I had worked @ Ameriquest Mortgage in Wayne, NJ. The operation entailed selling high rate and fee mortgages to unsuspecting, naive and desperate clients. We got their names from lists of previously turned down prospects as well as new prospects that either called in on the 800 phone number or went online to our website.
Next, we reached out to them and as per the scripted speech and promised them the world according to company practices.By doing so, we lured them in, hook, line and sinker so to speak. This strategy was well designed by the late Roland Arnall, CEO as well as president of Retail Lending Kirk Langs and VP of retail Mary Jo Shelton. They are/were publicly listed living in Palo Alto, CA and the latter in Minnesota.
Mr. Arnall became a billionaire over a thirty year period of time by using these methods to control a huge Sub Prime mortgage audience, desperate for mortgage financing. Through the clever usage of tv and mail advertising as well as sports marketing, he was able to capture his audience by crafting unique ads that played on his clients emotions.
Once I found out the true measure of how vast the corruption spread throughout the organization, I left after two years of being a top mortgage broker.
I then stayed in the mortgage industry becoming a manager and then President of a mortgage broker firm.
If you read the novel, "Notice of Default", it chronicles the world of Sub Prime mortgages and reflects on just how one individual could mastermind such a huge scheme that effected and still effects homeowners today.
This is a classic novel which you will find to be may be more than fiction. It is available now at ebook mall or at Amazon books.
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