Trump Mortgage LLC was an American financial services company named after businessman and 45th & 47th President of the United States Donald Trump and headquartered in New York. Trump had initially announced the launch of Trump Mortgage Services in July 2003. Trump Mortgage LLC was later formed in April 2005, and had a limited opening in November 2005, before officially launching in April 2006.
E.J. Ridings served as the company's president and chief executive officer. Ridings, who devised the idea for the company, was an acquaintance of Trump's son, Donald Trump Jr., who introduced Ridings to his father. As of 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 the result of a poor economy and Ridings' exaggeration of his credentials. Experts also believed that the company expanded too quickly. By the time of the closure announcement, Trump had agreed to license his name to First Meridian Mortgage, which was temporarily renamed as Trump Finance in some areas before reverting to its original name after a few years.
History
In July 2003, businessman Donald Trump announced the formation of Trump Mortgage Services, a mortgage broker for his own projects and other commercial development projects.[2] Trump Mortgage LLC was later formed in April 2005. In November 2005, the company held a limited opening at Trump's 40 Wall Street