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The office of The Home Loan Expert LLC in Brentwood, MO is closed and voluntarily surrendered residential mortgage licenses in Missouri and other states. Ryan Kelley was once a staple of radio and television advertising in the Saint Louis metro area.The Home Loan Expert may be closing down operations soon, but more information and details are to come. The company is exploring a possible merge with other mortgage firms. Due to high interest rates, loan production have triggered cost cuts over the past two years and has severely cut the company. Headcount reduction has happened over the past two years at The Home Loan Expert. The Home Loan Expert has voluntarily surrendered licenses in nine states over the last year, while mortgage lending licenses have expired in five states. Currently, the company has active licenses in Illinois, Alabama, California, Colorado, Florida, New Mexico, Tennessee and Texas.
While most people have been working from home, the Brentwood office location has closed with open offices in Ballwin, MO and Austin, TX. Advertising on radio and television ended, along with other marketing efforts.An Overland, MO based company called American Mortgage Corporation, in 2021, sued The Home Loan Expert in federal court in St. Louis.American Mortgage accused Kelley of creating a series of domain names using the firm’s trademark of “The Bagel Loan,” a product that allows a consumer to obtain a mortgage without any fees or closing costs.The Home Loan Expert denied the allegations and accused American Mortgage of negligence of failure to register the internet domain names. The lawsuit ended in a confidential settlement last year.Kelley referred to the lawsuit as "a money grab by Stuart. For the company, I was forced to settle or spend millions of dollars defending.”Attorney Rick Voytas, who represented American Mortgage in the lawsuit said: "The pleadings in the case were accurate and well-founded. As for the settlement, all we can say is that the dispute has been amicably resolved and we make no further comment."