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ADJUSTABLE-RATE MORTGAGE (ARM) FIXED-RATE MORTGAGE HOME MORTGAGE DISCLOSURE ACT (HMDA) MORTGAGE BANKER MORTGAGE LATE MORTGAGOR

Ameriquest follows a set of best practices that safeguard the consumer and define the standards of ethics in home mortgage lending.

"Ameriquest hopes to inspire the entire industry to reinforce its commitment to consumers," said Kirk Langs, president of Ameriquest. "Fair access to credit is the foundation of economic opportunity, and these standards will assure that borrowers can make well-informed decisions about the s they seek and the credit they need."

The "Best Practices" include:

A one week "rescission" period - instead of the 3 days required by law - this allows borrowers to take the final, signed terms and compare competing terms from other potential lenders or seek advice from other sources;

The full and timely disclosure of terms and conditions in plain English;

Determining, before a is made, whether an applicant has the ability to pay the back - thus reducing the risk of default and foreclosure;

A commitment to reasonable points and fees;

A prohibition against "flipping" its s through frequent efforts to persuade borrowers to refinance their s;

A prohibition on balloon payments and negative amortization s;

Reporting of borrower repayment histories to credit bureaus - thus allowing conscientious borrowers to improve their credit ratings;

A continuing ban on the sale of single-premium credit life-insurance policies;

A continuing practice of maintaining an arm's-length relationship with such third parties as title companies and appraisers;

Marketing based solely on financial criteria, without regard to a potential borrower's age, gender, ethnic origin or income level;

Monitoring of pricing and fair lending patterns;

The creation of a pilot program to donate foreclosed properties to community groups; and

Fair collection practices.

Ameriquest's 'best practices' code of conduct is another example of how we continuously strive to 'Do the Right Thing'. The phrase "Do the Right Thing" is our fundamental philosophy and guiding principle. When we do the right thing, we help our customers and the people in our communities. At Ameriquest, we never forget that our customers deserve respect, fairness, and honesty.

hopes to inspire the entire industry to reinforce its commitment to consumers," said Kirk Langs, president of Ameriquest. "Fair access to credit is the foundation of economic opportunity, and these standards will assure that borrowers can make well-informed decisions about the s they seek and the credit they need."