Ameriquest Mortgage
Ripoff high cost loans, Non-disclosed rates, terms and costs

I had worked for Ameriquest Mortgage Company from 11/00 through 11/02 as a Loan Officer/Account Executive. During my tenure, I observed many violations that were common place occurances that ultimately hurt clients when they received their mortgage loans through Ameriquest Mortgage Company including, but not limited to the following:

1) Loans being notarized by Ameriquest Mortgage employees after the client/s either left the office or after an employee would bring a loan pkg back to the office, in both cases, the notary public never witnessed the client/s signatures on the mortgage deed or note!

2) Failure by Ameriquest employees to give client/s copies of loan documents at time of loan signing. (fraud)

3) Regarding number 2, failure of Ameriquest mortgage employees to disclose rates, terms, points and fees at closing as well as pre-payment penalty terms! (fraud)

4) Ameriquest Mortgage employees having clients sign and back date loans which gave clients less than three business days and alter the right of recission date. (RESPA and REG Z) (fraud)

5) Clients not receiving RESPA documents in three business days from time of application. (non disclosure)

6) Clients being routinely solicited and sold refinance loans from Ameriquest Mortgage' California Offices within 12 months of receipt of 1st Mortgage which constitutes High Cost loans.

7) Employees routinely being trained by mgmt and told to tell clients that they are able to refinance their Ameriquest Mortgage loans after 2 yrs to bring down their existing rates and there would be no costs. However, on the Ameriquest Mortgage loans before 7/03, the 2/28 Fixed/Adjustable loans have a three year 6% pre payment penalty. So after two years, it is possible to refinance the client' loan, but with a large pre payment penalty that in most cases was never explained to the client properly at closing.

*If you or someone you know has an Ameriquest Mortgage loan in any state, please contact me through the rebuttal key. I can help you and discuss possible solutions... I have over 10 years of mortgage experience.

Best wishes,

D

*All opinions are that of ex-employee. However, I do have other ex-employees with whom I associate and or work with who I can concur with regarding these accusations!

Doug
little falls, New Jersey
U.S.A.

Company: Ameriquest Mortgage
Country: USA
State: New Jersey
City: Paramus
Address: Route 4
Phone: 2013689445

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