A bad day for one FHA Lender

Written by Michael A. Foote, CMB on . Posted in bad boys, fha mortgage loans, LendAmerica, Lending

You know you are having a bad day when the justice department wants you banned from FHA lending and all government mortgage products for that matter. Lend America clearly has some slick marketing but questions have been raises about some of the loans funded. Apparently, they’ve been under investigation for about a year and this isn’t the first time Lend America’s executive has been under fire, previously he was convicted for mail fraud and paid a substantial and once again for false advertising…Makes me wonder, how do these people stay in business. Lend American was ranked 22nd in FHA volume recently and has funded over 11,000 loans in the last year. Staggering numbers and now we have to wait and see how many of those loans should never have been funded.

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