Lend America launches specialized H4H Outreach Program for institutional investors MortgagePress.comLend America, FHA, Hope for Homeowners Outreach Program, H4H
Lend America, recently ranked as the 13th largest
direct-to-consumer FHA lender in the nation, has announced that it
has launched a specialized Hope for Homeowners (H4H) Outreach
Program to enable institutional investors, such as Wall Street
banks and hedge funds, as well as other first lien holders to
quickly recapture principal from their non-performing residential
mortgage portfolios while helping homeowners avoid foreclosure on
sustainable and affordable terms.
The key value propositions supporting Lend America's H4H
Outreach Program is the company's centralized originations platform
that is comprised of over 300 highly trained mortgage specialists
in FHA lending that utilize a high touch consultative approach with
clients. Through this centralized origination platform Lend America
can mitigate the risk associated with the lending process, improve
the consistency and quality of the customer experience and compress
the refinancing timeline to close a loan. In addition, as an
approved GNMA Mortgage-Backed Securities issuer the company has the
ability to place loans directly into GNMA Mortgage Backed
Securities which allows the Company the opportunity to offer all of
FHAs programs including H4H and flexibility on minimum credit score
requirements when underwriting a mortgage.
The company, which is licensed to do business in over 40 states,
is finalizing a structure transaction assignment for a major
financial institution to help refinance as much as $1 billion of
their portfolio of residential mortgages under the new H4H Program
and is in negotiations with several others.
"In this challenging environment, institutional investors and
original lenders are looking to quickly recapture principal from
their residential mortgage portfolios. Our new H4H Outreach Program
creates a unique win win situation for both investors looking to
maximize cash flow from non-performing assets and borrowers trying
to remain in their homes on affordable terms," commented Michael
Ashley, chief business strategist of Lend America. "Our team of
over 300 mortgage specialist can be quickly put to work to contact
delinquent borrowers, assess affordability and work under
appropriate guidelines to refinance a mortgage within as little as
10 days."
Mr. Ashley continued, "Our mission is to provide liquidity to
finance deserving and credit worthy borrowers currently shut out
from FHA financing because of unfair credit score and burdensome
program restrictions by the larger loan aggregators. In the modern
day rush to automation and credit scoring, many deserving borrowers
are overlooked and cast aside as unqualified without ever being
properly analyzed and afforded the opportunity that a fixed rate
FHA home loan offers."
Under the H4H Program many types of mortgage are eligible for
refinancing including, conventional (prime, alt-A, subprime) for
either fixed or adjustable rate mortgages. However, the loan must
have originated on or before Jan.1, 2008 and the borrower must have
made at least six payments on the existing mortgage. A borrower may
be current or delinquent at the time the new H4H mortgage is
originated.
Lend America H4H Certification Program
In conjunction with the launch of its H4H Outreach Program, Lend
America has begun an internal H4H Certification Program to train,
test and certify the company's entire 300-plus team of mortgage
specialist to correctly manage the H4H refinancing process and work
with borrowers on a one-on-one consultative basis. The company has
hired a well known trainer to design and execute its formal
in-house H4H Certification Program which will mandate 10 hours of
class room training for all of its mortgage specialists.
Mr. Ashley added, "When we refocused our business almost three
years ago to primarily originate fixed rate government-insured FHA
loans, we took the time and the expenses to retrain our entire
staff to fully understand the dynamics of the FHA product. Once
again education will be an empowering platform for our employees.
Our new H4H formal training and certification program will not only
thoroughly educate our growing team of mortgage specialist on the
requirements of the H4H program, but also work to enhance their
consultative skills in order to help educate and counsel borrowers
on how to achieve successful, long-term homeownership."
For more information, visit www.lendamerica.com.
