worth more than $120,000. And Ameriquest was willing to give her $160,000 on Social Security. I turned the loan down and someone else picked it up and they closed it. What I do now is that I am a broker. I am having a field day paying off Ameriquest loans. Their rates and fee's are so outrageous and it don't take much to sell someone an interest rate that is much lower than what they have with Ameriquest and GET THEM ON A FIXED RATE. Ameriquest is a perfect example of a predatory lender. I know from both sides of the fence. Now to you customers. Sometimes your dummer then a box of rocks. Some of the complaints that I have read here are not valid. It is just because you weren't paying attention to what you were doing and what was told to you. You didn't add 2 plus 2 is 4. What you have here is a customer who doesn't know what their doing and a A.E. that doesn't know what their doing. That just spells disaster. Everyone needs to make money no matter where you go but Ameriquest is one wealthy company. Filthy rich. I use to teach my A.E. when I was a manager years ago that most customers know the right questions they just don't know the right answer. Your mortgage is the biggest amount of money you owe. You need to fing the right answers. You owe it to yourself and to your family!!!!!! Here is what you main goal in all of this needs to be. You need to get a credit score over 620 and GET BACK INTO THE CONFORMING MARKET AND GET OUT OF THE ADJUSTABLE RATE MORTGAGE.

She couldn't be more accurate. I lost almost 2 years of my life to this brainwashing money grubbing cult. Karma is a real b***h and I would love more than anything to see this god awful conglomerate of lies chopped to its knees. I have dozens of eye witness accounts of felony wire fraud, identity fraud, forgery and everything in between and beyond and I would be willing to share any names or info that I have with the proper sources. The customers have been ripped off and taken advantage of no doubt...but nobody deserves some payback and retribution any more than the employees and ex-employees who have been victimized and exploited. Its time to knock this big boy down a notch. Enron, Worldcom, Ameriquest...time to do the right thing

She couldn't be more accurate. I lost almost 2 years of my life to this brainwashing money grubbing cult. Karma is a real b***h and I would love more than anything to see this god awful conglomerate of lies chopped to its knees. I have dozens of eye witness accounts of felony wire fraud, identity fraud, forgery and everything in between and beyond and I would be willing to share any names or info that I have with the proper sources. The customers have been ripped off and taken advantage of no doubt...but nobody deserves some payback and retribution any more than the employees and ex-employees who have been victimized and exploited. Its time to knock this big boy down a notch. Enron, Worldcom, Ameriquest...time to do the right thing

She couldn't be more accurate. I lost almost 2 years of my life to this brainwashing money grubbing cult. Karma is a real b***h and I would love more than anything to see this god awful conglomerate of lies chopped to its knees. I have dozens of eye witness accounts of felony wire fraud, identity fraud, forgery and everything in between and beyond and I would be willing to share any names or info that I have with the proper sources. The customers have been ripped off and taken advantage of no doubt...but nobody deserves some payback and retribution any more than the employees and ex-employees who have been victimized and exploited. Its time to knock this big boy down a notch. Enron, Worldcom, Ameriquest...time to do the right thing

She couldn't be more accurate. I lost almost 2 years of my life to this brainwashing money grubbing cult. Karma is a real b***h and I would love more than anything to see this god awful conglomerate of lies chopped to its knees. I have dozens of eye witness accounts of felony wire fraud, identity fraud, forgery and everything in between and beyond and I would be willing to share any names or info that I have with the proper sources. The customers have been ripped off and taken advantage of no doubt...but nobody deserves some payback and retribution any more than the employees and ex-employees who have been victimized and exploited. Its time to knock this big boy down a notch. Enron, Worldcom, Ameriquest...time to do the right thing