Posted by jasonste on 4/23/05 10:05am
Msg #33517

Ameriquest

Is it me, or does everyone dread doing Ameriquest ???

Reply by Linda/NJ on 4/23/05 10:08am
Msg #33519

Did a couple, I wanted to scream! no more

Reply by PA Notary on 4/23/05 10:17am
Msg #33520

If you 'google' Ameriquest, you'll find them to be in some legal hot water.

Reply by Joan-OH on 4/23/05 10:19am
Msg #33521

I made the decision last month that I did my last one. I had a borrower who was from Florida and signing here in the Cleveland area. He said "I don't feel comfortable signing yet because I have not gotten the GFE to review". Ok, he didn't say Good Faith Estimate, he said GFE. Looked at the application and saw he worked in the Mortgage industry and I am sure was well aware that the disclosures are to be sent out by law and he didn't get them. I do not want to be involved with a company who consistantly violates the law because if anything should come of it, a smart lawyer would name everyone involved and my name IS on the Mortgage. It will cost me time & money to defend myself and I just assume avoid that kind of liability.

As far as the docs themselves, they are rather easy and straightforward once you get by the HUD (5% origination fee) and the fact that the "fixed rate" loan is only fixed for 2 or 3 years, many times without the borrower knowing until you get to the table. I've heard the "Oh, we'll refinance you in 2 years before it's adjusts and waive the fees and prepayment penalty" too many times. The docs sets are now running about 120 pages. They were 90 pages when I started 2 years ago.

No more for me. Only got them 7-8 before the end of the month anyways.

Joan-OH

Reply by Judith_VA on 4/23/05 10:50am
Msg #33524

Thanks for the heads up about the company. I'm a newbie, this may be a dumb question, but why isn't Ameriquest on the Notary Rotary signing services list? Can members add them and rate them as they can on some other sites?

Reply by joe/nc on 4/23/05 11:12am
Msg #33526

I was asked by vital signings to do a signing for a lady who was only to sign a few documents the rest of the package would be sent to her son in NY to sign for refinancing a home there. She was the OB signer which was her name was on mortgage and she signed home over to son.

Vital only wanted to give me $100 including edocs for the next county over, I told them my fee normally was $125 but I was told there only a few pages and it will be very quick.

I was duped when I received the package and found it to be AMERIQUEST over 120 pages
and fax back several pages.
I contacted vital and told them this is ameriquest and I wasnt told that, I have done many ameriquest and always get alot more for them. I told tehm I wil lprint one set and charge them for faxing back pages $1 per page.

They pleaded with me that the woman only has to sign a few pages not the complete package because of being the ob borrower.

The lady was hard of hearing and it took over an hout to sign the few pages, she was hesitant when she saw it was an adjustable rate and kept asking questions about the numbers, which I explained she really neeeds to discuss with the loan officer.

I took the package and prepared to ship it but vital called several times regarding shipping and wanted me to assure it would get there next day early, they asked that I find a fed ex bulding and drop it off, I explained if I drove around I would charge for another ttrip fee. that fedex can pick it up at my home or I would deposit it in a fedex box.

After several other calls they agreed for me to have fedex pick it up at the house.

Today Saturday tehy called again about this and asked why I didnt make a set of documents for the borrower, I told the man that I already told his other associate for the $25 edocs that I wqas only printing one set because of the number of pages and besides the woman would not get the set because it was her son who is the principal on hte loan and he still needs to see these. I figured they could have the NY notary make a set.

I told him I did ameriquest plent of times and usually got $150 from others for this and that I now stay away from ameriquest because of all the requirements and pages and faxing.

He said he would figure something out, if they never call again I will not be worried.

Joe/nc

Reply by Jeanie-fl on 4/23/05 12:30pm
Msg #33537

I'll only accept an Ameriquest signing if I'm having a really slow month. And I mean SLOW! I've yet to have one take under 2 hours. One hour of calls to the LO and one for the signing. The HUD has yet to matched what the BR's were told. Big problems when we get to the note and the BR finds out it's an adjustable not fixed rate loan.

Reply by Joan-OH on 4/23/05 1:08pm
Msg #33539

I agree, you were duped, but I would have at least made this elderly lady copies of the documents that she was signing. I am presuming the mort, rtc & til, maybe a deed. If she was not on the loan, she would have no right to copies of the other documents and I would not have gone over the terms with her. Irregardless of how many laws Ameriquest violates, I'm not going to be a party to it and when she signs the rtc she is saying she received copies of that at least.

What is an OB Borrower? I must be in a brain fog because when you tell me, I know I'm going to feel stupid. :-)

Joan-OH

Reply by sue on 4/23/05 4:49pm
Msg #33559

I am always amazed when borrowers allow an appointment to be scheduled and then allow us to actually come when they don't have their final figures. Personally, I would insist my LO call me with exact details prior to the appointment. Loan amount, term, balloon, prepayment, interest, etc. should ALWAYS be known well ahead of time. Closing costs should be VERY close - a few dollars off perhaps for interest/payoffs is the only figure not known ahead of time.

Reply by Monica-FL on 4/23/05 3:08pm
Msg #33546

I AALWAYS ask the signing company who the lender is and if they tell me Ameriquest, I say, thanks but no thanks!!!! The last signing I did for them went this way: I was called at 11:00 a.m. to do a closing at 12:00 noon! I asked the signing company if they had the docs and all ofthem and they said yes. Well, since the client was only a few minutes away from my office, I agreed to do it - if they sent me the docs right away. Oh yes, we will send them to you right now. I called the borrower and he wasn't going to be home at the assigned time but asked if he could just come on down to my office at around 12:30. I said yes that would be great. At 12:15 I FINALLY started getting the docs. (15 minutes at the closing was supposed to start). To make a long story short, the client was very gracious and sat down and started to read all of the docs that were printed out ( we kept waiting for the rest of them while he did this). Good thing he read them because he had several problems with them and called his loan officer several times while he was sitting there. At 4:15 I FINALLY received the HUD and it was wrong. He called the loan officer again and was told that a new hud would be e-mailed in about 15 minutes. at 5:15 we finally got the new HUD - the client was satisfied and four hours or so later than the assigned appointment, the borrower closed!!!!! This same thing - but quite as dramatic, happened again with the second and LAST Ameriquest closing that I did. I flat out won't do one for them again.

Reply by Josh, OR on 4/23/05 3:57pm
Msg #33553

Here are some tips to cope

I can relate to all of these instances, but I still do not mind Ameriquest. I have signed over 50 and they can go pretty quickly. I always ask if the borrower has a fax machine so I can sent the Statement of Identity before I show up. This saves ten minutes. Also, Ameriquest has a reputation for really accelerating the closing process. They usually like to sign the same day they get approval from corporate. You can really use this to your advantage. They pay between $200 to $300 per signing so you can get more than you do now. If a company calls you up for an Ameriquest closing, raise your price. You'll probably still get the signing. Another way this accelerated closing process can be benificial is that errors occur very often. This means the borrower will not sign until a later date. AMERIQUEST PAYS COMPANIES IF THE NOTARY IS SENT!!!!!!!!!!! If you don't get paid in full when the borrower doesn't sign, you are getting duped. So in this case you get paid twice for one signing. Ameriquest is one of my best accounts. They pay more so maybe you all should raise fee.

Reply by BrendaTx on 4/23/05 7:34pm
Msg #33577

Very helpful Josh...

**I always ask if the borrower has a fax machine so I can sent the Statement of Identity before I show up**

Isn't that the truth! Those things can be grueling, especially if there is a previous spouse involved. Man, I have seen sparks fly over that.