FHA Mortgage Focus Fuels Lend America's Rise

Jun 30, 2008 | Posted by: roboblogger | Full story: Housing Wire

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 ...

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haha

Haledon, NJ

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#21
Mar 19, 2009
 
Never worked there, first of all. Your education level seems about third grade. Do you know what a run on sentence is? How can someone so uneducated handle such valuable transactions? Proves my point of the quality of the workers there. Wouldnt want you handling any of my finances. You were better off not even defending the company because you just embarrassed it.
good luck

Addison, TX

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#22
Mar 20, 2009
 
Yaphank(Refi)...Another fine employee brain washed by ashley. I understand that every company is out there to make money and i am not opposed to that but it has to do with the excess amount that is being charged to the customer. What you probably don't know is that when you price a deal and as an example the rate is 5.5% and it cost the client 4.375% to get 5.5% thats not right. You could easily get that rate from any other FHA lender for a cost of probaly 1%. Ashley has you all brain washed to think that he is the only one doing this and that is not true because all of the guidlines come from HUD. So on a 200,000 loan amount right off to get that rate of 5.5% it will cost $8,750 and that is not including the rest of the closing costs. How does that sound?? To do about 3 full hours of work if you put it all together.
Loan modification

Seaford, NY

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#23
Mar 21, 2009
 
So anyone out there trying to modify their loan thru lend america? Any luck so far. Tell me. I am getting the usualy two more weeks push around.
haha

Haledon, NJ

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#24
Mar 23, 2009
 
they have no clue what they are doing in reference to mods...hope you didnt pay any $

“Cake or Death?”

Since: Dec 08

Palm Beach

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#25
Mar 23, 2009
 
****“The President's Budget projects that the additional $19 billion in mortgage commitments will generate revenue of about $184 million in the first year.”****

****( http://www.hud.gov/offices/cir/test032404.cfm )****
****“The President's Budget projects that the additional $19 billion in mortgage commitments will generate revenue of about $184 million in the first year.”****

****( http://www.hud.gov/offices/cir/test032404.cfm )****
****“I would like to take this opportunity to thank Congressman Patrick Tiberi for introducing H.R. 3755, the Zero Down payment Act of 2004.”****

http://tiberi.house.gov/
Congressman Pat Tiberi (R-OH)

****( http://commdocs.house.gov/committees/bank/hba... )****
****“ Under this new program, FHA will insure 100 percent of the cost to acquire the home for first-time home buyers. We would allow them to finance the full purchase price, as well as all of the closing costs. Potential home buyers would not have to make the minimum down payment of 3 percent that is required in our regular Home Mortgage Insurance Program, Section 203(b).”****
****“In June, 2002, President Bush announced the blueprint for the American Dream Partnership to create 5.5 million new minority homeowners by the end of this decade.”****
****“We project that the new zero downpayment program would serve about 150,000 new home buyers in the first year alone.”****

****” Studies have consistently shown that the single biggest obstacle to homeownership for most families is the inability to come up with enough cash to meet downpayment and closing costs. Many potential home buyers pay the equivalent of a monthly mortgage in rent, but are unable to save toward a downpayment on a home. Minority families in particular are burdened by high downpayment requirements.
This Administration is committed to helping all Americans address this barrier to home ownership, including minority families who have been shut out of home ownership opportunities in the past. We are proud of this effort, and we are proud of the results.
In the fourth quarter of last year, the homeownership rate stood at an all-time record of 68.6 percent, and minority homeownership also set records. For the first time ever, over half of all minority families are now homeowners, with a record rate of 50.6 percent in the fourth quarter of last year.
This is a good record, and we want to improve on it. There remains a significant home ownership gap between non-Hispanic whites and minority families.
In June, 2002, President Bush announced the blueprint for the American Dream Partnership to create 5.5 million new minority homeowners by the end of this decade. Some of the participants in the partnership are here to testify today on this legislation.”****
bondgirl0101

Oxon Hill, MD

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#26
Apr 2, 2009
 
If LEnd America is legit why can't you visit the website at www.lendamerica.com ? it doesn't come up. sounds like a scam
Fooled Me

United States

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#27
Apr 7, 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 mprimeau@lendamerica.com
Michael Primeau, President Lend America
I tried calling this person. No such extension.
I sent an email to the NY State Attorney General. Enough of these scam artists. They need to be shut down and out of business.
Dr Mark

Phoenix, AZ

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#29
Apr 14, 2009
 
Well after reading this much negative stuff in here I would never consider doing a loan with these people even with my 820 FICO score. I find it amazing that on two blogs two totally different people refer to their lenders name with phone number and extensions. I find it highly suspect that two separate people would use the same format in explaining how great this lender is. I would NEVER trust a New Yorker anyway and have had nothing business wise ever pan out with them.
Danette Robinson

South Plainfield, NJ

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#30
Apr 16, 2009
 

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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 mprimeau@lendamerica.com
Michael Primeau, President Lend America


I don't believe this your company helped us get our house in 2007 and there is 10,000 missing in the hUd it says we have a conventional Loan but we have an FHA loan they told us we would get help woth closing cost and we never seen the alleged grant. We were really dupped by your company and you have the nerves to call us about refinancing our loan your officer that claimed to help us threatned us with raising the interest rates and we jumped through hoops for a bull shit loan.
Danette Robinson

South Plainfield, NJ

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#31
Apr 16, 2009
 

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refi wrote:
I work at Lend America and it is a great company. Most of the people complaining just couldn't make it there. The biz. has always been a commission based biz. so anyone complaining about being paid a salary never closed any loans and never made any money and if they did close loans then they complain its not enough money.they dont even know how lucky they are to make anything in this economy right now. As far as subprime we do mostly all loans thru
fha hud makes the rules if you want to call it subprime because people with low credit scores get loans then you dont know what a subprime loan is. to say they charge to much money for the transaction they are a company with 600 people and it cost a lot of money to run a company that size and market the company they way they do so they should just do everything for free. every comapny has to make money to stay in biz. So glad all of the negitive people quit so i dont have to work with them
Yeah the loans go through but at the buyers expense your company is full of crap and you would say it's good because you work there!!!
Danette Robinson

South Plainfield, NJ

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#32
Apr 16, 2009
 

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That's how I feel!!!
haha

Haledon, NJ

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#34
Apr 22, 2009
 
Very common scenario Ms Robinson...Everything is at buyers or refiers expense they just try to blow smoke and act as if it is not....heard clients are getting letters from the banking dept. investigating their practices..someone said they posted the letter online somewhere...it has a contact person to someone at the banking dept. you can call to let them know how you were shafted and a victim of predatory lending....
Vanessa

Trenton, NJ

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#35
Apr 22, 2009
 
How did it work out because we are in the same situation right now. They did not pay our previous lender and they are giving us the run around that they did. I think we might need a lawyer.
HBarber wrote:
I refinanced through Lend America, and everything went through the closing just fine. However, they never paid off the original mortgage that was being refinanced. Now we are in a real mess. We have the original lender trying to collect on the outstanding debt, plus the new servicing company is trying to collect as well. They are a real big fraud. Take it from my first hand experience DO NOT USE LEND AMERICA. Find a legimate company to do business with.
Danette Robinson

Media, PA

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#36
Apr 22, 2009
 
haha wrote:
Very common scenario Ms Robinson...Everything is at buyers or refiers expense they just try to blow smoke and act as if it is not....heard clients are getting letters from the banking dept. investigating their practices..someone said they posted the letter online somewhere...it has a contact person to someone at the banking dept. you can call to let them know how you were shafted and a victim of predatory lending....
It's funny how they talked about that Nehemiah Grant fund that's helped pay for your closing cost but they wanted 13,000 dollars back, we haven't received any letters yet but we have received phone calls from them I hope we do get s letter so we can press charges and join a class action suit against this company.
Mother Warehouse

Norwalk, CT

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#37
Apr 24, 2009
 
Michael Ashleys father (Ken) went to jail years ago not under Ideal Mortgage. They didn't exist at the time.The affiliated servicer of Lend America might be either Ideal Mortgage or Lend Mor Mortgage.
Danette Robinson

South Plainfield, NJ

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#38
Apr 24, 2009
 
You are right because when we first closed they said we would make our payments to Ideal Mortgage and then all of a sudden in a matter of a week they sold our mortgage to Wells Fargo and I thought it odd I know they buy them to sell them but they seemed too shifty for me and now I have a lawyer reviewing the forst loan and there is 11,000 missing from it. How is the Nehemiah Grant a grant to help people pay for closing costs if you desiginate the cost of the closing and then you say that money has to be returned to the program and its government funded? I really believe we were screwed from the begining!!!
Danette Robinson

South Plainfield, NJ

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#39
Apr 24, 2009
 
good luck wrote:
Yaphank(Refi)...Another fine employee brain washed by ashley. I understand that every company is out there to make money and i am not opposed to that but it has to do with the excess amount that is being charged to the customer. What you probably don't know is that when you price a deal and as an example the rate is 5.5% and it cost the client 4.375% to get 5.5% thats not right. You could easily get that rate from any other FHA lender for a cost of probaly 1%. Ashley has you all brain washed to think that he is the only one doing this and that is not true because all of the guidlines come from HUD. So on a 200,000 loan amount right off to get that rate of 5.5% it will cost $8,750 and that is not including the rest of the closing costs. How does that sound?? To do about 3 full hours of work if you put it all together.

You know what's funny about that the made our rate 7% and threatned to make it 7.25% because the loan officer said he could do just that! I really hated dealing with them but I wanted my house so bad and I should have just shopped around for a lender that would help us, I should have used a better realtor and other means because the realtor and seller were friends who were friends with the lawyer that inturn now there is 11,000 dollars missing from our loan it's crazy that we have to pay back I don't believe our mortgage should have been 3400.00 from the start including insurance and taxes I am sorry can anybody answer that from new Jersey because I don't believe it.
RCWLW

Brooklyn, NY

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#40
Apr 26, 2009
 

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WOW! what a bitter group. I've been in the mortgage industry over 10 years. Every banker/broker I was employed by is OUT OF BUSINESS. Not Lend America , been there 6 weeks , 18 loan pipeline, 4 closed already. As far as fees , no origination fees , no discount fees. The closing costs here are lower than every place I've worked for. As an employee?, What more can you ask for ,good pay out , endless leads. If you are a "worker" you'll do fine. As a borrower , if you educate yourself(just a little bit as to what your exact situation is), you'll see that Lend America can offer pruducts and service that can't be beat.
RCWLW

Brooklyn, NY

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#41
Apr 26, 2009
 
Danette Robinson wrote:
You are right because when we first closed they said we would make our payments to Ideal Mortgage and then all of a sudden in a matter of a week they sold our mortgage to Wells Fargo and I thought it odd I know they buy them to sell them but they seemed too shifty for me and now I have a lawyer reviewing the forst loan and there is 11,000 missing from it. How is the Nehemiah Grant a grant to help people pay for closing costs if you desiginate the cost of the closing and then you say that money has to be returned to the program and its government funded? I really believe we were screwed from the begining!!!
You have to kidding, tell the truth now. I'm sure you really don't believe that Lend America actually took 11k of your money? Maybe you should take a look at your attorney. Odds are that he had something to do with your so-called "missing money".
Danette Robinson

Media, PA

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#42
Apr 26, 2009
 

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RCWLW wrote:
WOW! what a bitter group. I've been in the mortgage industry over 10 years. Every banker/broker I was employed by is OUT OF BUSINESS. Not Lend America , been there 6 weeks , 18 loan pipeline, 4 closed already. As far as fees , no origination fees , no discount fees. The closing costs here are lower than every place I've worked for. As an employee?, What more can you ask for ,good pay out , endless leads. If you are a "worker" you'll do fine. As a borrower , if you educate yourself(just a little bit as to what your exact situation is), you'll see that Lend America can offer pruducts and service that can't be beat.
So if that's the case then why the hell did my closing cost have to be 24,000 explain that shit big lend america man!!!!

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