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Fannie Mae/Freddie Mac HVCC effective May 1, 2009

National Mortgage Professional
Apr 20, 2009

Lend America breaks through half billion dollar milestone in servicing assets in six monthsMortgagePress.comLend America, FHA lender, direct-to-consumer, servicing, Michael Ashley Lend America, a direct-to-consumer FHA lender, has announced that its servicing assets surpassed the $500 million milestone at the end of the first quarter 2009, due to continued strength in originations generated by the company's centralized retail channel. Lend America, which launched its servicing initiative after receiving approval to issue Ginnie Mae mortgage-backed securities in the second quarter of 2008, has already more than doubled its servicing portfolio in the first quarter 2009 to over $500 million compared to $223 million as of December 31, 2008. The Company is now projecting its servicing assets will surpass $1 billion by the end of the second quarter of 2009 and grow to over $2 billion by December 31, 2009. The increase in the servicing assets is being driven by the company's continued strong FHA retail originations which topped $450 million in the first quarter 2009. "The half billion dollar mark is a milestone that we are proud of but it only represents 25 percent of our year-end goal of having over $2 billion in servicing assets. The most important factor of this milestone is that it demonstrates our continued commitment to provide reliable fixed rate financing to promote healthy homeownership during an unprecedented liquidity crisis," commented Michael Ashley, chief business strategist for Lend America. Our servicing initiative clearly leverages off of the experience of our 400 plus highly trained mortgage specialists that focus on getting borrowers into the right mortgage solution in order to reduce the chances of default and preserves the value of the mortgage asset. The surge in borrowers looking to refinance to take advantage of lower rates as well as the increase in activity related to our structured refinance model, a B2B relationship model with Wall Street investors and banks to refinance their loan portfolios, has allowed Lend America to significantly increase its servicing assets. We expect this trend to continue throughout the year and we are now projecting our year end 2009 servicing portfolio to be in excess of $2 billion, a 33 percent increase from our previous forecast." Mr. Ashley continued, "Our servicing portfolio has zero legacy issues associated with adjustable rate or subprime mortgages and is comprised of 100 percent fixed rate government-insured mortgages originated at close to historical low interest rates. We believe this structure enhances the quality of our portfolio and reduces both prepayment and default risks. Moving forward, we will continue to balance costs, risk and efficiency in order to build a very profitable and sustainable servicing portfolio." FNMA servicing initiative launched On April 1, 2009, Lend America expanded its servicing capability by launching a FNMA servicing initiative to service conventional borrowers. In order to qualify, Lend America had to undergo a thorough screening process to establish and clarify it could meet the updated standards of FNMA and fully assume the operational and financial responsibilities of being a FNMA servicer. These standards included a higher minimum net worth requirement, as well as several other requirements. For more detailed information regarding FNMA servicing guidelines, please visit www.fanniemae.com. Mr. Ashley stated, "We are very pleased to become eligible to service FNMA mortgages which will allow us accumulate additional quality servicing assets. This is another proof point of Lend America's operational and financial strength and will create additional value for our Company and customers. In this challenging environment, everyone at Lend America continues to be committed to being a part of forward thinking organization that can positively impact the residential housing marketplace and help consumers purchase and maintain homeownership." For more information, visit www.lendamerica.com.
Published
Apr 20, 2009
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