As a former manager, I can tell you exactly what happens. I was an Account Executive for a little while before I got promoted. I then took over the Southfield Office. Upon my arrival, I fired EVERYBODY, this was the directive handed down. I then filled the office with 14 people that had ZERO experience.in my first month we had a shredding copany truck outside for a week, "taking care of a few things" (a $2,000 plus shredding bill, billed by weight if that tells you anything.)
I trained these people to best of my ability and tried to make a difference. We did alright for a little while, doing loans clean and the right way, then the heat from management came down... You see, we were one of the lowest producing branches in Michigan, because we did things the right way and educated people. Well, ethics and big business apparently don't mix. I was demoted shortly after becoming a manager (5 months to be exact.) I talk with some of my former hires, the ones that are left over there in Southfield and I have found they are conforming to Michigan Standards... (wink) What I mean by this is that they close loans without having the appraisal (how do you know the value) with out proper income documentation (every loan is a stated loan first, or so it seems in the office), no title work (or title work with liens and problems)... The reason there is a 7 day funding rule is because it gives the loan officer time to try to figure out how to get the loan done, after he/she has closed it.
They will do loans that nobody else can do... Doesn't that frighten anyone? If Nobody else can do it, there is a reason... It shouldn't be done, but that's ok in Ameriquest eyes, it's just another house to sell later for them. BE VERY CAREFUL, but if you are reading this, odds are you already got screwed.
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