Ameriquest uses a computer software system that prices out all of their loans and upon acceptance by the employee automatically sends out the required disclosures including the Good Faith Estimate (GFE). These numbers are pre-loaded into the system by the corporate office. The numbers are intentionally inaccurate and upon closing the numbers are changed and additional fees (that are know at the time of the application) are added. I always had a problem with this.
I understand that the GFE is meant by federal law to be an accurate "estimate" to a borrower of the cost of their loan. Obivously there may be changes from a GFE to the close. My knowledge on how to close to accurate they are supposed to be per the government is nil if there is such a requirement. However, since Ameriquest knowingly and deliberately sends out GFE's with much lower closing costs that are already known to Ameriquest when the document is drawn and sent out, it would seem that they are willfully not disclosing what federal law does require them to disclose. I do wonder if this is a potential liabilty of Ameriquest that could opens them to attack.
Of course this is something they could change and change quick but to borrowers everywhere the proof would be there. Everyone who has ever worked at Ameriquest is aware of. The documentation is everywhere. Adjusting the "estimated/disclosed" closing costs to the "actual" closing costs is one of the first thing processors do at Ameriquest when preparing a loan to close. They are trained to do it.
Looks to me that is trouble.
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