Posted by oldhippie_IL on 12/18/05 9:28pm
Msg #83305

Ameriquest

What do you guys think about Ameriquest loans, and what would you charge? I just did one on Saturday, 130 pages. Wow!! Email docs. Thanks

Reply by Ilona_OH on 12/18/05 9:39pm
Msg #83306

And then they want to pay 75.00. Ugh!

Reply by oldhippie_IL on 12/18/05 10:03pm
Msg #83307

Besides that, I had a crying 17 month old child, that just wanted to be held. Signing took a long time. Messed the papers up a few times!!

Reply by sragland on 12/18/05 10:28pm
Msg #83308

I agree, I have done these as well and they are huge.
Sherri in Arkansas

Reply by anonymous on 12/19/05 12:48am
Msg #83312

Stewart Title,-200 pages

Reply by HisHughness on 12/19/05 1:05am
Msg #83313

Typical Texas refi runs 120-140 pages. Virtually all reverses are 145-150 pages.

Reply by LawrenceOK on 12/19/05 7:18am
Msg #83317

Ameriquest has been caught in way to many underhanded loan practices. I will never do another one.

Reply by LilyMD on 12/19/05 7:25am
Msg #83320

I actually had a borrower throw the docs in a woodburning stove last Feb! Yes, it was the usual Ameriquest garbage. You know, say one thing to the borrower and another gets printed on paper. And the notary is stuck in the middle.

Reply by MC_oh on 12/19/05 7:26am
Msg #83322

When SS calls, how do you know if it will be an Ameriquest loan. I know the obvious answer is to ask, but is there a good way to do it.

Reply by LilyMD on 12/19/05 7:29am
Msg #83324

I always ask who is the lender. This is especially helphful when I'm trying to fit their loan in between two others. Some TCs only deal with certain lenders so that's helpful as well.

Reply by LawrenceOK on 12/19/05 7:49am
Msg #83328

More then once I have asked an SS who the lender is and more times then I can count they have said "I'm not sure". I then ask them who the client is and I get the same thing "I'm not sure" so now I just tell them I do not accept Ameriquest loans.

Reply by Jersey_Boy on 12/19/05 8:16am
Msg #83330

Of all the Ameriquest loans that I have signed, they've always been for Lenders Frist Choice or Vital Signings. When one of these companies call me for a signing, I specifically ask if it's Ameriquest. If it is, my edoc print fee doubles, and I add an additional $25 to my signing fee.

These companies may not like it, but I am not going to waste my time on an Ameriquest signing that takes two hours without them paying a premium fee.

I actually asked Vital Signings to list under my profile. "NOTARY WILL NOT TAKE AN AMERIQUEST SIGNING FOR LESS THAN $XX" If they are desperate enough they'll call me, and if they find some fool to do that signing for the $80 fee they offer, good for them. lol.

Reply by CarolynCO on 12/19/05 8:21am
Msg #83333

Additionally, Ameriquest loans are always late in getting to you. As with Lawrence, they aren't worth it for me.

Reply by Beth/MD on 12/19/05 8:35am
Msg #83334

Same here! Just not worth the hassle!

Reply by Nd_WA on 12/19/05 10:51am
Msg #83387

Re: Ameriquest...I'll take'm all

At least I find their docs package consistant with only 120 pages, unlike those tag along junk+escrow docs where I'd end up printing 150+ pages. I've done enough AMQ that I can do them in my sleep, and never have I heard borrowers bark at their fee nor have 1 cancelled.

Reply by Janet Angi on 12/19/05 10:59am
Msg #83388

Re: Ameriquest...I'll take'm all

The Wednesday before Thanksgiving, I was called to do a Closing for Ameriquest and they set it for 6:00, then changed to 7:00 then 9:00, then 10:30. I said I would not do it at 10:30 in a snow storm with 10 inches of Snow. So I tied up my whole night an was paid nothing.
I really am thinking hard about not doing theirs. I have been a Closing Agent for 10 years and just moved to Michigan and went out on my own as a Signing Agent.

Reply by CaliNotary on 12/19/05 6:06pm
Msg #83481

Re: Ameriquest...I'll take'm all

I stopped doing Ameriquest loans for exactly that reason. The size of the package didn't bother me, it usually only took me about an hour to get through a signing. But I'd say that close to half of my appointments had to be rescheduled or cancelled because they didn't have the docs ready on time.

Most of the Ameriquest reps seem to think that we have nothing better to do with our lives than sit around and wait for them to get it together, and it never occurs to them that we might have other signings in addition to theirs. Why they can't schedule their signings the day after they expect the docs to be ready I'll never know, but it's quite clear that they haven't learned a thing from their past experiences.

Reply by Janel Nichols on 12/19/05 12:21pm
Msg #83402

I have two burning questions...ok maybe more!
Why are they so big???
Regarding Statement of Identity, can't they send that to the borrower along with the good faith estimate and send it back with the paperwork so the borrower can fill it out ahead of time? This seems to be a form like the 1003 that can be done either over the phone by the loan processor etc...what is the deal???
Why can't they make a form that says Signing Agent verification instead of Closing Agent Verification form? There is a BIG difference between the SA and CA. We are expected to have a certain standard when going to the borrowers home. Can't they streamline this stuff a little better. After all, it is not us who makes the big bucks!! What happened to the Paperwork Reduction Act!!:-) The biggest question I get asked from borrowers is: "Why so much paperwork?"

Reply by BrendaTx on 12/19/05 9:14pm
Msg #83504

**Regarding Statement of Identity, can't they send that to the borrower along with the good faith estimate and send it back with the paperwork so the borrower can fill it out ahead of time? **

More than once I have been told that they have already filled out the SOI.

Somewhere an NSA posted that they kept an SOI available so they could email or fax the bwr ahead of time. Failing that, while she was waiting on edocs she'd call the bwr and fill it out over the phone for them to sign when they got there.

Reply by Anonymous on 12/19/05 1:27pm
Msg #83416

I have done about 3 closings for them. And I did not have a problem with them it is the signing company who I have a problem with. (Vital Signings). The one I just did for them on Saturday was edocs and I had to wait on the borrower to make up her mind as to what time I could meet her. But the signing company blew up my cell phone for 2 days wanting a time. And I tried to tell them that I would call them as soon as I heard from the borrower. But as for Ameriquest I have never had a problem. Only that their edocs can be 100 plus pages x 2.

Reply by Stamper_WI on 12/19/05 6:20pm
Msg #83482

I have had borrowers stop the signings twice because the doc's were not reflecting what they negotiated. Both wanted fixed rates and got doc's with adjustable rates. The last one also noticed that the prepayment penalty expired well after the % adjustment time

Reply by Anonymous on 12/20/05 1:16am
Msg #83541

Statement of Identity

I have likely closed for over 100 title companies and the only one that does any where near that amount of information is Ameriquest. Perhaps it is the crappy deals they do, they think they need to cover their behinds. How can 99 other title companies do it one way an AMQT do it the other? Makes no sense at all.

High fees, wrong documents etc. Long packages and late documents. I do them because I have done a ton of them. I also agree why not signing agee as opposed to notary. They have to pay me in my area, but still it just does not seem like they know what they are doing verses the competition and the borrowers complain all the time.