Trump Mortgage LLC is an American financial services company named after US businessman and President Donald Trump and is headquartered in New York. Trump initially announced the launch of Trump Mortgage Services in July 2003. Trump Mortgage LLC was formed in April 2005, and had a limited opening in November 2005, before being officially launched in April 2006.
E.J. Ridings serves as company president and chief executive officer. Ridings, who designed the idea for the company, was an acquaintance of Trump's son, Donald Trump Jr., who introduced Ridings to his father. In September 2006, Trump Mortgage was licensed in 25 states and stated that it was the fastest-growing commercial and residential mortgage company in the United States.
The company's closure was announced on August 5, 2007, as a result of a bad economy and Ridings' exaggerating his identity. Experts also believe that the company is growing too fast. At the time of the closing announcement, Trump has agreed to license its name to First Meridian Mortgage, temporarily renamed Trump Finance in some areas before returning to its original name after several years.
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History
In July 2003, businessman Donald Trump announced the establishment of Trump Mortgage Services, a mortgage broker for his own project and other commercial development projects. Trump Mortgage LLC was formed in April 2005. In November 2005, the company held a limited opening at 40 Wall Street Trump buildings, where the company is headquartered on its own floor as part of the headquarters of The Trump Organization. Around $ 25 million in loans was set in February 2006, mainly in New York. In March 2006, the brokers were licensed in several states, with national licenses expected within the next few months.
E.J. Ridings, president and chief executive officer of Trump Mortgage, said the company plans to acquire warehouse lines, allowing it to fund loans by itself by the end of 2006. Withdrawals are expected to generate $ 3 billion in real estate financing for 2006, from $ 1 billion. Ridings, who designed the idea for the company, was Donald Trump Jr.'s acquaintance, who introduced Ridings to his father.
Donald Trump announced the official launch of Trump Mortgage LLC on April 5, 2006, during an event at Trump Tower in New York. That month, Trump appeared on CNBC and said, "I think it's a good time to start a mortgage company [...] the real estate market will be very strong for a long time to come." In his autobiography Trump 101: The Path to Success Trump wrote, "I wish [Trump Mortgage] to be an effective company, and that makes sense. Much of what I'm doing right now is the thing I think but it should be put off until the time is right. "In the first six months of operation, six top executives left the company Lee Bienstock, a contestant in the fifth season of the Trump reality TV series The Apprentice, became vice president of the company's development association in August 2006.
On September 11, 2006, it was announced that Trump Mortgage has been licensed in 25 states. The company claims that it is the fastest growing commercial and residential mortgage company in the country. In December 2006, Ridings reiterated earlier statements in which he believed that the company would commit $ 100 billion in annual loans in five to 10 years; he considers this as "very likely." Later that month, it was reported that Ridings had been exaggerating and found items on his resume. Although Ridings stated that he was "a top professional at one of the most prestigious investment banks on Wall Street," he had worked for Morgan Stanley for only three months, and had worked for Dean Witter Reynolds for six days as a stockbroker. According to former Mortgage Trump manager Jan Scheck, who left the company after one year, Ridings lacked leadership.
On August 5, 2007, it was announced that the company would close due to bad economic market and excessive credentials of Ridings. Some experts believe that the company also failed because of the expansion too soon. Donald Trump states that he has no ownership in the company and that his role is limited to naming deals. Trump also said, "Mortgage business is not a business I really like or want to be part of in a very big way." On the same day, it was announced that Trump would license its name to First Meridian Mortgage, a licensed mortgage lender in 12 states. Under the deal, First Meridian Mortgage was renamed Trump Financial in most of the areas where it operates. After several years, Trump Financial was closed and the company returned to its original name. David Brecher, president of First Meridian, blamed a bad time for Trump Financial's death.
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Jennifer McGovern, a former employee of Trump Mortgage, brokered $ 26.5 million in financing, which earned more than $ 500,000 in commissions for Trump Mortgage. Trump Mortgage collected their commissions, but froze McGovern, who filed a lawsuit. In 2009, McGovern obtained an assessment of US $ 298,274 towards Trump Mortgage. Until March 2016, the decision has not been met. The share of US Treasury tax tax applied to Trump Mortgage in 2009 amounted to US $ 3,555 in unpaid taxes.
See also
- List of things called Donald Trump
References
External links
- Official website, archived via the Wayback Machine
Source of the article : Wikipedia
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