Posted by fiKS on 1/21/05 7:02pm
Msg #17666

Edoc fee for Ameriquest

Does anyone charge extra for printing their loan package on top of standard edoc fee? Just wondering.

Reply by Terri Garner on 1/21/05 7:50pm
Msg #17671

I have not had the opportunity to perform loan signing direct for Ameriquest, yet. But if I were given one, my fee for them direct would be $175 or $200. They're always last minute (waiting for some now, but through SS); and they can be very problematic. Although I've not really encountered what others here have with them.

Terri
Lancaster, CA

Reply by Anonymous on 1/21/05 7:58pm
Msg #17674

Ameriquest is one of the worst loan packages. I charge extra!! They are never easy!!!
Traci - MD

Reply by Joan Bergstrom on 1/22/05 12:31am
Msg #17694

Go out in your backyard and chop down a tree, thats how many pages Ameriquest loan have. I haven't heard anymore that Ameriquest requires $100,000.00 E&O insurance? Am I correct on this point?

Reply by Shane_IN on 1/22/05 12:58am
Msg #17696

You are correct. 100k in E&O, and you have to get on their preferred closer list, otherwise you can't close any loans. I think I may have had to give them some other things, but I can't quite recall. Been a couple months.

Reply by pan/nd on 1/21/05 8:04pm
Msg #17675

FiKS,

I do bunches of Ameriquest loans for various SS and Title Companies. Yes, the packages are large, huge even.

But, at least in the ones I do, there is not much notarizing to do: mortgage, Signature Affidavit, a title doc or two and that's it.

So, while the borrowers have to sign a ton of times, I don't.

And, I don't charge 'em extra because the packages are large.

Now, if the SS wants 106 fax-backs that's another story.

For those that do, I'll simply raise my fees to cover the extdra work.

Reply by CaliNotary on 1/21/05 8:44pm
Msg #17679

The Ameriquest loans I do usually average about 110-120 pages. Larger than most, yes, but I don't consider them to be large enough to justify any extra edoc cost. And since they're all pretty much identical, it's easy enough to move quickly through the loan package once you get used to them.

The only problem I have printing them is that sometimes it takes 2 or 3 tries to get their webpage to load. I found that the secret to avoid having the webpage lock up to stay on the page until it asks if there were any problems printing the docs, and if I want to print a second copy. Then you can move to another window and the page won't lock up, but if you do it before that it tends to freeze, at least with me.

Reply by Joan-OH on 1/21/05 9:00pm
Msg #17683

When I started doing signings about 2 years ago, Ameriquest Packages were 85-90 pages and a HUD & owners affidavit from title were faxed over. I did one this morning that was 121 pages + 12 pages from title. For each income verification and checking savings verification a blank sheet fed through my printer after it. I have no idea why all of a sudden we are printing 2-3 copies of their loan instructions.

I once had a real estate investor who owned about 25 additional properties. He had 25 additional signatures for the mortgage/rent verification and then of course the 25 blank sheets that printed after it. What a waste!

I have only done 2 directly through Ameriquest, a couple through title companies and many through signing services. I can usually get paid well for printing from title or lender, but it is next to impossible to get more than $25 from a signing service.

The calls started yesterday and will continue until Monday to cover their 7 day RTC. Everytime I see one of the signing services on my caller ID that I know do Ameriquest I just cringe!

Joan-OH

Reply by janCA on 1/21/05 9:28pm
Msg #17685

Re: Ameriquest nothing but probems

I'm with you, Joan. I avoid Ameriquest at all costs. I did one direct for them last summer which I've never gotten paid for. I've written it off. I also will not do for signing services. There's always a problem at the table and the loan officers are much too pushy and usually extremely young and don't seem to be thinking of the borrowers' needs, but that commission they will be getting if the loan funds.

Reply by pan/nd on 1/21/05 10:54pm
Msg #17692

Re: Ameriquest nothing but probems

Jan/CA

I hate to burst your bubble, Jan, but my experience with Ameriquest is the opposite of yours.
I ( borrowers) have found their loan people knowledgeable, helpful and willing to go the extra mile.

You and I share common ground on the size of their loan packages.

What's the difference on the first issue? Most of the Ameriquest people I deal with or the borrowers deal with are in Minneapolis.

I've never had a borrower yet that dealt with Ameriquest out of Minneapolis who was unhappy with them or threatened to cancel. And, I've done hundreds of 'em.

I must say, however, that when problems do come up with Ameriquest, invariably that office is somewhere else in the country other than the Twin Cities.

Reply by Shane_IN on 1/21/05 11:39pm
Msg #17693

Re: Ameriquest nothing but probems

I too have found nothing wrong with Ameriquest. I do 20-30 a month (maybe 14 this slow month) for them... and on Funded loans, they usually pay 14-21 days, depending on how fast MIS gets the checks out. Trip charges, or invoiced items, well...thats another story...some are 120+ days.... it takes a while.

Reply by janCA on 1/22/05 11:34am
Msg #17717

Re: Ameriquest nothing but probems

I'm glad to hear something positive about Ameriquest. It's very rare and I believe most of the problems are generated in the West Coast offices, although, I did one this past summer through an office in the midwest, I went back to the borrowers three times and the same problem arose each time. The LO was not listening to the borrowers' needs. Maybe I need to contact offices back East and give them a try.

Reply by Joanne_SL on 1/22/05 1:53pm
Msg #17733

Re: Ameriquest

I have to agree with pan/nd. I have done a lot of signings for them ... their loan officers are available 24/7, they always call to say thanks. I think they are great!

Reply by Terri Garner on 1/22/05 11:41pm
Msg #17777

Re: Ameriquest

LOL - I doubt that the LO that I did a signing for (through SS) is going to call and say thanks. 2 hours with the borrowers. They called LO and said, "Hey, three of our credit cards aren't listed for payoff?" LO's Branch Manager says they are re-writing the HUD for the Borrowers, said that they will be adjusting their $10,000+ fees to accomodate paying off $13,000 in credit card bills! (FYI - borrowers had $3,000+ coming to them.) Boy I wish I could see that one. Borrowers did sign, I wished them Good Luck when I left.

Terri
Lancaster, CA

PS I got my requested fee from the SS for the signing