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Ameriquest Settlement

Ameriquest Settlement Facts

  • Ameriquest Mortgage Company is the largest privately held retail mortgage lender in America and the largest subprime lender by volume. The company is headquartered in Orange County, California.
     
  • Ameriquest is settling with 49 states and the District of Columbia (the company has never done business in Virginia) over allegations regarding certain lending practices. Ameriquest denies all allegations but has agreed to implement new standards to prevent the alleged practices from occurring in the future.
     
  • Ameriquest will pay $295 million to consumers nationwide in restitution. Each state's share depends on the value of loans held by that state's consumers.
     
  • The settlement impacts Ameriquest loans taken out between January 1999 and December 2005; however, not all loans taken out in this period were affected..
     
  • Tennessee's share of the settlement is approximately $2.5 million. The exact number will not be known until a settlement administrator begins work on distributing these sums.
     
  • Ameriquest agreed to institute significant changes in its business practices and relations with consumers and pay for a monitor and report on compliance with the settlement through December 31, 2010.
     
  • Consumers do not need to do anything at this time. If they are eligible for restitution they will be notified by letter at a later date by the settlement administrator.