Ameriquest: Latest Job Openings, Reviews and Ratings & Profile wise Salary Distribution

Ameriquest Careers & Info

Former CEO: Douglas Clark

Status: Closed and acquired by Citigroup

Until 2006, Ameriquest Mortgage Company was the largest privately held mortgage lender in America and was also the leader in subprime lending. In the latter half of 2006, Ameriquest went out of business due to the large number of toxic assets that it was in possession of. The company offered direct loans to customers using a new method of lending called the stated income loan. With this type of loan, the borrower was allowed to state his or her annual income on the loan application paperwork, and the company that was lending the money was not required to actually verify that this number was accurate.

Ameriquest started out as a small savings and loan association in Long Beach, California. It was initially founded under the name Long Beach Savings and Loan and was established in 1980. The company later relocated its headquarters to Orange, California, once it became incorporated. Working at Ameriquest is no longer possible because they have been out of business for close to five years.

Before going out of business, Ameriquest culture was fairly well defined because it sponsored numerous television and radio ads. These ads were especially prevalent during broadcasts of sports games; Ameriquest ads were featured during several super bowl broadcasts and even sponsored a NASCAR professional racing team.

Today, Ameriquest careers are completely nonexistent, since the company's assets were liquidated in early 2007. The majority of these assets were subsequently acquired by Citigroup Financial, a multinational financial services corporation located in New York. One of the most notable Ameriquest benefits was that borrowers were able to falsely represent their income for the purpose of obtaining loans. Unfortunately, this can barely be construed as a long-term benefit, since Ameriquest's lending practices were highly predatory. Borrowers were given these loans at rates much lower than most banks were able to issue mortgages for and became commonly known as subprime loans. Once these loans matured, however, borrowers were faced with exorbitant fees that they were unable to pay. This caused an epidemic in the housing market in which homeowners who were unable to make their loan payments had their properties foreclosed on. It has been argued that this lending practice was directly related to the economic crisis of 2007-2011.

What jobs pay the most at Ameriquest?

VP of Sales is the highest paying job at Ameriquest at $223,000 annually.