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Apex Lending, Inc. - Retail Net Branch

2010-01-27

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In a memo to employees on 2010-01-26 Apex Lending, Inc. President Steve Hays announced that the company would be shutting down and all loans must be closed in the next 30 days or taken elsewhere. Originations are to cease after 2010-01-29, and most employees will be terminated as of that date.

Based in Clearwater, FL Apex Lending was one of the largest net branch operations still doing business - a model Hays said he expected "will be phased out over time." A press release in late 2006 reported that the company had grown to "over 900 loan officers in 300 branch locations nationwide" and was a "top 20 branch organization." Their web site indicates Apex Lending is currently licensed in 22 states.

Volume info was not available at the time of this posting. In the memo, Hays noted loan production had been "dramatically reduced" and indicated the company's efforts to remain competitive by transitioning from broker to lender had become "an insurmountable task."

Information is still coming in and we will endeavor to update this listing. Feel free to post your comments below or email us if you have more details.


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Comments:

mtgxpro at 16:44 2010-01-27 said:
Many years ago I was a loan officer for Apex Lending, Inc.

Very nice people, sad to hear their are closing doors...

The NET BRANCH model of only offering Mortgage Loans is DEAD, your company have to offer multiple services or the agents will not get enough income.

Daniel Caceres http://www.communitylendinggroup.org - Mortgage Loans - Loan Modifications - Credit Repair - DEBT SETTLEMENT Permalink

brevardo at 08:19 2010-01-28 said:
I worked there as a Business Development Manager from 2006-2009. They were a Great company! Permalink
mtgxpro at 08:28 2010-01-28 said:
Good to hear from you my friend. Hope you and your family are well.

Daniel Caceres Community Lending Group, Inc. National Financial Freedom, LLC. e-Managing Solutions, Inc. Permalink

brevardo at 09:07 2010-01-28 said:
Hey Daniel- Long time, no hear. Good to see you're doing well too. Permalink
Alexius12 at 05:54 2010-01-31 said:
This is so sad to hear. They were a good and healthy competitor of ours.

When I recently answered the questions of what I did for a living, the person said: "You are the only Mortgage Broker I know that has not shut down and is still in business."

Man! That's crazy!! And 2010 could be tougher than last year...Let's hope some economic change is on the way... Permalink

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Important: This company is on our list of lending operations that have "imploded". However, please note that "imploded" is a somewhat subjective and does not necessarily mean operations are ceased permanently: it can mean bankruptcy filing, temporary but open-ended halting of major operations, or "firesale" acquisition. All information here is provisional, and may contain inaccuracies (especially newer information). If you are planning on doing business with this company or any other one listed on this site, you should inquire with them directly on whether they can still meet your needs. Many are still operating in some capacity.