Lend America Receives H4H Unconditional Lender Insurance Approval

by 08 May 2009
May now underwrite, close and insure H4H loan transactions without prior HUD review Launches RefiPortfilio.com website for expanding institutional mortgage solution platform MELVILLE, N.Y. ? (May 8, 2009) -- Lend America, a leading next generation direct-to-consumer FHA lender, announced today that the Company has been officially informed by the U.S Department of Housing and Urban Development (HUD) that they have satisfactorily completed the pre-closing review period of the Direct Endorsement HOPE For Homeowners (H4H) program. Lend America may now begin to underwrite, close and insure H4H loan transactions without prior HUD review. The Government?s Hope for Homeowners, which was implemented on October 1, 2008, allows lenders to refinance current or delinquent borrowers provided that the first lien holder of the loan writes the loan down to less than the current home value and waives any late fees or prepayment penalties. The Federal Housing Administration (FHA) insures the new loan and subordinate lien holders get a share in future appreciation of the loan. ?As the approval letter states, participation in the Lender Insurance program is a privilege accorded only to mortgagees who continue to demonstrate the ability to originate mortgage loans in accordance with HUD underwriting policy,? commented Michael Ashley, Chief Business Strategist of Lend America. We are very proud to be amongst the first to receive this approval. Despite some early obstacles with the H4H program, Lend America did not abandon this important solution to the housing crisis, but has taken a leadership role and is committed to saving 10,000 homeowners from foreclosure and allows families to remain in their homes on affordable terms. We may have to extend our timeline, but this mission to Lend America is extremely important and with HUD?s approval we are moving full speed ahead to save one homeowner at a time.? According to RealtyTrac



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