I was what you would call a "good closer." I was hired by Ameriquest two years ago. You see, for a while I thought I was really helping people. I was saving them what appeared to be hundreds of dollars per month...
At Ameriquest I had to feed on a customer's hopes, dreams, and misfortunes. Afterall, AMC is a a "specialty" lender. The rates are going to be higher, the fees are going to be higher, the loan's going to have a pre-pay, and the sale is why you, a customer, should pay for it.
I can't speak for the company. Afterall, it' s motto was "DO THE RIGHT THING." I can only tell you how I had to go about business to be able to stay there. I did a lot of things that I was uncomfortable with yet pressured and all but forced to do. Pressure came in many forms. It's still a question to me as to if this was the company's intention or just direct managment. Either way the customer's got the wrong end of the deal.
My numbers were always where they were supposed to be, but that was never good enough. I wish I had seen the five loans per month days.in a three-month period expectations went from eight, to ten, to twelve. I hear that current aspirations are fifteen to twenty. I'm not someone complaining because I couldn't hack it.
Early am: cold-calling "WE'RE A SPECIALTY LENDER WHO'LL HELP" after cold calling: meeting to hear we are behind. Mix in a few profanities and you have the morning meeting.
Lunch: check e-mail. Boss' boss telling you how behind you are pitch deals: convincing customers how they suck. Good credit, bad credit. DOESN'T MATTER! We're wonderful! THEY NEED US!
Afternoon: cold-calling—WE'RE WONDERFUl SPECIALTY LENDER!
Evening: we'll be there late unless we get a certain number of apps and sell a certain number of deals. Persistance is key: make them hang up on you. Get that application! Pitching: you suck. We're wonderful. NO ONE ESLE WILL HELP.
Someone reading this would ask: was it really that bad?
This is the condenced version. Very condenced. Now, I had no problem with cold-calling.in some cases, it's a neccessary form of originating in this business. But our objective was applications. I must admit to getting applications from people I know I couldn't help just to keep from being singled out and degraded in front of everyone. I'm sure that if I, one the top performers felt this way, much the office operated in the same manner. Which meant credit was being pulled that shouldn't have been.
There were honest people at Ameriquest. Unfortunately, many of them had to abandon their conscience to stay and make the money they were accustomed to. There you compromised or you got out. You either decided to leave or were told to because you "didn't meet minimum expectations" or there was a personality conflict." Imagine what the conflict part of it was.
I was one of the one's who, for a while, abandoned my conscience. My boss said once to check my heart at the door and I knew what they meant. Afterall, we weren't saving the manatee.
If a loan can truly be done with only one particular lender. There's a reason why. Because all companies have investors. And they have their minimum expectations as well.
Now, fraud is an ugly word. I'm not speaking for anyone else and I can't tell you which of these I have or haven't done. I can only speak of what was required of those I saw around me.
Changing documents by whatever means necessary
Inaccurate stated income letters (Of course, if they didn't write what we needed the loan was dead.)
Questionable dates of birth.
Manipulating income.
Ineligible dates
Hiding parts of title commitments until disbursement.
Not paying debts needed to be paid to budget the loan.
Requesting higher values on appraisals for the loan to work.
AMC Rule 1: you're saving them money and it's helping their credit.in 24-36 months their credit will be vastly improved and Ameriquest is going to take care of them, not sell this loan, and it will be re-done for a better payment and interest rate.
Problem: in 24 - 36 months they are still stuck with this loan because:
1. The appraisal was "blown up" or over-inflated and the pre-pay makes the deal impossible.
2. The debt that should have been paid off, wasn't so the scores never improved or worstened.
3. The debt-to-income was manipulated and what shouldn't have been a loan still isn't one that should be approved.
Again, I can't speak for Ameriquest or it's policies. I can only tell you what I witnessed as an employee. Although ideas are well and good in thoery, with the manipulation of others involved, certain theories become unattainable.in this case, it's being able to refinance a home after the damage has been done in the orginal loan.
I'm still in the mortgage business. I still do as well as I did (if not better) at Ameriquest. I have the seen the results of other companies in which the end result was the same as some loans done through Ameriquest.
I can only say this:
Loan Consultant-to-Customer: Any manipulations on the part of application, income, appraisal, or title will only put you in a worse position than you are today. No one gets away unscathed. If a company is willing to help you do this, please question their motives. Would you lend money to someone without being certain they could pay it back?
Regrettful Salesperson
allover, Alabama
U.S.A.
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