Complaint Review: AMERIQUEST MORTGAGE - Wexford Pennsylvania

I'm looking at the responses of people saying it's the person's fault that didn't read what they were signing. They were the fools and have only themselves to blame. Normally I would agree, except I use to work for AMQ and quit because I could not stomach the constant fraud and lying to customers. Not to mention their treatment of female loan officers, but that's another topic. I often saw documents being forged, back dated, numbers changed after the signing, etc. Often times with a photocopier and an exacto knife if it required a customer's signature, or if something had to be notarized that the customer signed it, the manager would call up one of the shady notaries they have in their back pocket to notarize a document for a fee that they know the customer had never signed and would never see. In the last year I know of at least 4 offices being siezed by the FBI and being shut down because they got caught. The company will fire someone if they have blatant proof of fraud because it's their financial asses on the line, and if there was proof they knew of fraud and did nothing about it, AMQ would be in deep trouble. Also, not to mention the company preys on the consumer that has little to no experience or knowledge of the mortgage industry, thus trusting their loan officer and taking what they tell them as truth. I myself witnessed a loan officer tell a customer during signing that the higher than quoted interest rate on the loan documents must have been a typo and to just go ahead and sign the paperwork and they would fix it later. What is sad is there are many customers out there that belive what they are told, and yes, are desparate to get out of credit card debt, save their house from being foreclosed on, etc. So are not only naive about the refinance process, but also in a bad situation that makes them more likely to take the hook, line, and sinker from the AMQ loan officer. A common joke in the office I worked at was selling a loan and joking the customer wasn't the brightest bulb in the bunch so it would be easy to talk your way around the 13K in fees for a loan that is only going to consolidate 5K in credit card debt! The more stupid a customer was, the better a loan officer liked them. I'm not a disgruntled ex-employee either. I use to be, but then chalked it up to lesson learned and trust in Karma to one day come around and bite AMQ on the a*s. I now work for a great mortgage company and feel good that the loans we do for customers is truly beneficial to them and is their best option. And my new company is sub-prime as well, so yes, higher fees due to riskier loans, but we don't have to lie or trick our customers, we try to educate them on how to improve their credit, and not get themselves back in the same position in the future. So then they can qualify for the best prime rates availiable in the future.

I find it interesting on how this company has never changed its lending practices. I am a former employee of Ameriquest Mortgage. I am glad I worked for them but at the same time I feel bad for some of the loans I wrote. Ameriquest was a great training ground for me. It was my start in the business. However between the insane work hours and the ridiculious loans I had to write I chose to work for a different lender. I remember vividly my Area manager taking a borrowers grant deed and signing there name because the borrower forgot. I remember using other loan officers as the notary even though they werent there to witness the signings. I remember my buddies retyping appraisals (the paper was bought for 100 bucks per form). All of the above was silently encouraged by the "get it done" attitude. bottom line was get it done or your done. I feel bad for the customers who have been swindled by the likes of me and other loan officers alike. I now make my living getting people to refinance away from Ameriquest Mortgage.

I'm so sick of people coming on here and ripping on the people who have LEGITIMATE COMPLAINTS about this company. I am one of those people that has a legitimate complaint. You can read my previous posts. I didn't have bad credit (and it has been proven) when I refinanced with Ameriquest, I didn't know that they were "subprime" lenders. I honestly called them first because they said they would do all the paperwork and we were refinancing our first home. Dumb mistake? Yes, but does that give ANY company the right to exploit my mistake? NEVER. Does it make it illegal? NO. What makes Ameriquest's practices illegal is how they gross up your income, over appraise your house, don't give good faith estimates, don't tell you changes have been made to your loan until closing, etc. THAT IS WHAT IS ILLEGAL. No matter what, no matter how dumb you think people are, the fact is, this company IS doing something illegal! Don't waste your time and energy telling us that we made a mistake by chosing Ameriquest...WE ALL KNOW. Making a mistake does not make you dumb. What makes you dumb is defending a company that does not deserve it.

I'm so sick of people coming on here and ripping on the people who have LEGITIMATE COMPLAINTS about this company. I am one of those people that has a legitimate complaint. You can read my previous posts. I didn't have bad credit (and it has been proven) when I refinanced with Ameriquest, I didn't know that they were "subprime" lenders. I honestly called them first because they said they would do all the paperwork and we were refinancing our first home. Dumb mistake? Yes, but does that give ANY company the right to exploit my mistake? NEVER. Does it make it illegal? NO. What makes Ameriquest's practices illegal is how they gross up your income, over appraise your house, don't give good faith estimates, don't tell you changes have been made to your loan until closing, etc. THAT IS WHAT IS ILLEGAL. No matter what, no matter how dumb you think people are, the fact is, this company IS doing something illegal! Don't waste your time and energy telling us that we made a mistake by chosing Ameriquest...WE ALL KNOW. Making a mistake does not make you dumb. What makes you dumb is defending a company that does not deserve it.

I'm so sick of people coming on here and ripping on the people who have LEGITIMATE COMPLAINTS about this company. I am one of those people that has a legitimate complaint. You can read my previous posts. I didn't have bad credit (and it has been proven) when I refinanced with Ameriquest, I didn't know that they were "subprime" lenders. I honestly called them first because they said they would do all the paperwork and we were refinancing our first home. Dumb mistake? Yes, but does that give ANY company the right to exploit my mistake? NEVER. Does it make it illegal? NO. What makes Ameriquest's practices illegal is how they gross up your income, over appraise your house, don't give good faith estimates, don't tell you changes have been made to your loan until closing, etc. THAT IS WHAT IS ILLEGAL. No matter what, no matter how dumb you think people are, the fact is, this company IS doing something illegal! Don't waste your time and energy telling us that we made a mistake by chosing Ameriquest...WE ALL KNOW. Making a mistake does not make you dumb. What makes you dumb is defending a company that does not deserve it.

Okay first of all the first guy who wrote this made up statement is a liar. All the things that he mentioned about the signing and aprraisal was all bs. Hey dude, have you ever heard of a notary? Managers and loan officers do not sign loan docs!! A notary does idiot! Managers are not legally allowed to sign loan docs. A notary from a totaly seperate company must sign docs. So how did the loan officer have you sign docs? Second, at ameriquest there is no loan application that needs to be filled out. So how in the world did you fill one out with a pen? Everything is entered into the computer and done through the computer. So stop lyeing! If this really happened to you, then you're a moron for not reading your loan docs. Who in their right mind would sign docs that are not what you want. Are you stupid? You deserved what you got cuz you're dumb.

To the person saying that they should be thanked? What????? Thanks for kicking them in the head, pulling on their innards until they came out their throats, handing them their hearts still beating on a platter? First...they are NOT right in withholding their payment as they indicated they did...that will not put them in a favorable position with any judge or jury...that is an obligation whether or not they got ripped off. But to say this company is not as insideious and heinous as it is, you must work there or have affiliations that you earn kickbacks from them. Nobody in the lending world will deny how horrid Ameriquest is except those directly affiliated. Go to www.bbbsouthland.org and see for yourself their BBB ratings...they are in the toilet! All of them!!! Read the complaints here... The complaints here are mounting and mounting more quickly than any other lender on this site! Gee...why could that be? How could all those poor folks down in Jonestown, Guianna drink that cianide laced kool-aid? How could all those nice folks in WACO burn themselves up? Why is it all those nice bald-headed hari-kreeshnas stand around at airports with flowers in their ears? It's because they were BRAINWASHED or too stupid to realize the situation they were in was leading them to what they got! Anyone who works there and think they are on the up-and-up just hasn't been indoctrinated into the real world yet...wait until the civil lawsuits pile up on you as part of this...then who'll be crying. As an LO...you are responsible personally for your actions just as much as the company...bet you didn't know that! Have fun and may whatever god you worship have mercy on your souls for your part of living the Ameriquest Nightmare....including the NFL for allowing sponsorship of them. Now I know the score must have been rigged too.

Robert, 7 days was put in place originally by the FEDS as a voluntary thing due to the penalties that Ameriquest was otherwise going to face for fraudulent activities and RESPA violations. In reality, that cannot and does not supercede most state laws, especially NY state and some like that. I have been witness more than my share of times for those who've gone to rescind to take a loan with me for better terms, fewer costs, and lower payment, only to be told they were "past their rescission date" after the 3 days was up....not the seven. 7 is only when Ameriquest deems it is in their interest...not the customer's. Secondly, Ameriquest fails continually to re-disclose any changes within the 24 hour period prior to closing. Any changes need to be re-disclosed and re-RESPA'd 24 hours prior...but audit their files...betcha you can't find that...it isn't there! Instead, they back-date forms and have a customer sign something that is heavily disguised as a RESPA form at the table....and 99% of people won't know what that is unless they work in this industry. How could they know all those laws? My spouse has been witness to many people whiting out pay stubs, filling in and tracing signatures, back-dating, or otherwise just plain cheating on an office-wide basis. I told her to quit since she'd be personally liable for the things they kept asking her to do that were completely illegal. From the branch manager on down...totally fraudulent! From the Branch manager on up...same thing! I've also been personally witness to stalling on their behalf on clearing up past title issues or satisfactions that should have been issued...even so much as to collude with a company to the tune of $120,000 on an original loan that mysteriously disappeared from all records through three seperate refinances with AQ...someone walked off with that money. They stalled for payoffs, satisfactions and were colluding with the title company to not give out any info...even going back to who held the loan previously...all records have subsequently disappeared! That person is filing suit....and by the way...they loan flipped, violationg laws that allow the same company to refi within a 12 month period. Go figure. Anyone saying anything good about this company must have also gotten struck by lightning for that kind of dumb luck to happen to them. I have experienced the full horror of people calling me desperately trying to get away from them. After missing just the grace period, one of my clients was harrassed at work, home, cell, and even her boss was called asking why they haven't paid...asking if they were going to fire them. What a bunch of skanks!!!! Wake up!!! All these complaints here can't be just made up! Some of us actually witness this stuff daily...not from just one branch...it's company wide! I suggest a reading of the book "The Neurotic Organization" to see for yourself just what culture this company condones. Best book I ever read!

It is my opinion that you should be thrilled that a lender actually took your bad credit and poor equity and actually gave you a loan when what it looks like you obiously didn't deserve it, for them to stick there neck out and trust that you would make your payments on time while allowing your property to eventually bulid up to the equity the the appraiser was genorous enough to do, you must live in a good market, you should be happy with that appraisal you neigbors no doubt are there home value just went up. I originate loans for @#$%! and do not have the flexibility that Ameriquest seems to have, had your loan come across my desk the trash is the only place that I would recomend it go. They obiously helped you get the cash you needed regardless of the rate, I bet no one else would do your loan correct, come on now who's ripping who off. And what's the big deal about a prepay penalty where are you looking to move in the next three years, you think someone is going to give you a loan to purchase a new home. Oh wait let me guess you probably want to refinance a get a lower rate right, yeah I bet you'll jump at the chance to reduce that rate by a quarter percent right and pay closing cost all over again. It's amazing to me to see you are complainig about the wrong thing, you should be asking yourself how much did they increase my loan amount by? Because in case you hadn't noticed they probably ripped you a new one right under your nose without you even saying a peep about it. That's the kind of customers I wish I got.

It is my opinion that you should be thrilled that a lender actually took your bad credit and poor equity and actually gave you a loan when what it looks like you obiously didn't deserve it, for them to stick there neck out and trust that you would make your payments on time while allowing your property to eventually bulid up to the equity the the appraiser was genorous enough to do, you must live in a good market, you should be happy with that appraisal you neigbors no doubt are there home value just went up. I originate loans for @#$%! and do not have the flexibility that Ameriquest seems to have, had your loan come across my desk the trash is the only place that I would recomend it go. They obiously helped you get the cash you needed regardless of the rate, I bet no one else would do your loan correct, come on now who's ripping who off. And what's the big deal about a prepay penalty where are you looking to move in the next three years, you think someone is going to give you a loan to purchase a new home. Oh wait let me guess you probably want to refinance a get a lower rate right, yeah I bet you'll jump at the chance to reduce that rate by a quarter percent right and pay closing cost all over again. It's amazing to me to see you are complainig about the wrong thing, you should be asking yourself how much did they increase my loan amount by? Because in case you hadn't noticed they probably ripped you a new one right under your nose without you even saying a peep about it. That's the kind of customers I wish I got.

Joe, I used work as a closing agent for Ameriquest, but I did not work for them directly, I was independent and would close loans for other lenders. I would disclose all the exact terms of the loans to their clients and most would sign because they wanted to. You are wrong about the 7 day recission period, they do give their customers 7 days to recind. The title company will not fund the loan until seven days after the closing. Keith, Your response should be removed as it is vulgar, I find it IRONIC that you refer to the Lord and use inappropriate language in your response. Anyway, Ameriquest will charge higher fees and interest rates if you don't try to negotiate a better deal. A mortgage is like anything else, try to haggle and get what you want. Macy's won't tell you that JCPenny has cheaper prices. Many of these complaints are valid and should be acted upon, but many of them are the complainants fault. Never sign blank or incomplete documents, that's just common sense. If your closing agent doens't explain your loan terms, don't sign. (i.e. the note, HUD, payment). If you believe the value of your home has been way overvalued then DON'T SIGN. In a perfect world, this kind of garbage would never happen...but we know how it goes. Good luck,

I was just referred to Ameriquest by a real estate agent here in Sarasota Florida. I called Ameriquest yesterday morning to see if I would qualify for a loan. I just started studying to become certified mortgage broker, so I started to ask him some questions on things I had learned the night before,( not letting him know I was currently studying for it) and he instantly blew me off. I mean he wouldnt even let me finish my questions, as soon as he heard questions on ARM loans and payment and interest caps he instantly changed subject or just asked me the next question. I cant believe I was thinking that this guy sounds like a freaking scammer already and then I stumbled upon this web site by accident tonight, Lord works in mysterious ways. I was going to these guys because my credit is not that great, and I heard these guys do a lot of low credit loans and now I know why!! And to you little Melissa from Sacrament California that made the comment about people with bad credit, you are probably some spoon fed little rich b***h that never had to fend for yourself, went to a great college, and now your making lots of money off of us so called suckers that are not paying attention to what we are signing. Isnt that what a f**king mortgage broker is for? Arent people that are not as educated, supposed to have faith in their brokers? Their trust only fills your greedy little pockets. Just to let you know, watch out whos feet you step on, because there are a lot of little dumb hard working home buyers that would not hesitate to come to your work and wrap a baseball bat around your neck for just for screwing with their money,trust me I know them, and they are not stupid! I apologize for getting so off track but these people really make me furious, hell Im having second thoughts about getting into the business. Thank you all for the warning and Im really sorry you had to go through that bullshit. Are there any good mortgage companies anyone could recommend? It would be greatly appreciated. God bless everyone!

I was just referred to Ameriquest by a real estate agent here in Sarasota Florida. I called Ameriquest yesterday morning to see if I would qualify for a loan. I just started studying to become certified mortgage broker, so I started to ask him some questions on things I had learned the night before,( not letting him know I was currently studying for it) and he instantly blew me off. I mean he wouldnt even let me finish my questions, as soon as he heard questions on ARM loans and payment and interest caps he instantly changed subject or just asked me the next question. I cant believe I was thinking that this guy sounds like a freaking scammer already and then I stumbled upon this web site by accident tonight, Lord works in mysterious ways. I was going to these guys because my credit is not that great, and I heard these guys do a lot of low credit loans and now I know why!! And to you little Melissa from Sacrament California that made the comment about people with bad credit, you are probably some spoon fed little rich b***h that never had to fend for yourself, went to a great college, and now your making lots of money off of us so called suckers that are not paying attention to what we are signing. Isnt that what a f**king mortgage broker is for? Arent people that are not as educated, supposed to have faith in their brokers? Their trust only fills your greedy little pockets. Just to let you know, watch out whos feet you step on, because there are a lot of little dumb hard working home buyers that would not hesitate to come to your work and wrap a baseball bat around your neck for just for screwing with their money,trust me I know them, and they are not stupid! I apologize for getting so off track but these people really make me furious, hell Im having second thoughts about getting into the business. Thank you all for the warning and Im really sorry you had to go through that bullshit. Are there any good mortgage companies anyone could recommend? It would be greatly appreciated. God bless everyone!

Hey people...I don't work for Ameriquest, but my wife did as a processor. If they can prove signatures were traced (and believe me, they can) then they are able to sue for mortgage fraud, and not just in a civil sense, in a criminal court of law. My wife saw that happening daily. Whiting out pay-stubs, filling enough in to cover what's needed for income, inflating appraisals...using shoddy (to be kind) appraisers who will low or highball an appraisal to whatever end Ameriquest wants to use it for. Appraisal fraud can be proven...and you should report it to www.asc.gov as soon as possible...as well as to your state's banking commission. You are due damages, at least you will likely get your loan fees back, plus punitive damages. No...below 5% just doesn't exist in the loan industry any longer, nor has it on a 30-year fixed loan for over a year anywhere except maybe an FHA loan at 2% LTV where you bought the loan rate down with points that would have violated HOEPA laws. Get real - you are probably on an "interest only" loan or are "fixed" to an index of sorts that is, in reality, variable. That's the latest scam. I am a loan officer...but with a reputable company...not going to say who...but we see them lie daily. They will rush you to a closing with or without an appraisal, then chase the "closing stips" and hope they can get them in time to fund the loan in their phoney 7 day recission period. Ya got 3 days...I don't care what they tell you...read the fine print people. They don't use standard mortgage forms in all cases...and bury fine print where nobody reads it. And they just plain don't care who they lie to, cheat or steal from. You do business with this company and you deserve every horrid thing that you have coming to you...how do you think they pay for those NFL Superbowl sponsorships? They are so stretched thin by unqualified people calling from those ads, they can't possibly service everybody...and they are so overwhelmed with average joe schmoes calling in that they don't care who they don't get...cause someone else stupid is coming along any time now from their endless promotional budget. Seek a lawyer and you will win this...and quit listening to people rant good things about this company...it's a 1000 to 1 ratio for that...or worse. Nobody comes to this site to say good things...unless they are working for the company or legitimately got something solved...then it's the customer who puts in the good thing. Anyone else is just lying to you.

Use logic! If you are signing something important, obviously you'd consider a mortgage for your home to be, then read it first! You act so smart on how Ameriquest does people wrong but you don't read legal documents that put you responsible for tens of thousands of dollars in loans!? This is nobodys fault but your own. By all means I'm not saying you deserved what happend to you, but YOU could have prevented it. I work for Ameriquest, it's wrong to say AMERIQUEST is a bad company, but I'd be lying if I say that they did not have some bad employees. But as many have said, when you do HUGE amounts of business, like with any company, you will ALWAYS have some type of complaints, it's impossible not to. There should be some type of website where people could post when they've had a life changing experience with Ameriquest. I've saved homes for people, got emergency cash out quicker than anybody in the industry! Some people maybe get overtaken with greed and take the wrong path to get more money and ultimately end up getting fired. On another note, sub-prime customers have no right to complain about what they qualify for! It's nobody's fault but your own! Most traditional lenders don't lend to somebody with a 500 credit score but Ameriquest will! Of course your rate is going to be higher and fees will be higher than YOU'D EXPECT, because even people with a 580 credit score would say "My credit is pretty good". Every customer has unrealistic expectations and that is the problem here. I can guarentee you that most of the complaints about Ameriquest is from a customer with LESS than a 680 credit score, which is AVERAGE. Nobody should be put into and 11% for god's sake but really, people all want a 5.0% fixed on a 30 year and they ask for it like they have a 850 credit socre! Just like the excuses for paying bills and mortgages being paid late, its never their own fault. Stop placing blame! If you'd like to place blame, then turn the finger around into your own face!

I sold successfully for this company for two years. I was usually honest. But like mortgage sales people in almost all mortgage companies somtimes I bent the truth a little. My state requires licensing so it's not smart to risk losing your mortgage originators license. If you think consumers are ripped off, guess what, the employees are also ripped off. A good mortgage broker/salesperson makes over 250K annually on an almost part time basis. Bottom line, all mortgage companies make a ton of dough at your expense. Let's get a couple of things right. Most of Tony's story seems made up as do a lot of the rebuttals from ex AMC types. For example. How do you close a loan without a paralegal etc.? How many laymen know exactly where to sign and also can walk their spouse through the process while the mortgage rep is standing outside. C'mon!! Why would anyone not simply rescind on a deal after they have been lied to how many times?? In my tenure it was made clear that if you were csught committing fraud you were done. End of story. That said these guys do rip you off. The three year prepay on a two year ARM, high closing costs etc. Unfortunately it's all legal. Here's the deal. Non-conforming borrowers are easy to take advantage of because they are often financially illiterate. So the moral of the story is educate yourself as much as possible. Get an independent person to give you advice etc. Personally I'm making over 500K a year selling great mortgage programs to people who have been taken advantage of in the past. So use your experience with Ameriquest as a learning experience

I worked at ameriquest many years ago and i can relate to some of the things that have been said before as far as ethics are concerned. I am out of the mortgage business now and have retired. Of all the different stories i read this one has prompted me to drop a line or two............. In this day and age you can not really trust anyone, your mortgage company, cable guy, car repair man etc. At any given chance any of theese could take advantage of you, but the bottom line is this if you are not bright enough to realize that you are signing a loan for 10% interest instead of 7.5% then i dont know what to tell you, I know what closing documents look like and your interest and new payment is disclosed many times and not only do you sign but you initial them as well......in addition you have at least 3 days to cancel this loan (depending on your sate) and you didnt......so there is really no one to blame but yourself because unfortunately there are companies that will take you for everything that you are worth and i am sure that a lot of theese stories are true.......But only if you let them.......after you sign a loan it is too late to find out what type of company you are dealing with and what rights you have .

The good account executives for Ameriquest mortgage earn $20-30K per month. The good managers earn $50-100K per month. Both of these figures factor in quarterly bonuses, but the fact remains that good salespeople are well compensated. I was one of those salespeople and managers. I had a month where they actually paid me $68K! I've gone to two super bowls on the company, four trips to vegas, one to Tahiti, one to Paradise Island in the Bahamas. Let me tell you -- none of us deserved it. Did we lie to customers? Yes. Ever Ameriquest employee lies to customers. It's part of the training. Now they don't actually come out and say that, but we all got the point. Am I proud of what I did there? Obviously not. My point is that why would they pay us all that money and spoil us so badly? It dulls the pain of what we were doing to hard working homeowners. For the rest of you Ameriquest people still doing it to people, don't worry, I'll reserve your place in Hell next to me.

I worked for Ameriquest for over a year and what the other past employees is saying is true(I thought it was just my branch). Our manager would laugh and say that we were going to go to hell(some of the loans we did would make Jesus shake his head). Employees would get fired with no warning and then the loan they did would be given to the favorite of the moment and the AE that had worked on it would get nothing, unless it was funded already and the branch manager couldn't switch the name of the AE's. Our time cards were changed to show less overtime worked and we were told"this isn't your second job"(often overtime exceeded 20 hours a week, believe it or not). I was a top producer and went on trips and received awards. I wasn't fired, I quit. Most of the employees there are told that they won't make it if they go anywhere else, and if they last a few months, they often end up believing it. I feel sorry for the ones left in the branch I was in. They are stressed out, constantly under the threat of being fired,etc.

I worked for Ameriquest for over a year and what the other past employees is saying is true(I thought it was just my branch). Our manager would laugh and say that we were going to go to hell(some of the loans we did would make Jesus shake his head). Employees would get fired with no warning and then the loan they did would be given to the favorite of the moment and the AE that had worked on it would get nothing, unless it was funded already and the branch manager couldn't switch the name of the AE's. Our time cards were changed to show less overtime worked and we were told"this isn't your second job"(often overtime exceeded 20 hours a week, believe it or not). I was a top producer and went on trips and received awards. I wasn't fired, I quit. Most of the employees there are told that they won't make it if they go anywhere else, and if they last a few months, they often end up believing it. I feel sorry for the ones left in the branch I was in. They are stressed out, constantly under the threat of being fired,etc.

I worked for Ameriquest for over a year and what the other past employees is saying is true(I thought it was just my branch). Our manager would laugh and say that we were going to go to hell(some of the loans we did would make Jesus shake his head). Employees would get fired with no warning and then the loan they did would be given to the favorite of the moment and the AE that had worked on it would get nothing, unless it was funded already and the branch manager couldn't switch the name of the AE's. Our time cards were changed to show less overtime worked and we were told"this isn't your second job"(often overtime exceeded 20 hours a week, believe it or not). I was a top producer and went on trips and received awards. I wasn't fired, I quit. Most of the employees there are told that they won't make it if they go anywhere else, and if they last a few months, they often end up believing it. I feel sorry for the ones left in the branch I was in. They are stressed out, constantly under the threat of being fired,etc.

I worked for Ameriquest for over a year and what the other past employees is saying is true(I thought it was just my branch). Our manager would laugh and say that we were going to go to hell(some of the loans we did would make Jesus shake his head). Employees would get fired with no warning and then the loan they did would be given to the favorite of the moment and the AE that had worked on it would get nothing, unless it was funded already and the branch manager couldn't switch the name of the AE's. Our time cards were changed to show less overtime worked and we were told"this isn't your second job"(often overtime exceeded 20 hours a week, believe it or not). I was a top producer and went on trips and received awards. I wasn't fired, I quit. Most of the employees there are told that they won't make it if they go anywhere else, and if they last a few months, they often end up believing it. I feel sorry for the ones left in the branch I was in. They are stressed out, constantly under the threat of being fired,etc.

To John the ex-employee. What you describe sounds just like the movie "Boiler Room", just substitute the word Stock for Real Estate in what you wrote. I don't doubt that is pretty much the way it really is...........

To anyone that is currently doing business with Ameriquest and has no complaints, you are probably still in your first year of dealing with them. Give them time, they will definately cause you a great deal of trouble and hardship. Everyone that I know who has done business with Ameriquest, including myself, wish that they never opened their doors for business. Good luck to all you non-believers

I am an Ex-Employee of Ameriquest in the SF Bay Area. I have read all the comments for and against Ameriquest. First of all, not all Account Executives at Ameriquest are dishonest, only the managers are. I was one of the top producers at Ameriquest and even went on a couple of trips paid by Ameriquest since I have produced so much for them. I averaged 5 sales per month, above average of 3 sales for the Silicon Valley. In any case, I have never lied or cheated my clients. I ALWAYS was upfront with my clients and ALWAYS did things in their best interest. Secondly, there are many Account Executives that share my views, but not all. It is true that Ameriquest have bad practices towards both their customers AND their employees. That is why there is a Class Action Law suit pending against Ameriquest by their Ex and Current Employees due to that 70 hour workweek someone mentioned. Managers often need to make a monthly quota and forces their employees to work extra hours on the weekends and sometimes including Sundays. If we wouldn't work, then we could have been let go by the manager. Ameriquest has no rates lower than 6.5% and they do have a NO-Prepayment penalty option, depending on the customers credit we have the option to wave the prepayment penalty, but most AEs don't do that since it would boost up their commisions. And believe me, I bust my a*s and the commisions are hardly worth the effort. Most of the fees and closing costs goes directly into the pocket of the managers and the company while their employees getting peanuts. THE TRUTH OF THE FACTS IS THIS: Ameriquest likes to hire naive people with NO mortgage experience. Why? So they can shape their employees to do what Ameriquest wants them to do and that is to make sales with HIGH interest and HIGH closing costs. Ameriquest is not a broker, but a corporation, so their employees does not need to have their real estate licenses. In fact, AMERIQUEST discourages their employees from getting their real estate licenses. Another fact is that if you have a real estate license, Ameriquest would not hire you and if you're already an employee and the manager finds out you have a real estate license, they make up some bull s**t reasons to fire you. According to a Manager at the Campbell, CA office, whom is no longer there (I wonder why) the reason why Ameriquest don't want employees who possess a real estate license is because they fear the employee would broker out Ameriquest loans to other brokers, hence Conflict of Interest. As a matter of facts, Ameriquest itself broker out their loans to other banks and agencies. I know for a FACT and I personally have been involved in a couple of these types of loans. The manager himself who was a hypocrate frowned down upon those employees who were brokering out their loans to brokers because they felt bad for their customers who are in high interest loans of Ameriquest, but managers themselves sends out files upon files to their broker friends to make a quick buck. This is the main reason why I left Ameriquest is because they are ripping off homeowners and because of their bad ethics. How can I look at myself in the mirror after I have sold a policy to a retired couple with a 6.5% interest rate when I know for a FACT they can get a much lower rate with their current mortgage company or their bank. Don't take me the wrong way, I did not rip them off, I gave them the best possible deal available by Ameriquest. And I actually helped them pay off some bills and get a better rate than they had, but the bottom line is, if I worked for a broker, I can probably get them a much better deal. In any case, this is some of the inside dealings of Ameriquest from someone who has seen it all, the corruption and the good Ameriquest does for those who are desperate. If you want more info, feel free to email me. Ex-Ameriquest Employee and PROUD OF IT!

As I have been reading the comments from Tony I was thinking the some of the same things Steve has said. I've closed on several houses and my loan application at closing was always typed even though my original was hand written. If you felt the loan officer lied to you and you didn't like the way your closing papers looked,then WHY DID YOU SIGN THEM!!?? Unless they had a gun to your head you did not have to sign the closing documents. So you would be out a couple of hundred bucks. But you wouldn't be in the situation you are in now. The ONLY thing you have to do in this life is die. Just because you signed the loan application you are not comitted to take the loan. Yes this company has been sued for bad business practices. But in your case you walked right into the dragon's den. It is not a loan company's responsibility to inform you that you could get a better rate at a bank. That would be a very stupid move while they are trying to get you to sign with them.

Tony, No offense but you are an idiot. How the hell do you sign something as important as your mortgage OUTSIDE your house! especially without reading it!!!! Then you choose NOT to rescind the loan!!! This is nobodys fault but your own! You are an idiot and got taken by Ameriquest. You had 1 week to rescind, when the manager didn't call you back in 6 days how the hell don't you rescind on the seventh, and if you knew that your dump isnt worth 145k why didn't you say something then. Also how the hell do you sign a loan with a person that curses you out. You are a moron ! face it you got what you deserved, there is no way in the world that a lawyer is wasting his time with this bullshit case, CAUSE YOU DONT HAVE ONE!!!!!! Good luck with your next 30 years. Well look on the bright side..... you can always do another refinance once your pre-payment penalty is up , and pay more closing costs.

There is no doubt that companies as large as Ameriquest, Countrywide, Chase Manhattan, McDonalds, etc, have issues with fraud (legit and not legit) and consumer complaints. In Ameriquest Mortgage's case, Ameriquest Capital Corp is the parent company, and Ameriquest Mortgage and Town & Country are their retail mortgage companys. On the wholesale side they (ACC) have Argent Mortgage. Not counting T&C, the Ameriquest retail and wholesale channels are funding over $2 BILLION each and every month! Now with all things in perspective, every company out there will have some sort of dispute, whether legit or not, based on statistics. Look as hard as you want, but you will not find a company out there with a perfect customer serivce record. Whether it be eBay.com, Sears, Wal-Mart, etc...you will not find it. So, with that said, for arguments sake say the average customer complaint percentage for the mortgage industry is 1%. A company doing 100 loans a month, will experience at least one complaint, right? Well, on the flip side, a company closing more than 10,000 loans a month, with a 1% average, would be 100 loans. Now that sound like a lot, but it is still 1%. Needless to say, you are forgeting about the 9,900 other loans that are satisfied! No doubt that any comany that condones and embraces illegal an "unfair" practices should have the screws put to them. Ameriquest is not the kind of company though. There company motto has ALWAYS been "do the right thing". The former President, and now Chairman, Kirk Langs, has consistantly preached, "if you would not give that loan to your mother, do not give it to anyone else", at several management and sales meetings, all over the country. Furthermore, ACORN is a partner of Ameriquest's, and the two work together in certain target markets to provide underpriveleged people affordable financing and attractive rates, as well as consumer education and awareness workshops. Ameriquest is extremely active with in the Civil rights arena, and lobbies in Washington DC for better consumer protection and awareness campaigns. Ameriquest has taken several of their "best practices" to deter predatory lending and put them into action over 3 years ago, such a 7 day rescission period (which nobody spells correct!), full Good faith and closing cost disclosures sent directly from home office, not the branches. Each and every loan file is audited for quality assurance, as well as the appraisal goes through at least 2 audits one in branch & one in appraisal review dept at home office) before the file funds. Ameriquest does not do "high cost" loans, or Section 32 loans, like Wells Fargo Financial, Homecomings Financial, Household, CitiFinancial, etc... This is even more ironic, that me, as an EX-employee can stand up for a company that I resigned from after more than 5 years with, and this is because the corporate atmosphere was one of a kind, and I loved that! No one used last names...I could call the President (former) Kirk Langs if I had a problem, and he would address it ASAP. Anyone was accessible, and pleasant to work with. I left the company because I was managing an office several miles away and we just had a baby, and I needed something the offered more freedom, so now I am a mortgage broker, and I still place several loan with Argent Mortgage, Ameriquests wholesale company, because they are the leaders and are the MOST competitive rates above their competition, such as Option One, New Century, Mortgage Lenders Network (MLN), Long Beach Mortgage (a division of Washington Mutual Group, etc. As a broker I get solicated from every known wholesaler, and none can beat Argent by a long shot. Getting back to the point, the customer John, from Pennsylvania, may have a valid complaint, but what I do not understand is why did you go through with it? After you allegedly haggled price and rate with your loan officer, then were told by the manager that he would take care of you..but then he did not, on top of the fact that at the closing at your house your loan officer was confrontational with you, but yet you still signed the papers, and STILL did not rescind with the 7 day period is ABSOLUTELY absurb! Let alone the fact that you said that your house was in no way worth $145K, then why would you want to increase you loan amount to owe more money on the house than what you believe it to be worth? Shame on you! Now if indeed the appraisal was fraudulent, then you may have a real case, but that is another issue. Also, prepayment penalties are very common in the "sub-prime" side of loans. However, they are not mandatory and can be "bought" out. In other words, you can pay more in closing costs instead of having a pre-pay. But even if you did not have a pre-payment penalty, most people should still not refinance again for more than 3 years, unless of course is a valid reason to not want a pre-payment penalty. This is true because everytime you close a new loan you have a whole new set of closing costs, and it will take about 30-60 months to recoop those back, pre-pay or no pre-payment penalty. So acutually, pre-pays help keep your closing costs down on the front end. I do not see you any different than the lady who sued McDonalds because she burned herself with hot coffee from McDonalds. Always looking to blame someone else, and ride on the bandwagon. Have you gotten a speeding ticket? When you try to fight it in court and argue that you did not see the speed limit sign, or you were not aware that you were traveling so fast...it is negligence, and it is your fault...because it is your job to know and be aware...its not the officers fault for picking on you, or because you didnt see the sign. If more people spent time in church, focusing on what really matters, then we all would realize that we are responible for our actions, and will one day realize this when we have to stand before God. A proud, ex-employee.

Slow down, They have the monies BUT You have the business they need! Want to avoid the Jerks, Liar's & Theives? Don't Close at your home or office! Always close at a Title Company! you paid for them anyway,see your settlement pg you will get the truth and no B.S. because their name is at stake too. Unless you need the money to save your childs life- don't be in ANY hurry If you decide - hey, I'm not comfortable.. You have up to SEVEN days to recend the loan. (Depending on your lender) If you decide to resend, the apprasial will not be charged to you But you will not own it either. They may say, We HAVE TO close this b-4 the end of the month. or the deal may change... True it could. but more likely - it's about commission and the pressure to get it on the books! Better to miss 3 great deals than to find yourself in one bad deal! and finaly, don't forget that every busniess has thier share of low lifes & dispicable characters. But let's be honest here. Lenders charges more for higher risk's - so if you have a bankruptice or need a hand out of foreclosure or just want to pay off those credit cards and get the collection guy off youir back, or maybe your self employed with a income on paper that couldn't support a tree house, after deductions. DON'T be suprised to find you WONT get that 5% loan with no closing costs on a fixed rate! and the loan officer that says he will get it for you is the "liar" some of you have been screwed by. because "If it's sounds too good to be true - It very likely is" A former TCC Employee

Just as I thought, an employee of Ameriquest and not too proud I might add. First off you say your're a "Manager" of a bank; BULL!!!! Face it, you're an employee of Ameriquest Mortgage Company. Ameriquest DOES NOT offer rates that low. Get your facts straight. These people ARE NOT making up these stories as you claim they are. Call the attorney General in California ( Bill Lockyer ) and his office will shed some light on who and what AMERIQUEST is. In fact I'm sure if you called ACORN they could give you several more names of Attorney generals who have a watchful eye on this company. Sure Ameriquest isn't the only PREDATORY LENDER out there. I am also trying to help people who have been victimized by FAIRBANKS CAPITAL, CITIBANK, BENEFICIAL, ETC. I thank you for making our case a stronger one by responding to these reports. I only ask that you refrain from lying and just come out of the closet and admit who you are. Several other former employees have recently stepped out of the closet and they are standing proud. AND YOU ASK WHAT PLANET I'M FROM??? GO FIGURE... PEOPLE CALL OR WRITE TO BILL LOCKYER ( ATTORNEY GENERAL ) IN CALIFORNIA AND REPORT THESE BLOOD SUCKERS ... AMERIQUEST... I ASSURE YOU THAT HE WILL RESPOND TO YOU PROMPTLY. GOD BLESS!

What planet are you from. Ive worked as a manager for the Downers grove branch and we dont even offer rates that low, even our 6.5 % rate has 4000 in fees.

First of all, look at the pending CLASS ACTION lawuit filed against AMERIQUEST and secondly look how they buckled to ACORN. ACORN made them accountable for their fraudulent activities and now as you will find AMERIQUEST is faced with a CLASS ACTION lawsuit. There is proof that AMERIQUEST lies to people and uses unethical business practices. YOU, AS IT IS QUITE OBVIOUS, ARE A CURRENT EMPLOYEE OF AMERIQUEST WHO KNOW WISHES YOU WOULD HAVE KNOWN WHAT YOU KNOW NOW OR ELSE YOU WOULD HAVE FOUND OTHER EMPLOYMENT. AMERIQUEST IS A BAD COMPANY WITH UNETHICAL PEOPLE WHO SLAVE FOR THEM. EMPLOYEES ARE TAUGHT TO LIE AND MISLEAD PEOPLE. AGAIN, I HAVE PROOF TO BACK THIS UP. YOU DIDN'T GET THIS KIND OF DEAL FROM AMERIQUEST. THEY DON'T OFFER RATES THAT LOW AND THEY ALWAYS CHARGE POINTS. SO YOU NEED TO REEVALUATE YOU SITUATION AND FIND ANOTHER JOB. I FEEL BAD FOR YOU!

First off, I went through Ameriquest Mortgage Company for my refinance and nothing, again nothing could have been a better decision. My Loan Officer never lied to me, everything he said about the loan never changed he told me that I would get a 4.90% fixed for 30 yrs with no pts. and that is exactly what I signed for. The company gave me 25K cash out just like they said that they would. All of you guys complaining should have read your paperwork more thoroughly and realized that unlike most Mortgage Companies Ameriquest gives you 7 days to cancel your loan, if you weren't happy then you should have used that option. What this sounds like to me is a bunch of people who first don't have good credit and want the world given to them; and second disgruntled X-employees who must have been fired. I can't believe these lies, that all of you are saying, you guys should be sued for slander against this company, you are spouting off about illegal signatures and that Ameriquest pays off Appraisers, and etc. and you have no proof. Maybe I should let there legal department read some of this, and meet with you liars in court. Again Ameriquest Mortgage did not lie to me and will not lie to you, look at like this; these people are people with horrible credit, and can't budget their own money and don't want to pay their mortgage's on time, and don't want to be penalized, like Bob said "Typical poor credit people, blame it on everyone else." Ameriquest has done thousands of loans, and these are the only people with complaints, and none of them have made a valid argument, the only argument they have is that they don't pay their bills and they want a 5% interest, here's a "Clue" pay your bills and earn the credit to get a good rate. A proud customer of Ameriquest Mortgage Company

THERE WAS A CLOSING COMPANY WHO HANDLED THE CLOSING, HOWEVER, THE LOAN APPLICATION I REFERRED TO IN MY INITIAL WRITE UP IS DATED THE SAME DAY AS THE CLOSING. REMEMBER I SAID THAT MY WIFE AND I FILLED OUT THE APPLICATION WITH A BALL POINT PEN AND THE ONE WE RECEIVED FROM AMERIQUEST WAS TYPED. HOW COULD AMERIQUEST TAKE A LOAN APPLICATION, APPROVE IT AND PROCESS EVERYTHING THAT IS DATED THE SAME DAY AS THE CLOSING OF THE LOAN? SINCE WE RETAINED AN ATTORNEY WE HAVE NOT MADE OUR MORTGAGE AND AMERIQUEST HAS NOT CALLED US OR OUR ATTORNEY. DO THEY FEEL A LITTLE THREATENED? DO THEY KNOW THEY SCREWED UP? I WILL NOT PAY THEM ANOTHER CENT UNTIL AS OUR ATTORNEY PUTS IT " YOU NEED TO MAKE THIS FAMILY WHOLE AGAIN AND RECIND THE LOAN AND AND PAYBACK EVERY PAYMENT THEY HAVE MADE AND PAY THEM THE CLOSING COST OF THE LAON" I HAVE SPOKEN WITH ANN BRENNAN ( INTERNAL CONTROLS MANAGER WITH AMERIQUEST )SHE SEEMED SINCERE, HOWEVER, THE MORE I EXPLAINED MY CASE THE LESS SHE WOULD TALK TO ME. THAT IS WHY I RETAINED AN ATTORNEY. DO YOU HAVE ANYONE ELSE THAT YOU KNOW WOULD BE INTERESTED IN HEARING ABOUT WHAT THEY DID TO US? I MEAN WITHIN THE AMERIQUEST GROUP. THANK YOU

I can say without a dought that the experiences had by both Tony here and John in another post above got the true Ameriquest Experience. WHAT HAPPENED IN THAT OFFICE WHEN YOU WEREN'T THERE: I figured I would let you both know how the whole scam works because you have obviously both been through it and taken a beeting. John, when you were quoted 7.5% rate, Im sure that the account exec never told you that there would be 5.5 points on it. What happened is, he/she went to process it and everyone (manager and processor) got wind of it and decided they wanted a share of it too (they get paid a heafty percentage of your closing costs which Im sure where astronomical), so to make themselves more money they adjusted everything higher. By the way did either of your AE's use the HUD arm when closing from what I'm told it's a nationwide thing. From what it sounds like, you both had experiences that another old employee would do to his clients, talk about a bait and switch, I saw him turn a 6.5% 15 year fixed into a 11.00% 2/28 arm with a three year pre-payment penalty. Im sorry to say that probably you were both also refered to as the guys we bent over and took for all they were worth. THE 3 YEAR PREPAYMENT PENALTY: OK this is the thing with the 3 year. ALL AMERIQUEST LOANS UNLESS YOUR OVER 63 HAVE A 3 YEAR PRE-PAYMENT PENALTY, REGARDLESS. Whomever your talking to may say that their is not, they are lying (period). Those penalties are so high that you could probably right off all of your taxes based upon them. Management is ALWAYS saying get the prepayment penalty, it makes us more money, or if you want to keep your job you better give them the three year prepay. When you go to close either the AE rushes you over that one page that has the three year prepay on it or they don't include it at all and just add your signature to it later. Happens all the time and I do mean all the time. Even Ameriequests written policy of not giving people over 63 prepay penalties goes unchallanged by corporate. WHY EMPLOYEES LEAVE: Most of the employees leave for one of a couple reasons, I should also mention that Ameriquest has the highest employee turnover in the industry anywhere from 60-80%. 1. AE's can't hack it for whatever reason 2. They begin to ask the inappropriate questions to their superiors aka: why do we have to charge this person $13,000 in fees to do paperwork. 3. They wise up and figure out they can put their skills to better use helping people get good mortgages somewhere else. 4. They can stand what they do to people anymore, because we would all like to go to heaven one day. 5. They literally burn out on the 70hr work weeks and have breakdowns (happens more than you would think). WHAT YOU CAN DO: 1. GET A LAWYER, nothing scares an Ameriquest manager more than a lawyer breaking their balls. Remember most of them are between 25-35 2. Contact ACORN, if you do some research on the net you'll find that they love to go after Ameriquest 3. Contact the state board for liscensing appraisers, it's in the blue pages in the phone book and tell them what happened. Show them the copy of your appraisal if you have it, they'll love to see how that appraiser fudged the numbers and will revoke his liscense, but prolly that person doesn't have their liscence anymore anyway, forgot to mention that Ameriquest will and prefers to work with unlisced appraisers. If you don't have a copy of your appraisal, GET ONE, your entitled to it, for GODs sake you paid for it on the HUD form. If that branch won't release it or say that they own it. Go there with the police and demand it, it's your loan and you damm well paid for it and too much also. Good luck to all of you If anyone has anymore questions I will do my best to give some insight just post and I'll find you. P.S. To all you that have wondered the Ameriquest/Town and Country Mortage/Ocwen connection I have a theory mind you it's only a theory. I do know that Ameriquest is the retail side and Town and country is the wholesale side of mortgage funding for the company, but from what I saw when I worked there I trully believe that the company is backed by Ocwen capital because every and I mean every loan I saw got sold to them I mean even the ones who had not yet made a payment something to think about Truth

Go talk to an lawyer. If this wasnt closed by a title company their is not a valid lein against your home. You will still owe the debt, but you could own your home free and clear. Also appraisal fraud is not out of the question. This is happening everyday within this company, and this loan should be deemed null and void by any court. If you dont make a payment on your loan after the mortgage is deemed void, they cant do anything to your home. YOU OWN IT AT THAT POINT.!!! Go get'em, good luck.