The Ameriquest Lender was one of the leading lenders in the usa lending scene. Founded in 1979 in California as a bank then called Long Beach Savings and Loan, it absolutely was changed to turned into a mortgage lender in 1994 and was renamed Long Beach Mortgage Co. The company had two divisions using its retail part being privately run and called Ameriquest Capital. Its wholesale part was openly traded and was called Long Beach Mortgage.
The Ameriquest Mortgage Company would have been 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 turned out one of the first mortgage companies to employ computers in doing work. This was a efficient way of speeding up the processing of loans. Ameriquest Mortgage Companys services included providing business solutions, direct loans, seeking options for effective business relations and providing financial and academic ways to its customers.
When Ameriquest Mortgage lender had been engaged running a business, they utilized to offer 2 kinds of mortgages. These were the Fixed price Mortgage and Adjustable Rate Mortgage. Fixed Rate Mortgage features a fixed monthly interest and just one particular payment for principal and interest for the complete loan period. The Adjustable Rate Mortgage was viable for those who tolerated risky and wanted lower initial monthly payments.
The corporation was well-known in the United States because it was well advertised through television, blimps, and it is sponsorships of concerts and NASCAR drivers. They will had a slogan stating that these folks were the proud sponsor from the American dream.
Ameriquest seemed to be well known for the community programs and charitable works. They deemed that homeownership, youth development and financial literacy were the inspiration of ideal communities. With this belief, they created specialized programs per block. For financial literacy, Ameriquest created programs that help teenagers to build up planning and cash management techniques. Homeownership programs invested efforts to offer 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 succeeding as productive people.
In the later a part of 1995, Ameriquest got into challenge with its customers since they made note of fraudulent mortgage services. By 1996, the organization, in the attempt to save its tarnished image, decided to a $325 million settlement to the customers. And even though it was seen as an victory because of their customers, it did little to lessen damages done because most properties were up for foreclosure already. At the moment, Ameriquest Bank has stopped being accepting loan applications since its sale to Citigroup in 1997.
