Complaint Review: Ameriquest Mortgage Company - Roseville California

As an ex Account Executive for Ameriquest is Rancho Cordova, CA I agree that they misrep people everyday. They advertise all over Major League Baseball and now the NFL about you being more than a credit score but you really aren't. I worked with them for 8 months and was very successful there but I could not sleep at night. I mean you could have great credit and we would still charge you 3 points to do the loan. We had appraiser's stretch value on homes knowingly so we could make the loan work. Sometimes lending more money than we knew the property to be worth. And you have to love their 2 year fixed loan with a 3 year pre payment penalty. That means your stuck in this loan the 3rd year while your rate can adjust. But here is how they get you. The office that I worked at in Rancho Cordova is called Retention. What this means is that when you as an Ameriquest customer would have your credit pulled for any reason at all you would get a call from us. So if you were buying a car or applying for a credit card we would call you and see if you want to refi. But we always had you by the b*lls b/c we could waive the pre pay for you. So you might be working with a broker to do a refi and they are not charging you too much and you're getting a good rate so you're ready to sign. Well then here comes Ameriquest offering to waive your pre pay and get your money for you in a week (which is total lie). Since we are waiving your pre pay it makes your loan amount a little less and it's sometimes easier to just stay with the same company so you make the monumental error of staying. Then you get stuck in another 2 year fixed with a 3 year pre pay. You are right back in the same vicious cycle. Let me tell you that this company is in the business of scamming people and you watch in the future they will become the next Money Store. They will disappear from the mortgage industry b/c of these practices. I hope everything works out for you.

Anna, I quit working, as a loan processor, for Ameriquest (the Rancho Cordova, CA loan center) two months ago after feeling the pressure to lie to customers on numerous occasions and to forge various documents including original notes, income documentation and deeds of trust (just to name a few). The loan process, at Ameriquest, really requires more of an interest in cutting and pasting and white-out rather than the knowledge of the mortgage industry. I believe what you are saying to be true. The majority of the account executives/loan officers, managers and even loan processors that I worked with were dishonest on a daily basis with customers. They would often lie about rates, fees and other vital information that pertained to a loan. I cannot count the number of times that the loan officers would harass a customer by calling them repeatedly even after the customer had disclosed to the loan officer that they did not want the loan. The loan officers would even place the customer on speaker phone so that the rest of the office could hear the borrower yell at the loan officer because of their frustration with the constant calls. On several occasions the customer would state that they were not interested in the loan only to have a knock at their to door and open it to find a notary with their loan documents in hand and ready to sign. The fact that you had this happen is not a shock and I am not surprised to hear about your entire situation. Unfortunately, this is the way Ameriquest runs their business and I am sorry that this had to happen to you. A customer should always be treated with respect and as a customer with Ameriquest the likelihood of receiving that respect is ultimately unfeasible. Good luck to you and I hope that you were able to walk away from Ameriquest with a new knowledge of how some of the crooks in the world disguise themselves and make a great deal of money in the process.

If you were a REAL employee of Ameriquest, you would know that the first thing THEY tell people is that THEY are the lender, and that THEY do not have brokers. THEY carry the loan, and that way THEY do not have to sell the loan. THEY THEY THEY...maybe you, BULLDOZER, should be more informed. or is this why you are an EX employee? I know what we were told, the papers were written up, and when the notary came out to our house the papers had been RE written. through NO forewarning to us. If this is the way ALL mortgage companies work, then maybe the newest tv crime drama should be called..."Mortgauges: The mortgage crime story." It will take the place of the Sopranos for realistic crime family show. PUH-LEEZE.. We did not EXPECT money to be thrown at our feet, HOWEVER I went online and sent out our info so that our request for refi could be seen by up to four lenders and they would compete for our business..hint hint..well, gee whiz, bulldookie, we had companies climbing out of the walls trying to do business with us. Like I said in the original post, we got into a financial bind, but our mortgage payment history was never in question. We were informed, I did read the books, and I DID make a decision. I also used to work for a very BIG bank many moons ago, processing mortgage payments and loans. I do know SOMEthing. Hello! Ameriquest was the one that held out till the last minute, not us! They were the ones that were changing the rules midgame, not us. AMeriquest is the one who tried to pull a shrewdy....NOT US!!! So Bulldonkey, before you start writing rebuttals you better read the letter that you are writing about, because buddy, today? You picked the wrong one. My suggestion? Go back to "dozing"... on the couch.

Bulldozer, You talk about the being informed, but you do not have all the facts. Ameriquest is the lender not a broker, each office underwrites files in house the day a loan is scheduled to close. So the loan officer does not wait for a response from the lender, they are the lender.

I just would like to say that I have read most of the complaints on this website regarding a number of the major lenders. in all fairness i must say that a majority of the situations have been self created. I HAVE NEVER KNOWN OF ANY LENDER TO ACCIDENTALLY FORECLOSE; I DONT KNOW HOW ANYONE JUST OUT OF BANKRUPTCY CAN EXPECT TO HAVE MONEY THROWN AT THEIR FEET BY ANYONE, MUCH LESS SOMEONE WHO LENDS MONEY FOR A LIVING; IF YOU DO NOT PAY WHAT YOU OWE, EXCEPT FOR RARE OCCASIONS, IT IS YOUR FAULT; i know this is a shocker to most, but the truth nonetheless. IN THIS SPECIFIC CASE, an understanding of the mortgage process would have been very helpful! most brokers once they receive an interested borrower will do some sort of prequalification for the borrower after pulling a credit report. now this is not the actual rate quote but only an estimate given the info that day. the ACTUAL rate of the loan will not be figured until the broker sends your info to a lender who reviews your data and UNDERWRITES your file. they then contact the broker and inform them of their findings and actual rate and terms to be offered to you. the reason time is important is because of this; most lenders will not use a credit report more than 30-45 days old. also the documents you sign are only good for a certain number of days before you have to start the process all over again! these checks are in place for your protection. you received a letter from the company that was probably auto generated to keep you informed so your broker doesnt screw you. the letter was probably in response to something your broker did anyway or as a result of your loan being placed in "suspended" status pending needed info OR automatically done when the credit is older than 30-45 days. so you see, your broker is really the one to be angry w/ and not the lender. and in all honesty, 30-45 days is more than enough time to start and close on a loan. if you arent prepared to or willin to provide any and all necessary info needed to close in that time frame you shouldnt be applying for loans in the first place. ------- 95% of the issues discussed on this site reagrding mortgages would be controlled by a little consumer self-education! if you are computer saavy enough to type a complaint on this site then there is absolutely positively w/o question no reason you cant research the least bit about how the mortgage industry works. granted, some brokers are not the best communicators. also not every borrower has the ideal lending-borrowing situation. with that, wouldnt you as a consumer WANT TO KNOW for yourself whether or not you are getting good advice? especially regarding something so important and valuable as your home....really people!!! what is going thru the heads of some bewilders me!! there are an andless number of websites that offer basic mortgage traning for all types of borrowers. and then there is that other source of info.....uh...what is it called...uh...it escapes me....oh yeah.....BOOKS! reading is fundamental!!!! there are thousands of places to EDUCATE YOURSELF about mortgages, investments and just about anything. in this age of information there is no reason AT ALL not to be in the know! be responsible for your own outcomes instead of depending on someone who, as we have all experienced, may not know squat!! the Bulldozer