Does anyone have any experiences with this mortgage company? I know they solicit heavily on the phone and in the mail. (They have even phoned me despite being on the DoNotCall list.)

I always make it a habit never to do business with those that solicit-- whether it by by phone, email, or postal mail.

Comments anyone?

Ameriquest Mortgage This Company Is Evil.. I Know Because I work There, most corrupt company to ever plague the lending industry Mirimar Florida *Consumer Comment ..help ameriquest is at my heels


This will be my last week working at Ameriquest, after almost a year of my life has been wasted busting my ass for what I have grown to believe is the greediest, most corrupt company to ever plague the lending industry. Not only does this company actively condone and participate in felony wire and mortgage fraud on a daily basis, it actually condones illegal activity and rewards it accordingly. They not only defraud EVERY single customer that they ****er in, with their insane interest rates and absolutely disgusting closing costs and fees, but they target lower class, desperate people who can easily be fooled into signing their homes and lives away. They teach you to prey upon minorities, bad credit people with no alternatives ( they call these people cockroaches) and elderly people who cant possibly understand what a horrible deal they get until it is too late. BUT the borrower isn't the only one getting bent over.

AE's are forced to work 70 hr weeks and are threatened to be fired on an almost daily basis. Fraud is rampant and I have not only seen this first hand (fake signatures, cut and paste of almost every type of doc from W2's to insurance) but from speaking to other AEs in different areas, the stories are almost identicle. The branches that are doing over 12 million in rev a month are ALL dirty. It is impossible for an AE trying to do things honestly to compete with dirt bags who lie, cheat and steal their way to Haiwaii trips & $200,000 plus salaries. All one has to do to see this first hand is go into a branch, you will find an unqualified manager barking at a group of even less qualified account execs about why there isn't more gain on the board. You will see a group of 10-15 males all under 30 years old, throwing soccer balls around like monkeys and bragging out loud about the "last poor dumb bastard that I bent over". All of these posts on this site are true.

THE APPRAISERS ARE ALL ON THE PAYROLL.The closing agents are taught to use the HUD arm, an old trick where the schedule of disbursements is covered by the notaries arm during signing so that the customer doesnt see the sick enormous fees and the pre-pay that are being charged to them. I myself have done countless loans where there was very little or no benefit to the customer...but they were done anyway because it meant $$ for the manager and the processors, and they threaten your job and pressure the AE's into signing them. I have also signed countless deals where I checked the final numbers after signing, only to find that the rate and the fees had been dramatically changed.

This company is SO greedy that it not only screws the customer, but after the loan signs, the corporate offices give seven days for the loan to fund, or else you as an AE get half of the revenue that was rightfully yours. They wait until the fourth day in and then sock you with a list of stips to collect that are so long that they KNOW you will never clear them in time. Hence, they take half of your money. Where does that money go? Who knows. Bottom line is, this company is about one thing, and that is the bottom line. Greed, Greed, Greed. I feel like I lost a piece of my soul working there, and I regret all of the bad loans that I have done.

I was hired with no experience in the mortgage business, and it took a while for me to realize what a horrible position I was putting good, hard working people in. I intend to go and work for a broker where i can actually give a fair rate AND make a living. Ameriquest software (SNAP) never spits out a loan with less than three points, even for 8A customers! Most of the AE's are good, hard working people who are being taken advantage of by a dispicable company. Most dont know any better. I have seen AE's fired because they knew too much and I have seen people fired for reasons that had to be unconstitutional and downright illegal. Thank God I have finally made the choice to get out while I can.

With the LA Times story and with all of the lawsuits building I dont see it lasting for more than another year before it is shut down. If the FBI audited these offices the world would be shocked at what it finds. Corporate is making a big push now to clean up its dirty image because of the heat coming down (they even took the Red Bull machines out of the offices..lol) I say too little too late. I came to this company on my own free will and I am now leaving by the same free will and I hope that this company goes down in flames. Do The Right Thing...what a joke.

I just feel bad for all of the customers who are getting reamed and all of the good AE's that are still loyal to this sweatshop, dreaming of that slice of the Ameriquest pie that they will never get. Good luck to everyone who is fighting this devil of a company. You will need it. To all consumers, if you get a call from Ameriquest, throw the phone down and run. AVOID AMERIQUEST AT ALL COST.

Mariano
Mirimar, Florida
U.S.A.

http://www.ripoffreport.com/reports/ripoff134002.htm

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Hmmm, good find, have never researched these, didn't think there was a need. Luckily I don't think I know anyone ****ered into doing business with these people

Thanks for the info, Scrub...

Sounds like you had a year of **** with this company--I hope you have a better time with your new job!

From what you've said, it seems that Ameriquest not only preys on their customers, but also those that are eager to learn the mortgage business and don't know any better... I myself had inquired with them when I was refinancing several years ago, and they seemed like such hounds!!! I am glad I did some "shopping around" and researched with several companies, and found that Ameriquest were the most costly--so I never did use them. I pity those that don't shop around and investigate all their options with other lenders. I guess that's what Ameriquest hopes for.
Even to this day, they keep calling me (being on the National Do Not Call list does not seem to deter them). I guess this is another indication of their illegal business practices Every week it seems that I get postal mail from them, still. I always say, if they have to advertise and solicit as heavily as they do, then they are not getting word-of-mouth referrals--and this is another very good indication of their bad business.

I didn't know anything about the LA Times article you mention, or any pending lawsuits. I was just asking for my own information, because it seems that they just won't let up with their solicitations. Now it is much clearer why they go to these extremes to get new ****ers! I hope your new job works out, but if any good can come from the previous year you were with Ameriquest, at least you learned the mortgage business! What an introduction!Good luck, Scrub!

Ameriquest Faces Blizzard of Suits and $325 Million Settlement with States

30-State Task Force Alleges Deceptive Sales Practices

August 5, 2005
Ameriquest, the nation's largest subprime lender, faces numerous lawsuits filed by customers who said the subprime lender charged them excessive fees or changed the agreed-upon terms on refinancing loans when they arrived to sign the final documents.

Ameriquest
• Ameriquest Faces Blizzard of Suits and $325 Million Settlement with States
• Class Actions Challenge Adjustable Rate Home Equity Loans in Texas
• Time Share Scam Targeted The Elderly
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• Consumer Complaints
The company disclosed last week that it had reached a tentative $325 million settlement with a task force of 30 state attorneys general over allegations of deceptive sales practices.

At least eight of the pending lawsuits are seeking class-action status.

Earlier this week, President Bush nominated Ameriquest founder Roland Arnall as the next ambassador to the Netherlands.

Arnall and his wife, who live on a 10-acre estate in the Holmby Hills neighborhood of Los Angeles, contributed $5 million to a pro-Bush committee in 2003 and chipped in $1 million for Bush's second inauguration party, The Los Angeles Times reported.

Arnall also is a member of the Committee on the Present Danger, a foreign policy group that advocates a hard line against Islamic terrorists.

Ameriquest, founded by Arnall as Long Beach Savings in 1979, has faced off with consumer activists, regulators and private litigants in a series of disputes over its lending practices dating to 1996. The company has paid millions of dollars in restitution and for borrower education, and it has adopted a series of "best practices" improvements to its operating policies.

In a case filed in Boston, borrowers said their loan fees and interest rates differed from what they had agreed to when they negotiated to refinance their homes, often to pay off household debts. California-based Ameriquest, the suit said, then ''uniformly promised" to refinance them a second time, sometimes within months, ''on more favorable terms," to recoup additional fees.

According to MortgageDaily.com, Ameriquest's parent company, ACC Capital Holdings Corp., is the nation's largest subprime lender, based on $82.7 billion in mortgage volume in 2004, including $3 billion in Massachusetts. Subprime loans are for people with credit scores too low for them to qualify for a traditional mortgage.

The litigation parallels charges being brought by Massachusetts Attorney General Thomas F. Reilly and officials in 29 other states. Investigators found Ameriquest used ''bait and switch" tactics in often unsolicited phone calls to potential customers, did not disclose steep penalties charged for paying loans off early, and falsified borrowers' incomes to ensure they would qualify for the loan, The Boston Globe reported.

Reilly's office said it has received 133 complaints about Ameriquest since 2002.

In a Securities and Exchange Commission filing, ACC Capital disclosed it set aside money for a tentative settlement with the states, but the company said there is ''no assurance such an agreement will be reached." Reilly's office said, ''any resolution will require a significant payment by Ameriquest, including restitution to harmed consumers."

In July, Connecticut's Department of Banking reached a $7 million settlement with Ameriquest and two other ACC units, Argent Mortgage Co. and Town & Country Credit Corp. The company agreed to reimburse 350 customers whose loan fees exceeded limits set by state law by $3,000, on average, state officials said.

http://www.consumeraffairs.com/news0...eriquest2.html

:SmileMOTI

very interesting

About 78,000 Californians who got loans from Ameriquest Mortgage or its sister companies should soon receive paperwork allowing them to file for compensation from the companies, which agreed to pay its customers $295 million to settle allegations of unfair sales practices nationwide.

The settlement includes about $51 million for California customers of Ameriquest Mortgage, Town & Country Credit and AMC Mortgage Services, formerly Bedford Home Loans, according to California Attorney General Jerry Brown.

appraisals and charging excessive loan origination fees. In the settlement the company admitted no wrongdoing but agreed to change some of its practices.

For more information, visit Ameriquest Mulit-State Settlement
Contact Sue McAllister at smcallister@mercurynews.com or (408) 920-5833

Customers who borrowed loans from the companies from 1999 to 2005 are eligible for compensation, which will average about $812, Brown said. Those who accept the payment give up their right to sue Ameriquest, unless their homes go into foreclosure.

Brown's office began mailing letters and claim forms to Californians this week; the settlement with Ameriquest was announced in January and affects customers in all states except Virginia, where Ameriquest did not do business. In addition to $295 million in payments to customers, Ameriquest's parent company, ACC Capital Holdings, of Orange, also will pay $30 million to reimburse states for legal fees and other costs.

Ameriquest is one of the nation's largest lenders to borrowers with imperfect credit. It and the other companies, all owned by ACC Capital Holdings, were accused of failing to disclose loan terms properly, refinancing borrowers into inappropriate loans, inflating property appraisals and charging excessive loan origination fees. In the settlement the company admitted no wrongdoing but agreed to change some of its practices.

For more information, visit Ameriquest Mulit-State Settlement.

Contact Sue McAllister at smcallister@mercurynews.com or (408) 920-5833
http://www.mercurynews.com/breakingn...nclick_check=1

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