Connect with us

Hi, what are you looking for?

The American GeniusThe American Genius

Economic News

Lend America Slapped by FHA, Closes Their Doors

The end of Lend America

money lincolnIndependent mortgage originator, Lend America announced today that it would cease operations immediately. This came as a surprise to Better Homes and Garden Realtor, Lisa Sanderson said that “we had an FHA mortgage commitment in hand and were supposed to close Wednesday. Tuesday, they informed us that they needed 48 hours to ‘review and clear to close’. Today they don’t answer their phone.”

On Monday, the FHA pulled Lend America’s approval for making government-backed loans because of abuses, fining them half a million dollars and possible fraud charges may soon be filed.

Sanderson said, “we have a seller who has moved out of the house and a buyer who is dying to move in-two sets of lives on hold for a couple more weeks as we scramble to get the file transferred to another lender. I had no previous experience with this lender so I urged the buyer via his agent to consider a local lender when the offer was first presented. Despite my concern, things seemed to be going smoothly until this ultimate, unexpected ‘glitch’.”

Advertisement. Scroll to continue reading.

Lani is the COO and News Director at The American Genius, has co-authored a book, co-founded BASHH, Austin Digital Jobs, Remote Digital Jobs, and is a seasoned business writer and editorialist with a penchant for the irreverent.

11 Comments

11 Comments

  1. Joe Loomer

    December 2, 2009 at 5:25 am

    “…so I urged the buyer via his agent to consider a local lender when the offer was first presented…..”

    Words to live by.

    Navy Chief, Navy Pride

  2. Lisa Sanderson

    December 2, 2009 at 7:20 am

    Watching tv news and hearing about another lender going out of business is not quite the same as seeing it happen IRL to real people.

  3. Hank Lerner

    December 2, 2009 at 12:57 pm

    Amen Lisa. As you know, the PAR Agreement of Sale asks buyers to identify their lender to the seller for just that reason.

  4. Portland Condo Auctions

    December 2, 2009 at 7:37 pm

    Stick with the lender that you can call directly and the guy that you can go meet in person. There is nothing more helpful than a local lender that you like and who can take care of the process from start to finish. The big guys cannot compare to that kind of service.

    -Tyler

Leave a Reply

Your email address will not be published.

The
American Genius
news neatly in your inbox

Subscribe to our mailing list for news sent straight to your email inbox.

Advertisement

KEEP READING!

Business Finance

Another large spike in the consumer price index isn't good news for the economy, and the context of the data is more complicated this...

Business Finance

With a second consecutive quarter of declining GDP data, we are officially in a recession - are we?

Business News

(BUSINESS NEWS) Heads up! Your beloved adult beverage of choice may be getting pricier now that COVID inflation abounds.

Business Finance

(BUSINESS FINANCE) India is potentially planning to ban cryptocurrency — and instead, they're planning to introduce their own version of it for purchase.

The American Genius is a strong news voice in the entrepreneur and tech world, offering meaningful, concise insight into emerging technologies, the digital economy, best practices, and a shifting business culture. We refuse to publish fluff, and our readers rely on us for inspiring action. Copyright © 2005-2022, The American Genius, LLC.