John
Concord,#2UPDATE Employee
Wed, September 07, 2005
...I am appalled. Not at what you had to say, nor the manner in which you said it. I am appalled at what I've read here this evening about this company. I am appalled at this company's SOP (standard operating proceedure). But mostly, I am appalled at my lack of scrutiny prior to joining such an organization. It is with deep regret that I confess my misfortune/stupidity. I write for one reason, and one reason only: Since you are a speaker of "the Truth," might you be willing to suggest a more appropriate entity/method for me to gain industry knowledge prior to applying for the position I really desire in Real Estate Lending (which would be working for a reputable lender as a... wholesale account executive...something I did in another industry for years) Please help, I'm open to any and all suggestions.
The Truth
Corporate,#3UPDATE EX-employee responds
Mon, August 29, 2005
Whats most disturbing about this company isn't its misleading ways, or its extremely unorthodox methods of loan qualification, its the people. I have personally seen numerous good people come into this company and shortly thereafter compromise all that has ever defined them simply for the money. The irony in all that is that now since this company has your loyalty they are going to take advantage of it. Financially, their next moves make sense, capping AE and Branch manager yearly earnings, putting the comp plan on everyone evenly at 13% and incorporating customer service into the comp plan. Custoemr service will encourage people to manipulate nicely now, 13% will protect them from further scrutiny from the Attorney Generals since now a hard working 5 loan guy won't get canned and won't cause publicity. Current employees must see what is happening, there is no way they are that blinded by the buerocracy of this process. Employees, leave this company....I made great money here, I am greatful for that. However, once it all came down, once I truly understood the powers at work here I left. There are some great people in this company, I only hope they choose to leave before they comprmise themselves and their character. As for the consumers who are real victims of poor and unethical behavior, I know in Boston, Philadelphia, the midwest and Florida consumers who did not know about the first law suits are starting another. In the last year Ameriquest has paid out 430 Million dollars, now there is a class action suit from previous employees already estimated at 91 million (with people joining everyday) and the estimated secondary lawsuits should be in excess of 150 Million. For those of you praying that the days of quarterlies, kickers, and massive financial months will return you are sorely mistaken. Ameriquest will be one of two things in 12 - 15 months. They will either be a company forgotten and shut down, or they will be a tainted but legitimate mortgage company where mortgage specialists make no more that 90K a year, Branch Managers no more than 175K and Area Managers no more than 350K. For those of you wondering.....when I was a branch manager I was making about 65 - 90K monthly. Therefore, as can be seen...while Ameriquest will still pay well.....the "glory days" are far behind you.
J.D.
Duluth,#4UPDATE EX-employee responds
Sun, August 28, 2005
As an ex employee of this rotten company... who wasted many nights and many weekends that I should have spent with my family.. instead furthing the cause of this evil fraud factory.. I can only smile and laugh now knowing that your empire is crumbling...I hope all of the lowlifes in upper management who have sold their souls for six and seven figure salaries, luxery homes in South Florida and shiny new Mercedies are prepared to answer for your crimes against the poor working class families of America whom you have victimized and abused for the last decade. You will soon have to answer for your lies. I hope it was all worth it. I can't wait until the whole company is shut down and it's doors closed forever...just like Enron..and at the end of it all I can only pray that you all get what you truly deserve. As far as Mariano Demarin being a "good family man" when he is at home... Adolph Hitler and John Wayne Gayce have been described in the same exact way...when they weren't murdering innocent people. He deserves exactly what is coming to him...an orange jump suit...all of his assets siezed and about 20-30 years to think about where he went wrong. Mary Jo, Roland, Mariano, Cortines and the rest..you all know who you are....all scattering like roaches now that somebody switched on the lights for everyone to see what a mess they have made. The working families of America will soon get their justice.
Steve
Corona,#5Consumer Suggestion
Sun, August 28, 2005
In the last 3-4 months, I have seen more and more posts like this one that have inside information about how Ameriquest works and compensates employees. I am in the mortgage industry and I We are watching a slow implosion of this company, and when the disgruntled employees begin to talk, a lot more will be known about this company. When a company radically changes its compensation plan, you know that major change is just around the corner. I receive mortgage industry e-newsletters daily, and not a week goes by without some major revelation about Ameriquest. This will be very interesting to watch as the story plays it self out. Roland Arnall has all ready "jumped ship" to become the ambassador to the Netherlands, thereby distancing himself from the implosion that is coming. I will go on record that Ameriquest as we know it today will be dead and buried by the Summer of 2006. You heard it here first.