Posted by fiKS on 2/14/05 10:34pm
Msg #20629

Ameriquest doc

I have a signing tomorrow @ 9:00am. After printing docs tonight, I noticed a form I've not seen before. Because of the different time zones, I will not be able to get a hold of anyone (Ameriquest or SS) in the a.m. before the scheduled signing.

Document is not titled but it appears that lender wants borrower to fill out:


Cash out explanation: ______________________________

Credit Inquiry explanation: ___________________________

Derogatory credit explanation: ________________________

Has anyone every explained to borrower how to fill this out? There is no indication why the borrower need to make these explanations, and I don't feel comfortable telling borrower the lender needs explanation of his bad credit and numerous credit inquiry.

If borrower is not aware of this document or why requested, should I leave the form with the borrower and ask him to fill it out and fax to his LO later?

Reply by shadoulew on 2/14/05 11:01pm
Msg #20630

I usually have them be very brief.
1. personal/ home improvement etc...
2. If there haven't been applying for a bunch of different cards or loans, then they shouldn't have many CI's(they should know what they have recently applied for). I suggest they write something like"for the purpose of this loan." Or something to that affect.
3. Here also they should have an idea. If they don't have anything I suggest they write N/A. Or if they have too many to list I suggest they say something like"call for a detailed explanation."

What they decide to write is strictly up to them though! Hope this helps!

Reply by fiKS on 2/14/05 11:14pm
Msg #20633

Are you saying that this a standard document given to borrowers? I've done many Ameriquest loans but this if first time I've seen it. I thought it is specifically related to borrowers who have explaining to do.

I am surprised that you offer suggestions to borrowers what to say. I would only be comfortable explaining to borrowers the purpose of the document.

Reply by shadoulew/CA on 2/15/05 2:48pm
Msg #20671

Like I stated before, what they put is THEIR ultimate decision. I make suggestions because not only are they confused about what the question is asking, but sometimes they are also confused as to how to word their answer.

Reply by Ernest_CT on 2/14/05 11:11pm
Msg #20632

Have the borrower call the LO. Period. n/m

Reply by Been there on 2/14/05 11:25pm
Msg #20634

They REALLY want this completed. Prod the B's memory.... 1. They want to know what you're going to do with the Cash you get. Tell them. 2. Did you check around thru other lenders before choosing Ameriquest? Well... see, there you go # 2 is answered. You check the Application--where all the nasty stuff of liens, unpaid bills, late payments, etc. is shown...then show them & tell them they need to explain wha' happened here. It IS possible that they really haven't a clue and nothing shows up... in which case they "are unaware of"... Good Luck. You can't put words in their mouth; but you can 'remind' them.

Reply by Eloise/IN on 2/15/05 12:35am
Msg #20638

Seen it several times. I just tell them to be brief and do the best they can.

Reply by Negretes Notary Service on 2/15/05 7:22pm
Msg #20703

I send this document to every Ameriquest that I book through my service. I have been told that all borrowers that do a loan with Ameriquest are suposse to do these letters. Not a problem most of the time, like shandalou said remind them and give sugggestions.

Anthony J Negrete
Negrete's Notary Service Inc.