Ameriquest
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| Industry | Investment services |
|---|---|
| Fate | Chapter 11 liquidation |
| Successor | |
| Founded | 1979 Orange County, California, U.S. |
| Founder | Roland Arnall |
| Defunct | 2007 |
| Headquarters |
Los Angeles, California, United States |
|
Area served
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United States |
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Key people
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| Products | |
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Number of employees
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2,000 (2007) |
| Subsidiaries | Corcentric, Ameriquest Transportation Services, and NationaLease |
| Website | Ameriquest Mortgage |
Ameriquest was one of the United States' largest sub-prime mortgage lenders until it was shut down in September 2007. Its loan origination practices were at the heart of the Financial crisis of 2007–2010. Ameriquest promoted the stated income loan, which allowed potential borrowers to state their income without any process of verification. Many of these stated income loans were the catalyst to the ultimate failure of Ameriquest itself, and a key factor in the 2007 subprime mortgage financial crisis.
Prior to its failure, Ameriquest was widely known in the United States through its promotional activity. It advertised widely on television, had blimps that flew over football and baseball stadiums, and sponsored the Rolling Stones (2005 U.S. tour), the Super Bowl XXXIX Halftime show, and NASCAR drivers. Its ad slogan is "proud sponsor of the American dream," and their company motto was to "do the right thing." Additionally, in their commercials, Ameriquest also reiterated more than once that their customers are "more than a number." This is, of course, in reference to potential borrowers who may have had poor credit but were able to find financing with Ameriquest.
Ameriquest was among the first mortgage companies to use computers to search for prospective borrowers and to speed up the loan process and was accused of predatory lending practises by US regulators.
Ameriquest was founded by Roland Arnall in 1979, in Orange County, California, as a savings and loan association, or thrift, called Long Beach Savings & Loan. The bank moved to Orange County in 1991 and was converted to a pure mortgage lender in 1994, and renamed Long Beach Mortgage Co. In 1997, part of the business that funded loans made by independent brokers was spun off as a publicly traded company. This spin-off, which was founded as a subsidiary corporation under the name Ameriquest Mortgage, was now renamed "Long Beach Mortgage".
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Wikipedia