I worked for this company for more than one month less than a year (sorry I have to protect myself) and saw the most horrific display of professionalism I have ever seen.in my tenure, I was immediatly introduced to dooping customers into thinking that they cannot get loans elsewhere.
I had co-workers who hung commision checks that were highlighted because they "sold" a customer on a loan that was a joke. Charging $20k in closing costs to justify a 8% rate.
Honestly, I have no remorse for the people who signed loans previously with Ameriquest becauase COM'ON, you HAVE to read what you are signing. Closing attornies HAVE to let you know that your payment is and what it includes... Also, on your mortgage note, it says FIXED RATE MORTGAGE or ADJUSTABLE RATE MORTGAGE. If you signed one of these then they claim you are an idiot and cannot complain about anything.
But going back to the main reasons why these things happen. The "mortgage specialist" you worked with took your application and pulled your credit to find out what your credit score was and debts were. If you are above a 620 "mid score" you can go ANYWHERE to get a loan folks. AS LONG AS YOU CAN AFFORD IT! We were taught to beat up a customer on their credit to make them feel obligated to do ANYTHING to fix it..."the credit rebuild program"... We did it all the time.
Truth be told, yes, if you are paying off a considerable amount of bad debt (high limit credit cards or instalment debt such as car loans that have been delinquent in the past) your score will go up. And i have seen them go up by 40-50 points. But if you get a 2/28 cashout refinance because your credit score "is nearly unlendable" in the state of MA, then you are soarly mistaken.
This will by no means improve your credit score... HOW WILL IT?!?! Think about it... Unless of course you are late on your mortgage, then you would have to wait at least 12 months to get clean mortgage history. Also, Ameriquest tells us to tell you the customer that we will refinance you in 6 months when you get a better score for free...
This is the best lie they tell... The branches won't even call you back if you have been with its service company "AMC services" longer than 2 years... Why... We don't get commission. You have to call our "portfolio retention" and talk to someone who won't help you unless they get a payoff request...
Last few rants... I had collegues laugh about loans they closed that shouldn't have, seen processors forge w-2s, sign stated income loans on people with no job, "do what you need to do" or get fired... They threatened us everyday with if we didn't perform we would get fired... Everyday... If you worked under those conditions you would bend and break the rules to get things done... After all you must CYA... Why should we care if you get screwed... At least we have a job right now...
But I just got laid off. I didn't get to keep my job because I did the "right thing" and didn't commit fraud and scam people. I didn't do good because of this lawsuit, and I'm not at all concerned with getting a job at another company that doens't belittle its employees and make them feel like garbage so they get things done. Thanks for "financing my american dream" Ameriquest, for laying me off right before Christmas...
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