Complaint Review: Ameriquest Mortgage - West Allis Wisconsin

First, we HAVE filed a complaint with the Federal Trade Commission. We also have requested information regarding other complaints using the Freedom of Information act.

That said, this is what happened to us. We were contacted via email after entering information online to refinance our home. We were told we had to provide 2 years of bank statements- with all transaction information left intact, as well as my original social security card & copies of our licenses. We provided the documents EXCEPT the original SS card which the Mortgage Broker INSISTED that I Fed-Ex to him overnight.

On numerous occasions we requested that the broker provide us with a good faith estimate stating the full terms of the proposed loan along with a breakdown of the fees involved. We finally received one 2 weeks into this process, but the type of loan, terms of the loan, interest rates, etc, are not listed. In addition, the GFE is dated April 20, 2006 which isn't for another week yet!

We told the Mortgage broker that we would need the proposed deed and mortgage papers 24 hours prior to closing to review in depth with our attorney. He stated that they don't provide that service but that we have 7 days to change our mind once we've signed the loan, we would just have to sign more papers, etc to get out of the loan.

We requested to have our own title company, since we already have a title insurance policy and he told us that Ameriquest uses it's own title company. I told him that since I was required to pay for the abstract & Title insurance fees we would prefer to use the company that has already performed the service for us- he told us it was Ameriquests Policy to use their own Title Company, we didnt have a choice. He stated he would have his Branch Manager contact us to discuss it, (which he never did).

I had spoken to a local licensed & certified Appraiser regarding an estimated value for our home. Since I was comfortable with the local appraisal company (who came highly recommended!), we requested that they be utilized for the appraisal. We were told that Ameriquest does not allow this because they wrap everything into the loan for us. I stated that we would pay for the appraisal out of pocket. Again, we were told that it was Ameriquests policy not to allow this and they must choose their own appraiser.

The "appraiser" from a city 200 miles from my home, then called via a cell phone to set up an appointment. I requested information regarding the name of the company and the company phone number, which I never received. When the appraiser arrived, there were 2 men. 1 introduced himself, the other wouldnt look at me. I asked if they had a business card, neither one did. Nothing but a clipboard and a piece of paper. They wandered around my house for about 10 minutes, and then left.

The Ameriquest mortgage broker we were working with then contacted a person with whom we have a personal loan and disclosed to them, without our knowledge or consent, the Terms of our Loan including the length, the interest rate, the discount points, the closing costs, etc, as well items on my credit report and information about our credit scores. (Other information was given out as well, but at this time we are persuing legal action, so some details are being left out).

When I called the Loan Officer back & told him how angry we (my husband & I) were that our privacy was violated he told me that "we haven't signed papers yet, so this wasn't really a privacy issue."

The ameriquest broker then proceeded to tell me that he wants this to be a good loan experience for us and that I should communicate more clearly with him if I want to make this happen.

Melissa

Kennan, Wisconsin
U.S.A.