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Report: #126237

Complaint Review: Ameriquest - Nationwide

  • Submitted:
  • Updated:
  • Reported By: Miami Florida
  • Author Not Confirmed What's this?
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  • Ameriquest P.O. Box11570 Santa Ana, California 92711-1570 Nationwide U.S.A.

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It seems Ameriquest and Argent Mortgage must sleep together. My loan is titled Argent but in fine print I've discovered Ameriquest in my paperwork. Add Citizen property insurance and some KY because all three of them are bending consumers over and sticking it to us. You receive these notices in the mail from Citizens about wind insurance and it states this is not a bill.

Do not pay. OK, you file it and make your monthly payment. All of a sudden Ameriquest informs me they have used up all my escrow (mis-managed) and need to raise my fixed rate from $1067.40 to $1361.76 a month. $294.36 more to cover $1380 for wind insurance, go figure, I did but can't understand how they can legally rip people off without any prior notice. I'm mad as hell and not going to take it anymore.

Michael
Miami, Florida
U.S.A.

This report was posted on Ripoff Report on 01/06/2005 09:51 PM and is a permanent record located here: https://www.ripoffreport.com/reports/ameriquest/nationwide/ameriquest-ripoff-using-my-escrow-without-my-approval-santa-ana-california-126237. 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. Ripoff Report has an exclusive license to this report. It may not be copied without the written permission of Ripoff Report. READ: Foreign websites steal our content

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REBUTTALS & REPLIES:
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#5 Consumer Suggestion

I'm glad to hear from other people that have been victimized by Ameriquest.

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

POSTED: Friday, January 07, 2005

Thanks Jason

Jason, I am looking into all of this in a way that will make Ameriquest sorry they finally screwed with the wrong person. Thank you for your support..

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#4 UPDATE EX-employee responds

Argent and Ameriquest are the same Company!!!

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

POSTED: Friday, January 07, 2005

You guessed right. Argent mortgage and Ameriquest are sleeping together. Roland Arnall is the owner of both of them along with Town and Country credit and Bedford Home Loans. Ameriquest is the retail company that consumers would deal directly with. Argent is their wholesale lender that mortgage brokers deal with. Argent has the best wholesale rates for consumers with not so perfect credit (known as sub prime). So as a mortgage broker (which I am now) most of your sub prime deals you put through Argent b/c their rates for the most part are the best. Argent doesn't service their loans they turn that right over to Ameriquest. I have actually had borrowers who were with Ameriquest and hated them so much that they insisted on not getting their new loan with Argent-even though it meant a better rate-just to not be stuck with Ameriquest again. As a former employee I can tell you that Ameriquest screws people all the time. It is my personal opinion that they will end up like the Money Store. Everyone remembers them being this mortgage giant who was so successful and people were making a ton of money with. They were shut down for in short-screwing people. It's a shame b/c there are some good people that work there but they have no idea that they are screwing their customers with every deal they do. Some of them know and don't care though. Their are a few class action law suits out there against Ameriquest which I think will be the demise of them. They are rumored to be going public in the next few months. That ought to be interesting. Jsut know that you are not the only one being screwed and I would advise you to get out of that loan ASAP even if it means paying a pre pay penalty. You could probably save money and the penalty is a tax benefit anyways b/c it is pre paid interest. Good luck and keep spreading the word about Ameriquest. I will.

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#3 UPDATE EX-employee responds

Argent and Ameriquest are the same Company!!!

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

POSTED: Friday, January 07, 2005

You guessed right. Argent mortgage and Ameriquest are sleeping together. Roland Arnall is the owner of both of them along with Town and Country credit and Bedford Home Loans. Ameriquest is the retail company that consumers would deal directly with. Argent is their wholesale lender that mortgage brokers deal with. Argent has the best wholesale rates for consumers with not so perfect credit (known as sub prime). So as a mortgage broker (which I am now) most of your sub prime deals you put through Argent b/c their rates for the most part are the best. Argent doesn't service their loans they turn that right over to Ameriquest. I have actually had borrowers who were with Ameriquest and hated them so much that they insisted on not getting their new loan with Argent-even though it meant a better rate-just to not be stuck with Ameriquest again. As a former employee I can tell you that Ameriquest screws people all the time. It is my personal opinion that they will end up like the Money Store. Everyone remembers them being this mortgage giant who was so successful and people were making a ton of money with. They were shut down for in short-screwing people. It's a shame b/c there are some good people that work there but they have no idea that they are screwing their customers with every deal they do. Some of them know and don't care though. Their are a few class action law suits out there against Ameriquest which I think will be the demise of them. They are rumored to be going public in the next few months. That ought to be interesting. Jsut know that you are not the only one being screwed and I would advise you to get out of that loan ASAP even if it means paying a pre pay penalty. You could probably save money and the penalty is a tax benefit anyways b/c it is pre paid interest. Good luck and keep spreading the word about Ameriquest. I will.

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#2 UPDATE EX-employee responds

Argent and Ameriquest are the same Company!!!

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

POSTED: Friday, January 07, 2005

You guessed right. Argent mortgage and Ameriquest are sleeping together. Roland Arnall is the owner of both of them along with Town and Country credit and Bedford Home Loans. Ameriquest is the retail company that consumers would deal directly with. Argent is their wholesale lender that mortgage brokers deal with. Argent has the best wholesale rates for consumers with not so perfect credit (known as sub prime). So as a mortgage broker (which I am now) most of your sub prime deals you put through Argent b/c their rates for the most part are the best. Argent doesn't service their loans they turn that right over to Ameriquest. I have actually had borrowers who were with Ameriquest and hated them so much that they insisted on not getting their new loan with Argent-even though it meant a better rate-just to not be stuck with Ameriquest again. As a former employee I can tell you that Ameriquest screws people all the time. It is my personal opinion that they will end up like the Money Store. Everyone remembers them being this mortgage giant who was so successful and people were making a ton of money with. They were shut down for in short-screwing people. It's a shame b/c there are some good people that work there but they have no idea that they are screwing their customers with every deal they do. Some of them know and don't care though. Their are a few class action law suits out there against Ameriquest which I think will be the demise of them. They are rumored to be going public in the next few months. That ought to be interesting. Jsut know that you are not the only one being screwed and I would advise you to get out of that loan ASAP even if it means paying a pre pay penalty. You could probably save money and the penalty is a tax benefit anyways b/c it is pre paid interest. Good luck and keep spreading the word about Ameriquest. I will.

Respond to this report!
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#1 UPDATE EX-employee responds

Argent and Ameriquest are the same Company!!!

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

POSTED: Friday, January 07, 2005

You guessed right. Argent mortgage and Ameriquest are sleeping together. Roland Arnall is the owner of both of them along with Town and Country credit and Bedford Home Loans. Ameriquest is the retail company that consumers would deal directly with. Argent is their wholesale lender that mortgage brokers deal with. Argent has the best wholesale rates for consumers with not so perfect credit (known as sub prime). So as a mortgage broker (which I am now) most of your sub prime deals you put through Argent b/c their rates for the most part are the best. Argent doesn't service their loans they turn that right over to Ameriquest. I have actually had borrowers who were with Ameriquest and hated them so much that they insisted on not getting their new loan with Argent-even though it meant a better rate-just to not be stuck with Ameriquest again. As a former employee I can tell you that Ameriquest screws people all the time. It is my personal opinion that they will end up like the Money Store. Everyone remembers them being this mortgage giant who was so successful and people were making a ton of money with. They were shut down for in short-screwing people. It's a shame b/c there are some good people that work there but they have no idea that they are screwing their customers with every deal they do. Some of them know and don't care though. Their are a few class action law suits out there against Ameriquest which I think will be the demise of them. They are rumored to be going public in the next few months. That ought to be interesting. Jsut know that you are not the only one being screwed and I would advise you to get out of that loan ASAP even if it means paying a pre pay penalty. You could probably save money and the penalty is a tax benefit anyways b/c it is pre paid interest. Good luck and keep spreading the word about Ameriquest. I will.

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