- Report: #90968
Complaint Review: Ameriquest Mortgage - Paramus New Jersey
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Ameriquest Mortgage
Route 4 Paramus, 07652 New Jersey, U.S.A.
Phone:
201-3689445
Web:
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Ameriquest Mortgage ripoff high cost loans, Non-disclosed rates, terms and costs.. Paramus New Jersey
*Consumer Suggestion: Now come clean sir, and help? Give us some meat from the inside, so we can use this to defend our selves
*UPDATE EX-employee responds: Response to the rebuttal from Wyoming, MI
*REBUTTAL Individual responds: I was ripped off too
*UPDATE EX-employee responds: Here's what to do...
*UPDATE EX-employee responds: Here's what to do...
*UPDATE EX-employee responds: Here's what to do...
*UPDATE EX-employee responds: Here's what to do...
*Consumer Suggestion: Great Advice
*Consumer Suggestion: Great Advice
*Consumer Suggestion: Great Advice
I had worked for Ameriquest Mortgage Company from 11/00 through 11/02 as a Loan Officer/Account Executive. During my tenure, I observed many violations that were common place occurances that ultimately hurt clients when they received their mortgage loans through Ameriquest Mortgage Company including, but not limited to the following:
1) Loans being notarized by Ameriquest Mortgage employees after the client/s either left the office or after an employee would bring a loan pkg back to the office, in both cases, the notary public never witnessed the client/s signatures on the mortgage deed or note!
2) Failure by Ameriquest employees to give client/s copies of loan documents at time of loan signing.(fraud)
3) Regarding number 2, failure of Ameriquest mortgage employees to disclose rates, terms, points and fees at closing as well as pre-payment penalty terms! (fraud)
4) Ameriquest Mortgage employees having clients sign and back date loans which gave clients less than three business days and alter the right of recission date.( RESPA and REG Z)(fraud)
5) Clients not receiving RESPA documents in three business days from time of application. (non disclosure)
6) Clients being routinely solicited and sold refinance loans from Ameriquest Mortgage' California Offices within 12 months of receipt of 1st Mortgage which constitutes High Cost loans.
7) Employees routinely being trained by mgmt and told to tell clients that they are able to refinance their Ameriquest Mortgage loans after 2 yrs to bring down their existing rates and there would be no costs. However, on the Ameriquest Mortgage loans before 7/03, the 2/28 Fixed/Adjustable loans have a three year 6% pre payment penalty. So after two years, it is possible to refinance the client' loan, but with a large pre payment penalty that in most cases was never explained to the client properly at closing.
*If you or someone you know has an Ameriquest Mortgage loan in any state, please contact me through the rebuttal key. I can help you and discuss possible solutions...I have over 10 years of mortgage experience.
Best wishes,
D
*All opinions are that of ex-employee. However, I do have other ex-employees with whom I associate and or work with who I can concur with regarding these accusations!
Doug
little falls, New Jersey
U.S.A.
CLICK here to see why we deleted either a phone number, link or e-mail address from this Report.
1) Loans being notarized by Ameriquest Mortgage employees after the client/s either left the office or after an employee would bring a loan pkg back to the office, in both cases, the notary public never witnessed the client/s signatures on the mortgage deed or note!
2) Failure by Ameriquest employees to give client/s copies of loan documents at time of loan signing.(fraud)
3) Regarding number 2, failure of Ameriquest mortgage employees to disclose rates, terms, points and fees at closing as well as pre-payment penalty terms! (fraud)
4) Ameriquest Mortgage employees having clients sign and back date loans which gave clients less than three business days and alter the right of recission date.( RESPA and REG Z)(fraud)
5) Clients not receiving RESPA documents in three business days from time of application. (non disclosure)
6) Clients being routinely solicited and sold refinance loans from Ameriquest Mortgage' California Offices within 12 months of receipt of 1st Mortgage which constitutes High Cost loans.
7) Employees routinely being trained by mgmt and told to tell clients that they are able to refinance their Ameriquest Mortgage loans after 2 yrs to bring down their existing rates and there would be no costs. However, on the Ameriquest Mortgage loans before 7/03, the 2/28 Fixed/Adjustable loans have a three year 6% pre payment penalty. So after two years, it is possible to refinance the client' loan, but with a large pre payment penalty that in most cases was never explained to the client properly at closing.
*If you or someone you know has an Ameriquest Mortgage loan in any state, please contact me through the rebuttal key. I can help you and discuss possible solutions...I have over 10 years of mortgage experience.
Best wishes,
D
*All opinions are that of ex-employee. However, I do have other ex-employees with whom I associate and or work with who I can concur with regarding these accusations!
Doug
little falls, New Jersey
U.S.A.
CLICK here to see why we deleted either a phone number, link or e-mail address from this Report.
10 Updates & Rebuttals
Tim
Phoenix,Arizona,
U.S.A.
Great Advice
#2Consumer Suggestion
Wed, May 26, 2004
Susan: Be sure not to roll your eyes at the advice given by Paul. Some people may believe that "contacting State Banking Department" may be a waste of time. There are 2 industries in this state (AZ) where I have personal knowledge that they fear the regulating bodies a great deal. Those are: Insurance Industry (AZ Dept of Insurance, regulators), and; Banking Industry (AZ Dept of Banking, regulators) You can contact the AZ Department of Banking by going to their website at www.azbanking.com The complaint process is thoroughly explained there. *GET IN TOUCH WITH THIS PEOPLE* like Paul says, and his further advice of copying Ameriquest is very important, too. Once they see your letter (written *to* the banking industry), you may indeed find that they suddenly are very interested in you becoming a "satisfied customer". Even if they're being very cooperative, the Department of Banking will open an incident/investigation anyway just to see your issue through to completion. Good Luck. (And again, it really is good advice).
Tim
Phoenix,Arizona,
U.S.A.
Great Advice
#3Consumer Suggestion
Wed, May 26, 2004
Susan: Be sure not to roll your eyes at the advice given by Paul. Some people may believe that "contacting State Banking Department" may be a waste of time. There are 2 industries in this state (AZ) where I have personal knowledge that they fear the regulating bodies a great deal. Those are: Insurance Industry (AZ Dept of Insurance, regulators), and; Banking Industry (AZ Dept of Banking, regulators) You can contact the AZ Department of Banking by going to their website at www.azbanking.com The complaint process is thoroughly explained there. *GET IN TOUCH WITH THIS PEOPLE* like Paul says, and his further advice of copying Ameriquest is very important, too. Once they see your letter (written *to* the banking industry), you may indeed find that they suddenly are very interested in you becoming a "satisfied customer". Even if they're being very cooperative, the Department of Banking will open an incident/investigation anyway just to see your issue through to completion. Good Luck. (And again, it really is good advice).
Tim
Phoenix,Arizona,
U.S.A.
Great Advice
#4Consumer Suggestion
Wed, May 26, 2004
Susan: Be sure not to roll your eyes at the advice given by Paul. Some people may believe that "contacting State Banking Department" may be a waste of time. There are 2 industries in this state (AZ) where I have personal knowledge that they fear the regulating bodies a great deal. Those are: Insurance Industry (AZ Dept of Insurance, regulators), and; Banking Industry (AZ Dept of Banking, regulators) You can contact the AZ Department of Banking by going to their website at www.azbanking.com The complaint process is thoroughly explained there. *GET IN TOUCH WITH THIS PEOPLE* like Paul says, and his further advice of copying Ameriquest is very important, too. Once they see your letter (written *to* the banking industry), you may indeed find that they suddenly are very interested in you becoming a "satisfied customer". Even if they're being very cooperative, the Department of Banking will open an incident/investigation anyway just to see your issue through to completion. Good Luck. (And again, it really is good advice).
Paul
Little Falls,New Jersey,
U.S.A.
Here's what to do...
#5UPDATE EX-employee responds
Wed, May 26, 2004
Susan: As an ex-employee and a mortgage broker with 10 plus yrs of experience, do this: 1) Submit a complaint to your States Dept of Banking, with a copy to: 2) Your state Attorney General 3) US Attorney General 4) Show this copy/s to Ameriquest Mortgage in a complaint letter.(addressed to legal dept) Always, when you send mail, you should get a delivery confirmation!
Paul
Little Falls,New Jersey,
U.S.A.
Here's what to do...
#6UPDATE EX-employee responds
Wed, May 26, 2004
Susan: As an ex-employee and a mortgage broker with 10 plus yrs of experience, do this: 1) Submit a complaint to your States Dept of Banking, with a copy to: 2) Your state Attorney General 3) US Attorney General 4) Show this copy/s to Ameriquest Mortgage in a complaint letter.(addressed to legal dept) Always, when you send mail, you should get a delivery confirmation!
Paul
Little Falls,New Jersey,
U.S.A.
Here's what to do...
#7UPDATE EX-employee responds
Wed, May 26, 2004
Susan: As an ex-employee and a mortgage broker with 10 plus yrs of experience, do this: 1) Submit a complaint to your States Dept of Banking, with a copy to: 2) Your state Attorney General 3) US Attorney General 4) Show this copy/s to Ameriquest Mortgage in a complaint letter.(addressed to legal dept) Always, when you send mail, you should get a delivery confirmation!
Paul
Little Falls,New Jersey,
U.S.A.
Here's what to do...
#8UPDATE EX-employee responds
Wed, May 26, 2004
Susan: As an ex-employee and a mortgage broker with 10 plus yrs of experience, do this: 1) Submit a complaint to your States Dept of Banking, with a copy to: 2) Your state Attorney General 3) US Attorney General 4) Show this copy/s to Ameriquest Mortgage in a complaint letter.(addressed to legal dept) Always, when you send mail, you should get a delivery confirmation!
Susan
Phoenix,Arizona,
U.S.A.
I was ripped off too
#9REBUTTAL Individual responds
Tue, May 25, 2004
I was never told about the prepayment or the origination fees as well as the back end fee that company recieves...a 124,000 loan cost 15,000 in fees that were never disclosed. what can i do
Doug
Little Falls,New Jersey,
U.S.A.
Response to the rebuttal from Wyoming, MI
#10UPDATE EX-employee responds
Sun, May 16, 2004
To The Gentleman from Wyoming, MI: Firstly, I do NOT still work with Aneriquest Mtg Co....haven't for 2 years. Secondly, as a matter of public record/interest., the name os Ameriquest higher ups are: 1) Roland Arnall...CEO/Owner....California HQ 2) Kirk Langs..President..California HQ 3) Mary Jo Shelton...VP Minnesota 4) George Scott MacGregor..Regional Mgr... CT, NY,NJ, MA, PA MD..... 5) Chris Smith....Area Manager from CT,NJ,MA These are your higher ups...where they can be contacted and their positions with Ameriquest which is public record...... P.S. I am NOT CORRUPT......
Robert
Wyoming,Michigan,
U.S.A.
Now come clean sir, and help? Give us some meat from the inside, so we can use this to defend our selves
#11Consumer Suggestion
Thu, May 13, 2004
Dear Friend, This gentelman is simply telling things you already know. The fact being, he most likely, still working for them, and then wanting us to contact him because he has ten years in the mortgage business.Corrupt is Corrupt! Now come clean sir, and help? Give us some meat from the inside, so we can use this to defend our selves. Number one you should be going to the FBI, which everyone reading should have done already. Sir, have you written, and called your Attorney General in your state. Everyone needs to be doing this also in his, or, her state. Sir, give us real names of people who you know in the higher up's. We need more dirty laundry? Were did they do their banking? Names of banks, and, also, National Chartered Banks. Where is the major money coming from, and who's backing them? Now you should know these things; you were upper class with them. Everyone needs to make notes also, and remember if you did not get a copies at at closing, your three days, well they give you a week to call of the loan. Well no copies at closing, there is a law that give you up too 3yrs to resin(to apply somewhere else)your mortgage. And if it is fraud, well that were your attorney comes in on that matter. So sir, we all will be waiting for your information. Thank you Dear Friends, I bought the RipOff Revenge Book, and it's been a great help too me. Every one need this book. Get it, you will not regret it. BEST TO YOU ALL A Friend From Michigan
