Lend America Ceases Operations

Posted by Orb Staff on December 02, 2009 No Comments
Categories : Residential Mortgage

Almost immediately after losing the support of the Federal Housing Administration (FHA) and Ginnie Mae, Lend America has closed its doors.

The lender, whose FHA approval was withdrawn Monday, has ceased its loan origination and operations, according to a message on the company's Web site.

‘The company will continue to operate to fulfill its obligations to past and current borrowers, [Fannie Mae], [Ginnie Mae] and the regulatory agencies," the Web site says.

The Department of Housing and Urban Development's (HUD) Mortgagee Review Board took action against Lend America, alleging that the company failed to document borrowers' income and creditworthiness, and submitted false certifications to HUD.

SOURCE: Lend America

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