So, I used to work at Ameriquest. All the stories you are telling... I am sorry you got suckered into a loan at Ameriquest, but you did. I beleive everything you are all saying on this site. You would not believe the pressure put on us as employees working there. We were essentially force fed Red Bull drinks, keep working, come early, stay late, work Saturday. And we would average 12-15 loans per month per person, or we were threatened with termination. Ask someone at your bank how many loans their mortgage person does per month. I'll bet you it is less than 5. I am not asking for sympathy, so don't offer it. Anyway, if you want even a hint of what it was like to work there, watch "Boiler Room" or "Glengarry Glen Ross". It is 100% exactly like that, except we sold mortgages, not stock.
So you got shafted. Lots of people did. Ameriquest is for sale and should be purchased sometime this year. The reason it hasn't sold yet, is the 2 banks that are interested in buying Ameriquest won't buy them until a higher percentage of their loans are cleaned. Here is what that means. When I worked there, we would do 'stated' income loans frequently. We (as employees) would write the 'stated income documents' on anything. Back sides of paper to be recycled, post-its, ANYTHING! Now, no investor would buy those loans, so AMC has been sitting on those loans for years. The customer can't refi out if the loan because of the inflated appraised value and we loaned you too much money and now you are upside down on your house. SO the loan is either foreclosed, or it gets refinanced (somehow) into a clean loan that an investor will buy, or AMC can wasrehouse the loan and get bought out.
That is just a tip of the iceberg. I am still in mortgage, but since I am a broker, I make all my files 100% clean. If the Dept of Real Estate came by for an audit, I would get to keep my license. The money I COULD make in the short term is not worth the long term RISK.
That's why I left AMC.
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