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Report: #154644

Complaint Review: Ameriquest Mortgage Company - Concord California

  • Submitted:
  • Updated:
  • Reported By: Pleasant Hill California
  • Author Confirmed What's this?
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  • Ameriquest Mortgage Company 2300 Clayton Road Concord, California U.S.A.

Ameriquest Mortgage Company, AMC Mortgage Services excessive fees, overinflated appraisal, deceptive loan documents, rushed signing of documents, dishonest Concord California

*Consumer Comment: Craig after re-reading your comment

*Consumer Comment: My father was ripped off, us too

*Consumer Suggestion: Ameriquest Branches Gone

*Consumer Comment: I have some serious concerns here...

*Consumer Comment: Ken and Steve ...

*Consumer Suggestion: Kay, you signed a promissory note at closing

*Consumer Suggestion: Kay, you signed a promissory note at closing

*Consumer Suggestion: Kay, you signed a promissory note at closing

*Consumer Suggestion: Kay, you signed a promissory note at closing

*Consumer Suggestion: Hey mark

*Consumer Comment: question for steve

*Consumer Suggestion: The HUD you sign CAN change

*Consumer Comment: I have a question

*UPDATE Employee: Beth You are an idiot

*UPDATE Employee: Beth You are an idiot

*UPDATE Employee: Beth You are an idiot

*Consumer Comment: Grand Rapids Office - 2002

*Consumer Comment: To Steve in CA

*Consumer Suggestion: Not confused at all Beth.

*Consumer Suggestion: Not confused at all Beth.

*Consumer Suggestion: Not confused at all Beth.

*Consumer Comment: Steve....

*Consumer Suggestion: Boston Beth>>> ReRead the OP, You are Wrong

*Consumer Comment: another commen to Mark

*Consumer Comment: to MARK in MICHIGAN

*Consumer Comment: CORRECTION for Steve in Corona, California

*UPDATE EX-employee responds: It's been 7 months & Mark is still there!!!

*Consumer Comment: I am an AMC victom as well.

*Consumer Comment: IVE GONE THROUGH THE SAME

*UPDATE EX-employee responds: Mark, i dare you to debate me

*Consumer Comment: Hey Buddy..... Give up on defending your rotten company because it's only going to make you think too hard of new ways to do so.

*UPDATE Employee: Hey buddy?? I am not your buddy.

*Consumer Comment: Utica, MI residents must be embarrassed

*Consumer Comment: Mark

*Consumer Comment: A member of the mortgage industry

*Consumer Comment: Comment about overpriced fees for ameriquest

*REBUTTAL Individual responds: Why cant we all sue?

*UPDATE EX-employee responds: Kimberly --- Mark is brainwashed...

*UPDATE EX-employee responds: Some things never change.. AMC has gotten WAY to big for it's britches

*UPDATE Employee: Done with this waste of time

*Consumer Suggestion: I don't have much to say

*UPDATE EX-employee responds: AQ Upper Management & the Psychology of Persuasion

*Consumer Suggestion: Right on the money, Tom

*UPDATE EX-employee responds: You must be joking!

*Consumer Comment: raping consumers for whatever you can gouge out of them is ridiculous.

*UPDATE EX-employee responds: Ameriquest Auditors are SOX Compliant

*Consumer Comment: One more time idiot

*Consumer Comment: One more time idiot

*UPDATE EX-employee responds: Call the Federal Regulators on Mark

*UPDATE EX-employee responds: Mark, Who is this CLOWN?

*UPDATE Employee: John, MOVE OUT OF YOUR PARENTS!!!!

*UPDATE EX-employee responds: Mark grow up..........

*UPDATE EX-employee responds: Sarbanes-Oxley

*UPDATE EX-employee responds: Sarbanes-Oxley

*UPDATE EX-employee responds: Sarbanes-Oxley

*UPDATE EX-employee responds: Sarbanes-Oxley

*Consumer Comment: What is wrong with you?

*UPDATE Employee: To Tracy No I am brainwashed, nor am I a company lackey.

*Consumer Suggestion: My last post to Mark - I can't remember the last time a company was being sued by 30 states, can you?

*UPDATE Employee: Veronica the only idiot here is you

*UPDATE EX-employee responds: Yes leave Ameriquest now.....

*Consumer Suggestion: Mark, with all your knowledge of the mortgage industry

*Consumer Comment: Paying it off will SKYROCKET your score.

*Consumer Comment: Actually, you're a number 2, if you know what I mean

*UPDATE EX-employee responds: Mark really is an idiot

*UPDATE Employee: Tracy Dave and Mortgage

*Consumer Comment: I agree.. Mark is an Idiot!!

*Consumer Suggestion: I wish the story was bunk

*Consumer Comment: suggestions

*Consumer Comment: mark you are a complete idiot!!!!

*UPDATE Employee: I have some questions Kim

*Consumer Suggestion: A classic Ameriquest hosing of the homeowner.

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Wish I knew now what I didn't know then....

We went for a refi in late March this year to get out of an ARM that was inflating out of control monthly. I spoke with a loan officer in the Pleasanton branch and explained our situation. The biggest concern for him was that we had only had the ARM loan for 4 months. After a check of my husbands FICO and receipt of our loan package (all by fax), was told a day later that they would be able to do something for us. He said our home would have to appraise for $650k (which it did, on the button).

A day or so later, this loan officer is transferred to and made manager of the Ameriquest Concord branch.

We were told that my husbands FICO was pretty low, so our rate wouldn't be that great. However, the final loan amount was almost $16,000 more than the Good Faith Estimate, and $60,000 more than our original loan balance with the prior lender. They charged us 3.195% points and a 3-year prepay. Our rate was still high, interest only and fixed for only 2 years. I asked why and was told that a FICO of 644 was really too low to qualify for a better rate. But once his cards were paid off through escrow, his score would start to climb, and after 12 months we call him up for a refi with a much better rate, and he could waive the prepay penalty.

We were rushed through closing three days later, with a notary ($300!) who couldn't answer any questions and basically flipped page after page for my husband to sign.

That evening I reviewed the note, rider and disclosure statements that my husband had signed, and saw the servicing disclosure which stated 76-100% of all their loans are sold, assigned or transferred. Whoa! If the loan is sold, Ameriquest couldn't exactly waive a prepay in 12 months. So I called our loan officer/manager and asked him about it. I was told that it really didn't happen that often and it's just one of those disclosures they're required to make, and he reassured me that we could call him for a refi in a year when my husbands score was higher.

We went ahead with the closing. Got our checks for the credit cards, paid them off. Received a little cash back that was titled "padding" for paying off the previous lender on the escrow statement. Woo h*o!

We make our first two payments, and two weeks before the third is due, we receive a letter from Ameriquest informing us that the loan has been assigned to another lender for servicing.

Two weeks after that, we get our letter from the other lender. We're not happy. We call the other lender to see that now, because my husbands FICO has jumped to 721, we could refi with the new lender and have the prepay waived. It turns out they are just servicing our loan, because the note was sold to an investment company. So, they can't waive the prepay, because only the investor can do that. We are assured that they won't.

The loan officer looks up our loan terms, and tells us she's very sorry, but we got taken. "You should have walked away from that loan", she says. "644 is low, but not sub-prime. You should have gotten a better rate." There is nothing she can do in terms of refinance.

I call a mortgage broker to see if there's anything we can do to refi and suck up the prepay penalty into a new loan. He does a quick review, and says that our debt to income is over the 45% most lenders require.

On the application typed up I'm assuming by a processor, but with information supplied by the new Manager, my husbands monthly income was inflated by $475+.

I check a little further. On this same application, our second, free and clear home is left off the assets breakdown. He was faxed a copy of the deed with our loan package.

Also left off of the assets was a pension worth over $150,000, a statement for which was also faxed. Apparently, we also don't own any automobiles, but what we DO have is $25,000 in stocks and bonds...NOT. In short, he appears to have downplayed our financial situation. To stick us with a higher rate??

It is also stated that we owned our home for two years, when we just purchased it 5 months prior. And the appraisal? We received a copy of it after closing. The crafty appraiser supplied a picture of somebody elses (much nicer looking) backyard. We have been told that even though home prices here have risen about 15% this summer alone, our home would probably not appraise for much more than it did in March, so the loan to value just isn't there to support a refi.

So here we are, fixed for two years (at a HIGH interest rate), with the third year going ARM...no chance of waiving prepay for better rate and term. No other lender apparently willing to touch it, for many reasons.

Kimberly
Pleasant Hill, California
U.S.A.

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REBUTTALS & REPLIES:
0Author
71Consumer
1Employee/Owner

#72 Consumer Comment

Craig after re-reading your comment

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

POSTED: Saturday, May 27, 2006

Craig I think you mis-read what had happened to me with my complaint, I have 2 lawyers that took my case, so apparently they found fault. Plus my appraisal was inflated by 45.000. I have learned for a fact if your settlement doc you sign at closing, change 9 days after you close, plus your recission is over in 7 days. they have to re-do the settlement and have you sign and issue a new recission. PERIOD.

I was never given a new settlement to sign it was just slid under the table, I did try to cancel, I was told I could not, because my recission was over, so why do they have recission laws if they change your docs after recission, This is in violation of the truth n lending laws. 9 days after I closed I went to pick up my check, this is when I found out there was a big difference in my cash out, Fact they changed the settlement after recission, then they tried to hide it from me.

So is that legal NO, my lawyers sure don't think so. plus there werre other issues . So I do not believe the loan is mine PERIOD.They inflated my appraisal so high I couldn't even sell. This is how they hook you for life, if they don't get your home first, they delibertly set you up to foreclose. I take blame on not reading all the paper work, Frankly I thought it was ilegal for them to lie on docs. Guess on that part its my fault. There was so many wrong things on my docs. But I will fight them to the end, and so will my attorneys, And I trust what they are doing and have faith in their experience with this. I think next time I refiniance I will get a degree in loan docs. Plain truth, a lie on docs is illegal.And a honest Co should not lie on the docs in the first place. And apparently there is a pattern, every single story is the same. So I think that pretty much sums up how they conduct their business.And there alot of people on this site that agree with me RIGHT GANG!!!!! PLUS 210.000 OTHER COMPLAINTS.
Kay

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#71 Consumer Comment

My father was ripped off, us too

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

POSTED: Saturday, May 27, 2006

kimberly, my family home was taken from us by ameriquest. my father was an elderly man and a notary was sent out to the house for him to sign papers, once he passed on this was all discovered. I found loan docs showing him as 35 yr of age and 58 yrs of age depending on what set you read, the loan docs also showed my father owning his own business, being self employeed, when in fact he was 80 yrs old. The monthly loan payment was more then his social security check.

When I asked ameriquest about this i was told this was all done over the phone and the notary just looks at the license to sign the docs they do not look over the docs. when i asked about showing "proof" of the so called self employement i was told that it was not "required" as all it did was cause a higher interest rate.

As for Mark the AMC employee he needs to be able to look himself in his mirror each and every day and I'll bet that is something he cannot not do, i bet he is involved all the way up to his eyes in this mess

i have put my rip off information on this site as well

good luck

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#70 Consumer Suggestion

Ameriquest Branches Gone

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

POSTED: Tuesday, May 02, 2006

For anyone who hasn't heard, Ameriquest decided to close all their branches and no longer has Branch Employees. This means mark, who defense of his company seemed to offend so many, is gone.

Here is a link to their press release that explains the situation:

http://www.ameriquestmortgage.com/releaseArticle.html?news=news20060502

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#69 Consumer Comment

I have some serious concerns here...

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

POSTED: Sunday, April 09, 2006

... that we all may be up against something much bigger than we think. Politics... at the Federal level.

I will be the first to admit that I am not privy to the negotiations between AMC and these 49 A/Gs. However, on the surface, it looks like there is SUBSTANTIAL widespread evidence of massive fraud across this country by a single company. This has resulted in extensive damage (documented) that has been done to thousands (tens of thousands?) of consumers - both financially and emotionally, and extensively caused through the use of fraud.

I looked up the term "con" in the Webster Dictionary. It referred me to the word "swindle". Definition: "to take money or property from by fraud or deceit".

Now I am only a lowly science teacher, so I may be very naive on this subject, but... I thought THAT was illegal? No?

Not "Well lets negotiate this", or "OK, as long as we can admit to 'No wrongdoing' and we only have to pay five (5) weeks of net income as a fine", or "Well it was the consumers' fault because they fell for our ploy of dangling cash in front of desperate people, who had NO reason to believe that we were trying to set them up to rip them off" - I mean JAIL TIME, crippling fines, and this company (or any swindler) should have their licenses permanently revoked in every state where these crimes were committed.

Anyone remember Enron??? These guys are facing prison, and lots of it. Their company no longer exists. They did not get the chance to "negotiate" any settlement, so that each of the individual's they hurt could receive a "token stipend" of $2K-$3K, and so that they could remind these injured parties, "But remember... We did nothing wrong. Have a nice day."

They didn't have any law enforcement agency tell them, "Well, OK... But we're getting a lot of complaints, so you guys go ahead, but we're going to have to watch you a little closer for a while - hope you don't mind?"

My concern is that the founder (no name - you can look it up) of AMC (who's up for the appointment as Ambassador to the Netherlands) is the biggest contributor to President Bush's campaign. Only one Republican seems concerned over these disturbing issues. (I am a Republican, BTW, just so you don't think I'm trying to bash any one Party - I am just greatly concerned about the political ramifications in general.)

However, it seems he plays both sides of the fence. He has also made large contributions to the campaigns of several Democrats as well. Do you think this guy just may be politically connected in a BIG way (and probably has been for years)? I really don't think he's a particularly stupid individual.

Like I said, I'm just lowly science teacher. However, if I was to own a national company/corporation, that I knew was getting into a "gray" (sometimes "black") area in their general business strategies (I'm sure all these revelations come as a complete shock to him... right???), I would definitely start developing some good relations with some very powerful people - and not just because I'm a "friendly" kind of guy. It's how Washington is run. I would be smart enough to know that I may need a backup plan.

Now, I have to believe that there are politics somewhere here. How deep this "wormhole" goes depends on how smart this guy is, and how much money he spent - and where.

What if this "influence" has filtered down to the States' A/G offices... not all of them, but enough of the right ones to make a difference (or even higher up in each State)? What if this has even filtered down to certain critically placed officials/judges in our judicial system? Surely all judges are honest aren't they???

Please understand that this is just ME, a lowly science teacher, and this is just my pure speculation. However, if I owned a corporation that was running slipshod over the lives of consumers in 49 states and the District of Columbia (how lucky you are Virginia, that AMC was not allowed to do business in your state), and I also had money to influence certain members of Congress, it would be a done deal... money well spent (invested?).

But then again... I'm sure this guy NEVER thought of ANY of this...

Sleep well tonight guys and gals...

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#68 Consumer Comment

Ken and Steve ...

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

POSTED: Tuesday, April 04, 2006

Ken, I wish you the best of luck and your posting was terrific. I hope you make Americrap, as you call it, pay dearly.

Steve, you say if documents were different at time of closing, people shouldn't sign. I agree BUT ... some of us unfortunate customers signed believing what the rep told us.

I received the truth in lending and a copy of the contract I thought was what would be presented at closing. When I arrived, I was told the documents were the same and had not been changed. I know, I shouldn't have believed them and read the documents again. But, I was rushed through the closing because the lying reps had another closing scheduled, they claimed, and paper was being pushed and shoved around that table making my head spin. Yes, my fault entirely for believing that a reputable company and rep would not lie. I have paid dearly for that mistake. But, I have read, over and over again, of how people should not sign at closing if the terms are different than what they had understood before signing Ameriquest's bogus contract. There are many reasons why an individual does sign. This is one of them.

Believe me, I will NEVER trust another mortgage rep and if it takes me three days to read the contract before I sign, then the rep will just have to sit there and wait until I'm satisfied it is legitimate. It's sad that I have been made to feel this way but, after being an Ameriquest customer for 2 1/2 years, I have learned there is much evilness in the world, most of it inside Ameriquest's walls.

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#67 Consumer Suggestion

Kay, you signed a promissory note at closing

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

POSTED: Sunday, April 02, 2006

At closing, you signed a promissory note for a loan of X amount of money, X amount of interest, X amount of a monthly payment. The HUD-1 should reflect exactly the same things.

It doesn't matter about what was said, discussed disclosed, promised, emailed, faxed prior to the day you signed the mortgage note. When you signed the note at closing, then let the rescission period run and didn't cancel, the loan is yours. Period.
If the documents you signed at closing were substantially different that what you believed your loan to be prior to closing, you should not have signed. Stop, get the corrections made, get a complete new set of docs out, then sign the accurate paperwork.

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#66 Consumer Suggestion

Kay, you signed a promissory note at closing

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

POSTED: Sunday, April 02, 2006

At closing, you signed a promissory note for a loan of X amount of money, X amount of interest, X amount of a monthly payment. The HUD-1 should reflect exactly the same things.

It doesn't matter about what was said, discussed disclosed, promised, emailed, faxed prior to the day you signed the mortgage note. When you signed the note at closing, then let the rescission period run and didn't cancel, the loan is yours. Period.
If the documents you signed at closing were substantially different that what you believed your loan to be prior to closing, you should not have signed. Stop, get the corrections made, get a complete new set of docs out, then sign the accurate paperwork.

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#65 Consumer Suggestion

Kay, you signed a promissory note at closing

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

POSTED: Sunday, April 02, 2006

At closing, you signed a promissory note for a loan of X amount of money, X amount of interest, X amount of a monthly payment. The HUD-1 should reflect exactly the same things.

It doesn't matter about what was said, discussed disclosed, promised, emailed, faxed prior to the day you signed the mortgage note. When you signed the note at closing, then let the rescission period run and didn't cancel, the loan is yours. Period.
If the documents you signed at closing were substantially different that what you believed your loan to be prior to closing, you should not have signed. Stop, get the corrections made, get a complete new set of docs out, then sign the accurate paperwork.

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#64 Consumer Suggestion

Kay, you signed a promissory note at closing

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

POSTED: Sunday, April 02, 2006

At closing, you signed a promissory note for a loan of X amount of money, X amount of interest, X amount of a monthly payment. The HUD-1 should reflect exactly the same things.

It doesn't matter about what was said, discussed disclosed, promised, emailed, faxed prior to the day you signed the mortgage note. When you signed the note at closing, then let the rescission period run and didn't cancel, the loan is yours. Period.
If the documents you signed at closing were substantially different that what you believed your loan to be prior to closing, you should not have signed. Stop, get the corrections made, get a complete new set of docs out, then sign the accurate paperwork.

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#63 Consumer Suggestion

Hey mark

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

POSTED: Sunday, April 02, 2006

I have a report of my own story on rip off report on how americrap screwed me over and i have an attorney working on it right now so please give me your full name and what branch you work for so i can include you also in my suit.I mean really dude r u serious theirs so many people telling the same story as a matter of fact their are several people who used to work for americrap comming out now and telling the truth on what they are doing to people.So if i where you i would crawl back to your cubby hole you call your office @ americrap and keep your mouth shut.And to everyone else kepp everyone aware to what ameriquest is up to, call the attorney generals office and file a complaint, then ameriquest has 21 days to respond then get a good attorney and you will get somewhere.Good Luck to all and may GOD BLESS!

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#62 Consumer Comment

question for steve

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

POSTED: Sunday, April 02, 2006

Steve, my loan amt did change, which my loan officer did not tell me, I found out when i went to the title co. which i never received a new settlement to sign, when i tried to cancel my loan officer told me i could not because my recission was over and that my previous lender already got their payoff. PERIOD... it's too late he said. Is that legal, plus they never sent me my appraisal

Kathy

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#61 Consumer Suggestion

The HUD you sign CAN change

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

POSTED: Sunday, April 02, 2006

To Kay... Yes the Settlement Statement(HUD-1) can change from the one you sign and after the rescission date passes. It is common for that to occur.

I am not going to list everything, just the more common line items.

Items that might change:
Payoff amounts to satisfy existing mortgage liens

Days of per diem interest collected before the new loan funds and disburses

The number of months and the amount collected to fund the impoound (escrow) account for property taxrs, school taxes, city taxes, homeowners insurance

The amount added to your payment each month for paying taxes and homeowners insurance(see directly above)

The Items that should NOT change are:

The loan amount

The loan term and type of loan

The interest rate

The Principal & Interest payment

The "Hard Fees" the lender charges like origination, discount points, processing fees, underwriting fees, doc prep, etc.

Title & escrow fees usually do not change much if any because they are typically prepared by the company that is closing the loan.

This is not a complete and exxhaustive list, but should cover the most commonly changed items. If an item that is clearly something that should not have changed, consult the title company and the lender immediately. Mistakes happen and can get rectified, but if it was on purpose find out why.

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#60 Consumer Comment

I have a question

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

POSTED: Saturday, April 01, 2006

I been reading a lot of reports on this site and I have a question which I'm getting different answers. Can your settlement page you sign at closing, be changed after your 7 day recission is over, Is this legal?
Kathy

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#59 UPDATE Employee

Beth You are an idiot

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

POSTED: Saturday, April 01, 2006

Beth,

You say sub prime and non conforming loans are the same thing. Then Steve questions this and you then say that is he confusing non conforming with Alt-A. You need to go back what you do best.. Collect Unemployment checks becasue it is obvious you have no idea what your talking about, Alt-A and non-conforming being the same thing. Bring us a coffee sweetie and let the men talk. Please dont think to much you might hurt yourself.

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#58 UPDATE Employee

Beth You are an idiot

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

POSTED: Saturday, April 01, 2006

Beth,

You say sub prime and non conforming loans are the same thing. Then Steve questions this and you then say that is he confusing non conforming with Alt-A. You need to go back what you do best.. Collect Unemployment checks becasue it is obvious you have no idea what your talking about, Alt-A and non-conforming being the same thing. Bring us a coffee sweetie and let the men talk. Please dont think to much you might hurt yourself.

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#57 UPDATE Employee

Beth You are an idiot

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

POSTED: Saturday, April 01, 2006

Beth,

You say sub prime and non conforming loans are the same thing. Then Steve questions this and you then say that is he confusing non conforming with Alt-A. You need to go back what you do best.. Collect Unemployment checks becasue it is obvious you have no idea what your talking about, Alt-A and non-conforming being the same thing. Bring us a coffee sweetie and let the men talk. Please dont think to much you might hurt yourself.

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#56 Consumer Comment

Grand Rapids Office - 2002

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

POSTED: Wednesday, March 29, 2006

Need to find Jeff Roberts who used to work in the Grand Rapids office 2002-2003 timeframe. I think he can help me. I hope he wasn't one of the ones who was prosecuted. Anyone able to help me?

Thanks,

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#55 Consumer Comment

To Steve in CA

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

POSTED: Monday, March 27, 2006

Steve, I understand what you are saying about the diff. in sub and non. I just think you and I refer to them differently is all. Didn't mean to "call you out", so my apologies if it came off like that.

I agree with you 150% on what you ended with in regards to the borrowers who aren't doing their homework. If you have read any of my other posts, I've tried to offer some tips and advice for their future use but Kathleen in partiicular tears me apart for it. It's unreal. And her story isn't really even one of a serious hardship.

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#54 Consumer Suggestion

Not confused at all Beth.

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

POSTED: Sunday, March 26, 2006

You called me out for a comment I made about the original post regarding possible seasoning issues and then you began to school me about conforming rules at Fannie & Freddie.

Conforming just means the loan fits the guidelines of the lender and Fannie/Freddie for sale on the secondary market.

Anything else is non-conforming. Period.

Just because a loan is non-conforming does not mean it is sub-prime. You stated that earlier.

By definition, a loan of $417,001 is non-conforming, but it surely does not need to be sub-prime or even Alt-A! It is just a jumbo loan fitting whatever guidelines the lender specifies.

Something you need to realize is that people who have posted their problems on this site are doing so AFTER the horses have left the corral. They have all ready been screwed by the lender, their own poor due-diligence, their own poor money management or whatever. They are busy blaming everyone else for some problem(s) that frequently, (but not always) was within their control and by some poor decisions got into a much bigger problem.

I have written time and again that the homeowner/borrower must be their own best advocate and buyer beware. This in-depth technical babble just makes the average person's eye's glaze over.

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#53 Consumer Suggestion

Not confused at all Beth.

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

POSTED: Sunday, March 26, 2006

You called me out for a comment I made about the original post regarding possible seasoning issues and then you began to school me about conforming rules at Fannie & Freddie.

Conforming just means the loan fits the guidelines of the lender and Fannie/Freddie for sale on the secondary market.

Anything else is non-conforming. Period.

Just because a loan is non-conforming does not mean it is sub-prime. You stated that earlier.

By definition, a loan of $417,001 is non-conforming, but it surely does not need to be sub-prime or even Alt-A! It is just a jumbo loan fitting whatever guidelines the lender specifies.

Something you need to realize is that people who have posted their problems on this site are doing so AFTER the horses have left the corral. They have all ready been screwed by the lender, their own poor due-diligence, their own poor money management or whatever. They are busy blaming everyone else for some problem(s) that frequently, (but not always) was within their control and by some poor decisions got into a much bigger problem.

I have written time and again that the homeowner/borrower must be their own best advocate and buyer beware. This in-depth technical babble just makes the average person's eye's glaze over.

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#52 Consumer Suggestion

Not confused at all Beth.

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

POSTED: Sunday, March 26, 2006

You called me out for a comment I made about the original post regarding possible seasoning issues and then you began to school me about conforming rules at Fannie & Freddie.

Conforming just means the loan fits the guidelines of the lender and Fannie/Freddie for sale on the secondary market.

Anything else is non-conforming. Period.

Just because a loan is non-conforming does not mean it is sub-prime. You stated that earlier.

By definition, a loan of $417,001 is non-conforming, but it surely does not need to be sub-prime or even Alt-A! It is just a jumbo loan fitting whatever guidelines the lender specifies.

Something you need to realize is that people who have posted their problems on this site are doing so AFTER the horses have left the corral. They have all ready been screwed by the lender, their own poor due-diligence, their own poor money management or whatever. They are busy blaming everyone else for some problem(s) that frequently, (but not always) was within their control and by some poor decisions got into a much bigger problem.

I have written time and again that the homeowner/borrower must be their own best advocate and buyer beware. This in-depth technical babble just makes the average person's eye's glaze over.

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#51 Consumer Comment

Steve....

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

POSTED: Sunday, March 26, 2006

Are you confusing Alt. A with non-conforming? I mean, we could split hairs all day, but sub-prime and non-conforming are the same. Non-conforming is not a stated program with Flagstar.

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#50 Consumer Suggestion

Boston Beth>>> ReRead the OP, You are Wrong

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

POSTED: Sunday, March 26, 2006

Beth, slow down a little Sweetie, yer gonna blow a gasket.

You are correct, Fannie & Freddie don't require seasoning on cash-out conforming loans. What makes you think the loan scenario in question is a conforming loan? Did you even bother to read the original post?

While the OP doesn't exactly state the loan amount to be less than $359,650, there are clues.

CLUE>>>"He said our home would have to appraise for $650k (which it did, on the button)."
Whereas the conforming limit is presently $417,000 back in August 2005 the conforming limit was $359,650.00. If the home "had to" appraise at $650,000, this would have been a 55% LTV loan. Wouldn't you agree we are probably not talking about a 55% LTV loan in this case?

NOW, a little lesson for you Beth. You made this comment to Mark>>>>
"... A sub-prime loan and a non-conforming loan are the same thing."

Wrong. While it is true a sub-prime loan is non-conforming, a non-conforming loan is definitely not always a sub-primer. I have done many hundreds of non-conforming loans that were not sub-prime.

What? You mean all those full doc jumbo loans I have been selling all these years are sub-prime? They are certainly not conforming!

What about the stated income, full asset loans to the homeowners with 700+ FICOs, tons of reserves, 70% LTV, etc., etc. that wanted a stated program because their income is a pain to document? Those are sub-prime too?

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#49 Consumer Comment

another commen to Mark

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

POSTED: Saturday, March 25, 2006

YOUR WORDS: "The only thing the company really is guilty of is not being able to forecast the meteoric growth it has experienced in the last 10 years. We are on every major entertainment venue or sport in the United States and you really want to say that we are where we are by deliberately hurting people?"

I wonder HOW Ameriquest got so large and so wealthy? By lending responsibly? Or by not-so-honest business practices and ripping people off?

Smarten up,

Boston Beth

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#48 Consumer Comment

to MARK in MICHIGAN

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

POSTED: Saturday, March 25, 2006

18 whole months with the company? Wow, that's impressive.

First of all, here's a little lending lesson for you. A sub-prime loan and a non-conforming loan are the same thing. But as an Ameriquest employee (undoubtedly your first job in the industry) that is all you know - Amerijunk. You don't know fannie mae, you don't know Alt-A, you don't know sub-prime. you only know what your computer tells you to say to the borrower on the phone. The "I can waive your prepayment penalty" is your saving grace. Without that, you'd be working the .99 cent menu at fast food restaurant for lunch every day (if you're not already).

You guys are not fooling the REAL mortgage professionals in this industry, and it appears that the general public is catching on fast which is the answer to my prayers! I had the misforture of having to train a former Ameriquest employee once. Like you, he too was a baffoon and did not know a single solitary thing about lending............. and his resume said he was a manager there! I know the only thing he managed was to get bombed in his car every day at lunch. He couldn't sell a snowsuit to an eskimo in a blizzard pal.

If you don't know that your company closes loans before they're actually completely underwritten and by that time the rescission period is already over, than you need to start paying more attention to what's going on over there. You guys make up income, make up jobs, cut and paste fico scores, lie to borrowers, bait and switch fees and rates, etc. Not too shabby for a bunch of idiots. But at 15% commission you have no choice but to rip everyone off. If you had a shred of integrity and knowledge you'd be making 50% like I am. You show up to people's home like gangbusters in your $75 dollar suits with your phoney boloney and rip people off. I'm sure you don't remember this (i'm sure the average age of the employees in your office is 23), but there was a time when your company was selling a 5-year prepay on 2 year ARMs. If that's not financial murder I don't know what is.

Go back to the car lot, stay off this site, you're out of your league here. Don't leave Ameriquest because you'll never sell another loan anywhere but there. It requires knowledge and talent, neither of which you will get working for them. You're not worth the time to them, you're just another gullible idiot on their payroll willing to sell your soul for a measly 15% commission.

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#47 Consumer Comment

CORRECTION for Steve in Corona, California

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

POSTED: Saturday, March 25, 2006

Hi Steve. If it's true that you've been in the mortgage industry for 10+ years you should know that Fannie Mae and Freddie Mac do not have seasoning on property after purchase. About half of the sub-prime lenders require a year for a cash-out refi, and the other half require only 6 mos. in order to use the new appraised value. At least that's the way it is here on the east coast, and I'm sure the guidelines are the same throughout the country.

Boston Beth

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#46 UPDATE EX-employee responds

It's been 7 months & Mark is still there!!!

AUTHOR: Elvira Hancock - (U.S.A.)

POSTED: Monday, February 20, 2006

Mark is still at AMC after his first post in August.

It seems the only thing that has changed about him is that he is probably making a lot less money!!! Considering all the bad press and law suits, and his obvious lack of talent.

The last time I saw this post, I was Tracy in Plymouth, MI! I've changed my location and my name since then. And Mark has not changed a bit!! I love it!!

Now Mark, When you say

"What are you talking about. No one was found guilty of or charged with anything and 1000 dollars says you cant produce anything other than your mouth to the contrary"

...Is that a open invitation for anyone to win your $1000 ???......because I have sooo much that proves so much...that AMC found it in their best interest to make me comfortable for a long long long time.

I'll take your money all day long. In fact I'll give it to Kimberly, or even John so he can pay his rent.

Mark, you learn the hard way don't you??

Now, I know it must be hard for you not to respond to all of your critics, but please... have someone clever help you write your next response. When you make comments, all you do is further acknowledge that you are a DUMB P.O.S.

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#45 Consumer Comment

I am an AMC victom as well.

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

POSTED: Monday, February 20, 2006

Dear Kimberly:
I made the mistake of calling AMC for a refinance on our home in late 2004. I had a credit score in the 680's at the time. They charged me 8.80% interest and the mortgage was an ARM. We were also told that we could refinance in a year when my score went higher and then I would receive a prime rate. Well, in 5 months my loan was sold to a company called Wilshire Credit. Trust me, they are no better then AMC.

My advice to anyone getting a mortgage, Go to a good, first rate, bank! Do not go to a secondary lender like AMC. They appraised my house for 25k more then what I could sell it for!

Wait until you see the documents that you have to sign. A pile about 4" thick. It seems like you have to keep signing these sheets that cover thier asses on other documents you have already signed.

That is to stop you from suing them!I would love to have a job as one of thier loan officers or underwriters. They are making a killing off of thier clients extra interest. They are doing nothing more then ripping off the common working man or women that earn under 50k per year.

Those are the individuals that can't afford to ripped off. Get this! I have sinced sold that home at a loss but I bought a different home and I have a mortgage with HSBC bank and my rate is 6.4% on a conventional and my score was 670 when I recieved the mortgage. Do your homework! Don't get scammed like I did. I learned a valuable lesson.

Ameriquest you and everyone involved in your company Suck!

T.J.

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#44 Consumer Comment

IVE GONE THROUGH THE SAME

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

POSTED: Monday, February 20, 2006

ameriquest has done the same thing to me.

heres a suggestion-im using a lawyer from another mortgage company to put a case against them among 13 other couples in my area.

we have all been scammed and to even try and communicate with any one that works there is a useless waste of time like you can see by marks comments.

they just settled a 500 million lawsuit by pasying 350 million to settle.

i also only missed 1 mortgage payment and they instantely pout us in foreclosure.

we are fighting back they stopped accepting payments immedietly.

only 1 day after the 15 day grace period.

they have made our lives hell for months and there is really no one out there to help us poor people.

ameriquest is the biggest scam artist company out there.

they did the same thing with our apprasial and our income.

its considered fraud and we will win someday.

if you got anything or help from anyone please let me know.

i feel for you as i know what u are going through.

i only have 2 months left before my arm goes out of control even more.

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#43 UPDATE EX-employee responds

Mark, i dare you to debate me

AUTHOR: The Realist - (U.S.A.)

POSTED: Monday, February 13, 2006

Mark, you could not be more pathetic as a person

You sir are about as uneducated as they come in the mortgage industry. Lets forget all the talk of fraud etc. lets talk about the loans Ameriquest does, and what they do for people. They do nothing but take advantage of them. I used to work there and am now a broker, you have no idea the bullsh*t your company sells, and leads you and others to believe. You claim these people cannot get loans elsewhere?? Your company has underwriting guidelines that are harder to meet than any other subprime lender in the country. your credit "grades" 2a, 3a, 4a and so on do not exist. cash reserves? no subprime lender cares except Ameriquest. Even if you have them, the rate is still 1-2 points higher than you can get going through a broker. that is the tip of the ice berg. why do you think ameriquest highers those with no prior experience? why do you think the avereage tenor there is 1 year for an LO? Because people quit after finding out about the BS that goes on, or they are fired for having a conscience. You maggot. Ameriquest found a marketing niche that they took advantage of, thats the only reason they do loans. They truly and most certainly do not care about the consumer, and 90% of the people i worked with including management were uneducated (meaning no college) like yourself and greedy. They dont care about ripping people off, money is the goal. I have been able to get people with a 500 credit score and 30 day lates a loan at 85-90% ltv ON A REGULAR BASIS, with no prepay penalty. try that at your garbage company... wake up, or continue to lie to yourself and your borrowers, you are rotten as a human anyway, and that probably wont change. and they claim to not judge people on credit... i hope roland arnall rots in hell for misleading people who simply want to trust that others will do right by them. i booked loans there, averaging 7-8 a month, because i was not aware the extent to which i was ripping people off. Finally i learned, although i had a clue the whole time, and quit. Why do you think the app to fund ratio is sow low?? BECAUSE THE PRODUCTS THERE ARE A JOKE. Anyone who shops around will beat the deal by a landslide. Charging 4 points up front with no decrease in rate, using a 3 year pre-pay on a 2 year arm.. For a loan at Ameriquest you will pay 3-4 points more than necessary and get a rate that is 1-2 points higher. WHY? for nothing. because immoral scum bags like you only want to make money at any cost. defrauding people and lying to them to make them think that is the only loan they can get for false reasons. i have seen it all. doesnt it bother you that you sell s***? your loans eat up peoples equity, rob their monthly expenses and cripple them from doing anything about it. again, and for what? because they sponsor the american dream?? think about how evil the higher ups are to even say that with a straight face. you cannot tell me any top performer in that company does not lie to the borrower in one form or another to get the loan to close. i heard it everyday "sir, you were late on a car payment in 2004, now your fees go up." there will be retribution for you, roland, mary jo and the rest of the white collar crimnals and deceivers. i hope you all burn for what you've done and continue to do. by the way, a broker can close a loan in 1 week so there goes your speed excuse.

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#42 Consumer Comment

Hey Buddy..... Give up on defending your rotten company because it's only going to make you think too hard of new ways to do so.

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

POSTED: Sunday, February 12, 2006

You seem to have read your own posting when you claimed it sounded pathological. I would have to agree with you. You get on here criticizing every single person who writes of the fraud and everyday raping they get from your s**t company. Give up on defending your rotten company because it's only going to make you think too hard of new ways to do so. You have little brain power left and you better save it for the next job interview.

If you don't know what "voice an opinion" is, don't comment on it. It just shows your ignorance.

No, I don't like your stupid comments but I read them anyway just to get a laugh. It is so easy to know who the theiving employees are. All I have to do is check out the spelling and the comments they make. It's very obvious.

Yea buddy, I read all the comments on this website. I just don't comment on ALL OF THEM.

You put down everyone you can and it only shows the lowlife scum you are. I pity your poor family. I pity you. I am very proud to live in Alabama. I'm sure the state of Michigan is so very proud of jerks like you who have nothing intelligent to say and nothing of quality to give to society.

Hope you can sleep at night after all the damaging things you say to others and after scamming all the people you have in your EIGHTEEN MONTHS of employment with Amerishitquest. Good luck with the job search soon!

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#41 UPDATE Employee

Hey buddy?? I am not your buddy.

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

POSTED: Saturday, February 11, 2006

Jack,

First of all, I am not your buddy. The pit of the pit of Michigan? Pretty funny Jack. Sounds like working amateur night at the local comedy club in addition to your job changing oil is paying dividends. BTW, who are you?

Kathleen, you take the cake. Get to your doctor immediately and get some help. Your rantings arent just criticism, they're borderline pathological. Let me quote you, " Yes, he has rights but he should voice them elsewhere to people who wish to read them" How do you voice "rights"? Did you mean I have the right to speak my mind? You're correct I do, and I am going to post them right here. Don't like it, Too Bad. Don't read it. Also, Kathleen take a look at Marisa comment. She read the package and opted to go elsewhere for a loan, which is her right. The same package was sent to you and you decided to go with the loan. Quit bitching and pay your bills on time. Michael from Illinois who was investigated and found guilty of what? And by whom? What are you talking about. Noone was found guilty of or charged with anything and 1000 dollars says you cant produce anything other than your mouth to the contrary. Tom from OH. Who is this magical employer that provides you this great lead base. Name your employer. You know why you didnt. You're lying Tom thats why. Your work for some broker noone has ever heard of and you close nothing so spare me. And finally Dave from the armpit of Florida, yes you did say you have perfect credit. And Dave, since I am from Michigan and you're from Florida you should say come up and visit me, not down. Where did you go to school moron? Probably in Alabama just like Kathleen

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#40 Consumer Comment

Utica, MI residents must be embarrassed

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

POSTED: Saturday, February 11, 2006

I couldn't believe the dumbass comments made by this Mark character. A man with no character I should add. He claims, with pride no less, that he has been employed by this shithole company for 18 months. That's enough time to understand why he is such an arrogant idiot.

He said all potential customers have 7 days recission. Sorry idiot, Ameriquest must throw out to their "filthy, lying AE's" to give people any days between 1 and 10. And you told someone to "forward their loan #" to you? My gawd, you have got to be one of the most stupid employees I've encountered yet. No one on here would trust someone such as you, can't you get that through your thick, dense head?

You "help people and save them money". HA! That was a good one. You mislead people and take their money is more like it. You are just as theiving and conniving as the company you represent. You claim YOUR company is the largest lender in the world helping thousands of people? Maybe so. A company can grow rapidly by screwing their customers over.

You told Veronica she should have quit immediately if she acknowledged fraud. Give me a break Markie. You see it everyday so why aren't you calling the Attorney General? Why aren't you quitting? I know why.......'cause you like making your customers bend over daily and lining your pockets with ill-gained money.

Your comment of closing in a few days to "assist customers in an expeditious manner" made me laugh for days. We all know why you close in a few days. I won't go into it, everybody knows.

People could "sue our butts off" as you say for applying mortgages in direct violation of terms of the agreement. Well, guess what? People are "suing your butts off".

I agree that all companies receive a few complaints but come on, Ameriquest has thousands of them. You said "our level" to imply that Ameriquest is so great. Ameriquest is the scum of the earth, dirt under my feet. And, I have to agree with others that you cannot leave "unchallenged".....all reps are filthy liars. Challenge that!

And Tom, in Ohio, says to stop bitching about Mark? How can we not? His comments and way of thinking (if you call it that) are so ignorant, we just have to respond. You say he "believes in his employer".....well, that's his problem. Soon, he will change his tune when they fire his a*s. Yes, he has rights but he should voice them elsewhere to people who wish to read them. I don't know where he would find such an audience but he does have the "right" to try. And I appreciate the "ex-employees" who, as you say, "b***h" on here. They tell the TRUTH finally. They verify the low-life, underhandedness Ameriquest teaches their so-called reps. You ask where the employees are bitching? Do you honestly think they would chance losing their jobs sooner than later? Another layoff is just around the corner and I anxiously await all the whining that will be posted on here. There are some who are actually sorry they worked for scum-Ameriquest. Others are devastated because they have no one to lie to and cheat and now will be standing in the unemployment line.

That "Ameriquest is number one" statement made me throw up. Maybe ... Number one in fraud. Number one in deceit. Number one in ripping off vulnerable individuals. Number one rotten company.

For Mark......
SCREWED AMERIQUEST CUSTOMERS SOON TO BE #1

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#39 Consumer Comment

Mark

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

POSTED: Thursday, February 09, 2006

Hey buddy. If I lived in Utica Michigan and worked for Ameriquest, I'd have absolutely nothing to live for. I'd probably kill myself. And you said Jacksonville FLA was the Arm Pit of Florida? Utica is the pit of the pit of Michigan. Quit while you still have your dignity. You're going no where fast defending the biggest scam in America (Ameriquest).

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#38 Consumer Comment

A member of the mortgage industry

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

POSTED: Wednesday, February 08, 2006

I have worked in the mortgage industry for the last two years. I started working for a large direct lender like Ameriquest right out of college. Unlike AMC my company did not lie to customers or commit fraud, but they did charge higher fees and interest rates than the market, like AMC does. To be honest I left my company on good terms to become a broker. The money is better and I can charge rates that retail company's like AMC can only dream of. Anyway my main point is many of the loans I closed through my ex-company were directly in competition with AMC. My ex-company buys the same leads AMC does so this situation was common. One thing I noticed was the appraised value of the properties we were competing on typically was valued 30-100 thousand dollars higher by AMC appraisers than what my appraisers valued them at. If it was an isolated incident I would have to say that my appraiser was conservative, but it happened every time AMC appraised a property and we appraised a property. I checked to see if the appraiser that AMC uses was on my approved list so I could compete more affectively, but I learned the appraiser they use had been blacklisted by my company. I don't know if AMC has an appraisal review department like my ex-company does, but if they do their review department must have caught on that their appraisals were higher than what the market supported. Also, I would like to say that any person who enters into a loan with a normal broker or direct lender does not have to pay any upfront fees for title work or for the applicaton. The only fee most companies don't cover is the appraisal fee for the main reason it looks bad for a company to pay the appraiser directly because it can be perceived as collusion.
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#37 Consumer Comment

Comment about overpriced fees for ameriquest

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

POSTED: Sunday, September 04, 2005

I needed to refinance and always got these things in the mail from Ameriquest. I called, gave them all the info and waited for the forms to come. When they arrived I looked them over and was flabbergasted!!! over $20,000 in fees would be paid to ameriquest. I never called the agent back but he did call me. He gave me some nonsense about how it was a jumbo loan (I was combining a fixed and an adjustable mortgage) and that no regular lenders would be able to deal with us. I said well Im not going to pay you 20,000 dollars in fees when I can use that for other debt and promptly hung up the phone. I guess it goes to show you, just because it seems good doesnt mean it is.

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#36 REBUTTAL Individual responds

Why cant we all sue?

AUTHOR: Kim And Teresa - (U.S.A.)

POSTED: Saturday, September 03, 2005

Cant all of us who have been screwed over by this company find and attorney who would like to make a few bucks. Are the attorneys afraid of this big company that takes property for the elder and the people with bad credit.Money talks in this country and Ameriquest has it. So if thats the case why cant we all start a class action lawsuit in every state in the US that this company has written and closed loans that are fraudulant. My feeling are if you are rich and have millions you can get by with everything . Ameriquest has the money to hire attorneys that are as crooked as the company is, but isnt there still any lawyers out ther today that have morals.

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#35 UPDATE EX-employee responds

Kimberly --- Mark is brainwashed...

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

POSTED: Wednesday, August 31, 2005

Everything you say thats 'pro-AMC' has been repeated by every employee for the last 10 years. The same excuses etc etc...

I used to work in a branch. I just worked for a few months to get an idea of the business before I left to get a real job with a broker. Believe me, you really ARENT helping your clients.... I have a few clients that i put into 2/28's with 3-year prepays (i dodnt know any better now) and since then the loan has been sold! Even if they CAN waive the pre-pay, they charge more fees to make it up for it... $12k in fees for a $200k loan???

Mark... if you do 10-15 loans a month, what does that gross you for an average month (including your base of $3000)... Maybe $15k? Work for me and I will give you 40% of everything you bring in. Doing 10-15 loans like that would gross you $30-45k.... AND you will be doing better for your clients... Imagine a client you have now coming BACK to you in 2 years AND giving you referalls (easy loans) because you DIDNT give them a 3-year pre-pay on a 2/28.....

and Kimberly ---- find me and I can get you into a better loan

.mail me at: 'my name a.t. this engine burns d.o.t. calm'

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#34 UPDATE EX-employee responds

Some things never change.. AMC has gotten WAY to big for it's britches

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

POSTED: Tuesday, August 30, 2005

I worked for AMC in the late 90's and into 2001 and I can say with confidence that AMC has gotten WAY to big for it's britches. The instances of fraud indicated here were kept in the background during my tenure with the company. It's amazing how brazen many AMC AE's and BM's have gotten, even to the point where area managers are terminating BM's for NOT committing fraudulant acts. It blows my mind what this organization gets away with given it's extremely high profile with corporate sponsorships and the multitude of television ads. Mark is indicitave of many AMC employees in the fact that he blindly defends his beloved organization even though his compatriots in Lansing and Grand Rapids were investigated and found guilty for doing the very things listed on this site. The president of AMC and Argent, Roland Arnall, is now a US ambassador. How deep does the rabbit hole go? There needs to be an investigation into the business practices and government connections of this "evil empire". I know all of this to be true and factual and can be verified via the web. Be aware of who you do business with. Not everyone is what they seem to be.

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#33 UPDATE Employee

Done with this waste of time

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

POSTED: Monday, August 29, 2005

I think is pretty clear most of you have alternative reasons for your complaining. Disgruntled ex-employees, people getting caught stealing now having to live at home, etc.... Say what you will. The only reason for this is to highlight the frauds that participate in this column. John, by your responses I think it patently obvious to anybody with a clear mind why your doing what your doing. Please forward all of this to the fraud department that John has posted. Please no editing. I can't wait to hear from them, but I am sure I won't. Good Luck with your job search John, I'm sure there are tons of employers waiting for 40 year olds who live at home with kleptomania issues to send in resumes.

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#32 Consumer Suggestion

I don't have much to say

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

POSTED: Monday, August 29, 2005

only because I am tired of Ameriquest employees thinking they are "doing the right thing" and trying to explain how they are, all the while personally attacking people who disagree with them. How professional is it to come on here and talk about another employee who may be living with his parents? I am not in the mortgage industry, I don't know what half of the people here are talking about. And I am glad that there are people here who DO and speak out against people like Mark. But MARK, I am not some nameless woman, I was a customer of Ameriquest and if this is how all customer's are treated, then your company deserves everything that it has coming to it.

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#31 UPDATE EX-employee responds

AQ Upper Management & the Psychology of Persuasion

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

POSTED: Sunday, August 28, 2005

Every AQ manager harps on the fact that AQ donates huge amounts to charity.

Since they know that a great majority of their loans are fraudulent, and almost all of their loans carry exorbitant fees, they spoon-feed all of the propaganda about their charitable contributions to their inexperienced Account Executives and Branch Managers to assuage some of the guilt that they must feel.

Once again, I would like to challenge everyone to fax a copy of all of the blogs on this page to:

Financial Institutions Bureau 333 South Capitol Avenue, Suite A, Lansing, MI.
P.O. Box 30224
Lansing, MI 48909
Main Telephone (517) 373-3460; FAX (517) 335-0908

Let's nail Mark's feet to the fire!

Hey Jerry! I know that I can count on you to do it!

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#30 Consumer Suggestion

Right on the money, Tom

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

POSTED: Sunday, August 28, 2005

Tom, I have previously written basically the same thing you just did. The people who defend this piece of sh** company and its policies are newbies to the mortgage business. They do not know any better. They are "1 trick ponies"

These "loan officers" (and I use that term very loosly) do not know any better. They are making more money that their last job at Burger King so they are happy as pigs rolling in sh**.

Don't be enamoured with the money at AMC. If they are any good at selling loans, then they should consider working in a broker shop. They will probably make more money, work fewer hours, have more products to fit more homeowners, have access to more education, and above all, their conscience will allow them to sleep at night.

I am not being altruistic here, and I make a ton of money in this business. I am very good at it and I love helping homeowners in the process.But watch what happens in the next year with Ameriquest. Their business practices are coming under very close scrutiny by the various regulatory agencies.

And for you "loan officers" at AMC, trust me when I tell you that having Ameriquest on your resume adds a certain "odor" that your future employers might find unpleasant.

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#29 UPDATE EX-employee responds

You must be joking!

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

POSTED: Sunday, August 28, 2005

To John from Philly,
Ameriquest has special interests that protect them! This is the main reason that they have overloaded on major league sports sponsorship.It is the main reason why they have given so heavily to political contributions in California..their host state. I am not a radical liberal. I am someone who was uneducated about the mortgage industry at first and manipulated by this company. They have violated almost every lending law in the country.( RESPA, ECOA, TIL)They have amassed a great fortune by churning and burning inexperienced employees and producing mass results with many loans that were non-compliant. The investigations and lawsuits from 30 states aren't the only issues. HUD and various communities around the country have blackballed Ameriquest for not providing adequate terms for 1st time homebuyers. The city of Boston has put out material to prospective 1st time homebuyers about the dangers of predatory lenders directly naming Ameriquest. I don't argue that some people need a subprime loan and maybe Ameriquest is a last resort. That should not deter them from checking 3 different subprime lenders to make sure the terms are similar. The point is, John, that they have escaped a lot of scrutiny that has not been in the public eye. Fortunately, the corruption has brought attention to the table. Hopefully, the empire will end and they will shut down or restructure .I'm thinking it will be the latter as they have already started the process of caping salaries...(80K for AE's and 125K for BM's and AREA MGRS)How will they survive?

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#28 Consumer Comment

raping consumers for whatever you can gouge out of them is ridiculous.

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

POSTED: Saturday, August 27, 2005

tom again from ohio. All i hear is a bunch of bitching about this Mark guy. Mark obviously believes in his employers. This is his right to do so.

All i ever see too is ex employees bitching about ameriquest. Why? almost always because they got fired. Where are all the ones still working there bitching? Its always ex employees.

However, raping consumers for whatever you can gouge out of them is ridiculous. And being a broker who has a STATE LICENCE, means i have connections with every player out there.

Ameriquest does NOT by any means the market cornered on sub prime . I have heard it said they 'help folks who cant help themselves' and get turned down by banks....
like NO OTHER Sub prime LENDER EXISTS.
there are DOZENS who can and will.

ameriquest to the rescue huh?

You see - Mark wont know until he works for a real lender or broker how good the industry can be. Take my case in person.

My employer pays for all my advertising. I get about 35 -to 40 people per month CALLING ME for loans. So i sell 6 loans per month. i make anywhere from 13k to 25k in fees per month . I GET 50% OF IT. Thats right 50% . so i dont NEED to gouge my customers . i have no 'sales goal' -hell i can survive if i just get 8k per month in fees. but who wants to just make 4k per month?I have never recieved that little.

can ameriquest touch that? i come and go when i want -i have a comp at home with calyx on it and can pull credit. I have my own full office -thats right with walls and doors -2 desks and social area .

this aint working guys. i will never do another job again.

Why does my employer do this? SO THEY CAN KEEP LO'S FOR YEARS. SO WE LOVE COMING TO WORK. SO WE WILL BEND OVER BACKWARD FOR THE COMPANY.

My manager gets 1/3 of the gross profit for his efforts. He soley runs the joint.

The company grosses about 6 to 12k off me minus expenses which is about 3-5 k. The net profit will be about 5 k off me per month.

But there are 17 brokers. some do better -we have commercial brokers -some do worse (they are lazy i think) . so average it out the company net profits 85k per month. about 27k per month goes to the manager for running the joint and the 2 owners get about 58k per month pure profit.

lol. beats working for a living. you see we dont have a multi level management of greedy mouths to feed.

the company pays us well to pay themselves well.

But Mark doesnt know this. He doesnt get how his 12 loans per month sweating his a*s off and cooking the books -and he gets s**t for it while his several dozen superiors get the gravy. Better yet-when the s**t hits the fan -MARK will get canned. NOT his bosses.

So lets let Mark have his opinion. He just doesnt see it yet.

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#27 UPDATE EX-employee responds

Ameriquest Auditors are SOX Compliant

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

POSTED: Saturday, August 27, 2005

Ameriquest has far more complaints against them than any other subprime lender. Furthermore, there are good brokers and bad brokers. Ameriquest is creating a seedy underworld by training schmucks like Mark to be a double-dealing coniver. They have the largest turnaround in the industry.

Mark can continue to speculate about who I am till he is prosecuted. Since his superiors do not have any real knowledge of the mortgage industry, Mark does not have any clue how the industry works. Once an external audit is done at Mark's branch by a government agency, he will find himself behind bars.

Ameriquest Auditors have to be SOX compliant for a reason. My guess is that they deal in mortgage backed securities.

Once again, if you are witnessing fraud at your branch, document it. If you are fired because they think that you know too much or because they suspect you of being a whistleblower, file a complaint with OSHA and the Department of Labor within 90 days and site the Sarbanes-Oxley act.

Here is a want-ad for one of their auditor positions:

Ameriquest Mortgage Company
Job Title :Senior QC, Loan Servicing Internal Auditor
Reference #: JT
Location : Orange County, CA
Position Type: Permanent
Employment Type: Full Time
Career Level: Experienced (Associates, PQ, 1-4 yrs exp)
Salary Description: Extremely Competitive Compensation Package- DOE

Email job to a friend
Job Requirements
Senior QC, Loan Servicing Internal Auditor
Job Description
POSITION SUMMARY:

Provide input and implement the Servicing aspects of the Quality Control Program in conjunction with the Quality Control Servicing Director. Supervise and develop auditor associates for specific projects as assigned. Support management by identifying existing and emerging risk issues, evaluates action plans, and ensuring timely action plan implementation corrective actions. Conduct audits to evaluate processes and quality assurance practices. Perform all duties in accordance with AMC policies and procedures and all state and federal regulations. Assist with the Sarbanes-Oxley Compliance program

ESSENTIAL DUTIES AND RESPONSIBILITIES:

Effectively implement the Servicing aspect of the Quality Control Program including risk identification/analysis, review planning, coordinating testing, evaluation results, and management reporting.

Stay abreast of changes in the mortgage industry from a regulatory, sub-prime lending, and risk management perspective.

Represent QC Servicing in a professional manner with a high level of integrity and ethics and adhere to Ameriquest Standards of Conduct.

Supervise, motivate, train, coach and provide positive reinforcement for assigned staff on specific projects.

Prepare organized and logical workpapers that outline results and identify issues.

Up to 25 percent travel

Perform other duties as assigned

ESSENTIAL KNOWLEDGE, SKILLS & LICENSES:

Supervisory, analytical, oral and written communication, and organizational skills

Thorough understanding of mortgage compliance requirements and processes

Knowledge of Internal Auditing procedures including COSO standards

Knowledge of Sarbanes Oxley compliance including documentation and testing

Possess skills and professional experience in the areas of people and conflict management with tact and discretion

Thorough understanding of mortgage underwriting, documentation, and servicing requirements and processes

Thorough understanding of quality assurance and control techniques

Extensive experience with integrated Auditing software, ACL, Pantera.

Professional Certification preferred (i.e., CIA, CRCM, CPA, CRP, CBA, CFS)

EDUCATION AND/OR EXPERIENCE:


Minimum bachelor's degree or equivalent

5+ years of directly related experience

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#26 Consumer Comment

One more time idiot

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

POSTED: Saturday, August 27, 2005

Yes mark you are obviously an idiot. A person can have perfect credit without having a perfect score, did I say I had a perfect score???

Why not tell us where you work, so we can come down and visit you? Moron.

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#25 Consumer Comment

One more time idiot

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

POSTED: Saturday, August 27, 2005

Yes mark you are obviously an idiot. A person can have perfect credit without having a perfect score, did I say I had a perfect score???

Why not tell us where you work, so we can come down and visit you? Moron.

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#24 UPDATE EX-employee responds

Call the Federal Regulators on Mark

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

POSTED: Saturday, August 27, 2005

I am cetain that Mark is well trained in the art of fraud by his superiors.

You can report all fraud to:


Financial Institutions Bureau 333 South Capitol Avenue, Suite A, Lansing, MI.
P.O. Box 30224
Lansing, MI 48909
Main Telephone (517) 373-3460; FAX (517) 335-0908

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#23 UPDATE EX-employee responds

Mark, Who is this CLOWN?

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

POSTED: Friday, August 26, 2005

My guess is that MARK has just been promoted from AE to Branch Mgr, or from a LOO to an AE perhaps.

I bet by the end of the year he will be a regional manager!! This is exactly the type of dip-sh*t Ameriquest loves.....A little marionette......and Mary Jo, your Regional, Area etc. are all the puppet masters.

(I would include the CEO too but there is a new one every time the wind changes direction!)

Mark is the reason why 30 states are investigating Ameriquest. HE believes the AMC B.S.....and he blinded by the money and possibilites of more money to be made.

(but considering that good old Roland has ear marked $325 MILLION just to pay off whom ever he needs to in 30 states) I bet the commmission structure takes another beating soon...

But you will believe the same Crap they try to sell AEs BMs on every year......(18 mos.....so you've only heard the story 1 time.) That they have put SO MUCH MORE MONEY INTO MARKETING...A BLIMP...THE ROLLING STONES...NFL...MLB..BLAH BLAH That you will have so MUCH MORE BUSINESS due to the marketing that you will be able to book 20 loans as an AE, no problem!! (and while booking the 20 loans you will always do the right thing)

THEN.......your managers turn the screws "if you can't book 20 loans......then you better go find a new job" etc more threats...blah blah...because you managers comp probably got whacked more than the AEs did.......

Yeah for Mark AMC is #1 !!!

The reason that Mark is defending Ameriquest, and is responding to every rebuttal... is because;

1. he is either new to Ameriquest. or

2. he has no loans to work on so he reads this site all day long.
or...
3. HIS HANDS ARE SO DIRTY ALREADY...HE KEEPS ON RUNNING AT THE MOUTH SINGING AMC'S PRAISES....trying to convince him self it is true, just so he can sleep at night (okay O.J. keep telling yourself that AMC is #1..we help people)

Honestly I am suprised THAT you book any business because it is very obvious that you are dumb as a post, and your personality can't be helping you out much either.

I am disgusted at your postings...for several reasons;

1. How on earth can you talk down to a customer (Kimberly) like that? No Sympathy at all!! (just further proof you are a knuckle head)

2. quoting AMCs policies and procedures...quoting law...etc..when you don't even have any idea WHAT the F*CK you are talking about..and.... # 3. YOU ARE Just plain rude, rude to customers, former AMC co-workers....?? WHO the hell do you think you are?? Just because AMC blows sunshine up your a*s all day...does not make you the world's authority on mortgage finance or real estate law.

You have got to be kidding me with all of your bull sh*T,

I can hardly read one of your remarks with out laughing at what a kook you are.

So, You think you've hit the big time at AMC ??

I find your arrogance to be humerously annoying.

If you had any sense at all you would find a real job flipping burgers or something...."no salt on those fries." what an a*s you are.

DO YOU EVEN HAVE A SOUL ANY MORE? Ameriquest has made you into a hard hearted jack a*s (or you already were one and that's why they hired you...stupid and full of hot air.)

oh yeah mark one more thing...don't forget

AMERIQUEST IS #1.

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#22 UPDATE Employee

John, MOVE OUT OF YOUR PARENTS!!!!

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

POSTED: Friday, August 26, 2005

John, I was les than impressed with your half-truths regarding Sarbanes-Oxley but none the less they really have no bearing here. I spoke with one of our East Coast offices and reiterated your rantings. They said they believe you to be a John that was fired for getting caught selling leads to brokers. They also informed me you were approximately 40 years old and graduated from a community college when you were telling everybody you graduated from Cornell. Too bad your pipeline got cutoff and you had to move back in with parents.I have a question John, is this your parents' computer your using to write your rants? You didn't leave John you were FIRED!!! 40 years old and living with your parents, John, C'mon. This paints a more accurate picture of your feelings toward Ameriquest as well as why. Your summarization about the subprime market being financially ignorant is also overly simplistic and unsupported. People may have fell upon hard times and still want to live on their own,not MOVE IN WITH THEIR MOM AND DAD when their 40. You chose to do the latter,and thats fine. Their credit may not be good and have been rejected outright by other lenders but still want to get their lives back on track, not LIVE WITH MOM AND DAD WHEN THEIR FORTY. We also write prime conforming business,at competitive rates and I have closed many of these deals. Are the business owners and executives I've refinanced "financially ignorant" as well. If so, support your thesis with facts. You only worked here for 6 weeks so I don't think you have any basis to complain about company practices when your still collecting unemployment from them. John, take some advice USE THE COMPUTER NOT TO RANT ABOUT AMERIQUEST BUT TO CREATE A RESUME, GET A JOB THAT IS MORE SUITABLE TO YOUR MEAGER INTELLECT, LIKE A JOB AT MCDONALDS OR BETTER YET A FICTION WRITER.MOVE OUT OF YOUR PARENTS' HOUSE. QUIT BASHING A COMPANY THATS HAS HELPED THOUSANDS OF PEOPLE AND WILL CONTINUE TO DO SO. YOU ARE ONE SORRY b*****d.

P.S. I HOPE YOU AT LEAST PAY THEM SOME RENT FROM YOUR UNEMPLOYMENT CHECK.

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#21 UPDATE EX-employee responds

Mark grow up..........

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

POSTED: Friday, August 26, 2005

You are definatly brainwashed if you cannot or do not want to see what is going on around you. The amount of loans processed goes back to the MS (AE) if they do not get you the docs needed, the correct docs or even any docs at all how can one process/underwrite a loan and submit to corporate for approval without it being fraudlant???? Yes answer me that one smarty....

Yes I too defended the company to a point during the time I was empoyeed but they screwed me by terminating me with no reason given, no counseling, and 16 hrs of training. I was an excellant employee but I guess the piece of A** that quit and then wanted to come back months later forces me out of a job well then its ON.....

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#20 UPDATE EX-employee responds

Sarbanes-Oxley

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

POSTED: Friday, August 26, 2005

I am an ex-employee of Ameriquest, and I think that I have made it clear that they are a corrupt company in my other blogs.

I agree with Jerry that Mark is a moron. However, Jerry is a typical misguided liberal.

Obviously Jerry is a Socialist. He does not know that Ameriquest contributes to both political parties. For instance, Roland Arnall contributed to the inauguration of Grey Davis and Arnold Schwarzenegger.

This is exactly what disturbs me. When Ameriquest implodes like Enron did, it will enrage anti-Capitalist whack jobs like Joe even more. Somewhere along the way, he was indoctrinated into Marxism. This is probably due to lack of education, being spoon-fed demagoguery from the left-wing psycho professors at his college or maybe he has simply been brainwashed by his Marxist union.

I am sure that Jerry does not realize that George W. Bush signed the Sarbanes Oxley act of 2002 into law. It primarily pertains to publicly traded companies, and it might pertain to Ameriquest because they sell 25% of their loans on the secondary market. Some of these loans have to be falling through the cracks to investors.

If any current employees are thinking of blowing the whistle on Ameriquest for fraud, you have 90-days from the date of an adverse action under section 404 of the Sarbanes Oxley Act. You have to report it to OSHA and the Department of Labor.

After Ameriquest implodes, I am sure that provisions will be made for privately held companies.

Most subprime customers have gotten into financial trouble because they are financially ignorant. I would say that about 80% of the subprime customers fall into the category of "self-inflicted subprime". By paying 2-3 points on the front they will either pay now or pay later. Furthermore, they cannot claim bankruptcy as easily as they once could. In other words, they have to become responsible for themselves.

The difference between Ameriquest and other subprime lenders is that Ameriquest virtually trains morons like Mark how to commit fraud and violate RESPA laws and Federal RICO laws. Most of the blogs on here read exactly the same.

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#19 UPDATE EX-employee responds

Sarbanes-Oxley

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

POSTED: Friday, August 26, 2005

I am an ex-employee of Ameriquest, and I think that I have made it clear that they are a corrupt company in my other blogs.

I agree with Jerry that Mark is a moron. However, Jerry is a typical misguided liberal.

Obviously Jerry is a Socialist. He does not know that Ameriquest contributes to both political parties. For instance, Roland Arnall contributed to the inauguration of Grey Davis and Arnold Schwarzenegger.

This is exactly what disturbs me. When Ameriquest implodes like Enron did, it will enrage anti-Capitalist whack jobs like Joe even more. Somewhere along the way, he was indoctrinated into Marxism. This is probably due to lack of education, being spoon-fed demagoguery from the left-wing psycho professors at his college or maybe he has simply been brainwashed by his Marxist union.

I am sure that Jerry does not realize that George W. Bush signed the Sarbanes Oxley act of 2002 into law. It primarily pertains to publicly traded companies, and it might pertain to Ameriquest because they sell 25% of their loans on the secondary market. Some of these loans have to be falling through the cracks to investors.

If any current employees are thinking of blowing the whistle on Ameriquest for fraud, you have 90-days from the date of an adverse action under section 404 of the Sarbanes Oxley Act. You have to report it to OSHA and the Department of Labor.

After Ameriquest implodes, I am sure that provisions will be made for privately held companies.

Most subprime customers have gotten into financial trouble because they are financially ignorant. I would say that about 80% of the subprime customers fall into the category of "self-inflicted subprime". By paying 2-3 points on the front they will either pay now or pay later. Furthermore, they cannot claim bankruptcy as easily as they once could. In other words, they have to become responsible for themselves.

The difference between Ameriquest and other subprime lenders is that Ameriquest virtually trains morons like Mark how to commit fraud and violate RESPA laws and Federal RICO laws. Most of the blogs on here read exactly the same.

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#18 UPDATE EX-employee responds

Sarbanes-Oxley

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

POSTED: Friday, August 26, 2005

I am an ex-employee of Ameriquest, and I think that I have made it clear that they are a corrupt company in my other blogs.

I agree with Jerry that Mark is a moron. However, Jerry is a typical misguided liberal.

Obviously Jerry is a Socialist. He does not know that Ameriquest contributes to both political parties. For instance, Roland Arnall contributed to the inauguration of Grey Davis and Arnold Schwarzenegger.

This is exactly what disturbs me. When Ameriquest implodes like Enron did, it will enrage anti-Capitalist whack jobs like Joe even more. Somewhere along the way, he was indoctrinated into Marxism. This is probably due to lack of education, being spoon-fed demagoguery from the left-wing psycho professors at his college or maybe he has simply been brainwashed by his Marxist union.

I am sure that Jerry does not realize that George W. Bush signed the Sarbanes Oxley act of 2002 into law. It primarily pertains to publicly traded companies, and it might pertain to Ameriquest because they sell 25% of their loans on the secondary market. Some of these loans have to be falling through the cracks to investors.

If any current employees are thinking of blowing the whistle on Ameriquest for fraud, you have 90-days from the date of an adverse action under section 404 of the Sarbanes Oxley Act. You have to report it to OSHA and the Department of Labor.

After Ameriquest implodes, I am sure that provisions will be made for privately held companies.

Most subprime customers have gotten into financial trouble because they are financially ignorant. I would say that about 80% of the subprime customers fall into the category of "self-inflicted subprime". By paying 2-3 points on the front they will either pay now or pay later. Furthermore, they cannot claim bankruptcy as easily as they once could. In other words, they have to become responsible for themselves.

The difference between Ameriquest and other subprime lenders is that Ameriquest virtually trains morons like Mark how to commit fraud and violate RESPA laws and Federal RICO laws. Most of the blogs on here read exactly the same.

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#17 UPDATE EX-employee responds

Sarbanes-Oxley

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

POSTED: Friday, August 26, 2005

I am an ex-employee of Ameriquest, and I think that I have made it clear that they are a corrupt company in my other blogs.

I agree with Jerry that Mark is a moron. However, Jerry is a typical misguided liberal.

Obviously Jerry is a Socialist. He does not know that Ameriquest contributes to both political parties. For instance, Roland Arnall contributed to the inauguration of Grey Davis and Arnold Schwarzenegger.

This is exactly what disturbs me. When Ameriquest implodes like Enron did, it will enrage anti-Capitalist whack jobs like Joe even more. Somewhere along the way, he was indoctrinated into Marxism. This is probably due to lack of education, being spoon-fed demagoguery from the left-wing psycho professors at his college or maybe he has simply been brainwashed by his Marxist union.

I am sure that Jerry does not realize that George W. Bush signed the Sarbanes Oxley act of 2002 into law. It primarily pertains to publicly traded companies, and it might pertain to Ameriquest because they sell 25% of their loans on the secondary market. Some of these loans have to be falling through the cracks to investors.

If any current employees are thinking of blowing the whistle on Ameriquest for fraud, you have 90-days from the date of an adverse action under section 404 of the Sarbanes Oxley Act. You have to report it to OSHA and the Department of Labor.

After Ameriquest implodes, I am sure that provisions will be made for privately held companies.

Most subprime customers have gotten into financial trouble because they are financially ignorant. I would say that about 80% of the subprime customers fall into the category of "self-inflicted subprime". By paying 2-3 points on the front they will either pay now or pay later. Furthermore, they cannot claim bankruptcy as easily as they once could. In other words, they have to become responsible for themselves.

The difference between Ameriquest and other subprime lenders is that Ameriquest virtually trains morons like Mark how to commit fraud and violate RESPA laws and Federal RICO laws. Most of the blogs on here read exactly the same.

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#16 Consumer Comment

What is wrong with you?

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

POSTED: Thursday, August 25, 2005

Mark,
You are not helping people by refinancing. Ameriquest has you brainwashed as they had me.When a client pays points on their loan, it generally takes them 4-6 years to "breakeven" and reap the benefits of paying points to discount their rate. All Ameriquest loans charge points including their new "Alt-A" loans. Many customers question why they have to pay over 3 points on loans. We were always told to downplay their credit when that happened to overcome there fears. The majority of the loans that we put through were 2/28 loans with 3 year pre-payment penalties. This is hardly an answer to someone that has credit blemishes. First, they will pay an exorbitant amount of points with the loan. Second , Ameriquest will wack them with a penalty if they try to get out. Even if they stay with Ameriquest and refinance after ther credit is "repaired", they will be wacked for more points the 2nd time around.Explain to me , Mark, how this would benefit a customer.Us e Ameriquest for what it's worth: a learning tool. You can make just as much money somewhere else. The aggressive tactics you learned there will make it easier to sell beneficial loans to prospective borrowers with integrity!Trust me..I have been down that path already..I ceased w/ Ameriquest in 5/05 and now work for a reputable lender. I don't lie, cheat, or ripoff people! I work 40 hours a week and still earn very good money!(weekends off 80k+ a year)And the best thing of all..I wake up every morning and look forward to my day not having to deal with a scumbag uneducated branch manager...In time you will feel the same! Ameriquest is an evil empire protected by Republican corporate intersts. They've tried to adopt new tactics to update thir image ,but they cannot undo the pain they've caused thousands of uneducated borrowers.

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#15 UPDATE Employee

To Tracy No I am brainwashed, nor am I a company lackey.

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

POSTED: Thursday, August 25, 2005

It appears you may have had a bad experience with this company but noone faxed a recission with receipt and was then unable to get out of their loan. That's hogwash. Number 2 it does seem prior to my tenure there were those who may have misled customers. They never last long and always get caught and fired. They are not running the company with a surreptitious objective to screw people, that is the most insane thing I have ever heard. The only thing the company really is guilty of is not being able to forecast the meteoric growth it has experienced in the last 10 years. We are on every major entertainment venue or sport in the United States and you really want to say that we are where we are by deliberately hurting people? Regarding the settlement, I am not really sure why there are, maybe the misdeeds of other offices have resulted in this, Im am not really sure, but I know I have never written a loan for someone who I would have any problem seeing in public with my family or anywhere else and I have the thank you cards and multiple referrals to prove it.Most of the business I write is from guys like Tom who promise this great interest rate and no costs, only to have said customer call me back pissed off when the magic deal they were promised never materializes, or it some radical different deal once they have already paid out of pocket for an appraisal that's not refundable. We front all of the money until the loan is approved. Name one lender or broker in the United States that will process a loan, pay for an appraisal, pay for a title commitment at no costs to the consumer and with no contractual obligation to pay. They can walk away if they dont like the final product and Ameriquest eats it. Now those costs of the appraisal are rolled into the loan but if you don't like it, don't sign it! The only thing it costs you is time if we cannot give you what we say we can. PERIOD! Referring to my co-workers as filthy, lying AE's is an insult that will not go unchallenged by some nameless woman who does'nt know what the hell she is talking about. I don't think I am helping families I know I am. Good Day.

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#14 Consumer Suggestion

My last post to Mark - I can't remember the last time a company was being sued by 30 states, can you?

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

POSTED: Thursday, August 25, 2005

Mark
Obviously no matter what anybody says, or how many times people warn you to leave the company you work for because they are CORRUPT, it will not change your mind. The (as you put it) "so called" complaints are real, and more are popping up every day. I can't remember the last time a company was being sued by 30 states, can you? That's not something you just write off as "not making everyone happy." If Ameriquest just thought of it that way, why have they set aside $325 million to settle the suits?

I'm happy that you think you are helping out families, if that is your intention, you are one of the few; I wish you the best (and your customers) and hope that if you ARE telling the truth, Ameriquest doesn't turn you into one of their brainwashed employees who are ripping off thousands of customers a month. Good luck! I hope once you do start seeing the fraud that happens everyday (if you don't already), that you will be smart enough to leave Ameriquest and do something about it.

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#13 UPDATE Employee

Veronica the only idiot here is you

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

POSTED: Thursday, August 25, 2005

Veronica, I'm shocked. I was totally unaware that Ameriquest followed you around 24/7 forcing you to do things against your will until they let you go for poor performance! Veronica, if you worked for an office doing fraud you should have quit immediately and contacted the Attorney General's office. But you stayed. Not only did you stay but you were FIRED for poor performance. Now you have all day to say to anyone that will listen how awful the company is and they forced you to do things. Noone forced you to do anything. Find another occupation or employer and move on. And your right 25 loans is not enough. I write 12 to 15 loans a month myself. I would'nt want you processing them if it took a month to get them done. The reason for the ability to close in a few days is to assist customers in an expeditious manner, not to rush them into something. Why wait 30 to 40 days to complete something if you can do it in 3? You then say I should follow your advice that you didn't follow yourself. Think I'll pass. To Dave, you must have limited understanding of the English language, you clearly state that you have perfect credit and youer score then jumped 100 points, your point is moot, enjoy the armpit. And to Tom, yes I am well aware of how much brokers are having right now because they call my office in droves looking for employment or asking me for the leads of people I am unable to help. Yes Tom you can ask for more, that being steady income because you don't have the advertising in today's climate to have it. Tracy, with a fax confirmation and the recission your friend could sue our butts off for applying a mortgage in direct violation of the terms of the agreement she signed so your story is suspect at best. Regarding all of these so called complaints, there is no industry at our level (i.e. car, airline, railroad) that doesn't have complaints. Because they do hundreds of thousands of transations a month. so a few hundred complaints from disgruntled employees, bottom feeding brokers or a few dissatisfied customers is par for the course. You can't make everyone happy folks no matter how hard you try. AMERIQUEST IS #1!!!!!! Later :-)

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#12 UPDATE EX-employee responds

Yes leave Ameriquest now.....

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

POSTED: Thursday, August 25, 2005

I agree about the leaving idea from Ameriquest, however I didnt get a chance to leave I was wrongfully terminated beacuse I couldnt produce quick enough, I guess over 25 loans in 1 month is not good enough? But it all goes back to the MS to get the required documentation that is needed and they know for each file EXACTLY what is needed.

The branch manager is all about numbers and getting that $1 Million gained everyday that he does not stay on top of the MS's to get all docs in. We are told by our ALC (area loan coordintor) not to underwrite a file until ALL DOCS are in, but the branch manager wants us to underwrite and most of the time submit for approval WITHOUT all required docs.

Yes what you have read about fraud is all true. Magically if a processor cannot make the file work based on docs turned in the manager will take the file to his office and work on it or call the area manager who magically makes it work and then we are supposed to go on like everything is ok.

Im glad Im not working there anymore and Im a much happier person. The VERY LONG HOURS I personally was required to work forced me to become ill and risk my health.

So my advise is GET OUT AND GET OUT NOW............

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#11 Consumer Suggestion

Mark, with all your knowledge of the mortgage industry

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

POSTED: Thursday, August 25, 2005

why don't you work for a reputable company? Ameriquest is far less than reputable...look at all the complaints they have with the BBB. Look at the 30 states that are suing them....doesn't seem very reputable to me.

As far as the rescind goes. I never tried to rescind, but a friend of mine did. She can read English and she knows how to use a fax. She signed and faxed it and guess what? It was never acknowledged. You make it seem like that's all it takes, but you know it's not.

And please explain to me how you are saving people money? Charging an average 3% in loan origination is not saving me any money....I ended up paying almost 7 points to get a loan for $165,000. Only $30,000 more than the original loan when we had bought the house 11 months prior. I had to pay 7 points to get the same interest rate when my credit had not changed. How did that save me money? And of course I was lead to believe that it would, I asked millions of questions of why I was being charged so high and OF COURSE the filthy lying AE's explained it all away so I thought I was doing something good for my family.

Look at all the lawsuits popping up Mark....you still actually believe that you are working for a good company? Then you can stay there until they go down...and they will.

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#10 Consumer Comment

Paying it off will SKYROCKET your score.

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

POSTED: Wednesday, August 24, 2005

Hi -Tom again from Ohio

I have to agree with most here. If the problem is high credit to value consumer debt. Paying it off will SKYROCKET your score. Why? fair issac and the other models base 35 % on the percentage of avail credit to balance. They also base 35% on lates.

Even if u pay a 30 day LATE off -it stays on your credit . But balances dont stay on your credit so they are the #1 way to jockey your score up and down.

To anyone who works for Ameriquest:

Look -i have never worked there. I dont know what the gig is cause i never actually worked there. But i have seen way too many complaints. Too many instances of fraud. The revolving door or employees is frightening.

Some could very well be bullshit -but i cant believe it is all a lie. furthermore - i have never ever heard of a broker using Ameriquest -and i dont even use Argent . Many brokers are getting away from Argent now.

If you work for ameriquest - leave and go work for a broker . Not only will you make more money -treat your clients better, but you will be able to hold your head up high. I have heard a LOT of LO's leave and they cant believe how much happier they are now.

I tell you all the truth. Being a broker aint working. Its great money and i work whenever i want. Can you ask for anything more?

so i treat my customers great. Would rather have the referral than rip someone off and feel lousy.

p.s.

GET AWAY FROM AMERIQUEST

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#9 Consumer Comment

Actually, you're a number 2, if you know what I mean

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

POSTED: Wednesday, August 24, 2005

Which, obviously you don't. Did I say I had a perfect credit score? Nope. My scores were in the mid 6s. I said I had perfect credit. Which I do. But because of those credit cards, (totalling approximately $14000), it hurt my score. I have no collections, no lates, no repos, no bk's, nothing. My wife is the same, except for 1 30 day late from 5 years ago. When our cards were paid off, we went from 652 to 745 in 1-1/2 months. Rant all you want about how long it takes, I know from experience. Ameriquest sucks. They don't help people, they hurt people. Get a real job.

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#8 UPDATE EX-employee responds

Mark really is an idiot

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

POSTED: Wednesday, August 24, 2005

Mark if you had been there longer than what 18 months you would know that not everyone can obtain a loan # and just view the loan information. Your branch must be the originating and funding branch to do so.

As for the fraud that goes on its true as I was forced to do so almost daily. We were not doing the right thing we were putting poor homeowners in situations that down the road may make them loose their house.So in Kim's situation Im sure she was rushed to agree to the loan, rushed at the signing and then pressured not to cancel. All of this for the sake of $$? And $$ that the MS'S (AE'S) and branch managers and regional managers were benefiting from definatly not the processors who made sure that the loan was underwritten and funded on time.

So next time you think about posting something on here make sure your story is correct. This may take awhile as Im sure the branch manager has brain washed you to "do the wrong" not right thing.

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#7 UPDATE Employee

Tracy Dave and Mortgage

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

POSTED: Wednesday, August 24, 2005

The point in writing initially was to clarify some things that Kim had said regarding her loan, but we have a few comments from otehr sos let me address them now. First to Mortgage, it seems you know something of our systems but very little. I can pull up any loan done with this company with a loan number. If you were not an idiot you would know that, obviously you don't, ((Enjoy your life in fast food( light salt on the fries please!)) I can also contact internal compliance to verify terms previously approved so you are completely wrong. Secondly, Tracy, how does one stop you from signing a paper and faxing it? Because that is all that is required to rescind the loan. Did the "filthy, lying AE" as you put inhibit your ability to read English for a full week after you had the final documents in front of you? Maybe your just lazy and believed what you wanted to believe Tracy. I've been here as long as I've been and hopefully for a long time because I enjoy heping people and saving them money Tracy nothing more. Finally to Dave the dim bulb from the armpit of Florida, let me say how can you have perfect credit, pay off three credit cards and then have your score go up 100 points. Do you have perfect plus 100 credit? Congratulations, enjoy that singular honor because you are the only one that will ever achieve such a rating. By paying off credit cards your scores will go up over the course of 6 to 24 months but certainly not 100 points in 45 days. In closing my company is the one of the largest, if not the largest lenders in the world helping thousands of people everyday, so some criticism by disgruntled former employees, fly by night mortgage brokers and envious employees of rival lenders is to be expected, but remember one thing. WERE NUMBER ONE!!!!!!!!

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#6 Consumer Comment

I agree.. Mark is an Idiot!!

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

POSTED: Wednesday, August 24, 2005

First Mark, the guy paid his credit cards off. If you have been in the business as long as you say, (WHICH I HIGHLY DOUBT!), you would know that credit card debit is the biggest hit on anyone's credit report. I have perfect credit, no lates, nothing, and when I paid off 3 credit cards, my scores jumped almost 100 points within 45 days.

Secondly, with hundreds of complaints about Ameriquest on this site alone, not counting the thousands of complaints plastered all over the internet, how can you defend this company? You need to crawl back under your rock.

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#5 Consumer Suggestion

I wish the story was bunk

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

POSTED: Wednesday, August 24, 2005

Mark,
Being that you are an employee, of course you would defend the company you work for!

If you are so concerned about the "blantant violations" of your policies, then start contacting all of the home owners being screwed over by Ameriquest. I'll be the first to tell you that she's probably telling the truth! AE's do whatever it takes to get you to sign that loan. She believed she would be able to refinance after a certain period of time...why? Because that's why the filthy lying AE told her! And yes, you are told you have 7 days to rescind, but you better believe that everything possible is done to keep you from doing that.

If you are so worried about if your employer is violating policy, find a new company to work for because it happens every day with Ameriquest, you probably do it too or else why have you been there for 18 months?????

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#4 Consumer Comment

suggestions

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

POSTED: Wednesday, August 24, 2005

Hi Kim -my name is Tom and i am a state licenced broker in ohio -but can do business in Calif and other states.

Your situation is rough. I know that i have never ever done a loan for ameriquest -nor would i ever send a client there.

3% origination?
lol - i wonder how much yield spread they gouged you for as well.

I am of the belief that a worker is worthy of his meat. As a broker - i would have probably asked for one point out the front and one out the back. Thats still a pretty hefty payday considering your homes value.

I dont think LOs or some Brokers ever stop to consider that when you 'rape' a consumer for 3 points yield and 2 or 3 up the front -sure u get a huge payday -but soon after it funds the consumer starts to figure it out. Then what? You got an angry customer which cannot help our cause in the long run. They bad mouth you and your company. Ive understood that ever since i became a broker and never gouge my customers.


I myself enjoy a good living -but i wont shake someone down just to get some extra bucks. Id rather do 4 loans to get the same money as raping someone off one.

If i were you guys -i would seriously consider biting the bullet and paying the loan off right now. If you can.

why not just set up a heloc on a stated income on your second property . Your fico is high enough . Use that money to help buy out your ameriquest mortgage with whatever the appraiser says its REALLY worth .

Then get a nice fat conforming loan at prime on an 80 20 . The only catch is u might want to rent out the second home to bring down your dti to fund. I know some lenders who simply adjust the second home mortgage out .

If u cant do this -again go stated income on your primary home. U will pay a 1/2 point more -but just get into a 30 year fixed.

I am sure i can get this done for you. Call a local broker in Calif -and read him my post and see what he can do.

GET AWAY FROM AMERIQUEST

good luck

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#3 Consumer Comment

mark you are a complete idiot!!!!

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

POSTED: Tuesday, August 23, 2005

Mark if you knew anything about Empower you would know you have no access to any loans your branch did not originate. getting a loan number will do nothing for you.......

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#2 UPDATE Employee

I have some questions Kim

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

POSTED: Tuesday, August 23, 2005

I have been an employee of this company for almost 18 months and what is being written here is pure bunk. First,how does your score go from 644 to 721 in 2 months? Secondly, the terms of the loan are written in plain English and you have a seven day right of recission with our company after you sign the loan, not three, which is virtually the industry standard. You have also exclamated the notary fee(300!). Typical notary fees for closing companies are between $275.00 and $400.00 so that is hardly uncommon or brow raising. Thirdly, this loan officer who said you didn't have a sub-prime loan is correct, but you may have a non-conforming loan which would increase risk and your fees. If the loan was not explained to you properly or if you did have questions, why didnt you rescind the loan, contact counsel for review or just not sign the closing documentation? Also, if you had questions at the closing and the notary supposedly did not know anything about the loan, why did,nt you refuse to sign it until clarification was forthcoming? Finally, we CANNOT issue a loan without twelve months of mortgage history verified by the credit bureau or a recognized lender unless the home is owned free and clear, so how you owned the home for 5 months and got the loan approved is a statement I take with a grain of salt. Kimberly if you would be so kind, please forward to me your Ameriquest loan number so I can verify these blatant violations of our policy.

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#1 Consumer Suggestion

A classic Ameriquest hosing of the homeowner.

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

POSTED: Tuesday, August 23, 2005

Kimberly, yep, unfortunately you fell victim to AMC's typical scheme of rushing you through the process so there is no time to shop and compare. I've been a mortgage broker for 10 years now and I have seen this many, many times. The other loan officer was right, you definitely should have gotten a better rate with a 644 score.

Mortgage pricing is made up of several factors. FICO score is just part of it. With that 644 score and the reserves you have (retirement), I could have overcome the debt ratio problem I am pretty sure. I've done 55% debt ratios before through prime(not prime rate) lenders.

Not always, but generally speaking, for a cash out refinance, you need to have 1 year seasoning on your property. During this time the purchase price of the home is the max value that can be used. That is undoubtedly why, the application showed you in the home for 2 years. They probably doctored the title report as well. Clearly fraud if they did that. Also, your appraisal seems to have some fraud going on too.

You didn't indicate what the prepayment is, but usually AMC's penalty is calculated as 6 months of interest. So, it could be pretty stiff. Just multiply your house payment(not including taxes and insurance) by 6 months and there you have it. What REALLY sucks is that you are exposed to this PPP for 3 years, even though your credit scores are back up now, and going into the 25th month your loan will adjust upwards probably as much as 3% on the first adjustment. For example, a $300,000 loan at 7% would have a PPP of about $10,500.00.

Here is my suggestion, and I have told many clients this same thing. Live with this loan until you have at least 1 year seasoning on your home, maybe even wait until Nov or Dec of 2006. The PPP will be the same, but you can take it as a nice tax deduction because the PPP will count as finance charges paid during that tax year. Keep an eye on rates, but probably anything is going to be better than what you are paying on the AMC loan.

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