|
|
| Lend America reported surging loan production during 2008. The forecast for 2009 calls for more of the same.The Melville, N.Y.-based mortgage banker — which focuses on loans insured by the Federal Housing Administration — funded nearly 7,000 loans for $1.4 billion last year, according to a report of operations provided to MortgageDaily.com.
Volume jumped from almost 3,500 units for $0.8 billion funded in 2007. This year, Lend America projects it will originate around 12,500 loans for $2.5 billion. “Since the majority of Lend America’s production is FHA loans [with] historically smaller amounts, we believe the loan-close metric is important,” the statement said. Lend America, which was approved to issue Government National Mortgage Association mortgage-backed securities in June 2008, said its servicing portfolio has grown to $0.2 billion as of Dec. 31, 2008, from nothing on June 30, 2008. The portfolio is projected to grow to $1.5 billion by the end of this year. Powering the growth in operations are 590 employees as of Jan. 27, including 300 Hope-for-Homeowners mortgage specialists. Headcount is up from 378 on Jan. 1, 2008 — though Lend America reported headcount was 650 in March 2008. Lend America affiliate Ideal Mortgage Bankers Ltd. closed its wholesale lending operations in July 2008. |
