I was an employee for Ameriquest in 2 states, Missouri & Florida. I started in 11/03 in MO and transferred to the Florida office in 3/04 with rave reviews from my branch manager in MO.in July I was fired for being too ethical and trying to force other employees (loan officers) to comply with guidelines, procedures and governing laws.
My position was a loan processor, I think AMC calls them 'loan coordinators'. I was the person who did all the real work on the loans. Entering your application information into the computer, figuring the Good Faith Estimate, collecting your income & asset information for review, ordering & reviewing the title & appraisal, drawing closing docs & keeping everyone informed of the loan status. Nobody really wants the borrower to talk to the processor because we tend to tell the truth & find any foreseeable problems with your loan. The laon officers would rather fix your application themselves by falsifying documents.
The complaints I've read so far seemed pretty true to form for this company. I have to defend the office I started at because they always played by the rules as far as I could tell. I have been in this business for 7 years and I am very good at what I do. You have to realize the corporate office doesn't always know what is going on in the branch. Borrowers & investors send me flowers, chocolates, gift cards and thank you notes for my hard work in saving their loan or saving them money. I'm now having to consider a career change because the industry, at least in Florida, has become so corrupt that people like me are being forced out. I can't begin to explain how very unfortunate this situation is for not only me but for all homeowners who are trying to get a decent deal.
Ameriquest worked very different from all the other mortgage companies I have worked for. They would close a loan the same day a borrower applied which they can do because they are the lender. The money for your house comes directly from their pocket, not a bigger bank or lender, they assume all the risk. This is why they are so quick to foreclose. Typical, ethical & legal processing takes at least 1 week if not a few months for more difficult situations. Ameriquest would have you sign docs asap even if that meant them coming to your house at midnight... (the last 2 weeks out of each month I worked 9am to 12am with no lunch or breaks while the loan officers skated in and out at their leisure).. Why such a rush? So their volume of business would be higher than other offices in which case they were rewarded with large bonuses; so they would push as many through as they possibly could the last 2 weeks of every month. This is why they would close a loan without any income information, without an appraisal and without clear title work. We were given 7 days to fund (to fund means to release the money from the federal reserve bank; in reality AMC allowed those 7 days for processing) the loan after it was signed. Funny thing is, you don't get your money for 7 days but you can only rescind the loan within the first 3 days.
The only advantage to the consumer is that because they were so anxious to exceed their quota & make a huge bonus, they would drastically cut their fees (sometimes to nothing) to get you to sign the deal. Keep in mind the processors get no such bonus, we got a very small percentage of the fees they charge so at the end of the month the 2 processors working 100 loans would work their asses off from 9 to midnight for less money because the l/o's would start giving loans away for free. I'm a huge fan of low fees but this was so ridiculous. They would charge obscene amounts in points, origination fees & processing fees (which did not go to the processor) at the beginning of the month - as much as they could get away with, and then nothing in the end so they would make more in the long run.
Once the loan is closed they HAVE to get the appraisal back at what they put on the application or the loan doesn't work but since you've already signed the docs they would have to basically give you the money. At least 1/2 of the time the home did not support the value on the appraisal & the branch manager would just yell at him, withhold payment & force the appraiser to lie. Same thing if the title came back with a lien. If they couldn't get the title company (or employer or bank) to give the exact information they wanted (and they wanted inaccurate, highly inflated information), they would 'create' their own with some white out, a typewriter & a copy machine. I have always been a believer of bending the rules, like when someone's income is $100 less than where it needs to be to qualify but there are legal ways to work the system and when Ameriquest broke the rules, it was always to their benefit. I have so much more information so if anyone has questions just respond & I'll try to shed some light. It all gets very complicated but I'm on the borrowers side & I'll tell you the truth.
I'm no lawyer & I don't know the full consequences of these actions. I do know Ameriquest settled a 49 state lawsuit to the tune of 295 million so I'm sure they are acknowledging guilt. I'm hoping a lawyer can tell me if I have a wrongful termination case. I spent countless hours trying to pursuade my branch manager to do something about these unethical & illegal practices until finally I was fired for not fitting in because I stood up for what was right. These inexperienced, inconsiderate loan officers (who should really be called salesmen) continually yelled & cursed at me when my branch manager wasn't watching for telling them to provide legitimate paperwork, they demeaned my knowledge & experience even though I far surpassed them with knowledge of the industry, and the most pig-headed, stubborn ones eventually got me fired for upholding the underwriting guidelines & RESPA laws that are designed to protect both the lender & the borrower from risk. They didn't care about either, only their own wallet and how much it grew. And let me just say, it grew a lot at your expense.
My best piece of advice - whenever you are considering a refinance or purchase, do not sign anything until you've had someone you trust review the Good Faith Estimate which all morgtage companies are required by law to provide you with at least 24 hours prior to closing. This tells you exactly how much they are charging you and for what, it tells you the type of loan you are getting and the interest rate, it tells you if you are escrowed (paying taxes & insurance in your payment). If you get one that is not typed or if you disagree with anything ask questions and if you are still unsatisfied, go somewhere else - there are TONS of mortgage companies out there and they hate it when you shop them. Be patient and careful. I've seen many, many people - even in this business - get screwed by trusting someone. I know there is a lot of paperwork involved but I'm telling you the most important to you is the GFE.
Nicole
Cape Coral, Florida
U.S.A.
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