1. You know, I am having a hard time getting my head around Ameriquest's approach here, and not just with this promotion - over the past several years Ameriquest has been spending huge dollars on high profile, entertainment event advertising and marketing (Major league baseball, super bowl ads etc.) For those that don't know - Ameriquest's internal business model is a pure boiler room/telemarketing/spam type operation, (hiring new originators off the street- HUGE turnover) and primarily (exclusively) pushing sub-prime product. The entire culture at the company is one of "how much can we get away with charging." I literally have had Ameriquest Loan Originators ask me questions like "What's the most you've ever charged a customer? and then laugh and brag about hammering some poor sod with 3, 4, or even 5% in fees, then justify it by saying the customer still saved money on their monthly payment.
I guess it speaks to the profitability of the sub-prime industry as whole that Ameriquest is willing to spend that kind of money essentially to have people recognize the name when the telemarketers call.
At root its just business, but their "baseball and apple pie, we care about you" advertising message is so at odds with what in my experience is their actual approach to lending, I can't believe they are doing this with a straight face. Remember, this is the same bunch that is filling up your inbox with Spam, and calling you at home. I'd point to Ameriquest as maybe the best example of why we need more licensing and street level regulation in this business.

Posted at 6:29AM on Dec 19th 2005 by Alex Stenback

2. I saw those fees when my former company started telemarketing. Hadn't I seen HUD from the previous Ameriquest's closing that my buddy was given by a homeowner, I would've never believed. One guy paid 2 points on $700,000+ mortgage to lower his rate by .5% and take $50,000 out. The loan officer made another 2 on the back. Now in Illinois you can't get borrower's fees including closing costs more than 3% if the rate 8% or above. So you see plenty of 7.99% interest rates with those exuberant fees.
Forget about LO, we are all greedy to the point, but how in this day and age you still see people otherwise smart, willing to be duped so easily?

Posted at 6:29AM on Dec 19th 2005 by bad credit repair