Lend America is entering the wholesale residential mortgage lending business with its launch of Lend America Wholesale, which anticipates accepting its first wholesale loan this month.
The division will be based in Melville, N.Y., and operate through a centralized model, says Chief Business Strategist Michael Ashley.
‘Through our innovative centralized model and systematic loan process, which address risk factors as well as time and cost inefficiencies in the lending value chain, we can quickly become a major resource for the mortgage brokerage community,’ he says. "In addition, we are able to build off our past experience to ensure we are better equipped to meet the needs of the mortgage brokerage community. "
Lend America's parent company strategically exited the wholesale business in 2008.
Built on a base infrastructure of 25 geographically focused teams, more the 30 Federal Housing Administration (FHA) Direct Endorsed underwritersÂ and an automated paperless platform for all loan originations and processing, Lend America Wholesale says it will look to partner with mortgage brokers committed to "extensive FHA product knowledge, ethical behavior, customer service and open and honest communication."Â The business is currently licensed to do business in 47 states.
SOURCE: Lend America