Fueled by growth in government originations, a New York company has added more than 100 employees this year and forecasts continued growth.
In an announcement today, Lend America said is has hired over 100 new employees during 2008. Many of the recruits, who already had origination experience, received FHA training from the company.
"Due to the strong demand for FHA loans, the hiring trend is not expected to slowdown anytime soon," the statement said.
The Melville-based company, which last week announced that it had been approved to issue Ginnie Mae securities, said it has moved its headquarters to the former American Home Mortgage building -- giving it 60,000 square feet. Originations are performed for 36 states from the new location.
In March, Lend America told MortgageDaily.com it had nearly doubled its staff over the prior 12 months by hiring many former employees of American Home Mortgage, Delta Financial Corp. and New Century Financial Corp.
However, its total headcount has dropped from around 650 reported in March to 600 reported in today's statement.
The lender attributes its success to a transformation from a subprime lender to an FHA lender 28 months ago.
"We closed last year with record originations and this trend continues through the first-half of 2008, with production volumes increasing over 250 percent," Lend America executive Michael Ashley said in today's statement.
In March, the company said it was funding more than $100 million monthly. Today's press release said it has received 120,000 FHA telephone inquires so far this year.
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