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Lend America Ends Business

Announcement follows loss of FHA approval

Dec. 1, 2009

By MortgageDaily.com staff


Lend America has discontinued operations.

The Melville, N.Y.-based company lost its Federal Housing Administration approval yesterday.

It had been fighting the U.S. Department of Housing and Urban Development in court after the agency alleged poor underwriting and false certifications by one of its top officers.

In a message on its Web site today, Lend America announced an end to its operations.

"Effective immediately the company has ceased it loan origination and operations," the message states.

The company directed inquiries about transferring an FHA case number to www.lendamerica.com/transferring-case-numbers.pdf.

Customer service inquiries are being directed to [email protected], while
employee inquiries are being directed to [email protected].

Lend America employs nearly 700 people.

The company, formally known as Ideal Mortgage Bankers, LTD, reported in April that its servicing portfolio exceeded $500 million, while FHA retail originations were reported at $450 million during the first-quarter.

"The company will continue to operate to fulfill its obligations to past and current borrowers, FNMA, GNMA and the regulatory agencies," today's message said.

In April, HUD reported that Lend America lost its FHA approval. But the company subsequently told MortgageDaily.com that the action was just six months' probation and a $6,500 penalty for a mailer it sent.

It's the second time that the loss of FHA approval has brought down a significant company.

Taylor, Bean and Whitaker Mortgage Corp. lost its FHA approval in early August over alleged misrepresentation and fraudulent transactions. A few days later, Taylor Bean suspended business, while later that month -- the company filed for bankruptcy.

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