To begin, I'm a former employee of Ameriquest. I left the company for a better job and am by no means disgruntled. I am embarrased to say I worked for the company. One of the senior employees used to laugh and give everyone high fives when he was able to charge 5 points on the front end. The real crime was putting good people in 2/28's with a 3 year prepay. We charged the customer a small fortune to get into the loan and then stuck them with a loan that was due to adjust after 2 years so they would have to ride out a significant upward adjustment for an additional year or pay a small fortune in prepayment penalties to get out of the loan. Of course Ameriquest representatives on this board will say the customer signed the documents, but the fact is our customers trusted us. Most didn't read the fine print and the notary's were trained to get the customer past the hurdles like prepayment penalties. One tactic was a saying that Ameriquest has a portfolio retention department that will usually waive the prepayment penalty. The fact is that some of the loans were sold along with the servicing.in those cases nobody would ever consider waiving the penalty. Even if the Ameriquest PR department waived the penalty is was to get them into another loan that was very profitable for the company. I learned a lot at Ameriquest. I have no respect for the company and especially the leadership. They promoted the scum of the earth. Little twits that propegated the companies lies. Again, I am embarrased to say I ever worked there. God forgive me for putting those good people into those loans.
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