Branch Operator Aapex Closes; FL Investigates

Net branch operator Aapex Mortgage of Florida -- once 4,000 locations strong -- shut its doors over the weekend after allegations began to mount that it had not paid some of its managers for 30 days, industry officials have confirmed to MortgageWire.Moreover, an official from the Florida Office of Financial Regulation told MW that there is now an "open investigation" of the Brandon-based company. She declined to elaborate. One net branch manager, whose territory includes the Midwest, said he has not been paid for 30 days. "They used to pay me in two to three days," he said. He has been a net branch franchisee for Aapex for three years. "You would send them a check, they'd take $600 out for the file, and they'd send you a check back," he said. "Not anymore. They owe me $5,700." Aapex officials, including president Roy Williams, could not be reached for comment. (For the full story, see the Oct. 8 issue of National Mortgage News.)