What kinds of lending practices did the States investigate?
The States investigated complaints that Ameriquest used a variety of unlawful lending practices, such as giving borrowers inaccurate information about interest rates, Discount points and other mortgage loan terms, inflating property appraisals, and persuading borrowers to refinance, even when refinancing didnt offer any real advantage to the borrowers. Some borrowers also complained that Ameriquest pressured them to close loans on terms that were different from those originally proposed, and failed to complete funding of loans on time. You can read the complete list of lending practices that the States investigated by clicking here to see the definition of Lending Practices in the Settlement Agreement.
