Former CEO: Sam Marzouk
Status: Acquired by Citigroup
Argent Mortgage Company, LLC was most recently headed by President Sam Marzouk. The company was founded in 2001 and was based in Irvine, California. Argent Mortgage offered a variety of non-conforming mortgage and loan services. Argent also offered services for business building, and provided e-commerce services for businesses and businesspeople. Working at Argent Mortgage often provided a lucrative career to driven loan officers and other professionals in this field. Because Argent focused on providing non-conforming loans, their loan officers often completed more paperwork and qualification processes than officers who only wrote conforming loans. Argent operated in a handful of states, providing loan services directly to individuals who wished to buy or refinance a home. Argent worked primarily with independent mortgage brokers and bankers, and ran central loan processing centers in California, Texas, and New York. Argent went through a number of ownership changes prior to going out of business.
Loan officers found that Argent Mortgage careers, though essentially conducted on a contractor basis, offered great opportunities for earning and advancement in the field. Support staff were well compensated and were sometimes offered chances to establish long-term careers in the company. The Argent Mortgage benefits package was commensurate with benefits packages at other lenders in the same industry segment. Some loan officers found the challenges of working with non-conforming loans exciting, while others might found this process burdensome and preferred to pursue careers in companies offering conforming loans. Argent Mortgage offered an opportunity for loan officers, underwriters, funders, and support staff to grow in this field and to try their hand at different roles prior to going out of business. The timeliness required in this industry often necessitated long work days.
Argent Mortgage operated in an extremely competitive, increasingly regulated industry. The Argent Mortgage culture was a good fit for driven individuals who wished to earn excellent commissions. As with any other business in this industry, Argent culture celebrated employees who pursued leads and brought in new customers. Increasing regulation in the mortgage industry had necessitated a company culture which was amenable to change. Argent Mortgage LLC underwent changes in company ownership and management, which sometimes affected the job stability of employees. Individuals who wished to join a growing and changing company often found the work environment at Argent invigorating. Unfortunately, changes in federal regulations and continued problems in the mortgage industry led to the sell-off and closure of Argent Mortgage.