First, this is not just for consumers but also for employees. It is my direct intention that this message helps in the decisions of not only prospective borrowers but also current and prospective employees. Whether you are a borrower who made the wrong decision, an employee trying to "figure it all out", or a job seeker considering an Ameriquest career, this report will help you. This is not of malicious intent, I was an employee for Ameriquest, I left as a direct result of my own conscience. I now hope to help anyone I can and hopefully Ameriquest in the process...
First of all, Ameriquest is not the devil, as so many of the reports say. Ameriquest is a company who had a very specific market niche and given the characteristics of that demographic saw the opportunity to take advantage of it. You see the sad truth about this industry is that fraud is everywhere, not just Ameriquest, bad decision makers are everywhere, not just Ameriquest and aggressive sales people are everywhere not just Ameriquest.
However, Ameriquest does actively participate in all these things and does pursue types of people who make it happen. Mariano for example, is a good family man, but when he goes to work, he gets his hands dirty and "makes it happen". Mary Jo was fraudluant as a manager, Roland knows what goes on, Aseem Mital must know he is walking into a position where he will now get exposure. All these things aside, lets touch on what really does go on and what we as a united community of people can do to help each other as employees, consumers, ex employees and prospective borrowers.
First of all to the consumers. Almost half of what happens is your responsibility. I say that because if I could tell you the number of times I saw closings and watched as consumers just signed away without reading or asking questions it would make you sick. At a company where no transaction can be less than 60,000.00 I would think the borrower would have an interest in reading emperical documents. Secondly consumers, shop around. Ameriquest is trained to give you options, as long as all the options meet their goals. Usually that means 3 days total transaction time. At what point in our lives did we as a society decide faster is always better? What good decisions have you made that ever came from pressure and fear? Make your decisions in a expedited fashion, thats fine, but make educated, informed, and confident decisions. Most successful people in this life after all, weigh their options.
Quality companies in the industry can get your loan done in 6-10 days. I think an extra week in the process is worth a confident decision that will dictate the shelter and finacial future of yourself, your families and your loved ones. I know that not all borrowers are schooled in the mortgage industry, but all of us are well educated at the school of life. Therefore, seek out someone your believe in, ask questions and get clear, complete difinitive answers.
To current employees, chances are if you have stayed with this company longer than a year you are one of many things. You are either in your first mortgage position and simply don't know any better. You are a person who lacks confidence in your abilities and have found a company that awards that delicate balance of stupidity, conformity, and fear. You are an Area Manager or Higher and have such thick pockets that the idea of leaving not only frightens you but also doesn't make sense because this is probably the first place you have made "real money". Or Perhaps you simply just work hard, are a good salesman, and are confortible at your job. Regardless, you can all do better elsewhere; serving both your conscience and your pockets.
To those of you who have been around a while lets recap. About a year ago the company changed the comp plan to pay very poorly in the tiers less than 35,000 in rev. We were all told that this was being done in order to further compensate "top producers", that way we would "weed out" the "ones who don't belong here". Now in September, the comp plan is going to be 13% across the board with incentives for tenure and customer service. Doesn't this move contradict the previous philosophy? Doesn't this represent indecision on the part of the company? What happens to the guys who were trained to sell, sell, sell and were making 16% on 100K in Rev? They just lost 3000.00 a month in commission and 36K a year. This is ony an attempt to apease the minds of the attorney generals, much like changing "launch pad" to "IML".
Apparently "Launch Pad" was to aggressive. But the question remains too aggressive for who? The attorney generals? Who is running this company now? Apparently the company is running in fear of further publicity and thus is almost acting in accordance with conforming lenders. Bottom line is this, you can leave the company with confidence. Yu worked at Ameriquest, you can sell ANYTHING! There are other companies, other comp plans, other ways to live your life. Assuming you are one of the few employees that don't throw your money away at strip clubs and your local coke dealer you have plenty of money and can take a few months to find the right job.By the way branch managers, by November 90% of you will be making 10-13K a month. Thats quite a change from the days of 70-100K isn't it.
If you possess any integrity and feel the need to possess the character of someone that yourself and your family can be proud of, start the process of leaving. You will be happier. I found a company more congruent with my ethical standards and ironically they have a better comp plan, a better quality of life and offer me something Ameriquest never could, the right to sleep at night. To everyone else, this company isn't the Devil, but they are sorely misleading and focused on one thing, money. The people in place are not going to jeopardize their lifestyle to book less loans and make less money just to make borrowers happy.
Come to think of it, you will all make less money anyway, just look at the comp plan. The fact of the matter is appraisals are inflated, documents are altered, loans are pushed and people do lie. For those of you who do the right thing, go elsewhere, your integrity and character will be appreciated and rewarded. If any of you have any questions, employees or consumers, post them. I know everything and will be more than happy to advise.
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