• Report: #204104

Complaint Review: AMERIQUEST MORTGAGE

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  • Submitted: Wed, August 02, 2006
  • Updated: Thu, August 03, 2006

  • Reported By:TRACY California
AMERIQUEST MORTGAGE
8TH STREET MODESTO MODESTO, California U.S.A.

AMERIQUEST MORTGAGE ripoff MODESTO California

*UPDATE EX-employee responds: Now Accepting Applications for Meg's Job

*UPDATE EX-employee responds: Now Accepting Applications for Meg's Job

*UPDATE EX-employee responds: Now Accepting Applications for Meg's Job

*UPDATE EX-employee responds: Now Accepting Applications for Meg's Job

*UPDATE EX-employee responds: Thank You Rex

*UPDATE EX-employee responds: That's accurate

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The last post i worte i said that they tried to talk the client into that there credit was bad.

I got some ridiculous answers.
ok they would want me to tell the client that they ahd bad credit even if they ahd a 710 fico score!!

yes i agree most clients know if they ahve bad credit.

if they ahd good credit were an A paper borrower they wanted us to insult the client.

anyone who worked there knows the real truth
we were like pupppets anyone and everyone was taught the same way
I made it there for a short while till i figured out it was a total scam and i couldnt sleep at night.
I loved the slave drive hours too i never got to see my son play football and now i cant get that back.
ALL FOR A COMPANY THAT ALL YOU ARE IS A LOAN AND MORE AND MORE
The boss called us a bunch of MFs and i do not need to say what that it. i was mortified.
WE WERE told that the bottom three each month would go
Geez a job were you know youll be fired how great

Tina
TRACY, California
U.S.A.

This report was posted on Ripoff Report on 08/02/2006 12:04 AM and is a permanent record located here: http://www.ripoffreport.com/r/AMERIQUEST-MORTGAGE/MODESTO-California-95376/AMERIQUEST-MORTGAGE-ripoff-MODESTO-California-204104. The posting time indicated is Arizona local time. Arizona does not observe daylight savings so the post time may be Mountain or Pacific depending on the time of year.

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REBUTTALS & REPLIES:
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Updates & Rebuttals

#1 UPDATE EX-employee responds

Now Accepting Applications for Meg's Job

AUTHOR: Rex - (U.S.A.)

Meg,

I don't know which one of your mommy's boyfriends beat you so much that you've turned your anger toward defrauded borrowers on a website, but really - - take some time for yourself to evaluate what you're doing here.

I'll bring you up to speed once more, since you have a learning disability: I left Ameriquest yearrrs ago, on my own terms.

My statement about 3.XXX points on a loan at AMC was in support of the earlier statement that AMC hired people with no industry experience and provided a "mushroom" education. Research that one.

"...they think they are experts."
After doing your research here properly, you will find that I have never claimed to be an expert. Not in anything. I would never make such a sophomoric claim. I have claimed ex-employee knowledge of practices at Ameriquest and have offered some tips to borrowers here.

YOU - have ripped into borrowers and other posters on this board and you have defended that P.O.S. company that is now receiving --on this board-- only a portion of the exposure that is due them.

"In April our bottom 3 consisted of..."
So, now you claim to have been employed by Ameriquest during April of 2006? How long have YOU been in the industry, Megliomaniac? Oh, forget it. Nobody cares. I never met you at the Big Spin, at the Superbowl, nor in Hawaii.

This is the best part from your post, Mrs. Grammar Teacher:
"So continue to spout-off ignorantly people. Im sure your 2 years in the industry affords you the luxury of making expect commentary.
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#2 UPDATE EX-employee responds

Now Accepting Applications for Meg's Job

AUTHOR: Rex - (U.S.A.)

Meg,

I don't know which one of your mommy's boyfriends beat you so much that you've turned your anger toward defrauded borrowers on a website, but really - - take some time for yourself to evaluate what you're doing here.

I'll bring you up to speed once more, since you have a learning disability: I left Ameriquest yearrrs ago, on my own terms.

My statement about 3.XXX points on a loan at AMC was in support of the earlier statement that AMC hired people with no industry experience and provided a "mushroom" education. Research that one.

"...they think they are experts."
After doing your research here properly, you will find that I have never claimed to be an expert. Not in anything. I would never make such a sophomoric claim. I have claimed ex-employee knowledge of practices at Ameriquest and have offered some tips to borrowers here.

YOU - have ripped into borrowers and other posters on this board and you have defended that P.O.S. company that is now receiving --on this board-- only a portion of the exposure that is due them.

"In April our bottom 3 consisted of..."
So, now you claim to have been employed by Ameriquest during April of 2006? How long have YOU been in the industry, Megliomaniac? Oh, forget it. Nobody cares. I never met you at the Big Spin, at the Superbowl, nor in Hawaii.

This is the best part from your post, Mrs. Grammar Teacher:
"So continue to spout-off ignorantly people. Im sure your 2 years in the industry affords you the luxury of making expect commentary.
Respond to this report!
What's this?

#3 UPDATE EX-employee responds

Now Accepting Applications for Meg's Job

AUTHOR: Rex - (U.S.A.)

Meg,

I don't know which one of your mommy's boyfriends beat you so much that you've turned your anger toward defrauded borrowers on a website, but really - - take some time for yourself to evaluate what you're doing here.

I'll bring you up to speed once more, since you have a learning disability: I left Ameriquest yearrrs ago, on my own terms.

My statement about 3.XXX points on a loan at AMC was in support of the earlier statement that AMC hired people with no industry experience and provided a "mushroom" education. Research that one.

"...they think they are experts."
After doing your research here properly, you will find that I have never claimed to be an expert. Not in anything. I would never make such a sophomoric claim. I have claimed ex-employee knowledge of practices at Ameriquest and have offered some tips to borrowers here.

YOU - have ripped into borrowers and other posters on this board and you have defended that P.O.S. company that is now receiving --on this board-- only a portion of the exposure that is due them.

"In April our bottom 3 consisted of..."
So, now you claim to have been employed by Ameriquest during April of 2006? How long have YOU been in the industry, Megliomaniac? Oh, forget it. Nobody cares. I never met you at the Big Spin, at the Superbowl, nor in Hawaii.

This is the best part from your post, Mrs. Grammar Teacher:
"So continue to spout-off ignorantly people. Im sure your 2 years in the industry affords you the luxury of making expect commentary.
Respond to this report!
What's this?

#4 UPDATE EX-employee responds

Now Accepting Applications for Meg's Job

AUTHOR: Rex - (U.S.A.)

Meg,

I don't know which one of your mommy's boyfriends beat you so much that you've turned your anger toward defrauded borrowers on a website, but really - - take some time for yourself to evaluate what you're doing here.

I'll bring you up to speed once more, since you have a learning disability: I left Ameriquest yearrrs ago, on my own terms.

My statement about 3.XXX points on a loan at AMC was in support of the earlier statement that AMC hired people with no industry experience and provided a "mushroom" education. Research that one.

"...they think they are experts."
After doing your research here properly, you will find that I have never claimed to be an expert. Not in anything. I would never make such a sophomoric claim. I have claimed ex-employee knowledge of practices at Ameriquest and have offered some tips to borrowers here.

YOU - have ripped into borrowers and other posters on this board and you have defended that P.O.S. company that is now receiving --on this board-- only a portion of the exposure that is due them.

"In April our bottom 3 consisted of..."
So, now you claim to have been employed by Ameriquest during April of 2006? How long have YOU been in the industry, Megliomaniac? Oh, forget it. Nobody cares. I never met you at the Big Spin, at the Superbowl, nor in Hawaii.

This is the best part from your post, Mrs. Grammar Teacher:
"So continue to spout-off ignorantly people. Im sure your 2 years in the industry affords you the luxury of making expect commentary.
Respond to this report!
What's this?

#5 UPDATE EX-employee responds

Thank You Rex

AUTHOR: Meglio - (U.S.A.)

You said,

"The hardest thing to overcome -usually- was their huge fees and points. 3.361 ponts. 4.283 ponts. 3.614 points. To be honest, I thought that was normal."

No wonder your responses are so misinformed! How long have you been in this industry Rex? Have you ever written a EVEN ONE Fannie deal, one FHA deal, or JUST ONE VA deal?

This is the problem. You have people that came into the industry a couple years ago, and they think they are experts. The truth is, what is done at AMQ is done in brokerage firms nationwide. You are all so naive.

I can GUARANTEE that NOT ONE office functioned the way you said it did in my AREA 49. The bottom 3 fired every month? Are you kidding? In April our bottom 3 consisted of the top producer in our office who happened to have a bad month, the "informal" assistant manager, and a new guy. As a branch manager, I would NEVER have fired my best people. They made me so much money!!!

So continue to spout-off ignorantly people. Im sure your 2 years in the industry affords you the luxury of making expect commentary.
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#6 UPDATE EX-employee responds

That's accurate

AUTHOR: Rex - (U.S.A.)

In my employment experience at AMC, there was no end to the verbal abuse dished out by one of our Area Managers. He didn't last long, but it wasn't for that reason. He simply couldn't motivate people in 4 or 5 branches to do what he was able to do: lie, cheat, steal. His income decreased, he became frustrated, and he was bounced because sales numbers were down when he was a Manager.

Because AMC specializes in subprime lending, branch employees WERE TAUGHT to denigrate borrowers who had great credit. Otherwise, they didn't fit into the system. These borrowers were simply great candidates for other loan products, or for other lenders. But, not great candidates for Ameriquest.

The hardest thing to overcome -usually- was their huge fees and points. 3.361 ponts. 4.283 ponts. 3.614 points. To be honest, I thought that was normal. If you walk into a bank today, they display their rate/points for a 30-fixed, 15-fixed and 5-year. Maybe a 30-fixed at your local branch of a nationally-recognized bank includes 1.137 points. I figured that the software at AMC was kicking out 3.361 points because the FICO was low, the cashout was high, the DTI was high, the LTV was high, and the income was stated on a rental property.

Not true in all cases. With 730 FICO, Full Doc, Owner-Occ, 70% LTV, with no lates, the points were still 3.XXX --- every time.

Their short-sightedness involves initially not having loan programs available for all types of borrowers. As I was leaving the company, AMC was rolling out new loan programs targeting A-paper borrowers.

We had a bin where we placed our turn-down files. Most times, the borrower was turning down our offers.

Branch Managers had to constantly recruit new Loan Origination Officers (joke title) to replace the bottom 3 that were cut each month. Why not give those people more training and more one-on-one time? Why not develop your people? Because they believed that you either had it or you didn't. They only cared about having a**es in seats. Smile and Dial.
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