Posted by Charm_AL on 10/15/07 8:01am
Msg #216490

ameriquest...

I've never been shy about talking about this company. They are the biggest criminals out there. Just saw a show on why the mortgage bis is in the toilet. Rollin or however you spell this ass's name is being sued for many different reasons. Now, he is a US Ambassador???I remember a lady when I was in the mortgage biz. She thought her home was worth more than twice what it was. Why? Because Ameriquest sent appraisers out to falsify and get her the loan in the first place, then turned around and said "oh yeah, putting in new windows will only help appreciate". She was $45,000. upside down before she put more money into the place!

Somebody....give me a weapon!

Reply by Julie/MI on 10/15/07 8:22am
Msg #216494

Charm everyone was happy with the inflated appraisals, the consumer was happy because they could pull out cash to pay off credit card debt (which in my opinion, is the problem in the mortgage biz), the bank was happy because they were making money, the appraiser was happy because they were making money, so it's not just ameriquest, it's everyone that truly knew their property wasn't worth as much as they thought it was. Sure know I was happy with a ton of loans to close.

Sometimes people just have to say no. It's not like ameriquest invented this and no other "A paper" lender would touch these people whom got into the mess from credit cards to begin with.

Reply by Charm_AL on 10/15/07 8:27am
Msg #216495

Julie, Yes everyone was happy....but you take a single mom and tell her you can produce what no one else can...She was not in debt, she simply wanted to buy 'the' home. She had two jobs, not being a rocket scientist, she believed what Assquest told her. I'm sorry, but there are people out there that can't say no. Especially when someone is standing in front of them offering up the American dream with extra whipped cream.

Reply by PJM/MI on 10/15/07 9:08am
Msg #216500

Ah Yes.. the lender with the SEVEN day RTC doc.
Here's the deal on them..straight from a previous loan officer (he didn't know any better at the time when he worked from them).
Over 1/2 of the loans written NEVER had an actual appraisal done, nor was the tax information correct. That is why they had the 7 day RTC...the HUD and what-not could be "repaired" in the 7 day time span.
Alot of the loans were never actually closed by a notary.. the loan officer would take the docs out, have the borrower sign, take the docs back to the office where a notary would stamp & sign...he worked as an "independent" for Ameriquest, yet worked in their offices. He was making a LOT of $ for those docs he never really witnessed.
Borrowers would tell AQ what they made, but income got "padded" so the loan would go through.
They were a "shady" operation..that's why so many states are suing them.

Reply by MasterCloser on 10/15/07 9:17am
Msg #216501

Re: ameriquest...multi state settlement

I WAS an ameriquest customer personally but no longer am.. I AM HAPPY about the check I will be getting from them in a bout 4 weeks.....close to $1,000 for my "troubles"

Reply by John_NorCal on 10/15/07 10:07am
Msg #216503

I believe they are the epitome of the predatory lenders. One of the first signings I did for them showed loan fees of $14,000 on a $75,000 loan. True I didn't know the complete credit picture of the borrower, BUT, I don't care how bad a person's credit history is, no one should be paying 19 points on a loan!

Reply by CaliNotary on 10/15/07 1:43pm
Msg #216555

"She had two jobs, not being a rocket scientist, she believed what Assquest told her. I'm sorry, but there are people out there that can't say no."

These are the exact same people I have no sympathy for in this whole mortgage industry mess. You don't have to be a rocket scientist to take control of your own finances and not be stupid enough to fall for these predatory sales tactics.

It's a hard lesson to learn, but I'll bet she'll have a much easier time saying no in the future.

Reply by Joan Bergstrom on 10/15/07 11:52pm
Msg #216626

I notarized many Ameriquest loans and for the most part the borrower(s) had terrible credit scores: 520-540 average seems to stick in my mind and they were grateful to get a loan.

When the equity in Calif homes during 2003-2006 increased so dramatically, borrower(s) with their bad credit had the opportunity to pay off $30- $60,000 of their credit card debt with an interest rate of 8% -10%, which was much better than the 19-24% rate on their credit cards.

I realize some borrowers lost their jobs or had medical concerns, but for the most part the borrowers I signed couldn't quit buying "stuff."

Either the husband or wife didn't have the "chock chain" to stop the spending frenzy!!

I am not writing about the subprine low Adjustable Loan Interest Rates. which will become fixed in 07 & 08.