Lend America has FHA license revoked and laid off 600 workers...
By Eric J, Dream Home Financing
(Eric J - Dream Home Financing)
Just an FYI in case you did not hear the news..... Melville NY based Lend America closed its loan making operation Tuesday and laid off most of its 600 workers, a day after federal officials revoked its license to make loans insured by the Federal Housing Administration. FHA backed loans made up at least 90 percent of the company's business. Last year, Lend America closed 6,986 loans, or $1.36 billion in loans and for this year it projected 12,500 loans closed, for about $2.5 billion. The company serviced about $1.8 billion in loans and it is not clear whether it will continue to provide that service. I wonder WHY they lost their license. If anyone knows, pleaese respond. If I hear of anything else on this topic, I will also reply to this post. FHA INFORMATION
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