Posted by Shane_IN on 2/8/05 9:32am
Msg #19741

Article for those closing Ameriquest Loans...

Thought you'd enjoy reading this....

http://www.latimes.com/news/printedition/la-fi-ameriquest4feb04,1,6250465.story?ctrack=1&cset=true

Reply by Lee/AR on 2/8/05 9:38am
Msg #19742

Would love to read it, but takes too much time/hassle to register, give ALL required info.... Can you give us a synopsis???

Reply by Shane_IN on 2/8/05 9:47am
Msg #19743

Wow, I had just finished reading that article before i posted it, and you didn't need to register or anything... wierd... now I can't even get back to it.

Anyway, the title of the article is pretty much "Workers say Lender Ran Boiler Rooms"

The abridged version, Workers talk of all of the fraud that goes on in these loans, The FTC has received more complaints against them then against their 2 top competitors combined. Borrowers claim closers use "Fast talk" to get them to sign loans they don't understand. 1 out of every 9 loans is a Stated Income loan... Ex-employees say they misuse the stated income program by telling borrowers with Debt to Income problems what they need to make, and then help them come up with a ficticious job, and the article gives a few examples.

It also talks about AMC being the top contributor to Bush's inauguration address, and the Governator Arnold's campaign.

Just a lot of BEWARE included in this article.... I'd take the time to read it, even if you have to register.

Reply by BrendaTX on 2/8/05 10:09am
Msg #19745

Shane - I read it yesterday and found it interesting.

The pressure on the LO's does seem to explain a lot on the last minute doc situation.

B

Reply by Charm_AL on 2/8/05 10:19am
Msg #19746

When I was a full time mortgage broker, a woman, that I cold called, came into my office to get the process of re-financing her home started. She had two jobs, single mom, decent credit scores and was excited about lowering her rate from 9 to 6.75
I went thru the pkg of required docs and started the ball rolling.
Called my appraiser to ask him to do an area quote (before I hire him with her $300.) and he calls me back and says I'm guessing the house should appraise at around 45k because of the neighborhood, houses that sold, etc...this was a foreclosure bought for 30k

I told him that she had an appraisal done a year and a half ago for 85k! (no improvments, other than all new windows, after she moved in.) He exclaims Impossible!
I grabbed her appraisal and called the outfit that did it. Disconnected...looked all over the city for the guy who did it, no luck. I was super ticked.

She was in upside down and I had to be the one to tell her. Not a pretty sight :(
Guess who hired that appraiser?

Reply by CaliNotary on 2/8/05 2:14pm
Msg #19790

I was doing a lot of Ameriquest signings for one signing service until a couple of weeks ago. After 2 signings within a week of each other that resulted in me arguing with the Ameriquest loan rep on the phone (over things that were their fault of course) I finally decided I had enough.

I sent an email to the SS and told them that my fees for Ameriquest loans were now $50 more than whatever was quoted on my rate sheet, and another $50 on top of that if they wanted the signing within the next 4 hours. I like the signing service, they've been great to me, and I've been getting around $800 - $1200 per month in business from them, but I just couldn't take it any more. I hate to lose that much business, but I just cannot deal with these Ameriquest idiots anymore.

Needless to say, I've only received one call from this SS since then, and they made sure to tell me that it wasn't an Ameriquest loan.

Reply by Ernest_CT on 2/8/05 10:25am
Msg #19748

Thanks for synopsis

Registering at the site requires too much personal information to be disclosed. They want my annual household income in order for me to read an article?!r No, thank you.

Reply by Charm_AL on 2/8/05 10:29am
Msg #19750

Ernest

link to story

http://www.latimes.com/news/printedition/la-fi-ameriquest4feb04,1,6250465.story?ctrack=1&cset=true

Reply by Ernest_CT on 2/8/05 10:53am
Msg #19759

Sorry, that link also requires an account. n/m

Reply by KarenJ/CA on 2/8/05 10:36am
Msg #19752

Re: Thanks for synopsis - PDF file link

Copy the following link into your browser, and you will get a pdf file of the article.

http://www.tampabayclosings.com/Ameriquest%20article%20-%20LA%20Times.pdf

Reply by Ernest_CT on 2/8/05 10:57am
Msg #19760

Great! That link works! Thanks, KarenJ n/m

Reply by carlosnyc on 2/8/05 12:03pm
Msg #19764

Thanks for the article Shane. It's very interesting. It makes me a little lery of signing that " Closing Agent Affidavit" that they require us to sign. Hmmmmm.

Reply by Ernest_CT on 2/8/05 1:03pm
Msg #19780

"Closing agent" versus "Signing agent"!

Be ye careful! On good authority I was told that NSAs are NOT closing agents. At least in some states, there are LEGAL differences. The liabilities will astound you.

Would one of the legally-trained folks weigh in, please?

Reply by Art_MD on 2/8/05 1:47pm
Msg #19784

Re: "Closing agent" versus "Signing agent"!

I am not a lawyer and I do not practice law.

A rough overview.

Closing agent -
works for a title company - full time employee.
Handles all the paperwork - pre and post signing.
Disperses/collects funds.

Look at a set of closing instructions and the other junk papers in a refi. It gives a good idea of a closing agents responsibility.

A signing agent is one who notarizes signatures, presents papers for the loan, describes the paperwork, returns it to the SS or title co.

This may vary in some states.

Art

Reply by Shane_IN on 2/8/05 2:20pm
Msg #19793

Re: "Closing agent" versus "Signing agent"!

The Closing Agent Affidavit that he is referring to reads: (I'm holding an AMC one in my hand as I type this)

Closing Agent Name: CT Mortgage Information Svcs
Closing Agent Address: (MIS address here)

Borrower Names: Mr. John Doe

Property Address: Mr. John Doe's Address

I, ________________ certify that the loan was closed on ________________

And I hereby certify the following:

All loan documnets are properly signed, dated and where applicable notarized.

The rescission notice is properly filled in. (The start date is the date of signing and the end date is three business days later. Business days not including Sundays or legal holidays or days prohibited by state law)

Copies of all documents were given to the borrower(s).

All Borrowers questions have either been answered or referred to the appropriate Ameriquest Mortgage Company branch.


__________________
Closing Agent Signature


This form reads, and the processors in the branch that I sign for say that we are to sign those as the closer...although at the top it names MIS as the closing Agent..... So now I'm thinking I shouldn't be signing it.

Reply by Cheri Armentrout on 2/8/05 2:24pm
Msg #19795

Re: "Closing agent" versus "Signing agent"!

I got that also within a few pkgs...I do not sign those. I think it's pretty self explanatory
Never got a call on it either

Reply by Ernest_CT on 2/8/05 2:26pm
Msg #19796

Re: "Closing agent" versus "Signing agent"!

I haven't signed any, and won't.

Reply by PAW_Fl on 2/8/05 3:04pm
Msg #19803

Re: "Closing agent" versus "Signing agent"!

Pretty accurate, Art_MD. Title companies have closing agents, commonly called Title Closers and lenders have closing agents too. Florida does not define a job in any statutes or policies (that I can find) defining a "closing agent". However, having worked with a major lender and have enough title experience to be dangerous, I would never consider myself a closing agent. We perform a very small part of the overall workload of a closer or closing agent, in that we present the docs, get them signed, answer generic questions, and notarize signatures as necessary. That's it. Susan Pense (I believe) coined the term "Signing Agent" and it, imo, is very fitting to what we do and are responsible to do.

Reply by Negretes Notary Service on 2/8/05 3:30pm
Msg #19806

Re: "Closing agent" versus "Signing agent"!

As a SS I tell my closers to line through and put signing agent. Just something I do with my Ameriquest Closing.

Negrete's Notary Service Inc.

Reply by Paul_IL on 2/8/05 4:14pm
Msg #19809

Re: "Closing agent" versus "Signing agent"!

So who was the good authority that you quote

Reply by carlosnyc on 2/8/05 9:34pm
Msg #19849

Re: "Closing agent" versus "Signing agent"!

That's what I'm going to start doing, drawing a line through it and write Signing Agent. I don't want to get caught up in any mess when the lawsuits start flying, LOL