Ameriquest Mortgage / AMC Appraisal & Resolution Phone Numbers /TV News Investigative Report Orange California

Hey, Mark, you're the idiot here.

What I wrote was not that Ameriquest could not afford an "A" rating. I wrote that the BBB is legalized graft. I simply spelled out what the fees would be for a small startup company. Once the BBB learns that a mortgage company is applying for membership, you can bet that the fee schedule is 100s of times higher.

It's okay that you're feelings got hurt when Ameriquest fired you. You'll get over it eventually. Meanwhile, your logic is poisoned and you can't read straight. I don't expect that we'll be hearing from you again. Loser.

Before you accuse ME of spreading idiocy be sure to read my post. I did not say Ameriquest would be bankrupt because of the AG settlement.


Ameriquest is a dirty company - I don't care HOW much money they are making. A company that is investigated by practically the entire country is a dirty company. You don't settle something like that if you are innocent. Ameriquest has billions of dollars, if they were innocent, they would have fought it a little harder.

I didn't bring up the settlement to say they might go bankrupt, I brought up the settlement because something like that SHOULD have effected their rating with the BBB but it did not. Which only shows that those ratings are PAID FOR, not earned.

Their rating is a B. According to the BBB, these are the factors for this rating: A good rating that still implies reputability. The rating may relate to length of time in business, a past problem that's been corrected, or something else that does not cause problems for consumers. We believe a company with this rating would generally conduct business and respond to any complaints satisfactorily.

In the last 3 years, over 912 complaints have been filed against Ameriquest - according to the BBB, that deserves a B rating.

I checked another mortgage company who is NOT a member of the BBB. They have had 1 complaint in 3 years and their rating is a CC -no investigation/settlement with 49 AGs.

Another mortgage company, has 635 complaints in 3 years and has an F rating-no investigation/settlement with 49 AGs. Oh and guess what, they are not a member.

So we are all expected to believe that AMQ can't afford an "A" rating???

You are an idiot.

And Tracy -

AMQ is still thriving as a subprime lender. True, they closed all their branches, which eliminated 98% of their overhead. Which means now they have the same amount of working capital, only now they have no expenses. Also, many of the AMQ applicants that don't qualify with AMQ or dont want a loan with AMQ are being hand delivered to Argent, AMQ's wholesale sister company. Those people are FREE MONEY for AMC, because they dont have to pay to advertise to people whose apps that they hold internally. On top of everything, AMQ is still funding loans that I ORIGINATED 2 MONTHS AGO!

They could very well crumble in the next year or two. But "crumbling" would be nothing more than the owner, CEO, and a select group of executives walking with billions in profits collectively.

SO before you spread any more idiocy by saying AMQ is broke because of a lawsuit, consider this:

AMQ's net profit for 2005 was over 1 billion dollars, and that lawsuit was a mere $325m. Thats less than 1/3 of ONE YEAR'S PROFITS.

If you think the people running this company are going broke you are just as dumb as Rex.

(By the way - there is nothing I hate more than AMQ's fake philanthropy (pretending to care about flood victims, sending Arnall's wife out w/ Habitat for Humanity, etc...we know it is simply cheap advertising...but for someone to say these people aren't rich as hell is stupid).

So we are all expected to believe that AMQ can't afford an "A" rating???

You are an idiot.

And Tracy -

AMQ is still thriving as a subprime lender. True, they closed all their branches, which eliminated 98% of their overhead. Which means now they have the same amount of working capital, only now they have no expenses. Also, many of the AMQ applicants that don't qualify with AMQ or dont want a loan with AMQ are being hand delivered to Argent, AMQ's wholesale sister company. Those people are FREE MONEY for AMC, because they dont have to pay to advertise to people whose apps that they hold internally. On top of everything, AMQ is still funding loans that I ORIGINATED 2 MONTHS AGO!

They could very well crumble in the next year or two. But "crumbling" would be nothing more than the owner, CEO, and a select group of executives walking with billions in profits collectively.

SO before you spread any more idiocy by saying AMQ is broke because of a lawsuit, consider this:

AMQ's net profit for 2005 was over 1 billion dollars, and that lawsuit was a mere $325m. Thats less than 1/3 of ONE YEAR'S PROFITS.

If you think the people running this company are going broke you are just as dumb as Rex.

(By the way - there is nothing I hate more than AMQ's fake philanthropy (pretending to care about flood victims, sending Arnall's wife out w/ Habitat for Humanity, etc...we know it is simply cheap advertising...but for someone to say these people aren't rich as hell is stupid).

So we are all expected to believe that AMQ can't afford an "A" rating???

You are an idiot.

And Tracy -

AMQ is still thriving as a subprime lender. True, they closed all their branches, which eliminated 98% of their overhead. Which means now they have the same amount of working capital, only now they have no expenses. Also, many of the AMQ applicants that don't qualify with AMQ or dont want a loan with AMQ are being hand delivered to Argent, AMQ's wholesale sister company. Those people are FREE MONEY for AMC, because they dont have to pay to advertise to people whose apps that they hold internally. On top of everything, AMQ is still funding loans that I ORIGINATED 2 MONTHS AGO!

They could very well crumble in the next year or two. But "crumbling" would be nothing more than the owner, CEO, and a select group of executives walking with billions in profits collectively.

SO before you spread any more idiocy by saying AMQ is broke because of a lawsuit, consider this:

AMQ's net profit for 2005 was over 1 billion dollars, and that lawsuit was a mere $325m. Thats less than 1/3 of ONE YEAR'S PROFITS.

If you think the people running this company are going broke you are just as dumb as Rex.

(By the way - there is nothing I hate more than AMQ's fake philanthropy (pretending to care about flood victims, sending Arnall's wife out w/ Habitat for Humanity, etc...we know it is simply cheap advertising...but for someone to say these people aren't rich as hell is stupid).

Several years ago I was in charge of a few things for a small start-up company.

I contacted the BBB to learn about their processes and ratings system.

At this moment I don't recall their exact nomenclature for the tiered system, however, in very clear terms (at that time) I was told that if we were a

--- "Platinum" member, our fee would be $X,XXX for an "A rating".
--- "Gold" member, our fee would be $XXX for a "B+ rating".
--- "Silver" member, our fee would be $XXX for a "B rating".

I may not be clear on their wording today, but at that moment, it was 100% obvious that the more you contributed, the higher your company's rating would be. Point blank.

If that were true, Ameriquest wouldn't have closed it's branches and agreed to pay out 300 mil to 49 states. Predatory lenders don't have happy customers but they sure have happy former employees who stick up for them.

Is a "B" because for every AMQ customer that got a bad loan, there are 50 people with good loans from AMQ.

Hi Kay,

Believe me, I am not an AMC fan but in this instance at least, it appears they did everything RIGHT for a change.

You rescinded the loan with them, long after you had originally signed because they had to re-disclose. You did that right and so did AMC.

They gave you extensions after the original due date, and during this time you made no mortgage payments for about 3-4 months. I would think that was helpful to your cash flow.

You ended up refinancing the house which paid off AMC.

The issue of whether or not your home had been over appraised may or may not make any difference here because you didn't specify how this over appraisal caused you any monetary damages.

Sorry to say, but from the information you have posted here, it appears that no one was hurt, and that you and AMC handled it properly from the re-disclosure through when you sold and they were paid off.

Can I still go after Ameriquest for an inflated appraisal even though I no longer have a loan with them? I refied w/ them in Aug. of 05. They over appraised my house by $40,000. In Feb. of '06 I received a letter from them stating there was an error on my Truth in Lending form,(which I compared the original w/ the new one and there was no difference) so they were giving me a new 3 day right to cancel. Which we ended up doing so that brought our payoff down to $160,000 or so from $173,000. They gave me until April 1st to pay them the balance.

I was trying to sell my house and contacted them and they gave me several extensions until June 1st. And that whole time I did not have to make ANY payments to them. Unfortunately, our home did not sell in time to pay them off, so I had to refi so they would not forclose on me. I did file a complaint with the Dept. of Professional Regulation, but never heard a thing from them.

Back in Oct. 2005 I wrote the BBB about Ameriquest's rating, before they had settled with the AG's. Even now they have the same rating, but the investigation is on their report. How can something like that NOT change their rating??? Here's what the president/CEO of BBB Southland told me. The BBB is just as shady as Ameriquest

**********
Thank you for taking the time to give us your comments on Ameriquest.
Our policy is to report suits or other action taken by governmental entities that is relevant to a company's reliability. We don't report on
investigations because as you know, in most cases no action is taken by the agency. Taking such things into consideration for purpose of the rating would not be fair to the business or to their prospective customers.
Furthermore, in most cases, we have no way of
knowing about pending investigations because agencies tend to keep this
information confidential.
The ratings we assign to businesses are derived from an algorithm that takes into account a wide variety of factors relating to a company's file. This is generally explained on the rating explanation page. I understand your concern about pending investigations and rest assured that if an agency brings a relevant action against this or any other company, it will be reported and reflected in the rating.
Thanks again for writing.
President/CEO
Better Business Bureau of the Southland, Inc.

*******
[My response]

Thank you for your reply. But since Ameriquest is settling with states so that no charges can be filed doesn't that show Ameriquest admits guilt? So in order for a company to maintain a good rating with the BBB and not have this information show up,all they need to do is settle a civil suit with each
state? Why has Ameriquest set money aside to settle?
I think the BBB is looking for ways to avoid reporting this company as the way the really are, predatory.
In regards to being fair, I as a consumer would
definetly want to know if a company is being
investigated by over half the country for fraud. How can you allow a company like Ameriquest to even be a member? It only shows poor judgement on the part of the BBB and consumers will see that.

For anyone interested in contacting som of the upper management at AMC, go to the Bteere Business Bureau (www.bbb.com) web site and check out the AMC office on Town and Country Road in Ornge, CA. That is their corporate office. You'll notice a contact name and a link to "more contacts". It seems that they are OK with us contacting them if they publish their e-mail on the BBB web site. So, try to contact one or all of these people and state your case. You'll be surprised that the BBB gave AMC a B rating which states:

"A good rating that still implies reputability. The rating may relate to length of time in business, a past problem that's been corrected, or something else that does not cause problems for consumers. We believe a company with this rating would generally conduct business and respond to any complaints satisfactorily".

Can you believe that? Then again, Ameriquest is a paying member of the BBB, so I wonder how much that affects their rating.

I have had several one on one conversations with the Attorney General in my state. I spent a full day in a closed door meeting with several attorneys and we reviewed my case completely. There wann't too much about the loan that was good ... much of it was bad, wrong or illegal. I understand that these monies that AMC was fined is supposed to be distributed to AMC customers like us. Has anyone received any money from their state as a result of this? I am not certain, but I believe if you do receive some money, that puts an end to any other legal paths you can take ... in otherwords, you settled and are happy. So, beware of how you settle because you may have a good case. Read my other posts regarding the attorney in Chicago who is looking for AMC customers who were violated. And also note the contact information for the AMC employees who are supposed to assist in a resolution. Also, there is more information on www.thesqueakywheel.com where I placed a post. Let me just say this about the Squeaky Wheel ... I got a call from an outside attorney representing AMC when I put a post on there several years ago. So, if you want more attention with the hopes of a resolution, consider placing your post on that web site. AMC will get an e-mail every time someone reads the post. Check it out. If you do use it, don't forget to add the link to your posting on Rip Off Report.