This will be my last week working at Ameriquest, after almost a year of my life has been wasted busting my ass for what I have grown to believe is the greediest, most corrupt company to ever plague the lending industry. Not only does this company actively condone and participate in felony wire and mortgage fraud on a daily basis, it actually condones illegal activity and rewards it accordingly. They not only defraud EVERY single customer that they sucker in, with their insane interest rates and absolutely disgusting closing costs and fees, but they target lower class, desperate people who can easily be fooled into signing their homes and lives away. They teach you to prey upon minorities, bad credit people with no alternatives (they call these people cockroaches) and elderly people who cant possibly understand what a horrible deal they get until it is too late. BUT the borrower isn't the only one getting bent over.
AE's are forced to work 70 hr weeks and are threatened to be fired on an almost daily basis. Fraud is rampant and I have not only seen this first hand (fake signatures, cut and paste of almost every type of doc from W2's to insurance) but from speaking to other AEs in different areas, the stories are almost identicle. The branches that are doing over 12 million in rev a month are ALL dirty. It is impossible for an AE trying to do things honestly to compete with dirt bags who lie, cheat and steal their way to Haiwaii trips & $200,000 plus salaries. All one has to do to see this first hand is go into a branch, you will find an unqualified manager barking at a group of even less qualified account execs about why there isn't more gain on the board. You will see a group of 10-15 males all under 30 years old, throwing soccer balls around like monkeys and bragging out loud about the "last poor dumb bastard that I bent over". All of these posts on this site are true.
THE APPRAISERS ARE ALL ON THE PAYROLL. The closing agents are taught to use the HUD arm, an old trick where the schedule of disbursements is covered by the notaries arm during signing so that the customer doesnt see the sick enormous fees and the pre-pay that are being charged to them. I myself have done countless loans where there was very little or no benefit to the customer... But they were done anyway because it meant $ for the manager and the processors, and they threaten your job and pressure the AE's into signing them. I have also signed countless deals where I checked the final numbers after signing, only to find that the rate and the fees had been dramatically changed.
This company is SO greedy that it not only screws the customer, but after the loan signs, the corporate offices give seven days for the loan to fund, or else you as an AE get half of the revenue that was rightfully yours. They wait until the fourth day in and then sock you with a list of stips to collect that are so long that they KNOW you will never clear them in time. Hence, they take half of your money. Where does that money go? Who knows. Bottom line is, this company is about one thing, and that is the bottom line. Greed, Greed, Greed. I feel like I lost a piece of my soul working there, and I regret all of the bad loans that I have done.
I was hired with no experience in the mortgage business, and it took a while for me to realize what a horrible position I was putting good, hard working people in. I intend to go and work for a broker where i can actually give a fair rate AND make a living. Ameriquest software (SNAP) never spits out a loan with less than three points, even for 8A customers! Most of the AE's are good, hard working people who are being taken advantage of by a dispicable company. Most dont know any better. I have seen AE's fired because they knew too much and I have seen people fired for reasons that had to be unconstitutional and downright illegal. Thank God I have finally made the choice to get out while I can.
With the LA Times story and with all of the lawsuits building I dont see it lasting for more than another year before it is shut down. If the FBI audited these offices the world would be shocked at what it finds. Corporate is making a big push now to clean up its dirty image because of the heat coming down (they even took the Red Bull machines out of the offices. Lol) I say too little too late. I came to this company on my own free will and I am now leaving by the same free will and I hope that this company goes down in flames. Do The Right Thing... What a joke.
I just feel bad for all of the customers who are getting reamed and all of the good AE's that are still loyal to this sweatshop, dreaming of that slice of the Ameriquest pie that they will never get. Good luck to everyone who is fighting this devil of a company. You will need it. To all consumers, if you get a call from Ameriquest, throw the phone down and run. AVOID AMERIQUEST AT ALL COST.
Mariano
Mirimar, Florida
U.S.A.
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