- Report: #134868
Complaint Review: Ameriquest - Orange California
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Ameriquest
www.ameriquestmortgage.com Orange, California, U.S.A.
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Ameriquest employee inside info, ameriquestmortgage.com I worked for both the corporate office as well as a retail branch, Yes there is fraud. Yes there is pressure to sign a loan as quickly as possible & AE you're working with has more drugs in him/her than a local pharmacy Orange California
So far I haven't heard anything about Ameriquest that surprises me. Yes there is fraud. Yes there is pressure to sign a loan as quickly as possible. Yes the account executives are trained more on how to get around borrower objections than they are on how to write a file. And yes there's a chance the AE you're working with has more drugs in him/her than a local pharmacy.
This company feeds and grows on ignorance; the ignorance of its borrowers and the ignorance of its employees. Young salesmen are lured in with promises of big pay checks and quick promotions. They are brainwashed into believing Ameriqiest is the savor for borrowers with poor credit (Ameriquest doesn't offer any magic loans. Their programs are on par if not worse than any other sub-prime lender). And since an overwhelming majority of the new hires have no previous mortgage industry experience they buy into everything hook line and sinker. I know all this because I worked for the company a total of 15 months, first as a Recruiter identifying perspective A.E. candidates and later as an Account Executive.
A.E.s are constantly told to sell benefits and not rate. That's because the company's rates are horrible. As a broker I can present a borrower the same benefits, a lower rate and fewer points/closing costs. A.E.s are taught to take the focus away from a high rate and point it towards the savings gained through consolidation of unsecured debt (credit cards) or auto loans (consolidating a depreciating asset into an appreciating one????). A.E.'s are hired because they are fast talkers and aggressive (think about the guy trying to sell you a car or a gym membership at your local 24 hour fitness or Bally's). The company's commercials say you get a trained loan consultant/professional but that's hardly the case. As a recruiter I was told by branch managers to identify people with no industry experience. Just like the line from Boiler Room... "Here we don't hire brokers, we train new ones." That's because someone with industry knowledge would know that a 2/28 ARM at 7.5% with 4 points and a three year prepay is a joke and a death sentence to the borrower. It basically means to avoid paying your prepay in a refinance you must stay in your loan for a 3rd year even though the loan's rate becomes adjustable at the end of the 2nd year. A borrower is literally trapped in the loan and must pay ever increasing payments (or pay their prepay). This is a perfect example of predatory lending. The rate on these loans may be lower than the competition and the closing costs may be on par with other lenders to make the loan look more attractive but Ameriquest still makes an extra five to fifteen thousand off you when you go to refinance out of your loan after 2 years.
The average life span of an Account Executive with Ameriquest is less than a year. In that time period they are either fired for non production, promoted for high production or quit on their own accord due to burn out or because they learn there are better companies to work for.
my 2 cents worth
Irvine, California
U.S.A.
This company feeds and grows on ignorance; the ignorance of its borrowers and the ignorance of its employees. Young salesmen are lured in with promises of big pay checks and quick promotions. They are brainwashed into believing Ameriqiest is the savor for borrowers with poor credit (Ameriquest doesn't offer any magic loans. Their programs are on par if not worse than any other sub-prime lender). And since an overwhelming majority of the new hires have no previous mortgage industry experience they buy into everything hook line and sinker. I know all this because I worked for the company a total of 15 months, first as a Recruiter identifying perspective A.E. candidates and later as an Account Executive.
A.E.s are constantly told to sell benefits and not rate. That's because the company's rates are horrible. As a broker I can present a borrower the same benefits, a lower rate and fewer points/closing costs. A.E.s are taught to take the focus away from a high rate and point it towards the savings gained through consolidation of unsecured debt (credit cards) or auto loans (consolidating a depreciating asset into an appreciating one????). A.E.'s are hired because they are fast talkers and aggressive (think about the guy trying to sell you a car or a gym membership at your local 24 hour fitness or Bally's). The company's commercials say you get a trained loan consultant/professional but that's hardly the case. As a recruiter I was told by branch managers to identify people with no industry experience. Just like the line from Boiler Room... "Here we don't hire brokers, we train new ones." That's because someone with industry knowledge would know that a 2/28 ARM at 7.5% with 4 points and a three year prepay is a joke and a death sentence to the borrower. It basically means to avoid paying your prepay in a refinance you must stay in your loan for a 3rd year even though the loan's rate becomes adjustable at the end of the 2nd year. A borrower is literally trapped in the loan and must pay ever increasing payments (or pay their prepay). This is a perfect example of predatory lending. The rate on these loans may be lower than the competition and the closing costs may be on par with other lenders to make the loan look more attractive but Ameriquest still makes an extra five to fifteen thousand off you when you go to refinance out of your loan after 2 years.
The average life span of an Account Executive with Ameriquest is less than a year. In that time period they are either fired for non production, promoted for high production or quit on their own accord due to burn out or because they learn there are better companies to work for.
my 2 cents worth
Irvine, California
U.S.A.
