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Ameriquest Mortgage Company

Ameriquest Mortgage Company is the largest privately held retail mortgage lender. Founded in 1979 as Long Beach Savings and Loan, they shifted their focus away from banking and towards retail mortgage lending. With such great success in this change of business, Long Beach S & L became a mortgage company and left the savings and loan behind. In 1997, they changed the company name to Ameriquest Mortgage Company.
Ameriquest is headquartered in Orange County, California and is comprised of over 250 branches offering services in 46 states.

Ameriquest Mortgage Company, recognized by customers, associates and business partners as the mortgage industry’s premier specialty lender, operates with the highest standards of integrity. They claim to be a company that is built to last,  through fostering a supportive and rewarding environment for our associates and providing value for customers, while producing stellar financial results.

Loans Funded by Ameriquest Mortgage Co.

Recent Ameriquest Mortgage Co. News

Ameriquest Mortgage Co. has agreed to a settlement of $325 million with 49 states for collecting excessive fees and interest rates. Many homeowners who could not afford to pay the loan and fee amounts charged were forced into foreclosure.

Ameriquest is also facing numerous consumer lawsuits because of charges of excessive fees and changes in the terms of loans when the consumers were to sign the final loan closing documents.

Due to these proceedings, ACC Capital Holdings Corp parent of Ameriquest Mortgage Co., announced  an agreement with a committee of state Attorneys General and financial regulators representing a final resolution to an inquiry about Ameriquest’s lending practices. Under the agreement, Ameriquest will implement a series of measures to enhance the company’s business practices while continuing to help consumers meet their mortgage financing needs.
The company acknowledged no wrongdoing and there are no restrictions or limitations on the company’s licenses.

In addition to its financial commitment, the specific steps Ameriquest has agreed to take include:

  • Ensuring that borrowers receive a simple one-page form clearly describing all loan terms at least three days before closing.
  • Centralizing the appraisal process and instituting random selection of appraisers.
  • Requiring sales associates to follow approved scripts to describe loan terms and conditions and ensure that competitive claims regarding interest rates are accurate.
  • Implementing measures requiring customers to sign a statement at closing certifying that the information they provided to Ameriquest regarding their stated income is true and correct.
  • Ensuring that Ameriquest will only refinance a non-prime loan if there is a benefit to the borrower.
  • Using third-party closing agents to help prevent conflicts of interest.

The hope is that despite the previous legal trouble, people will continue to trust the way Ameriquest does business.

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