Forget TV and Cologne, Trump Is on to Mortgages

He has put his name on buildings, menswear, books, television shows, a fragrance, and even water. But now Donald Trump is branding cash.Today at Trump Tower, sharing the podium with Trump Jr. and others not named Trump, Mr. Trump announced the formation of Trump Mortgage, a company that will provide mortgages – and so much more. To those who believe that a mortgage is a mortgage and that the thing that matters is the lowest interest rate, Mr. Trump and his partners have news for you.No matter the size or purpose of the loan, “Everyone will get the same Trump luxury, white-glove service every single time,” the president and CEO of the new company, E.J. Ridings, said. (Mr. Trump is listed only as a “key executive” and his son, Donald Jr., is playing an unspecified promotional role.) “The [mortgage] rate is not the issue,” he said, despite the widespread perception to the contrary. He added, however, “We will get the best deal.”Trump Mortgage’s goal is to be the no. 1 brand in the mortgage industry, and according to Donald Jr., it is already the best-known. We are “the only one anyone’s ever heard of,” he said, calling mortgages a “$3 trillion industry” – an interesting bit of accounting, apparently based on the annual volume of mortgages issued.Trump Mortgage already leads the industry in hype. The press event was attended not just by financial reporters, but by “Entertainment Tonight” and “Access Hollywood.” And indeed the room was packed – if not by reporters then by employees of Trump Mortgage. “There has never been anything like this before,” Donald Jr. said, and it was unlikely there would be again.But beyond its obvious historical significance, for Mr. Ridings, the announcement was, well, like winning the real-life version of “The Apprentice,” which is itself a real-life version of business. “I am so fortunate I met Don [Donald Jr.] and I want to thank Mr. Trump for choosing me.”“I learned many of life’s lessons from my mom and dad,” Mr. Ridings told the assembled throng. Among these lessons were the Golden Rule, that you should work hard, and live life with a passion, beliefs that led him inexorably to a career as a mortgage broker.Mr. Trump, himself, has said he believes in hard work and passion as well, though he has modified the Golden Rule a touch. “If someone screws you, screw them back,” Mr. Trump wrote in his recent best seller.Mr. Ridings’s mission as a mortgage broker is to provide “a safe and secure place for people to acquire residential mortgage finances.” He said he wants to teach his customers, most of whom have been befuddled to date, to “learn where they are in life” so he can “take them where they want to go.”Hype aside, Trump Mortgage is, at least for now, small potatoes. Mr. Ridings told American Banker that his goal is to initiate $3 billion in loans this year. If it achieves that goal, Trump Mortgage would still be nowhere near the top. Countrywide Financial issued $64 billion in mortgages in the first two months of this year, the company says. Washington Mutual issues more than $50 billion a quarter.These industry leaders might not even notice Trump Mortgage’s arrival on the scene, its white-glove service notwithstanding. But don’t tell that to “Entertainment Tonight.”

Forget TV and Cologne, Trump Is on to Mortgages

Forget TV and Cologne, Trump Is on to Mortgages

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