David
Joined: 19 May 2004
Posts: 754
Location: Atlanta, GA
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| Posted: Wed Dec 02, 2009 3:55 pm Post subject: Lend America Closes after FHA Pulls the Plug |
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Melville-based Lend America closed its loan-making operation Tuesday and laid off most of its 600 workers, a day after federal officials revoked its license to make loans insured by the Federal Housing Administration.
FHA-backed loans made up at least 90 percent of the company's business.
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Last year, Lend America closed 6,986 loans, or $1.36 billion in loans, Lovallo said, and for this year it projected 12,500 loans closed, for about $2.5 billion. The company serviced about $1.8 billion in loans, he said, and it is not clear whether it will continue to provide that service. |
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