Aapex Mortgage (Apex Financial Group) - Retail subprime broker
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Update - 2007-09-29: We've spoken to a source who was formerly with Aapex and learned some additional details on the company and its implosion. Aapex had over 2700 branches and was doing over $200 million in loan volume per month at peak. They were one of the biggest retail brokers (if not the biggest). The company started in 1991; by 2000 they were licensed in about 43 states. Growth accelerated after 2001 with lower interest rates, and branching began in '02-03. Branch growth accelerated starting in 2005 and the company went from 30 branches to 2700. However, Aapex had not been properly attaining licenses and this year or last Maryland went after them and issued a cease-and-desist. About half of the rest of the states Aapex did business in followed suit, ultimately resulting in the company's shutdown.
Original Listing - 2007-09-27: Many readers have forwarded to us a notice apparently sent from Roy Williams of Apex Mortgage (aapexmortgage.com and apexmortgage.com) that Aapex Mortgage d/b/a Apex Financial Group ("Apex", "Aapex" or "Apex Mortgage"), a retail broker, was ceasing "all operations". Per the notice:
Note: Aapex is not to be confused with Apex Lending, which is a separate, unrelated company. Nor is this listing for Aapex to be confused with Apex Mortgage Corp. based out of Fort Washington, Pennsylvania, which is also a separate unrelated company.
This notice confirms what we had originally heard yesterday, when a source wrote in indicating that Aapex was on the verge of closing. We shared our source's tip with our premium subscribers in an alert yesterday. The tip:
A reliable source tells me that Aapex will close it's doors on Monday.There are loan officers around the country waiting to get paid on deals that closed and funded in June and July.The entire staff is unreachable by phone.Receptionists answer and patch calls through then noone answers.Roy Williams (owner) is about to pull off the big one ...
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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.