Quicken Loans in the News:

• Quicken Loans has been recognized by FORTUNE Magazine is one of their "100 Best Companies to Work" for in America
• Quickenloans.com has been named a favorite mortgage lending site by Forbes, PC Magazine and Money Magazine.
• Quicken Loans is ranked the largest online lender in the U.S., according to National Mortgage News, from among 50,000 lending entities.
• Quicken Loans closed more than $12 billion in home loans during calendar year 2003.

Quicken Loans experts are regularly quoted in the nation's top newspapers and on popular radio and business television programs. Here's what they're saying:

• "People have to really look at an adjustable rate mortgage versus a 30-year fixed because they pay a huge premium for the longer term mortgage. You wouldn't insure your home that's worth $200,000 with a $500,000 policy, so why lock in a rate for 30 years if you're only going to be in that home for three or four years?" Dan Gilbert, Chairman, Quicken Loans.
  - CNBC, Squawk Box
• Bob Walters, chief economist at Quicken Loans, says financing a home with an equity line can be particularly useful to business owners or commissioned salespeople whose income arrives in fits and starts. Walters says they also can be attractive to home buyers expecting to stay in their house for just a few years.
  - USA Today
• "A borrower in a secure job and unlikely to be transferred, or a family that intends to stay put for 20 years, are good candidates for fixed-rate mortgages," said Stephen Piazza, senior vice president at Quicken Loans. "And some borrowers are simply unable to stomach ARM risk. You have to say, If your payment went up $200 would you be ok? Some clients aren't and they're not comfortable thinking that may happen."
  - CBS MarketWatch
• Bob Walters, chief economist for online lender Quicken Loans, suggests prospective buyers think ahead -- as much as two years ahead. "They should get their financial homes in order first by talking with a mortgage lender to see what they'll need to compete in the real estate market. Look for 'bumps and bruises' in your credit history and fix them, he said. Reduce your outstanding debt. You aren't going to change your credit score in 30 days."
  - San Jose Mercury News
• "With an interest-only loan, borrowers pay only the interest on the total amount borrowed and in many cases pay principal only after a prescribed period. Under online mortgage lender Quicken Loans' latest loan program, the borrower is required to pay only interest on the loan for the first 10 years."
  - Baltimore Sun
• Bob Walters, chief economist at Quicken Loans, recommends making a resolution to re-evaluate one's mortgage annually. He draws an analogy to investing for retirement. "Just like different types of (investment) funds are appropriate in different times of your life, based on age and income and risk levels and goals, the same is true for mortgages," Walters says. "You have to use the same concept of what they call in investing 'rebalancing.' You have to take an annual look and ask, 'Do I have the right kind of mortgage for myself?' "
  - Detroit News
• "People say, 'rates are rising, I need to lock in a 30-year rate.' But the rate environment is less important than matching one's mortgage to their situation." Bob Walters, Chief Economist, Quicken Loans.
  - New York Times
• "Most people stay in their home less than nine years and only touch their mortgage every five to seven years. So instead of getting into a fixed rate mortgage, people really should take a look at a hybrid three, five or seven year adjustable rate mortgage because it can significantly lower their monthly payment. And we're seeing a lot of people go that route." Bill Emerson, CEO, Quicken Loans.
  - ABC's Business Week Television Program
• "Paying your mortgage off early is not always a good idea. Although it does produce savings, it may not be the best idea for people who haven't fully funded their employer-matching 401(k), for example, or for people paying high interest on credit-card balances. Remember, interest on credit cards isn't tax-deductible, but mortgage interest is." Bob Walters, Chief Economist, Quicken Loans.
  - Charlotte Observer
• "We've seen growing demand for home equity lines of credit," said Bob Walters, chief economist at Quicken Loans, one of the nation's leading online mortgage lenders. "As rates begin to creep up, we anticipate even greater demand, because folks won't want to tap their equity with a traditional cash out refinance and lose the low rate they had on that first mortgage."
  - Wall Street Journal

Ameriquest: Servicing Best Practices

To further these goals, Ameriquest has held extensive discussions with the Consumer Mortgage Education Consortium (CMEC)—a group that includes the Leadership Conference on Civil Rights, the National Fair Housing Alliance and the National Association of Neighborhoods—and the Association of Community Organizations for Reform Now (ACORN), the National Community Reinvestment Coalition (NCRC) as well as many other community organizations on how to expand the availability of mortgage credit to all markets and how to combat unfair mortgage lending practices.

To achieve these shared goals, Ameriquest is committed to the following Best Practices.

Servicing Best Practices

We service the loans we originate, so our relationship with our customer does not end when the loan is closed. Rather, a new and ongoing relationship begins. We are committed to responsible lending and provide the highest degree of quality and ethical service to our customers during the servicing relationship. In short, we strive to put the "service" back in loan servicing.

Ameriquest's servicing combines old-fashioned, person-to-person communication and modern technology. This unique approach allows us to understand and respond quickly to customer needs.

• Broad Home-Retention Strategies
• Immediate Processing Of Customer Payments
• Encouraging Customers To Use Escrow Accounts
• Services That Are Geared Toward Customer Satisfaction And Convenience
• Fair Collection Practices
• Reporting Of Customer Payment Histories To Credit Bureaus
• Free Consumer Credit Counseling
• Resolving Customer Concerns Is A Top Priority
• Many Services We Offer Our Customers Are Free
• New Customers Receive A Welcome Call Before Their First Payment Is Due
• Lender-Placed Insurance Is A Last Resort
• Tracking Quality Is A Cornerstone To Delivering Unparalleled Customer Service
• Caring About The Communities We Serve
• Training Is The Foundation To Quality Customer Service

Origination Best Practices

We believe consumers should (1) receive clear and timely disclosures of the terms of a proposed loan and their options; (2) have adequate time to evaluate and negotiate those terms; and (3) have the ability to obtain the advice of independent advisors as to whether the loan is one they should accept.

• Providing Customers A Copy Of Their Credit Report
• Clear And Timely Disclosure Of Loan Terms And Conditions
• Determining Whether The Customer Has The Ability To Repay Our Loan
• Providing Customers Adequate Time To Evaluate The Final, Written Loan Terms—A One-Week Cancellation Period
• Prohibited Practices—Balloon Payments, Negative Amortization And Mandatory Arbitration Clauses; Single Premium Credit Life Insurance Policies
• Reasonable Points And Fees
• Risk-Based Pricing
• Marketing
• Refinancing Of Existing Customers—Flipping Is Prohibited
• Property Valuation
• Consumer Mortgage Education And Outreach

Ameriquest was one of two lenders invited to participate in Freddie Mac's Don't Borrow Trouble consumer-awareness program. We continue to participate in events sponsored by this program across the country to help educate the public about the mortgage process and steps they can take to protect themselves from predatory lending.

We partner with various organizations to offer rescue programs to victims of predatory lending. Ameriquest is also working on programs supporting first-time home buyers in achieving the American dream.

It comes as no surprise that with the expansion of business sites on the Internet that mortgage lending companies would join in the new medium. There's a wealth of information about mortgages on the World Wide Web.

The Internet is a good place to search for mortgage brokers or lenders and make phone calls to check out their loan programs. Also, many banks and credit unions now have web sites with information, and even applications, on their mortgage programs.

OK, the World Wide Web is good for research, but should you be applying for a mortgage online? You can always do some preliminary work online by submitting for an online quote. When the lenders call you back and if you like the results, here are some possibilities:

• Ask the lender to send you information on their company, and ask the mortgage specialist to follow up with a phone call to you in two weeks.
• Download the mortgage application, print it, then send it in the mail or deliver it in person.
• Security is a major concern. Don't give out your social security number to just anyone. Most online quote forms will not ask very personal information. When speaking to a lender from a reputable company, it will be at your discretion to give them your secure information.

Tip

The web is good for preliminary mortgage loan shopping, but don't make the final commitment online. You need to talk with the lender or broker so all your questions are answered, and you are aware of all of the conditions of the loan. Buying a home is a personal choice and a major financial commitment. It pays to have personal contact with your lender and establish a relationship of confidence and trust.

Some other web sites with good mortgage information: