Ameriquest- The Second Largest Lending Fraud Settlement to Date
Why a small, locally owned and operated Mortgage Loan Brokerage is your best bet for your mortgage.
If you've seen the news in the past week, I'm sure you've heard something about the Ameriquest scandal and the huge settlement. Ameriquest, one of the larger on-line lenders, settled out of court for $295 million dollars (that's $295,000,000.00!) on charges of multiple acts of lending fraud in 49 states. Abuses included forging documents, appraisals and employment records from borrowers, as well as upping interest rates substantially from quotes, and charging undisclosed fees at the time of closing.
The worst of it is that they aren't the worst of it! Household Finance Corp. had a settlement for $484 million in 2002 for similar charges of lending fraud. Make sure you know who you're dealing with when you go to find a mortgage. Many times the hype and unbelievable low rates and fees you see advertised on web sites are unbelievable because they never happen. An on-line site may quote you closing costs that seem very low, but don't include escrow costs, their broker fee, or their processing fee. At closing, if you read every piece of paperwork, (and who could!), you may find your actual costs are double or triple their estimate! That's because what some companies call "closing costs" only include title fees and doc stamps, the fees they (and the actual lender) charge aren't included. Service at some of these large corporations consists of dragging you in with promises that never happen, getting you to closing with no other options, and forgetting you exist as soon as you sign.
We've told you before that your best option when looking for a home mortgage is a Professional Licensed Mortrgage Broker, and now the news is again saying the same thing. If you live in Florida, try Star Mortgage , they'll treat you right. You'll know before hand what your actual closing costs are, including their fee and Crow Processing's charges. There are no surprises, and you'll get their Prompt, Professional, Personal Service at no extra charge. Yes, they will charge you a fee of 1-2% on your loan, but compared to Ameriquest's hidden charges of 8- 10 % on some of their loans, it's a real bargain. Plus you'll get the best rate and terms available from a nationwide network of lenders, not whatever program some unlicensed "Loan Consultant" in a boiler room is told to push that month.
No matter what your credit or situation is, if you want the best rate on the best mortgage for your particular circumstances, contact Star Mortgage by clicking here. No hype, no hassles, no unbelievable rates that no one can qualify for, just a mortgage program designed for what you want and need, and personal service for every client. There's an old adage that says "You get what you pay for", but at Star Mortgage, you'll get much more.
If you've seen the news in the past week, I'm sure you've heard something about the Ameriquest scandal and the huge settlement. Ameriquest, one of the larger on-line lenders, settled out of court for $295 million dollars (that's $295,000,000.00!) on charges of multiple acts of lending fraud in 49 states. Abuses included forging documents, appraisals and employment records from borrowers, as well as upping interest rates substantially from quotes, and charging undisclosed fees at the time of closing.
The worst of it is that they aren't the worst of it! Household Finance Corp. had a settlement for $484 million in 2002 for similar charges of lending fraud. Make sure you know who you're dealing with when you go to find a mortgage. Many times the hype and unbelievable low rates and fees you see advertised on web sites are unbelievable because they never happen. An on-line site may quote you closing costs that seem very low, but don't include escrow costs, their broker fee, or their processing fee. At closing, if you read every piece of paperwork, (and who could!), you may find your actual costs are double or triple their estimate! That's because what some companies call "closing costs" only include title fees and doc stamps, the fees they (and the actual lender) charge aren't included. Service at some of these large corporations consists of dragging you in with promises that never happen, getting you to closing with no other options, and forgetting you exist as soon as you sign.
We've told you before that your best option when looking for a home mortgage is a Professional Licensed Mortrgage Broker, and now the news is again saying the same thing. If you live in Florida, try Star Mortgage , they'll treat you right. You'll know before hand what your actual closing costs are, including their fee and Crow Processing's charges. There are no surprises, and you'll get their Prompt, Professional, Personal Service at no extra charge. Yes, they will charge you a fee of 1-2% on your loan, but compared to Ameriquest's hidden charges of 8- 10 % on some of their loans, it's a real bargain. Plus you'll get the best rate and terms available from a nationwide network of lenders, not whatever program some unlicensed "Loan Consultant" in a boiler room is told to push that month.
No matter what your credit or situation is, if you want the best rate on the best mortgage for your particular circumstances, contact Star Mortgage by clicking here. No hype, no hassles, no unbelievable rates that no one can qualify for, just a mortgage program designed for what you want and need, and personal service for every client. There's an old adage that says "You get what you pay for", but at Star Mortgage, you'll get much more.
posted by Jack @ Friday, January 27, 2006
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