Posted by MichiganAl on 9/22/06 11:46pm
Msg #147958

Since 2nites theme is bad companies, Exhibit D: Ameriquest

They'll never change. I got a call tonight from a title company that sends me sporadic signings. They pay a fair fee, seem to have nice people, pay on time, so I've been trying to get my foot in the door with them for a while. They want me to do a 10 p.m. signing. Fine. Finish my 7:30 p.m. appointment, cancel my Friday night plans. Waiting on docs, waiting, waiting, phone calls, etc... Finally get docs at 10 p.m. It's good old Ameriquest. Crap, too late to say no. I didn't know this TC did AMC loans. Print out my 260 pages, meet borrower at Starbuck's at 11 p.m. Always wise to go over terms on Ameriquest loans before getting started. She's been told that Friday is month end in the mortgage industry so this had to get done tonight. Hmm, news to me but of course I anything (and this is a rental, so no RTC). She's been told she's getting $30,000 cash out. She's getting $17,000 instead. She's been told her payment is $1900 with escrow, it's $1900 not including her escrow (which would be another $500). She's in the process of selling the house so she just wants the lowest payments. She's expecting a short term fixed, she's getting a 30 year fixed instead. Needless to say, she's fit to be tied. She proceeds to tell me what a liar her l.o. has been through the entire process. Really? Wow, what a surprise.

I just don't know how anyone at Americrap can live with themselves. What they do to people on a daily basis is just putrid. I guess that $400 million settlement hasn't changed them one iota.

Reply by TitleGalCA on 9/23/06 12:09am
Msg #147966

This says it all.

After a while...you just can't have any empathy for Americrap employees.

All you can hope for is the good ole axiom...what goes around, comes around.

Reply by MichiganAl on 9/23/06 12:51am
Msg #147973

Should read: news to me but of course I DON'T SAY anything n/m

Reply by Paul_IL on 9/23/06 7:55am
Msg #147990

AL,
That is why I ALWAYS go over the terms and the HUD with the borrowers when I confirm and before I print on Ameriquest. It takes just a few minutes and saves alot of aggrevation. Far too many time have I listened to their "loan officer or manager" do the song and dance to attempt to justify the final terms of the loan. The worst thing these lo's do is tell the people not to make anymore payments on anything that Ameriquest would be paying off with the REFI. Then the closing gets delayed and then low an behold the terms are not what the borrowers were told but now they feel backed in a corner because they have not made these payments and would have late fees and more credit hits! Then the mgr gets on to "close" and says that due to their credit these are the best terms that could be had despite the fact they were told something completely different the day before! I predict a warm eternity for many Ameriquest employees!

Reply by MistarellaFL on 9/23/06 8:17am
Msg #147996

I have boycotted signing AmQ loans

for 2 years.
This is exactly why.
These signings were always time consuming and tedious, not to mention stressful.
I see they still haven't gotten it together.

Reply by MichiganAl on 9/23/06 12:26pm
Msg #148084

As much as I'd like to do that

Most companies don't want reviewing terms over the phone. But it's the first thing I do before we put pen to paper. HUD, note, TIL, prepayment. Like Misty, I refuse AQ loans. This one slipped by.

Reply by LawrenceOK on 9/23/06 8:35am
Msg #147998

I thought I had read that one of the conditions included in the settlement was, that their LO's were to keep the borrowers FULLY informed of the terms of their loans. I guess I need to go back and read it again. SOS

Reply by SueW/Tn on 9/23/06 11:56am
Msg #148078

I had the complete opposite experience

Had an assignment this last week that turned out to be AQ and it was going to be my first one. I was worried about this one and I felt with good reason. The docs were clean, no problem with them and a small package, less than 90 pages. Borrower was extremely well informed, signing lasted less than 40 minutes. I asked the borrower how she liked working with them and she was extremely positive, said her LO kept her current on everything that was going on, always answered her questions and she was delighted with them. Since this was my first one for them I have nothing but the tons of negative posts and their past track record to compare things to. All in all this was very smooth and the terms/conditions were exactly what the borrower had anticipated.