Ameriquest Mortgage Company - closing completed, but still haven't received payoff - told this is due to problem with appraisal

# 15 for May 30, 2003

Complaints.com received the following on May 29, 2003:

From: Hall, Larry [Email User]

RE: Ameriquest Mortgage Company - closing completed, but still haven't received payoff - told this is due to problem with appraisal Ameriquest Mortage Company Loan No. 0046770988 - 7301

May 5, 2003

Loan Type: 1st Trust Deed/Mortage

Branch

1 Westbrook Corporate Center, #

Westchester, Il 60154 Agent: Craig

Application done April

Pickup fanil paper work May 6

Appraisel done May 6

Contacted by agent Craig May 8 for closing on May 9

Closing done on May 9, mortage refainancing payoff, cash

back $4900, all bills paid for month of May, and first mortage payment July 1, 2003.

Mortage payment change from $1254 to $1450.

This was a closing and it was done and complete on May 9, I contact Ameriquest Mortage May 13, to find out when the payyoff will be complete. I was told by Craig, there was a problem with the appraisel, I ask how can ther be a problem, we already have closed. The agent (Craig) was holding the closing, if this is legal, then all closing don't mean nothing. If it is not, then all the closing done by Ameriquest Mortage should be invalid. This has cause me to get behind with all my bills, this was the reaseon for refinancing in the first place. All closing I never done was final, so I through this company worked the same way, so I spent my bill money. Contact branch manager, to see if all closing are done this way. Didn't get his name, he said he was second in command, anyway he stated that they do closing before all paper work is done to avoid delays. This done seem legal to me, what if this happen to someone else, to avoid delaying the transaction. A very, very disappointment custom, or should I say not a custom. The phrase "Do the Right Thing" is our fundamental philosophy and guiding principle. It's a meaningful phrase at Ameriquest because it sums up our most important corporate values. We try to incorporate it into everything we do and it's especially important when it comes to qualifying a loan. When we do the right thing, we help our customers and the people in our communities. At Ameriquest, we never forget that our customers deserve respect, fairness, and honesty. This is Ameriquest Mortage Company pharse, this is a far cry from the way I was treated.