125 mortgage loan for bad credit

Mortgage company to hire 125 for local office

Now for a break from the steady beat of bad economic news: A California mortgage company will bring 125 jobs to a new Liberty Lake service center set to open Nov. 1. Ameriquest Mortgage Co., based in Orange, Calif., announced Friday it will open a regional loan- origination center in Spokane County.

The company has quietly leased a new two-story building just south of Interstate 90. The location is west of the ForeTravel Northwest building on the 23500 block of East Knox.

Riding the ongoing surge in residential refinancing, Ameriquest has opened about 200 branch offices across the country.

The Liberty Lake center will serve as a regional center, said Adam Bass, the company's senior executive vice president.

Bass said the company expects to hit its 125-job target by the first of next year.

"Most of the jobs will be new hires. Some will be other Ameriquest employees moving there," he said.

Most of the positions will involve outgoing mortgage leads, Bass said. Some will involve loan underwriting.

Bass said the company won't provide information on employee salaries.

Part of Ameriquest's core business is categorized as subprime lending. Subprime mortgage companies make money by helping people with tarnished credit histories buy homes - at slightly higher interest rates than sterling buyers receive.

Three years ago, when consumer groups began raising questions about the predatory bait-and-switch practices of some subprime lenders, Ameriquest went out of its way to say it was acting responsibly.

Responding to requests from consumer groups, Bass and other Ameriquest officials agreed to lay out a clear checklist of the company's business practices.

That 18-point list, posted on the Ameriquest Web site, has been hailed by some consumer groups as a standard for the subprime industry.

One example: The company sends out a detailed, clearly written booklet called "Understanding Your Loan." Included are phone numbers for government agencies that buyers can call if they want loan information or detailed steps for canceling a deal.

While the law gives buyers three days to back out, Ameriquest gives them a week.

Ameriquest decided to locate an office in Spokane County because of its affordable office costs and labor pool, said Bass.

"We viewed Spokane as a good location, with a readily accessible and very educated work force."

Doug Smith, director of planning and community development for Liberty Lake, said Ameriquest's arrival is a major lift for the area.

"After all the negative stories of job losses we've had, this is a big help," he said.