Lend America - scam or option?

Started by bluesky09

almost 17 years ago

Posts: 1

Member since: Jan 2009

Discussion about

Recently, there's been a ton of commericals for Lend America - a mortgage company that provides FHA backed loans. Anyone know anything about this company. Their website looks good... but you know about things that are too good to be true. Anyway, people here usually know something... any feedback?

Response by jrd

almost 17 years ago

Posts: 130

Member since: Jun 2008

I love a good scam, and while the lend america page is a bit over the top, it is surprisingly consistent with the reasons HUD gives for using them as a mortgage insurer here: http://portal.hud.gov/portal/page?_pageid=73,1824165&_dad=portal&_schema=PORTAL

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Response by aifamm

almost 17 years ago

Posts: 483

Member since: Sep 2007

Anyone know what the rates are like? And do they do jumbo refi's?

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Response by mbrokerNY

almost 17 years ago

Posts: 103

Member since: May 2008

They are a scam, they charge the maximum amount of fees allowed by law and have very high repurchase percentages.

They are strictly FHA.

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Response by Junniper89

almost 17 years ago

Posts: 20

Member since: Feb 2008

What is "repurchase percentages?"

FHA loans are good - low % down, low rate. They include an FHA PMI fee, but... low % down, low rate!

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Response by mbrokerNY

almost 17 years ago

Posts: 103

Member since: May 2008

When an originated loan goes bad, ie defaults within a predetermined time period, the originator must repurchase that loan from their investor. Lend America has a lot of loans that go bad.

Lend America - scam or option?

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