Player Roster 3

By Baselinemag  |  Posted 2005-09-07 Email Print this article Print
 
 
 
 
 
 
 

Ameriquest vice chairman Adam Bass and his team are committed to getting rid of the "bad apples."


Adam Bass
Vice Chairman, Ameriquest Capital Corp.

Bass acknowledges that some "bad apples" have infiltrated the rank and file at Ameriquest in the past five years but says the company is doing everything it can to clean up its act. This year the company has settled more than $100 million in class-action lawsuits that accused the company of, among other things, hiding loan fees from borrowers. In each settlement, Ameriquest officials did not admit any wrongdoing.




Darryl Lemecha
Chief Information Officer
Lemecha was a finalist for the 2004 Georgia CIO of the Year Award given by the Georgia CIO Leadership Association. Along with Curling and Smith, he's a defendant in a class action suit filed by shareholders claiming the managers made "materially false statements" during the year the thefts were occurring. ChoicePoint says it will "defend vigorously" this and "any such additional lawsuits."

INSIDERS


Roland Arnall
Chairman, Ameriquest
Arnall heads Ameriquest Mortgage's parent company. He knows the value of technology. In 2001, he insisted Ameriquest install software that allowed agents to close loans quickly with as few people as possible involved in the process. Arnall ranks as No. 106 in Forbes magazine's list of wealthy Americans, and raised $12 million for President Bush's re-election. In July, Bush nominated him U.S. Ambassador to the Netherlands.


Mark Sarago
Chief Information Officer
Responsible for implementing and maintaining the loan processing software used by all Ameriquest loan agents. Sarago was previously chief technology officer of Ameriquest's primary software development consulting partner, Tavant Technologies. He is a proponent of computing services delivered over the Web.


Aseem Mital
Chief Executive Officer
Mital, named CEO in June, says one of the main reasons Ameriquest has taken market share from competitors is the company's willingness to embrace technology to improve how it serves customers. But, he points out, no one can "design the perfect system in a human-oriented process."

OUTSIDERS


Mark Bomchill
Former Loan Agent
Bomchill left the company in 2003 after enduring what he called a "boiler room-type" atmosphere at a suburban Minneapolis branch. He says the unrelenting pressure from managers to increase loan volume pushed some agents to bend and break the rules to get loans approved, and that the company's loan processing software at the time did not have sufficient safeguards to prevent abuse.


Joseph Khaliq
Former Loan Agent
Khaliq, who worked at an Ameriquest branch in San Mateo, Calif., between 2001 and 2003, says loan agents at his branch routinely advised borrowers to lie about their income to qualify for loans. He also says agents would tell borrowers to leave loan applications blank so the agents could enter the data "as they saw fit" to qualify the applicant for a new loan.


Sarvesh Mahesh
Founder and CEO, Tavant Technologies
Mahesh runs the consulting firm that provides Ameriquest with software developers for its custom system development efforts, including the Sales Navigation and Accelerated Production (SNAP) loan pricing and validation software system.


Al Bartello
Vice President, Sales and Marketing, Fidelity National Information Solutions
Bartello held Ameriquest's hand through its 2001 implementation of Fidelity's Empower loan processing software. He says the company wanted the software configured in a fashion that gave loan agents and other employees maximum flexibility for pricing loans and entering financial data into the system.


Lynn Ryan
Former Chief Information Officer, Ameriquest
Ryan oversaw the company's implementation of Empower. The software replaced a 5-year-old system that had been pieced together with in-house programs. Ryan is now CIO at Kansas City, Mo.-based NovaStar Financial, also a mortgage loan originator.



 
 
 
 
 
 
 
 
 
 

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