Skip to main content

Lend America launches correspondent lending platform

NationalMortgageProfessional.com
Oct 13, 2009

Lend America, a leading next generation FHA lender, announced it is launching an FHA concentrated correspondent residential mortgage lending platform, Lend America Mini Ginnie Correspondent, that will purchase closed loans from selected FHA direct endorsed lenders. Lend America Mini Ginnie Correspondent will utilize two loan acquisition strategies, Flow and a unique Bulk Acquisition Program complete with an online bulk pricing simulator, to give correspondent lending partners a much needed new quality outlet. Lend America Mini Ginnie Correspondent anticipates to acquire its first pool of loans by Oct. 15, 2009. Today’s secondary market has limited options for small and midsize mortgage bankers who are feeling pressured by the larger loan aggregators who routinely engage in unfair and unreasonable practices. Slow funding, unfair loan declinations, unreasonable guideline overlays and even sudden termination continue to negatively impact the mortgage banking sector while the big aggregators gain strength and seem to be moving towards retail market dominance. “There was a time when loan aggregators and their correspondent lenders were engaged in a healthy interdependent relationship. However, now the big aggregators are slowly but surely pushing out those very same companies. Relationships are terminated suddenly and without any real basis. We feel this is unprofessional and is impacting many mortgage bankers businesses,” commented Michael Ashley, chief business strategist of Lend America. “We have built Lend America Mini Ginnie Correspondent to be an important solution for small to mid-sized FHA direct endorsed lenders who need a quality correspondent lending partner that they can count on before and after funding.” Ashley continued, “As a FHA direct endorsed lender, Lend America understands how the proper servicing of loans is critical, especially as compare ratios continue to unfairly plague many lenders across the country. It is no secret that larger loan aggregators, at best, do an average job of servicing their loans. But even more troublesome, is how now they are incentivized by the government to cure loans that go 90 days delinquent. Most borrowers who fall behind on their mortgage are now informed they can not be helped until they reach the 90 day mark because of the new government incentive that rewards servicers for these loans. Meanwhile, the mortgage banker who originated the mortgage is having his loan performance negatively impacted. To the contrary, Lend America has an excellent loan servicing program in place, in partnership with Cenlar Federal Savings Bank its sub-servicer, to help borrowers stay focused and on track with their mortgage.” Lend America Mini Ginnie Correspondent business will operate through an offsite loan funding platform that is currently completing a beta test process. Upon the completion of the beta test, Lend America will officially launch Lend America Mini Ginnie Correspondent complete with a website and an online Mini Ginnie Bulk Pricing Simulator. Lend America will work with bulk pools as small as $1 million. Ashley added, “Launching our correspondent lending channel is a logical next step for Lend America as we focus on building both our origination capability and servicing portfolio. Because of our ongoing investments in human capital, technology and other resources, Lend America Mini Ginnie Correspondent is operational and we will begin to acquire loans shortly. Our correspondent platform can be scaled very quickly and will have a significant impact on the growth of our servicing portfolio. Our goal is to purchase approximately $500 million per month by the second quarter of 2010.” For more information, visit LendAmerica.com.
Published
Oct 13, 2009
loanDepot And mellohome Introduce Home Services Bundle

loanDepot, Inc. and its sister company mellohome are launching a proprietary bundle of home buying and selling services.

Industry News
Jul 30, 2021
Gateway Mortgage Surpasses 165 Mortgage Centers With 10 New Additions

Gateway Mortgage reported significant growth in the company, prompting it to open 10 new locations across Colorado, Idaho, Oklahoma, Texas, Oregon, and Wyoming.

Industry News
Jul 30, 2021
FHFA Requires 30-Day Notice Prior To Eviction

Wednesday, the Federal Housing Finance Agency (FHFA) announced that tenants of multi-family properties must be given 30 days notice to vacate before the tenant is required to leave the premise.

Industry News
Jul 29, 2021
Houston-Based Stewart Acquires Title First Agency

Ohio-Based Agency Has 20 Offices And Operates in 32 States

Industry News
Jul 28, 2021
Planet Home Lending Reports Total Origination Volume Of $6.8B In Q2 2021

Planet Home Lending's total origination volume reached $6.8 billion in Q2 2021, up 77% from $3.9 billion in Q2 2020.

Industry News
Jul 22, 2021
FHFA Ends Controversial Refinance Fee

The FHFA announced that Fannie Mae and Freddie Mac will eliminate the Adverse Market Refinance Fee for loan deliveries, starting August 1, 2021.

Analysis and Data
Jul 19, 2021