FHA Lender Adds 300 Employees
Lend America hires former employees of failed firms
March 14, 2008
By SAM GARCIA
A New York-based company has ramped up its staff as it prepares to handle an onslaught of government-insured mortgage originations.
Lend America announced it has hired more than 300 employees over the past year, bringing its headcount to 650. Many of the new recruits previously worked for failed lenders including American Home Mortgage Investment Corp., Delta Financial Corp. and New Century Financial Corp.
“The majority of these new hires are high quality loan officers which have been trained in FHA lending regulations and Lend America’s consultative approach,” the statement said. “We have been aggressively hiring in 2008 and will continue throughout the year.”
The Melville, N.Y.-based company, which noted year-to-date volume in February was up 300 percent over the same period in 2007, currently funds more than $100 million monthly, spokesman John Lovallo told MortgageDaily.com. He said about 90 percent of originations are loans insured by the Federal Housing Administration.
The lender, which said it has been in business for more than 20 years, reported over 40,000 loan inquiries last month and said it “is now essentially the top FHA lender in New York.”
Lend America, which plans to move its headquarters to a 60,000 square-foot facility formerly occupied by American Home, said it is currently licensed in 33 states and anticipates being approved to lend in another 14 states within 90 days.
In conjunction with President Bush’s recent economic stimulus package that temporarily raises the FHA limit to $729,750, Lend America is promoting a $1,200 “stimulus package” that can be used as a credit toward closing costs.
Related:
More Help Arrives for Former AHM Employees
Countrywide Financial Corp. has joined a growing list of entities reaching out to former employees of American Home Mortgage Investment Corp.
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