16 Dec 09 Lend America Banned from FHA Mortgage Lending
According to a recent article from National Mortgage News, mortgage company, Lend America was banned from FHA mortgage lending on Monday. Apparently, the company was refinancing certain customers without paying off their prior existing lien. According to veteran mortgage banking attorney Robert Lotstein, who has clients that did business with Long Island-based Lend America, said this has created a situation where customers received a new loan from the mortgage lender but without their existing lien being paid off.
