The Ameriquest Mortgage Company was one of the leading lenders on the US credit 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 company had two divisions and its retail portion was privately run and it was called Ameriquest Capital. . Its wholesale part was publicly traded and called Long Beach Mortgage.
The Ameriquest Mortgage Company was a private company owned by Mr. Roland Arnall of ACC Capital Holdings. In 1999, Washington Mutual purchased Long Beach Mortgage. In 2007, Citigroup acquired the wholesale division of Ameriquest Mortgage Company.
It was one of the first mortgage companies to use computers to do business. This was an effective way to speed up loan processing. Ameriquest Mortgage CompanyâEUR (TM) services included providing business solutions, direct loans, seeking alternatives for effective business relationships, and providing financial and educational means to its clients.
When Ameriquest Mortgage Company was still in business, it used to offer two types of mortgages. These were the Fixed Rate Mortgage and the Adjustable Rate Mortgage. The fixed rate mortgage has a fixed interest rate and a single monthly payment of principal and interest for the entire term of the loan. The adjustable-rate mortgage was viable for people who tolerated high risk and wanted lower monthly down payments.
The company was well known in the United States because it advertised itself well through television, airships, and its NASCAR driver and concert sponsorships. They even had a slogan that said they were the proud patrons of the American dream.
Ameriquest was also widely known for its community programs and charities. They believed that homeownership, youth development, and financial education were the pillars of ideal communities. And with this belief, they created specialized programs for each block. For financial education, Ameriquest created programs that help youth develop planning and money management skills. Homeownership programs invested efforts to give low-income families the opportunity to own their own homes. Youth Development supported educational services and programs aimed at providing young adults with the tools they need to become productive people.
During the latter part of 1995, Ameriquest got into trouble with its clients as they complained about fraudulent mortgage services. In 1996, the company, trying to salvage its tarnished image, agreed to a $ 325 million settlement for clients. And while it was seen as a victory for his clients, he did little to reduce the damage done, as most of the properties were already in foreclosure. Currently, the Ameriquest Mortgage Company no longer accepts loan applications since its sale to Citigroup in 1997.
