American Equity Mortgage, Inc. was a privately held mortgage lending firm established in 1992. For over a quarter-century, it emerged as a prominent mortgage lender in the United States, with its headquarters in St. Louis, Missouri, and numerous offices nationwide.
A once thriving company with recognition from Mortgage Executive Magazine as one of the top 100 mortgage companies, the company failed to adapt to a changing market and ceased operations in August of 2018.
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Financial Challenges Leading to Closure
The closure followed a period of decline attributed to delayed investment in technology, which left the company unable to keep pace with industry changes. The company’s assets, including its name, were sold to Finance of America Mortgage, while the nonprofit Easterseals acquired its real estate. The court-appointed receiver confirmed the cessation of operations, Mike Becker, who reported the company’s complete shutdown, including the sale of all assets and end of activities at all locations.
The Google My Business page and local St. Louis phone number remain active. However, the company no longer shows active licenses under the NMLS ID on their LinkedIn.
American Equity Mortgage faced financial challenges leading up to its closure, with claims exceeding $2 million, including significant debts to various creditors. Despite these challenges, Carrollton Bank, a secured creditor, was paid in full. The circumstances of American Equity Mortgage’s decline and closure highlight the rapid evolution of the mortgage industry and the critical importance of adapting to technological advancements.
American Equity Mortgage, once a notable name in the mortgage lending sector, founded by Deanna Daughhetee and her husband Ray Vinson, ended its journey after 26 years of service, leaving behind a legacy of customer-focused service but also a cautionary tale of the need for continuous adaptation in a dynamic industry.