Complaint Review: Ameriquest - Los Angeles California

Everyone needs to do this!!! After submitting my ripoff report, i printed it and sent it to MY att.generals office, and the B.B.B. in my state and guess what? Due to overwhelming complaints, MASS. HAS SUSPENDED AMERIQUESTS LICENSE IN OUR STATE FOR 6 MONTHS!! Who says there's no justice.. I must tell everyone.. DO THIS IN YOUR STATE.. the more complaints.. the better the outcome... STOP THEM IN THEIR TR ACKS.. oh by the way..Jeff was my loan officer.. i reported him too.. good luck trying to work in Mass. JEFFY!!

With all due respect, RESPA does not necessarily cover this situation. Because Ameriquest does not offer streamline loans, this was clearly a very shady tactic on the company's part. Refinancing someone's loan within 6 months is costly to the customer, and NEVER in their best interests. Paying $13000 in fees, on top of whatever they paid in the original closing makes it surprising that they could even lower their payment, there wasn't enough time to absorb the original costs. Ameriquest doesn't offer a true streamline, it only offers to refi your loan when your credit improves, and many times Corporate WILL NOT remove pre-payment penalties, they just hope the consumer won't notice. I am searching for a new job now, I WOULD NEVER SUGGEST TO ANYONE I KNOW THAT THEY REFINANCE WITH THIS COMPANY!!! THE ENORMOUS AMOUNT OF MONEY PAID MOSTLY TO MANAGERS AND AREAS MAKES THEM CAPABLE OF ANYTHING TO CLOSE A LOAN! I have gone back through loans I have closed, and seen my name signed by someone else on parts of the application and documents, and programs that were different than what I sold! Protect yourself, READ EVERYTHING! Do not sign until you know it's correct! AEs can always do better than they tell you initially, it's like USED CAR SALES!

With all due respect, RESPA does not necessarily cover this situation. Because Ameriquest does not offer streamline loans, this was clearly a very shady tactic on the company's part. Refinancing someone's loan within 6 months is costly to the customer, and NEVER in their best interests. Paying $13000 in fees, on top of whatever they paid in the original closing makes it surprising that they could even lower their payment, there wasn't enough time to absorb the original costs. Ameriquest doesn't offer a true streamline, it only offers to refi your loan when your credit improves, and many times Corporate WILL NOT remove pre-payment penalties, they just hope the consumer won't notice. I am searching for a new job now, I WOULD NEVER SUGGEST TO ANYONE I KNOW THAT THEY REFINANCE WITH THIS COMPANY!!! THE ENORMOUS AMOUNT OF MONEY PAID MOSTLY TO MANAGERS AND AREAS MAKES THEM CAPABLE OF ANYTHING TO CLOSE A LOAN! I have gone back through loans I have closed, and seen my name signed by someone else on parts of the application and documents, and programs that were different than what I sold! Protect yourself, READ EVERYTHING! Do not sign until you know it's correct! AEs can always do better than they tell you initially, it's like USED CAR SALES!

With all due respect, RESPA does not necessarily cover this situation. Because Ameriquest does not offer streamline loans, this was clearly a very shady tactic on the company's part. Refinancing someone's loan within 6 months is costly to the customer, and NEVER in their best interests. Paying $13000 in fees, on top of whatever they paid in the original closing makes it surprising that they could even lower their payment, there wasn't enough time to absorb the original costs. Ameriquest doesn't offer a true streamline, it only offers to refi your loan when your credit improves, and many times Corporate WILL NOT remove pre-payment penalties, they just hope the consumer won't notice. I am searching for a new job now, I WOULD NEVER SUGGEST TO ANYONE I KNOW THAT THEY REFINANCE WITH THIS COMPANY!!! THE ENORMOUS AMOUNT OF MONEY PAID MOSTLY TO MANAGERS AND AREAS MAKES THEM CAPABLE OF ANYTHING TO CLOSE A LOAN! I have gone back through loans I have closed, and seen my name signed by someone else on parts of the application and documents, and programs that were different than what I sold! Protect yourself, READ EVERYTHING! Do not sign until you know it's correct! AEs can always do better than they tell you initially, it's like USED CAR SALES!

When an application is taken, RESPA is sent out by corporate headquarters automatically. It is a package that looks like loan documents specific to the loan you asked about. It is really a worst case scenario of rate and closing costs. The government requires that you are disclosed within 3 days of application the terms of the program you applied for. Ameriquest is SO BIG, that they send out worst case from a computer. It's lazy, inaccurate, but it covers them legally with the federal law. SO, those papers were not what the loan rep had spoken with the borrowers about. As a former loan officer I warned and explained those papers to all of my borrowers who applied and never had that problem. The loan rep should have done the same and then this problem never would have occured and they may have been able to streamline and save even more money than they did with another company, especially their prepayment penalty if they had one. Ameriquest will always waive that if you talk to the national refiance center.