I am a current Ameriquest Mortgage Company Mortgage Specialist. I have been with the company for over 1 year and will stay with the company. However, I am more than happy to share the facts with people who think that they are in a bad situation.
I have read countless times that Ameriquest promises to waive pre-payment penalties, but then refuses to when you go to Portfolio Retention for the "streamline" refinance.
FACT: It is absolutely Ameriquest policy that all Ameriquest-owned internal refinances MUST have the pre-payment penalties waived. This includes loans that are serviced by AMC servicing.
FACT: A pre-payment penalty can also be waived if the loan has been sold to an investor. This can be done through a Level 4 approval.
I am considering posting a copy of the actual policy.
Now, as we all know, there are some crooks who work for Ameriquest. Portfolio Retention people do not want to waive the pre-payment penalties because it hits their revenue. However, simply demand that they follow their procedures and you will have it waived.
Special Note: If an Ameriquest Mortgage Specialist puts you into a 2/28 credit repair loan, you have every right to opt out of the pre-payment penalty. It will increase the interest rate by about. 625%. However, it is a small price to pay to make sure that you do not incur a pre-payment should you need to sell your property.
Many have asked why I stay with the company. I stay with the company because I personally have never done a single loan that puts a borrower in a bad situation. If I know that they will be coming back for the internal refinance, I almost always do the loan without a pre-payment penalty. Should they need a pre-pay waived in the future, I personally call PR and demand that it is waived.
Ameriquest policies are not evil. Yes, there are many HORRIBLE employees that give us a bad name, but the majority of us do good loans for our customers.
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