An Average of 100 Mortgage Shops Closing Every Month

carlo@CreditReportAtlas · #1 (**permalink**) 05-11-2006, 01:18 PM

I heard there's about 100 mortgage shops that close business every month in the U.S.

brendo927 · #2 (**permalink**) 05-11-2006, 01:21 PM

Wouldn't be surprised.........Ameriquest just helped that average huh.

carlo@CreditReportAtlas · #3 (**permalink**) 05-11-2006, 01:22 PM

Isn't Ameriquest still in action? I heard it through my source of ad network that they just invested more money into advertising. Almost doubling on what they invested in 2004.

brendo927 · #4 (**permalink**) 05-11-2006, 02:02 PM

They closed 229 branches and laid off I think it was 3k employees. Basically shut down the retail side of their operation.

carlo@CreditReportAtlas · #5 (**permalink**) 05-11-2006, 02:49 PM

Seriously? So, Ameriquest is just handling wholesale?

brendo927 · #6 (**permalink**) 05-11-2006, 02:53 PM

something like that.....check out the press release on their website.

Greg · #7 (**permalink**) 05-11-2006, 05:20 PM

Long Beach is whole the capitol is going into. They are sending t-shirts every month with slogans to try and brand that name. I think they plan to expand wholesale. No more rent and location expenses of retail. Unless they are highly profitable. They still do exist remotely in retail.

carlo@CreditReportAtlas · #8 (**permalink**) 05-12-2006, 02:20 AM

Is it true that Ameriquest is changing their company name?

brendo927 · #9 (**permalink**) 05-12-2006, 08:08 AM

I doubt it.......they are already Town and Country and AMC....it was funny the other day and this borrower had ameriquest and wanted to get away from them but persisted in workin with Town and Country. People are oblivious.

carlo@CreditReportAtlas · #10 (**permalink**) 05-12-2006, 10:44 AM

Quote:

Originally Posted by brendo927

I doubt it.......they are already Town and Country and AMC....it was funny the other day and this borrower had ameriquest and wanted to get away from them but persisted in workin with Town and Country. People are oblivious.

People wouldn't know that. It's not there arena. The mortgage lingo to them is like you trying to understand computer engineering (well of course, I'm wrong if you do really know comp. engineering). But I'm sure you get my point.