Welcome to Mortgage Company Guide
East West Mortgage Company Article
. For a permanent link to this article, or to bookmark it for further reading, click here.
What happened to the Ameriquest Mortgage Company?
from:The Ameriquest Mortgage Company was one of the leading lenders in the United States lending scene. Founded in 1979 in California as a bank then called Long Beach Savings and Loan, it was converted to become a mortgage lender in 1994 and was renamed Long Beach Mortgage Co. The business had two divisions with its retail part being privately run and called Ameriquest Capital. Its wholesale part was publicly traded and was called Long Beach Mortgage.
The Ameriquest Mortgage Company was a private company owned by Mr. Roland Arnall of ACC Capital Holdings. By 1999, Washington Mutual bought Long Beach Mortgage. In 2007, Citigroup acquired the wholesale division of the Ameriquest Mortgage Company.
It was one of the first mortgage companies to employ computers in doing business. This was an effective way of speeding up the processing of loans. Ameriquest Mortgage Company’s services included providing business solutions, direct loans, seeking alternatives for effective business relations and providing financial and educational means to its customers.
When Ameriquest Mortgage Company was still engaged in business, they used to offer two types of mortgages. These were the Fixed Rate Mortgage and Adjustable Rate Mortgage. Fixed Rate Mortgage has a fixed interest rate and only a single monthly payment for principal and interest for the entire loan period. The Adjustable Rate Mortgage was viable for people who tolerated high risk and wanted lower initial monthly payments.
The company was well-known in the United States since it was well advertised through television, blimps, and its sponsorships of concerts and NASCAR drivers. They even had a slogan stating that they were the proud sponsor of the American dream.
Ameriquest was also widely known for its community programs and charitable works. They believed that homeownership, youth development and financial literacy were the building blocks of ideal communities. And with this belief, they created specialized programs for each block. For financial literacy, Ameriquest created programs that help young people to develop planning and money management skills. Homeownership programs invested efforts to provide low income families a chance to own their very own homes. Youth development supported educational services and geared programs to give young adults the tools in becoming productive people.
During the later part of 1995, Ameriquest got into trouble with its customers since they complained of fraudulent mortgage services. By 1996, the company, in its attempt to save its tarnished image, agreed to a $325 million settlement for the customers. And although it was seen as a victory for their customers, it did little to reduce the damage done since most properties were up for foreclosure already. At present, Ameriquest Mortgage Company is no longer accepting loan applications since its sale to Citigroup in 1997.
East West Mortgage Company News
Retail Growth Ahead For Service Sector, Secondary Housing Markets, and ... - MarketWatch (press release)
Retail Growth Ahead For Service Sector, Secondary Housing Markets, and ... MarketWatch (press release) A white paper released today by Colliers International, "On the Road Again: What's Driving Retail Real Estate's Recovery and Who's Getting There First," identifies growth companies and markets on the fast track to success, with some of them gaining ... |
Realtors Need More Homes on the Market - LoanSafe
Realtors Need More Homes on the Market LoanSafe As of Wednesday, the Burlington/West Burlington market had 158 houses listed for sale. The total listed in Des Moines, Lee, Henry and Louisa counties was 257. Glancy, a co-owner of the Re/Max Real Estate Specialists office in West Burlington, ... |
CBJ: Property transfers and building permits for May 21 - The Daily Progress
CBJ: Property transfers and building permits for May 21 The Daily Progress Eubanks, Sheila to Federal Home Loan Mortgage Corp., lot 3 about ¼ mile northwest of Esmont, by deed of foreclosure recorded at consideration $76864, tax value $87100. » Hauser, Robert M. to Senior Center Incorporated, 5.91 acres on east side of ... |
Businesses announce personnel changes - The Tennessean
Businesses announce personnel changes The Tennessean Several Nashville companies recently were awarded the 2012 Seal of Satisfaction certification mark. The awards are given after Wilkins Research Services, an independent research firm, conducts both the nomination process with local consumers and ... |
Bill Berryhill seen as moderate Republican in the Senate race - Lodi News-Sentinel
Bill Berryhill seen as moderate Republican in the Senate race Lodi News-Sentinel It's wasteful spending, he said, when you have so many Central Valley residents who are unable to pay their mortgage. He said an east-west train from the Central Valley to the Bay Area is more important than a north-south project. |