Funny Commercials from Ameriquest Mortgage

October 11, 2011

Ameriquest was one of the United States’s leading wholesale lenders. Its loan origination practices were at the heart of the Financial crisis of 2007–2010. Ameriquest originated the stated income loan allowing a borrower to state his/her income without any process of verification, a prime cause of the crisis.

Ameriquest was founded in 1979, in Orange County, California, as a bank, Long Beach Savings & Loan. The bank moved to Orange County in 1991 and was converted to a pure mortgage lender in 1994, renamed Long Beach Mortgage Co. In 1997 part of the business (funding loans made by independent brokers) was spun off as a publicly traded company. Originally founded as a subsidiary corporation under the name Ameriquest Mortgage, it was now renamed Long Beach Mortgage, while the retail part of the business was renamed Ameriquest Capital and remained private. (In 1999, Washington Mutual purchased Long Beach Mortgage.) Ameriquest Mortgage was a private company held by ACC Capital Holdings, which was owned by Roland Arnall.

On August 31, 2008, Citigroup completed its acquisition of its wholesale origination-lending unit, Argent Mortgage, and its loan-servicing unit, AMC Mortgage Services, and shut down its retail-lending unit, Ameriquest Mortgage.

Ameriquest was among the first mortgage companies to use computers to search for prospective borrowers and to speed up the loan process.

Don’t judge too quickly – the famous series of funny advertising from Ameriquest Featuring:

1. Romantic Dinner
2. Dad taking his daughters to concert
3. Hospital doctors
4. Airplane
5. The dog

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Tags: Ameriquest, Mortgage

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