FHA Mortgage Focus Fuels Lend America...

FHA Mortgage Focus Fuels Lend America's Rise

There are 835 comments on the Housing Wire story from Jun 30, 2008, titled FHA Mortgage Focus Fuels Lend America's Rise. In it, Housing Wire reports that:

The changing landscape in mortgage banking is propelling fast-growth for lenders that specialize in originating mortgages endorsed by the Federal Housing Administration ; Melville, New York-based Lend America ...

Join the discussion below, or Read more at Housing Wire.

the source

Randolph, NJ

#432 Dec 9, 2009
Lend America was once a good company to work for but greed took control of MA and as always ir got the best of him. When he started out he had great employees who closed alot of loans legitametly and he was doing fine but then he decided to take on about 500 more people and stoped caring about the people who worked for him and only cared about himself going out buying the racing team a lambo and a s65 and lets not forget the 21 million $ in properties located in california which not to many people know about. He treated the loan officers like slaves instead of people and maybe thats why so many people compalined about him and why the banking department lived in the office for almost a year but we were such a legitimate company that when the banking dept came in we were all coached by Heidi to lie to them about how things are done at the company and who the real owner is. Mike Ashley has only cared about himself since day one I mean come on he put his own father in jail to save his own ass and in every meeting he preached about family B.S the only family you cared about were the dead presidents in your pockets. Most of the employees that worked there did there job right but when MA would come out and tell people had to close a loan a week what did you think would happen. Mike once said that we navigated through the perfect storm and we did but on are way into port we sprung a leak and the whole ship and its men went down and during this whole process where was MA trying to figure out a way to save his own ass no one elses. The one person i do feel bad about is Primeau he is a great guy and now most likely will be brought up on crimanal charges. Maybe someone will make a movie script about what really went on in that company, with all the drugs being done, appraisals being changed, income being grossed up, fake pay stubs, and MA standing infront of everyone for months sayig everything is fine it could be like a boiler room movie about mortgages. I hope MA loses everything he earned scamming all these people plus go's to jail this time because there is no onee else to take the fall for you big guy. You always talked about KARMA its a bitch isnt it Mike. Last thing i wanted to say is thanks for ruining the holidays for 600 people I hope your happy you loser you never were a winner just a cheater and you know what they say cheaters never win
the source

Randolph, NJ

#433 Dec 9, 2009
working stiff wrote:
no one wants to answer the question
how much did the above average hard working loan officer make at lend america in the hayday?
In Len Americas hayday the LO's were making 2 points on every day and i would say the above loan officer was makinf 15-20K/month easily
when money was good

Waterloo, Canada

#434 Dec 9, 2009
I made in 2006 $295754.86
Susan S

Ronkonkoma, NY

#435 Dec 9, 2009
I had a refinace loan with lend america and i got a call today from a mr horton who sounded like he worked for the fha but my caller id said vanguard funding mortgage in garden city ny this person told me that if i filled out a form and faxed it back to him that he has acess to all of my personal paperwork that i had already sent to lend america and there the only bank that can close my loan because my credit score is not the best but they can bring it to another bank in ny that can do mortgages with my credit and i might be getting a phone call from franklin first or vs versa i felted like i was being pursuded into going with this company i told them that i never gave permission to anyone to have my personal records and what in the world are you doing with my stuff he really had no response but stated i have everthing i need to complete your transaction what is going on did lend ameerica re open with a different name can fha be this stupid also i have to pay another 150 bucks to have my appraisal switch to the credit union that iam going to ANYWAY THIS WAS A SHADDY PHONE CALL BEWARE ALL i guess you live and learn
buyer beware

Waterloo, Canada

#436 Dec 9, 2009
Michael Ashley is behind this. He fronted the money for Mark and EJ. They opened up a branch of vanguard in the rear part of the building at Lend America. Mark and EJ are scary people. They are the kings of fraud. They ruined concord mortgage, continental home loans, and defrauded eli mae. Now let's talk about Joseph Horton. Joe is a drunk. He was fired from ameriquest for stealing from his co-workers and then was fired again from countrywide for the same thing. He worked for concord shortly after countrywide. He has followed mark and ej ever since. His lazy eye really scares me. All the people at that vanguard branch, loan officers and underwriters are all lend america employees. So what did fha and hud really do? It just made these crooks commit more crimes. Newsday please help......
Just A Thought

Shoreham, NY

#437 Dec 9, 2009
I read all of this and wonder where the heck is the goverment? Where is the banking department, I know back in 2006 the NY State Dept of Banking was given insight to documents & information yet because Investigator "Delroy A. Levy" & his counter part "Patricia Ann Papovitch" said it did not relate to their current case on "Lend America" at the time they did nothing further. So again where is the goverment in all of this???? Give me a break, how much more did people have to do when the govermenmt turned a blind eye to the information being given?
Telmark

Chico, CA

#438 Dec 10, 2009
Just A Thought wrote:
I read all of this and wonder where the heck is the goverment? Where is the banking department, I know back in 2006 the NY State Dept of Banking was given insight to documents & information yet because Investigator "Delroy A. Levy" & his counter part "Patricia Ann Papovitch" said it did not relate to their current case on "Lend America" at the time they did nothing further. So again where is the goverment in all of this???? Give me a break, how much more did people have to do when the govermenmt turned a blind eye to the information being given?
Well, let's see...Barney Frank is the Chairman of the House Financial Services Committee and Chris Dodd is the Chairman of the Senate Banking Committee.

Maybe they can answer you questions...
knowledge

Haledon, NJ

#439 Dec 10, 2009
@ the source...nicely put.
Concerned

Mineola, NY

#440 Dec 10, 2009
nobody wrote:
this is for the statement that title company made about lend america being responsible for the mortgages being paid off, you are incorrect the settlement agent is responsible, which nine times out of ten is a title company...lend america is a bank, a lender not a settlement agent...
I am not certain if you financed with Lend America. It is the settlement agent's responsibility. However, on information and belief, Lend America own the company. The Title Company that worked with Lend America was aware of what was going on. EAM Land Services also known as Worldwide Abstract, Principal Settlement Services aka PSS Settlement Services all responsible parties and all in violation the RESPA.
Concerned

Mineola, NY

#441 Dec 10, 2009
title company wrote:
<quoted text>
The title company has nothing to do with the payoff's that did not go out to the prior mortgage companies. Lend America is responsible for paying off those loans.
You are totally incorrect. It is the title companies responsibility to ensure that loans are paid off before recording a mortgage.
ex-loanofficer

Hicksville, NY

#442 Dec 10, 2009
Good money was supposed to be paid.....but they were terrible and kept money for themselves. They got many points with FHA (up to 6- bet. "front and back"), off course, they never shared.
Mortgage companies, in general, are disgusting. I am including big banks (they operate, in most cases, in the same way). All of them are responsible for the big economic mess we are suffering. Mortgage Backed Securities and Credit Default Swaps were the real deal. They care nothing about borrowers.
knowledge

Haledon, NJ

#443 Dec 10, 2009
You all know who had interest and ownership in the title companies!! It is well known!
julie

Paducah, KY

#444 Dec 10, 2009
Michael Primeau wrote:
Lend America is one of the largest mortgage companies in the country, helping hundeds and hundreds of families every month purchase and refinance homes. When doing a huge volume of business there will be an occasional problem or issue, many of which are beyond our control due to the nature of our business and outside vendors, but for every complaint, I can show you hundreds of thank you letters from grateful individuals. If anyone has a legitimate problem or complaint I would like the opportunity help resolve it. Please contact me directly at (888) 536-3001 x5733 or email [email protected]
Michael Primeau, President Lend America
This phone number is for a health care business!
NOBODY WILL LEND TO YOU

Bronx, NY

#445 Dec 10, 2009
What a mess. HUD announced today that they will be more shut downs coming. Well thats great, less and less choices to use for financing and essentially government intervention and steering. There were 40(2007 closings) loans in the original complaint and 12 or so in the second more recent complaint.They did about 6000 loans per year. Piti the poor bastard banker that has one or two loans officers doing one or two deals that have inconsistancies, have faxes from unknown sources or had an arranged gift that the was completly set up. Borrowers are on board until big brother knocks at their door and then he says "the devil(loan officer) made me do it". The government goes after all aspects of the borrower to turn a situtation into them being the victims. Why are there no borrower fraud investigations on this? Michael may be a big fish but he did not originate business, he stimulated it, motivated lo's or however you want to call his position. There were career underwriters there that were never told to make a loan. The massive fraud of these 60 or so loans is rampant in the industry. Training and licensing was mandatory and nobody was paid through companies to avoid payroll tax, fraud was reported, maybe not in the 60 day time frame , but the core of the business was good. These other companies paying other companies through 1099s and charging borrowers anything they want on any given day will be in a lot of trouble. They were very compliant on risk based pricing and fair pricing, and did not allow loan officers to charge overages. So there were caps on compensation on loans but why not? Why share the majority of the profit with one hit wonders. Most LOs closed 1-3 loans a month. They did risker loans( below 580)for too long, they did not follow the trend of consistantly raising ficos scores(big problem). So the thousands of people on the pipeline are essentially screwed, most banks arent going to lend that borrower money until the score gets raised. These other banks have no clue on how to run a bank in compliance. The big banks will get back to you in 4-9 weeks with an answer(probably a denial) so we will continue to see a decline in lending. Charles Schumer kills me, They should make the FHA close the pipeline- FHA doesnt close loans. Banks do. The tarp banks dont need to take a risk lending on borrowers with less than 640-so these borrowers are uncloseable. As far as the other aspects of this thing.....thats a wild card
R U KIDDING

Ronkonkoma, NY

#447 Dec 10, 2009
NOBODY WILL LEND TO YOU wrote:
What a mess. HUD announced today that they will be more shut downs coming. Well thats great, less and less choices to use for financing and essentially government intervention and steering. There were 40(2007 closings) loans in the original complaint and 12 or so in the second more recent complaint.They did about 6000 loans per year. Piti the poor bastard banker that has one or two loans officers doing one or two deals that have inconsistancies, have faxes from unknown sources or had an arranged gift that the was completly set up. Borrowers are on board until big brother knocks at their door and then he says "the devil(loan officer) made me do it". The government goes after all aspects of the borrower to turn a situtation into them being the victims. Why are there no borrower fraud investigations on this? Michael may be a big fish but he did not originate business, he stimulated it, motivated lo's or however you want to call his position. There were career underwriters there that were never told to make a loan. The massive fraud of these 60 or so loans is rampant in the industry. Training and licensing was mandatory and nobody was paid through companies to avoid payroll tax, fraud was reported, maybe not in the 60 day time frame , but the core of the business was good. These other companies paying other companies through 1099s and charging borrowers anything they want on any given day will be in a lot of trouble. They were very compliant on risk based pricing and fair pricing, and did not allow loan officers to charge overages. So there were caps on compensation on loans but why not? Why share the majority of the profit with one hit wonders. Most LOs closed 1-3 loans a month. They did risker loans( below 580)for too long, they did not follow the trend of consistantly raising ficos scores(big problem). So the thousands of people on the pipeline are essentially screwed, most banks arent going to lend that borrower money until the score gets raised. These other banks have no clue on how to run a bank in compliance. The big banks will get back to you in 4-9 weeks with an answer(probably a denial) so we will continue to see a decline in lending. Charles Schumer kills me, They should make the FHA close the pipeline- FHA doesnt close loans. Banks do. The tarp banks dont need to take a risk lending on borrowers with less than 640-so these borrowers are uncloseable. As far as the other aspects of this thing.....thats a wild card
What flavor Kool Aid did you like the most? Get off your soap box and realize that Ashley was a master manipulator and the core of LA was a cult based on lies!! Isn't it strange that all those "rumormongers" turned out to be absolutely right. Do you really think he didn't know this was coming and was "surprised" and "disappointed" by HUDS actions. The out right lie that Giuliani was taking up the cause because he saw the "injustice" (it had nothing to do with the thousands of dollars paid to HIRE his consulting firm). "as far as the other aspects of this thing...thats a wildcard" By "other aspects" do you mean the millions of dollars of loans that NEVER funded-thats some wildcard all right.I bet they didn't report THAT fraud within 60 days. Ask the borrowers who were put into Foreclosure AFTER they already did a refi with Lend America. Sure, they are not victims.
Mike Ashleys Underwear

Glen Cove, NY

#449 Dec 11, 2009
Let's all get together for a reunion..........Who is down? Primeau and I will make sloppy Joe’s while Marc and EJ show off thier pole dancing skills. I was thinking next Wednesday at Primeau's house. We'll chow down, watch Marc and EJ dance around like Fags, and then watch Jersey Shore.

Facebook me to confirm and I'll email you Primeau's address.
WASP

Commack, NY

#450 Dec 11, 2009
Everyone get their commission checks? Merry Christmas Ashley!
Hanukkah Harry

Glen Cove, NY

#451 Dec 11, 2009
WASP wrote:
Everyone get their commission checks? Merry Christmas Ashley!
How many hours until the Christmas Party?
WHERE DO I START

Glen Cove, NY

#452 Dec 11, 2009
NOBODY WILL LEND TO YOU wrote:
....The massive fraud of these 60 or so loans is rampant in the industry....

....Training and licensing was mandatory....

....So the thousands of people on the pipeline are essentially screwed, most banks arent going to lend that borrower money until the score gets raised....

....Charles Schumer kills me, They should make the FHA close the pipeline- FHA doesnt close loans. Banks do.....
WHERE DO WE START? I can tell you worked with Michael for quite some time - or you just dont know how to read.

#1 - Forget the fraud for one second. They closed loans and would fund 30-60 days later. That's a major problem.

#2 - Training and licensing was NOT mandatory. If you weren't licensed the loans went in Michael Primeau's name. Primeau recieved a $250 kickback on loans in his name. That's a major problem.

#3 - The people in the pipeline are NOT screwed. This is a blessing in disguise. By not funding loans on time, LA destroyed thousands of consumers' credit. The rest of the industry raised the bar for credit scores long ago. FICO scores under 600 are a credit risk. Borrowers with the ability to pay (and can show a history of this) will be able to find a loan.

#4 - You have misquoted Chuck Schumer. He asked FHA to allow LA to close out their pipeline of "approved" loans. What a mistake this was. In theory it sounds good, but once you realize the sleazy nature of this company, this would do even more damage to consumers. This is a company who would close loans KNOWING they couldn't fund them on time (and this is when things were "good").

From your comments I can tell you have been working with Michael for quite some time. I am sincerely sorry you lost your job. You need to learn from this experience and move on. The best thing would be to seperate yourself from him for good. Ashley was manipulative in the worst ways. Don't follow him to Mortgage Source (he has been involved with this company for a long time) or what seem to be his new endeavors – Franklin First and Vanguard. Follow him there and you will find yourself explaining how Mike Ashley ruined your family’s life again.
REALITY101

Hempstead, NY

#453 Dec 11, 2009
WASP wrote:
Everyone get their commission checks? Merry Christmas Ashley!
I was told that payroll told everyone that we were getting checks on Friday. you mean we're not? i thought for sure that Ashley is such a stand up guy that he would pay his employees the money that is owed to them for closing loans that he made money on.

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