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Ameriquest Mortgage Co. is embarking upon a "best practice" initiative for both loan servicing and loan origination.
Ameriquest's initiative to set voluntary standards for ethical lending practices support the company's goal to make credit accessible to underserved markets, help customers gain a fresh financial start and make homeownership a reality, the company said.
Ameriquest's updated best practices include no mandatory arbitration, no flipping, no single-premium credit insurance products, one-week cancellation policy and underwriting that is based on the borrower's ability to repay the loan.
Other best practices focused specifically on servicing include processing payments the day they are received; no fees for routine transactions and services such as obtaining loan documents, generating payment history and participating in an automatic recurring payment plan; adopting retention strategies to ...
Source: HighBeam Research, Ameriquest Strives For 'Best Practices'.(Brief Article)