;
  • Report:  #190892

Complaint Review: Ameriquest Mortgage Company - Santa Ana California

Reported By:
- St. Clair Shores, Michigan,
Submitted:
Updated:

Ameriquest Mortgage Company
P.O. Box 11000 Santa Ana, 92711 California, U.S.A.
Phone:
800-325-1493
Web:
N/A
Categories:
Tell us has your experience with this business or person been good? What's this?
First of all, I am not an idiot, but it would appear that I do play one in real life. I am an AMC victim.

On May 9, 2006, I received a letter from a law firm in Chicago that is specializing in suing Ameriquest for violations in their Truth In Lending Disclosures and other mortgage documentation issues. Coincidentally, I also received a notice from Ameriquest the same day informing me that my rate had adjusted. This prompted me to revisit my mortgage documents.

To my jaw-dropping surprise, the mortgage that I had refinanced with Ameriquest 2 years prior was $12,000 more than my original loan. $10,232.52 of that amount went to "settlement charges to borrower". How does that happen and how does one miss that? If you have refinanced with any mortgage company, as I have before this, you know the routine. Initial here. Sign here. Initial. Initial. The loan officer sums up what you're signing and all you care about is that your monthly payment and interest rate is lower than what you previously had. Let me also mention here that we never were informed of any prepayment penalty until the closing.

As I said, we refinanced with Ameriquest two years ago. I'm embarassed to say that during that time I never went through the mortgage documents with a fine-tooth comb. Nor did I really pay any attention to my loan balance on my statement every month. I just knew what my payment was and was happy to sign the check.

Now, I am not so happy. If I were to sell my house tomorrow, I would lose $12,000 that should be mine. I can't help but feel that $12,000 has been stolen from me. I never would have signed for a loan that was $12,000 more than my original loan. Would you? They never uttered that figure during the sale or closing of the loan. That much I do remember. Forget what was printed on the documents. They deceived me and I am embarassed.

Now, I am seeking legal help. I have photocopied all of my documents and am ready to send them to any law firm that is willing to take my case. If you have any suggestions or can relate to my situation, please respond.

Scott

St. Clair Shores, Michigan
U.S.A.


17 Updates & Rebuttals

Laura

Apple Valley,
California,
U.S.A.
I agree with Kathleen

#2Consumer Comment

Tue, May 30, 2006

i would like to know what company Eric works for as well that way I can stay clear and warn everyone else as well. Eric by you even stating that you have hired ex-Ameritheft employees on a site that dispises Ameriquest you just ruined your honorable rep. So sad! These employees of AMC are just liers and will do anything to make a buck. So Eric you hired theives and liers for your company I wonder how your boss would react if he or she new of the deceatful people now umployed by such an awsome guy. Good luck in the future I guess it is best you will not or can not name your company because all your loans now would be sold and new potential customers would say NO. That is a question I will be asking from now on to any mortgage company "Do they have ex-AMC employees?" and I would request the answer in writing if it is no.


Scott

St. Clair Shores,
Michigan,
U.S.A.
Any luck with finding an attorney?

#3Author of original report

Mon, May 29, 2006

I've noticed a couple of you are reporting what appears to be an identical case to mine regarding closing costs upwards of $10K. When I first learned of this a couple of weeks ago, all I could ask myself is "How?" Now, I don't know if my documents were forged, but it is funny that we don't initial both copies of our mortgage documents. I firmly believe that we were "whisked away" at closing and directed to figures in our documents that fit into our perception of what we were receiving from them. Once the recission period is over, it doesn't matter if it's 2 days, 2 weeks, 2 months, or 2 years after closing. You're screwed and better have a case. With all the activity in this forum, I know that we all have a case. I received a letter from an attorney's office in Chicago and have also spoken to a lawyer from that office. They are requesting copies of your mortgage documents and will review them at no cost and will work on a contingency basis. They have a couple of lawyers who do nothing but sue Ameriquest. I have not followed up with them yet, because a friend of mine who is an attorney (not specializing is this type of law) suggested that I should seek a firm that is familiar with the Ameriquest case that has not solicited me. I'd like to know if anyone is working with this firm and is having any success or if you are having success with another office. Finally, I've heard enough responses from the "X-AMC Employee" faction. So unless you can give me step-by-step instructions on how to get my loan rescinded and REALLY help me, please copy and paste your responses elsewhere.


Kathleen

Alabaster,
Alabama,
U.S.A.
Get a Life Eric

#4Consumer Comment

Sun, May 28, 2006

If you truly don't work for Ameritheft, you should because your comments and reading ability is as poor as any employee. I SAID it would take FIVE days to read as a figure of speech. I wasn't even talking about the so-called cancellation period. As for the 7K-12K, etc. fees you commented on, get your home refinanced with Amerixxxx, look at your closing costs, sign, then get on here and talk about fees. If you can READ, you would know that this company FORGES THEIR DOCUMENTS. So what you sign is NOT what you get. Get it? People HAVE sent letters and the letters mysteriously are not delivered or are lost. Where do you get off even commenting? You are a loser just like one of their employees. Just because you may be sue happy doesn't mean everyone is. For your information, Mr. I-think-I-Know-It-All, I HAVE made all my house payments. My home wasn't over appraised but that was the only thing Ameritheft didn't screw me with. As for you knowing your parent's home appraisal or the guy down the street? Who cares? I could care less what the guy's home down the street appraises for. His home might be falling apart where mine is not. In fact, my home appraises for a lot more than others on this street because of all the extras I've put into it such as a swimming pool, fencing and brick instead of siding. So your little appraisal lesson was ignorant. If you hired ex-employees of this fraudulent company, please tell us the name of your company. I would for sure steer clear of it as would many others. I want nothing at all to do with any ex-employee or anyone who hires them. To hire them is to be just as corrupt as they were to work at such a place.


Laura

Apple Valley,
California,
U.S.A.
Eric an Ameriquest Slave

#5Consumer Comment

Sat, May 27, 2006

You my friend must not read the news. Ameriquest or AMC are crooked. It doesn't matter that you claim to hire excellent employees who work their butts off. The point is the whole systme of AMC is deceaving. They take advantage of people with bad credit and destroy the rest of the credit they have because of the HIGH interest rate and the HIGH APR. You make me sick by blaming us the unfortunate customers who are stuck with Ameriquest because of the lies and illusions they present to make a loan suitable to our needs. AMC's truth is distorted to say the least. AMC solicited my personal information and social security number to third party brokers and not to mention the $13000.00 in closing costs I was charged. Tell me who charges $13000.00 in closing costs? We are not stupid obvioulsy the courts agree with all the lawsuites us stupid people have brought and WON. My advice to you if you are such a good manager why are you with such a horrible firm? To me (my opinion) is that you are just as crooked as AMC and your moral and business ethics are just as malicious as them as well. Although this is my fault for beleiving the lies your reps told me I still think management should live up to their responsibilities. What happened to ethics in businesses?


Eric

Oklahoma City,
Oklahoma,
U.S.A.
Kathleen U Said it

#6Consumer Suggestion

Sat, May 27, 2006

Kathleen... you said it, it would take 5 days to read the documents, well you had 7 days... I don't work for Ameriquest, never have and never would have. Ameriquest fell because of 80% of there staff prayed on people. But bs about fee's being 7K 10K 12K, etc... The HUD 1 Settlement statement you sign at closing tells you in black in white of all the fee's. For future information if you want to cancel your loan during the 7 day period or even a 3 day period send the cancellation letter to title company, i know thats a concept hard to understand. ALOT of people got screwed by Ameriquest no doubt, but some of those Ameriquest customers are just as crooked as them. B/c you find a better deal down the road or someone tells you something bad about Ameriquest you think you should sue. PPP is usually a single page disclosure seperate from the rest of the documents as well as its usually checked in a box on the actual mortgage contract. If you don't like the fee's the first time don't sign with them again? If your balance on your mortgage is higher then what it was originally signed, maybe you should make a house payment or two... Everyone who wants to file a law suit b/c there fee's were to high, rate is too high, or i didn't remember the ppp when u signed it, take away from the customers who were screwed illegally by them. I have an idea of what my house is worth, I have an idea what my parents house is worth, or a person down the street you don't seem to complain about the value coming in high when your getting the loan and getting the cash you wanted. If your house was appraised for 100k when you bought it, 1yr later its not going to be worth 200K the next year. The national average is 3% in increase in home value a year. Good Luck to the Ameriquest Customer's who have been illegally taken advantage of. Not all Ameriquest are bad, I've hired a couple of them over the years and they know how to work hard.. If i ever caught one trying anything shady or dishonest with a customer or my company I would fire them in a heart beat just like anyone else I hire. Anthony if u need any help trying to find some work I know a few people up in New York and other places if you are willing to relocate.


Kay

St. Louis,
Missouri,
U.S.A.
RESPONSE TO LAURA

#7Consumer Comment

Sat, May 27, 2006

Laura, go to , there is a law firm that is investigating AMC, I stumbled on this site a few months ago. Also go to google and put in ameriquest lawsuites, there are many ways to find a lawyer thru that site. Also if you go to lawyers.com and put in the info for your state. Hope this helps. I believe the law firm on is in Chicago. Good Luck CLICK here to see why Rip-off Report, as a matter of policy, deleted either a phone number, link or e-mail address from this Report.


Laura

Apple Valley,
California,
U.S.A.
Kay I am with you

#8Consumer Comment

Fri, May 26, 2006

Kay you mentioned a Law Firm in Chicago which one. I am also a customer of AMC Mortgage and looking for an attorney. We refinaced twice ( after the second we started looking into the company) and on the first refi we were charge around 9 or 10,000.00 in closing costs the second time around it went up to over $13000.00. Now are personal information has been leaked to third party brokers including possibly our social security numbers. I need help I've contacted a local attorney (California doesn't have many that will listen to people without a lot of money) and I was informed that we can not bring a suit until actual damages have occured. As I see it AMC breached their contract with us by allowing mine and my husbands personal information to be leaked to third parties. If you can please give me the name of the firm so I can call. I am in California but maybe they can recommend someone out here. We are being harrassed my brokers wanting our business. My adjustable rate will be going up next year and AMC is still going to charge us the pre-payment penalty if we leave. I just want to know legally what can I do. I have hardly any equity in my house now anyone any attorney please help us get away from AMC Mortgage


Rex

Campbell,
California,
U.S.A.
EX-AMC Employee Confirms the Truth

#9UPDATE EX-employee responds

Sat, May 13, 2006

I left in 2003. On my terms. At that time, it had become clear to me that Ameriquest treated their employees as poorly as they treated the borrowers. Over the years, they have fine-tuned how to get the most out of their employees and their customers. That is a fact. Three things happen to you at AMC: You either crap out, you work as an Acct Exec, or you bust your tail and are promoted to Branch Mgr, Area Mgr, Regional Mgr. That's what I heard several times. I saw this happen over my 16-month term at that fouled-up company. I, too, worked some long hours at AMC. Time cards were introduced because there was a lawsuit which forced them to pay overtime. I, too, helped homeowners preserve their homes in a very quick manner --- mostly because from the top all the way down to the branches, AMC wanted to "take them off the market". If the customer had time to shop around, they might realize that there were better offers from other lenders. We were encouraged to hammer through the entire process as quickly as possible. I can only think of the word "predatory" when I re-read my own words here. Keeping their employees in the branches for long hours partially prevented them : from going to school, from interviewing for better jobs, from studying for a Real Estate license, etc. Make no mistake, some of us scheduled "client meetings" outside of the office to take job interviews, date our co-workers, attend a concert, meet with mortgage brokers to earn side income from files that were closed due to the borrower declining Ameriquest's loan offer. The lightning-quick service that borrowers received equals the lightning-quick strikes of a venomous snake. There are two types of witches employed by AMC: good witches and evil witches. For a guy who just got dumped, Anthony sure has a lot of attitude. Maybe later he will realize that AMC was a crummy place to work within the mortgage industry. It just might take him some time to realize that he needs to study for, and earn, his R/E license. Only then will he see that there is a totally different side to lending practices. To me, he has established himself as the resident idiot of this discussion board. I AM NOT DEFENDING AMERIQUEST. PLEASE READ THIS KNOWING THAT I MEAN THIS IN THE MOST RESPECTFUL MANNER POSSIBLE: While a 7-day recission period from AMC is the longest available in the industry, it truly didn't matter. Human Nature overruled this "generous grace period". People who respond to telemarketing; people who are in financial trouble; people who signed on with Ameriquest all share one or more of these Human Traits: They all have a little extra trust in others. They all have a little bit of financial irresponsibility. They all want to believe what is being spoken to them by the "financial authority in the room". They all have too many other things to do (running a household and working 1 or 2 jobs) instead of reading the 132 pages which comprise a mortgage document set. This partially explains why people are focused only on their interest rate, their payment, and how much cash out they will receive when the loan is funded and disbursements are made by the title co. Buying a home or refinancing a home is a very emotional experience for many people. The emotions cause some to partially abandon their logic and analytical skills. The result is a person who says, "We've been working on this for X number of days. What's the bottom line, and when can I sign the loan?" Yes, it is wrong not to read documents that you are signing. Yes, it is wrong to send documents in the mail to satisfy the RESPA, and then have entirely different documents prepared for signing. Sounds like AMC had a "don't ask, don't tell" policy when it came to "Doing the right thing" and "Constantly improving". Their two B.S. catch phrases. We were advised by Branch Mgrs and by Area Mgrs of methods to increase our revenues, our paychecks, our abilities to qualify for trips to The Big Spin (a trip to Vegas were money flowed like water and expensive cars and consumer goods were given away), The SuperBowl, and Hawaii (the only trip which included your spouse). These were all-expenses paid trips awarded to top producers. I gained about 5 pounds during each, from all the endless free food during these trips. Who paid for all these prizes? The borrowers and the employees. Borrowers in the form of exaggerated points, fees, interest rates. Employyes if you reason this: A mortgage professional (on the outsie of AMC) could earn 3-4 times what AMC was paying their Acct Execs, if he or she worked for a mortgage broker. That trip to the SuperBowl? I could have earned all the costs of that trip in two weeks, instead of the quarterly revenue contest that was required. Again, they are good at keeping their employees motivated by profit sharing. Quarterly bonus paid by volume (millions of dollars loaned) was paid only if you were still employed at the end of that quarter. Fired the day before? Oh, sure, it happened to somebody. The comment written above about telemarketing flunkies is nearly accurate. The branches preferred to hire people with zero mortgage experience, and did hire many with zero real-world corporate experience. Those of us who were jobless as a result of the 2001 economic turndown raised the average age of the branches --- and attempted to impart some level of maturity and integrity where branches often were operated like frat houses. I learned more about a corporate atmosphere gone wrong there, then I learned about the mortgage industry. I was surprised, after working for IBM during college, that something as far away on the integrity spectrum from IBM was operating w/o gov't interference. I will say this: There were times when I made mistakes in quoting. I "lost" customers because of that. Frustrated, I learned and moved on. I'm glad the borrowers moved on, also. There were times when I truly believed AMC could offer "X" loan terms and some part of the process required to offer "Y" loan terms, instead. For Example, Debt-to-Income ratio disqualified some borrowers. Or, Loan-to-Value ratio was too high, the risk associated with that particular loan was higher, so the interest rate was increased. Hardest part of my job was to bridge the two in conversation with a potential borrower. I "lost" customers because of that. Frustrated, I learned and moved on. I'm glad the borrowers moved on, also. Initially, it wasn't clear to me that alternatives were available to myself for employment, and for borrowers for loans. Later, it became clearer that I could do more for myself by leaving, and more for future clients by leaving --- and offering loan terms from 118 different lenders, not just one. Soon after leaving AMC, I contacted as many past customers as I could to "save" them from AMC. Many were able to get out of their loans and I was able to secure far better loan terms for them. Because I knew I was leaving, I had far more than 15 minutes to empty my desk. Again, I am not defending the company. I will try to check in here every other day if anyone wants to ask direct questions. Be well.


Rex

Campbell,
California,
U.S.A.
EX-AMC Employee Confirms the Truth

#10UPDATE EX-employee responds

Sat, May 13, 2006

I left in 2003. On my terms. At that time, it had become clear to me that Ameriquest treated their employees as poorly as they treated the borrowers. Over the years, they have fine-tuned how to get the most out of their employees and their customers. That is a fact. Three things happen to you at AMC: You either crap out, you work as an Acct Exec, or you bust your tail and are promoted to Branch Mgr, Area Mgr, Regional Mgr. That's what I heard several times. I saw this happen over my 16-month term at that fouled-up company. I, too, worked some long hours at AMC. Time cards were introduced because there was a lawsuit which forced them to pay overtime. I, too, helped homeowners preserve their homes in a very quick manner --- mostly because from the top all the way down to the branches, AMC wanted to "take them off the market". If the customer had time to shop around, they might realize that there were better offers from other lenders. We were encouraged to hammer through the entire process as quickly as possible. I can only think of the word "predatory" when I re-read my own words here. Keeping their employees in the branches for long hours partially prevented them : from going to school, from interviewing for better jobs, from studying for a Real Estate license, etc. Make no mistake, some of us scheduled "client meetings" outside of the office to take job interviews, date our co-workers, attend a concert, meet with mortgage brokers to earn side income from files that were closed due to the borrower declining Ameriquest's loan offer. The lightning-quick service that borrowers received equals the lightning-quick strikes of a venomous snake. There are two types of witches employed by AMC: good witches and evil witches. For a guy who just got dumped, Anthony sure has a lot of attitude. Maybe later he will realize that AMC was a crummy place to work within the mortgage industry. It just might take him some time to realize that he needs to study for, and earn, his R/E license. Only then will he see that there is a totally different side to lending practices. To me, he has established himself as the resident idiot of this discussion board. I AM NOT DEFENDING AMERIQUEST. PLEASE READ THIS KNOWING THAT I MEAN THIS IN THE MOST RESPECTFUL MANNER POSSIBLE: While a 7-day recission period from AMC is the longest available in the industry, it truly didn't matter. Human Nature overruled this "generous grace period". People who respond to telemarketing; people who are in financial trouble; people who signed on with Ameriquest all share one or more of these Human Traits: They all have a little extra trust in others. They all have a little bit of financial irresponsibility. They all want to believe what is being spoken to them by the "financial authority in the room". They all have too many other things to do (running a household and working 1 or 2 jobs) instead of reading the 132 pages which comprise a mortgage document set. This partially explains why people are focused only on their interest rate, their payment, and how much cash out they will receive when the loan is funded and disbursements are made by the title co. Buying a home or refinancing a home is a very emotional experience for many people. The emotions cause some to partially abandon their logic and analytical skills. The result is a person who says, "We've been working on this for X number of days. What's the bottom line, and when can I sign the loan?" Yes, it is wrong not to read documents that you are signing. Yes, it is wrong to send documents in the mail to satisfy the RESPA, and then have entirely different documents prepared for signing. Sounds like AMC had a "don't ask, don't tell" policy when it came to "Doing the right thing" and "Constantly improving". Their two B.S. catch phrases. We were advised by Branch Mgrs and by Area Mgrs of methods to increase our revenues, our paychecks, our abilities to qualify for trips to The Big Spin (a trip to Vegas were money flowed like water and expensive cars and consumer goods were given away), The SuperBowl, and Hawaii (the only trip which included your spouse). These were all-expenses paid trips awarded to top producers. I gained about 5 pounds during each, from all the endless free food during these trips. Who paid for all these prizes? The borrowers and the employees. Borrowers in the form of exaggerated points, fees, interest rates. Employyes if you reason this: A mortgage professional (on the outsie of AMC) could earn 3-4 times what AMC was paying their Acct Execs, if he or she worked for a mortgage broker. That trip to the SuperBowl? I could have earned all the costs of that trip in two weeks, instead of the quarterly revenue contest that was required. Again, they are good at keeping their employees motivated by profit sharing. Quarterly bonus paid by volume (millions of dollars loaned) was paid only if you were still employed at the end of that quarter. Fired the day before? Oh, sure, it happened to somebody. The comment written above about telemarketing flunkies is nearly accurate. The branches preferred to hire people with zero mortgage experience, and did hire many with zero real-world corporate experience. Those of us who were jobless as a result of the 2001 economic turndown raised the average age of the branches --- and attempted to impart some level of maturity and integrity where branches often were operated like frat houses. I learned more about a corporate atmosphere gone wrong there, then I learned about the mortgage industry. I was surprised, after working for IBM during college, that something as far away on the integrity spectrum from IBM was operating w/o gov't interference. I will say this: There were times when I made mistakes in quoting. I "lost" customers because of that. Frustrated, I learned and moved on. I'm glad the borrowers moved on, also. There were times when I truly believed AMC could offer "X" loan terms and some part of the process required to offer "Y" loan terms, instead. For Example, Debt-to-Income ratio disqualified some borrowers. Or, Loan-to-Value ratio was too high, the risk associated with that particular loan was higher, so the interest rate was increased. Hardest part of my job was to bridge the two in conversation with a potential borrower. I "lost" customers because of that. Frustrated, I learned and moved on. I'm glad the borrowers moved on, also. Initially, it wasn't clear to me that alternatives were available to myself for employment, and for borrowers for loans. Later, it became clearer that I could do more for myself by leaving, and more for future clients by leaving --- and offering loan terms from 118 different lenders, not just one. Soon after leaving AMC, I contacted as many past customers as I could to "save" them from AMC. Many were able to get out of their loans and I was able to secure far better loan terms for them. Because I knew I was leaving, I had far more than 15 minutes to empty my desk. Again, I am not defending the company. I will try to check in here every other day if anyone wants to ask direct questions. Be well.


Rex

Campbell,
California,
U.S.A.
EX-AMC Employee Confirms the Truth

#11UPDATE EX-employee responds

Sat, May 13, 2006

I left in 2003. On my terms. At that time, it had become clear to me that Ameriquest treated their employees as poorly as they treated the borrowers. Over the years, they have fine-tuned how to get the most out of their employees and their customers. That is a fact. Three things happen to you at AMC: You either crap out, you work as an Acct Exec, or you bust your tail and are promoted to Branch Mgr, Area Mgr, Regional Mgr. That's what I heard several times. I saw this happen over my 16-month term at that fouled-up company. I, too, worked some long hours at AMC. Time cards were introduced because there was a lawsuit which forced them to pay overtime. I, too, helped homeowners preserve their homes in a very quick manner --- mostly because from the top all the way down to the branches, AMC wanted to "take them off the market". If the customer had time to shop around, they might realize that there were better offers from other lenders. We were encouraged to hammer through the entire process as quickly as possible. I can only think of the word "predatory" when I re-read my own words here. Keeping their employees in the branches for long hours partially prevented them : from going to school, from interviewing for better jobs, from studying for a Real Estate license, etc. Make no mistake, some of us scheduled "client meetings" outside of the office to take job interviews, date our co-workers, attend a concert, meet with mortgage brokers to earn side income from files that were closed due to the borrower declining Ameriquest's loan offer. The lightning-quick service that borrowers received equals the lightning-quick strikes of a venomous snake. There are two types of witches employed by AMC: good witches and evil witches. For a guy who just got dumped, Anthony sure has a lot of attitude. Maybe later he will realize that AMC was a crummy place to work within the mortgage industry. It just might take him some time to realize that he needs to study for, and earn, his R/E license. Only then will he see that there is a totally different side to lending practices. To me, he has established himself as the resident idiot of this discussion board. I AM NOT DEFENDING AMERIQUEST. PLEASE READ THIS KNOWING THAT I MEAN THIS IN THE MOST RESPECTFUL MANNER POSSIBLE: While a 7-day recission period from AMC is the longest available in the industry, it truly didn't matter. Human Nature overruled this "generous grace period". People who respond to telemarketing; people who are in financial trouble; people who signed on with Ameriquest all share one or more of these Human Traits: They all have a little extra trust in others. They all have a little bit of financial irresponsibility. They all want to believe what is being spoken to them by the "financial authority in the room". They all have too many other things to do (running a household and working 1 or 2 jobs) instead of reading the 132 pages which comprise a mortgage document set. This partially explains why people are focused only on their interest rate, their payment, and how much cash out they will receive when the loan is funded and disbursements are made by the title co. Buying a home or refinancing a home is a very emotional experience for many people. The emotions cause some to partially abandon their logic and analytical skills. The result is a person who says, "We've been working on this for X number of days. What's the bottom line, and when can I sign the loan?" Yes, it is wrong not to read documents that you are signing. Yes, it is wrong to send documents in the mail to satisfy the RESPA, and then have entirely different documents prepared for signing. Sounds like AMC had a "don't ask, don't tell" policy when it came to "Doing the right thing" and "Constantly improving". Their two B.S. catch phrases. We were advised by Branch Mgrs and by Area Mgrs of methods to increase our revenues, our paychecks, our abilities to qualify for trips to The Big Spin (a trip to Vegas were money flowed like water and expensive cars and consumer goods were given away), The SuperBowl, and Hawaii (the only trip which included your spouse). These were all-expenses paid trips awarded to top producers. I gained about 5 pounds during each, from all the endless free food during these trips. Who paid for all these prizes? The borrowers and the employees. Borrowers in the form of exaggerated points, fees, interest rates. Employyes if you reason this: A mortgage professional (on the outsie of AMC) could earn 3-4 times what AMC was paying their Acct Execs, if he or she worked for a mortgage broker. That trip to the SuperBowl? I could have earned all the costs of that trip in two weeks, instead of the quarterly revenue contest that was required. Again, they are good at keeping their employees motivated by profit sharing. Quarterly bonus paid by volume (millions of dollars loaned) was paid only if you were still employed at the end of that quarter. Fired the day before? Oh, sure, it happened to somebody. The comment written above about telemarketing flunkies is nearly accurate. The branches preferred to hire people with zero mortgage experience, and did hire many with zero real-world corporate experience. Those of us who were jobless as a result of the 2001 economic turndown raised the average age of the branches --- and attempted to impart some level of maturity and integrity where branches often were operated like frat houses. I learned more about a corporate atmosphere gone wrong there, then I learned about the mortgage industry. I was surprised, after working for IBM during college, that something as far away on the integrity spectrum from IBM was operating w/o gov't interference. I will say this: There were times when I made mistakes in quoting. I "lost" customers because of that. Frustrated, I learned and moved on. I'm glad the borrowers moved on, also. There were times when I truly believed AMC could offer "X" loan terms and some part of the process required to offer "Y" loan terms, instead. For Example, Debt-to-Income ratio disqualified some borrowers. Or, Loan-to-Value ratio was too high, the risk associated with that particular loan was higher, so the interest rate was increased. Hardest part of my job was to bridge the two in conversation with a potential borrower. I "lost" customers because of that. Frustrated, I learned and moved on. I'm glad the borrowers moved on, also. Initially, it wasn't clear to me that alternatives were available to myself for employment, and for borrowers for loans. Later, it became clearer that I could do more for myself by leaving, and more for future clients by leaving --- and offering loan terms from 118 different lenders, not just one. Soon after leaving AMC, I contacted as many past customers as I could to "save" them from AMC. Many were able to get out of their loans and I was able to secure far better loan terms for them. Because I knew I was leaving, I had far more than 15 minutes to empty my desk. Again, I am not defending the company. I will try to check in here every other day if anyone wants to ask direct questions. Be well.


Kathleen

Alabaster,
Alabama,
U.S.A.
Ok, Ok, Ok Anthony ...

#12Consumer Comment

Fri, May 12, 2006

Yes, there are many of us complaining of getting screwed because that's EXACTLY WHAT HAPPENED! No, we are not kidding you Mr. former Screwee of Ameriquest. Like Scott said, I would think it would be very hard to find an individual who read EVERY single document shoved in front of them and told to sign please, hurry please. For one thing, you would have to have a degree in law to understand most the crap Ameriquest put in their documents. And another, it would take five days to read all the bull. But, believe me, next time I will and will also have an attorney present to ensure I don't get screwed again. My home was, thankfully, not over appraised but Ameriquest made sure to screw me in all other aspects. Yea, we're given a recession period but have you not read on here how it is virtually impossible to contact anyone during this time? And why? Need I tell you? I don't think so since you worked there. I'm sure you know. Where did you go after you gave your customer this time to cancel? Did you take long lunches? Did you take a short leave of absence? Or did you just look at your phone ringing off the hook and laugh? Nah, no gun was used but it may as well have been. Ameriquest's little tactics of lying, deception and disappearing acts served just as well as a loaded gun. You say STUPID? You, an ex employee of this company has the nerve to call someone else stupid? I believe the stupid one here is YOU who oh, forgot to put the pre-payment penalty in the contract where the customer would be aware of it. Hmmmmm.. The TOTAL LOAN AMOUNT you say? I saw a total loan amount but that sure the hell isn't what it is today. So your total amount doesn't really mean a whole hell of a lot now does it? We are all looking for a way to get $$$ from Ameriquest. But we are not GETTING this money from them, we are getting the $$$ Ameriquest stole from us in the first place. You have no idea what has happened to a customer so don't even try to comment. Talk about ignorant! You think people on here don't have cases. That's a good one. Every friggin' customer has a case buddy because every customer Ameriquest has they have bent over and screwed royally. I'm sure there are amazing liars, I mean people who worked at Ameriquest. I so respect them all.NOT. Where's the respect I've received? There has been no respect. Only daily screwing which Ameriquest employees are so good at doing to the customers they looked right in the eye and lied to knowing full well they were putting them in a position to lose the very home they had worked so hard for. I work hard also but at a company with a reputable name. No company can legally force an employee to work 12 hours a day so that comment was rather stupid. I worked as an administrative assistant at one time and know it is not possible for a company to FORCE an employee to work even 15 minutes past their 8 hour work day. Whatever .. I'm glad you're happy with the layoff slave boy. I really have doubts that you have been offered employment as you claim but if that makes you happy to tell everyone, so be it. I'm extremely happy with the layoff but for reasons very different from yours. Good luck with the job search.


Scott

St. Clair Shores,
Michigan,
U.S.A.
Anthony in Albany is partially correct

#13Consumer Suggestion

Thu, May 11, 2006

To address the overall picture, yes, an individual does have 7 days to review the loan documents and cancel the loan. Yes, it is the responsibility of the consumer to know what he or she is signing. Yes, you should know your loan amount. The easiest way out of this is to blame the consumer. I've spoken to quite a number of people about this, including attorneys, real estate agents, mortgage reps., and the general public. All agree that no one sits down at closing and examines every single document that is passed in front of you. You know that. You listen to what your loan amount is, what your monthly payments are, and how much money you're getting out. End of story. I had refinanced twice before with two different companies and never had to examine my documents because WHAT THEY SAID TO ME AT CLOSING WAS THE TRUTH. The numbers matched. The fees on my settlement statement are absolutely ridiculous. I was not a person with bad credit and low credit scores. This was not my first loan. My wife and I are gainfully employed. We do not fall into the category of "high-risk". My loan was discounted 4.081% for a total of $5039.22. That's my biggest problem. Another $7000.00 is spread about in other fees. These numbers can't be found in my previous loans because I worked with legitimate mortgage companies who employ actual loan officers with the proper qualifications, not some telemarketing flunkies who want to make quick bucks by deceiving their customers. To correct, my loan didn't increase $10,000 over two years. I was robbed of $12,000 at closing and have just now realized it. It doesn't matter when you learn that you've been wronged. A crime is a crime. That may be too strong of a word, but that's how it feels. All I want is the error to be corrected. I don't want anything else but what is right.


Anthony

Albany,
New York,
U.S.A.
A little respect please

#14UPDATE EX-employee responds

Thu, May 11, 2006

Okay okay okay. I am a former employee of Ameriquest Mortgage and I have been reading this web-site for a long time now and I just wanted to throw my two sense in. Yes they did lay everybody off last week and to be quite honest with you I am extremely happy about it. We worked like slaves and had no lives I do want to mention a couple of things though before I part with the company once and for all. I did a learn a lot and I had the honor of working with people who believe it or not, did follow our company motto which was "do the right thing" I came to work everyday and my goal was to make somebody's life better. And for all you ameriquest haters out there, there are a lot of people who's lives have changed for the better because of us. I worked strictly of off referals because I treated my clients with the utmost respect every minute of every day and they referred me to their friends and family. I did care about my clients and I still speak with all of them. As a matter of fact, 75% of all my old clients have offered me jobs since my layoff and I am extremely thankful for that. I can rip out a book of how many thank you letters that I have received. So I AM PROUD TO SAY THAT I WAS HONEST AND DETERMINED TO CHANGE LIVES AND THATS EXACTLY WHAT I DID. For those of you out there complaining that you got screwed by ameriquest, you have got to be kidding me. When you had your closing didn't you read your closing documents, didn't you question the high value of your homes. You have a 7 day recission period with Ameriquest which is more that any mortgage company out there. Didn't you take any time to review your closing documents? If you didn't like the loan why didn't you cancel? Let me guess? The attorney and loan officer held a gun to your head and told you to sign on the dotted line. Honestly, I know there where some pretty bad loan officers out there and believe me one day they will get theirs but for the time being how can somebody be so STUPID, to not know that you have a pre-pay, to not know that your rate is adjustable, to not know that the TOTAL loan amout? I just don't buy it. Unless in the states that you live in your have crooked attorneys then thats a problem. Listen, I have been working for Ameriquest for a long time and we do not have any loans that will make your loan amount increase by $10,000 in two years. If you ask me your just looking for a way to make some extra $. So go ahead contact an attorney. But ask yourself, who's lying to who? Im sure you are a smart enough person to know what kind of loan you got yourself into? As for the bible making the statement about wealth, yea its true but the bible also mentions something about gaining off of the loss of others and that my friend is to sue Ameriquest when you know that you do not have a case. I just wanted to let my voice be heard because there were a lot of amazing people who worked at Ameriquest who deserve some respect. There were people who truly did change lives for the better. Even people who never took out loans with Ameriquest were positively affected by Ameriquest. There were a great amount of people who worked there and I just want to salute you. You know who you are and you know what you have done. I know that I can look at myself in the mirror and be proud of what I have done. On that note, for the loan officers who took advantage of people and got away with hurting people, you know who you are and your trash and I'm embarressed to say that I worked for the same company as you Mariano the VP. Honestly you are a scumbag and I hope no other company hires you. You brought us to NYC to feed us crap. You told us about a month ago that there would be no more layoffs and there was. Enjoy your time down in Florida. There are a ton of people going after you and I'm sure they will find you. Promoting you to VP was the biggest mistake the company made. Assem Mital AKA CEO OR CIO. You my friend are the biggest coward to ever grace our country and company. Next time you have a massive layoff, grow a set of balls and speak to us like a man. I sacrificed a lot for this company, my family, my friends and my wife. All because I was forced to work 12 hour days everyday. And the coward that you are, you play us a pre-recorded message telling us we are laid off and then you have some rent-a-cops telling us we have to leave the office. I don't what idiot trusted you to run his company, but that sure in hell didn't work out. You owe us a d**n apology. You gave people dreams and you took it away LIKE A COWARD. All that, thank you, I have my life back. To those people who truly did get screwed, keep your heads up. You will be taken care of


David

Alden,
Michigan,
U.S.A.
Ditto what Ken said about the "Holland" post,

#15Consumer Comment

Thu, May 11, 2006

and also, I would highly recommend that you hold on to your copy of the docs, and request the copies 1.) that the Title Company has in your file AND 2.) from Ameriquest that THEY have in your file. Do not tell the other you are doing this. Make sure you emphasize that you want copies of ALL docs, including your appraisal, from both companies. I believe that your attorney, that you will be getting shortly, will find that comparing these docs will be an extraordinarily revealing exercise. Good luck, God Bless, and tempus fugit, so you neeed to move expeditiously.


Ken

Holland,
Michigan,
U.S.A.
Read the holland mi posts

#16Consumer Suggestion

Wed, May 10, 2006

If you read the holland mi post there is a lot of good information on there that can help you!You need to get a lawyer for sure I know what you are going through how they make you out to be a criminal and say it's all your fault which is BS and they know this that's why I'm so glad I found this site and was able to hire council to stop foreclosure on my home! Not to mention how they made you look in the community where you live and put your name in the paper for foreclosure and what they put your family through with all the threating phone calls and people driving by your home taking pictures of your house! I have had several people at ameriquest tell me on the phone to pack all my stuff and get out of their home! I'm not taking that abuse and nobody else should either! So read the holland mi post there are people in there that can help you get in touch with some really good attorneys here in michigan that will be able to help you and stop these monsters from what they are doing to families that have work so hard to have a home!Good luck! GOD BLESS!


Kay

St. Louis,
Missouri,
U.S.A.
ONE MORE THING THIS IS WHAT THE BIBLE SAYS ABOUT FRAUD.

#17Consumer Comment

Wed, May 10, 2006

PROVERBS 13;11 NEW AMERICAN STANDARD BIBLE Wealth obtained by fraud dwindles, THERE ARE MANY MORE BUT I THOUGHT THIS ONE PRETTY MUCH SAYS IT


Kay

St. Louis,
Missouri,
U.S.A.
HEY GANG I GOT SOME GOOD NEWS

#18Consumer Comment

Wed, May 10, 2006

First I want to addres Scott, then I'll tell my news. Scott the same thing has happened to alot of us, My payments jumped up 300 dollars more last week, they over appraised my home by 45.000. Scott don't be embarassed, we have all spilled out guts out on this web site, and have all been thru horriable things. None of us knew we had to have a degree to take out a loan. One should be able to trust, But we have all fallen victim.I also did not go over my doc's with a fine tooth comb,But then again they shouldn't of lied either. Find a good lawyer and don't stop fighting. Today my lawyer's stopped them from any type of foreclosure, plus they are going to take my case to the federal courts now. I have a long road, But they can be stopped. They also have violated the truth n lending law and the respa law with my loan. I have e-mailed fox2news (which they had a segment about Ameriquest last week) Itold my story and told them about this web site, and asked for media help for all of us. There are lots of resources from all the people responding to this site. I had even sent a e-mail to my states FBI and congress. Were all here to support each other. FIGHT WITH ALL YOU GOT. God Bless Kay

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