[QUOTE=jfporter;1626943]minax28 if you don't mind my asking what were the closing cost[/QU

Ok I'm looking at my HUD-1

I had to come to the table with 4354.82 - all of which was my downpayment so looking at what the seller paid that wasn't county tax related (there was 11k of back property taxes owed on this REO)

Processing Fee - 545
Underwriter Fee - 695
Settlement Fee - 863.45
Title Insurance - 863 - First American Title
Recording Fee - 150
Deed filing fee - 15 - this is what the county charges I checked

Everything else listed was county tax related or prepaids since my first payment isn't until may 1st

Not counting your back taxes what were your total closing costs

Thanks













[QUOTE=minax28;1627433]

Quote:

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Originally Posted by jfporter

minax28 if you dont mind my asking what were the closing cost[/QU

Ok I'm looking at my HUD-1

I had to come to the table with 4354.82 - all of which was my downpayment so looking at what the seller paid that wasn't county tax related (there was 11k of back property taxes owed on this REO)

Processing Fee - 545
Underwriter Fee - 695
Settlement Fee - 863.45
Title Insurance - 863 - First American Title
Recording Fee - 150
Deed filing fee - 15 - this is what the county charges I checked

Everything else listed was county tax related or prepaids since my first payment isn't until may 1st

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3131.45 of buyers closing costs paid by the seller the remaining portion of the 6% concession was used to buy down points. No reserves were required for this loan.

I had my sister that works with Countrywide review my GFE, Truth in Lending, and Settlement.
She was surprised that the processing and underwriting fees were that high but since we weren't charged an origination fee that it more than balanced in our favor and she didn't find that any of the other fees (title insurance, settlement fee) were outside of the norm.

Thank you

Hi All,

I had to sign up to respond to this thread. I also heard that the Dad of the current owner of Lend America went to jail for mortgage fraud. I am looking documents to support this information. I have been working in the mortgage industry for 19 years. It has had a major collapse over the past few years. The reason for this is greed. Loan officers are taught to make as much commission as allowed by law. Owners and loan officers are more concerned with profit than the clients needs at the end of the day. The bottom line is the dollars earned by mortgage. When someone says act now, you need to do this immediately I know that the all mighty dollar is driving that ad campaign.

There are 3 types of companies to get a mortgage from.

A Broker - they process the loan then they bring the loan to a banker to underwrite. They earn a commission and the bank discounts the loan - however the bank makes a profit as well. There are only a few bankers left willing to allow brokers do business with them. Broker business is not as advantageous as it was years ago. 3 out of 4 brokers are out of business.

A Mortgage Banker - Originates, process and underwrites mortgages. Lend America, Somerset Mortgage are mortgage bankers. My experience with mortgage bankers is not favorable. They tend to run boiler room type operations not teaching the loans officer’s ethical lending practices. I have yet to find a fair and honest mortgage banker in the industry. Profit Profit Profit- ABC Always be closing is their motto.

An S&L Lender - Originates, process and underwrites mortgages. Wells Fargo, Chase, BFCU are S&L's . They are anyone’s best bet in this market. They hold their loan officers to a higher standard. They have a better philosophy than mortgage brokers and mortgage bankers. They are publicly traded. Which means under more scrutiny. A credit union is anyone’s best bet for a mortgage. They have the lowest rate and the lowest closing costs usually but not always.

Goggle the Mortgage companies name + fraud/complaints to see what’s out there about them. Anyone that has had fees changed, excessive fees, rude bulling behavior from loan officers should contact the banking department to make a complaint. They will not tell you anything about the lender if you call them, but they will investigate to make sure that if are engaged in any misleading lending practices. If you feel you are mistreated or lied to make the complaint so it will not happen to the next person.

A mortgage company cannot change the fees prior to closing. They need to give you five days notice. If this has happened call the banking dept. This is what most lenders do to earn more profit - they sell you one rate with points and do not lock it in and close to closing they jack up the rate and or points and tell you that the market has changed. They need to send you your disclosures within 3 days of you signing the incial application. If you do not get the disclosures with in 3-5 days of applying with them call the banking dept. If your fees change right before closing (points - rate) and you feel you are mislead call the banking dept. People need to act. This will put these lenders on notice. Again at the end of the day they are more concerned with profit not consumers best interests. A fair mark up is 1 to 2 points (MAX $3000) if your loan officer is making more than this he/she is greedy. Ask if the points are buying down the interest rate. Most times they will lie to you and tell you that you had to pay points to buy down the interest rate. Call around to see what other lenders are offering to compare. If you feel you are paying too much tell the lender that you do not want to close and you are going to report them to the banking dept.. Your complaint mandates the lender to respond to the Banking Dept. It can also warrant an audit from the banking dept to see if they are not ad hearing to ethical lending practices. MAKE THE COMPLAINTS is the #1 piece of advice I can give anyone that felt they were mislead, cheated, bullied by a loan officer.

By the way we can all tell who is responding in the company’s behalf here. Very sad

Read the following in Business Week:

Lend America in Melville, N.Y. uses cable television infomercials and a toll-free number (1-800-FHA-FIXED) to encourage borrowers in trouble with adjustable-rate mortgages to refinance with fixed-rate loans guaranteed by the FHA. Anticipating the real estate crash, the Long Island firm switched its strategy in 2005 from subprime to FHA-backed mortgages, says Michael Ashley, Lend America's chief business strategist. This year, the company will make 7,500 FHA loans, worth $1.5 billion, he says. "FHA is a big part of the future," Ashley adds. "It's the major vehicle for the government to bail out the housing industry."

But why the federal government would want to do business with Lend America is perplexing. Ashley has a long history of legal scrapes. One of them led to his pleading guilty in 1996 in federal court in Uniondale, N.Y. to two counts of wire fraud related to a mortgage scam at another company his family ran called Liberty Mortgage. He was sentenced to five years' probation and ordered to pay a $30,000 fine. His father, Kenneth Ashley, was sentenced to nearly four years in prison. "I was just a pawn in a chess game between my father and the government," says the younger Ashley, who is 43. "It doesn't affect my ability to do lending." The default rate on Lend America's current FHA loans is 5.7%, or 53% above the national average, according to government records.

[/QUOTE]
By the way we can all tell who is responding in the company’s behalf here. Very sad[/QUOTE]

Wow... that's more than a little insulting... especially since you don't know me from Adam...

I have no connection to them other than my mortgage which they will likely sell. Ultimately I have the result I needed, a new home that costs less than rent in my southern California area. My payment is 1057 piti until Riverside county finishes the re-assessment sometime next month. Then it'll drop almost another $200 per month once the escrow account catches up. I could work at Mcdonalds out here and still make my mortgage.

Had a co-worker just close on a loan with them last week and another in process now... and yes I did refer them to the loan officer I dealt with since I felt he was up front and honest with me through everything good or bad. Neither has had a problem or complaint about how they've been treated or felt taken advantage of.

Yes Lend America is legite... I'm a new client and have never experienced greater service than I did with Gary at Lend America. I agree 100% with Aviator. He has helped me try to raise my credit score in order for me to get the best rate possible. He answered all my calls and was there practically 24/7. I was about to lose my house and needed to refinance within a month. Before dealing with Lend America I decided to give 3 mortgage companies a call to see if they can help. I left several messages and when I finally got in contact with them they gave me a rate over the phone which was great. I started the process with them but when I received the overnight with all the loan documents in it I had two different rates that were much higher than what I was told. I was very furious and had to do something fast. I gave Lend America a call since they were advertised everywhere. I spoke with Gary Branis who has helped me a great deal. He gave me a few steps of how to get my credit score up and did everything possible to give me the best rate. Of course I didn't believe it at first because every other mortgage company I dealt with gave me great rates on the phone but the rates always changed for the worst. Gary assured me that the rate he gave me from day 1 is the rate I would see and nothing will change. So I believed him since I only had 1 month to losing my house. I received his overnight with all the loan documents. Everything was as we spoke. Time came to close on my house a week before I was suppose to lose it. Gary kept giving me hope saying everything will be fine! Closing day finally came. I looked over all the papers before I signed anything and noticed that everything I spoke with Gary from day one was the same and the rate NEVER changed. With Gary "it is what it is". I signed all documents and was so excited that I was not going to lose my house. If it wasn't for Gary I would be living in a cardboard box right now! He is very knowledgeable and answered all questions I had. He has helped me throughout and gave me hope when I thought I didn't have any. If anyone needs help buying a house or refinancing Gary is the right person to speak to, he is there for you all hours of the day. So many people say they can't trust anyone in the mortgage industry, well guess what this is one person you can trust!

How can you refi an FHA loan that fast after you moved in? The rules are you have to be in the home for at least 12 months for FHA refi's.

Quote:

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Originally Posted by aviator4

Here's a quick update on my home... nothing but great news!!! Gary's saving me money again.

Gary actually CALLED ME to let me know that I am eligible to streamline my loan (which is now held by GMAC) - gotta love the FHA backed loans!! and thanks to dropping rates, it made sense to do it.

He's asked me not to disclose the rate (since they seem to be changing), so I won't, but I can guarantee you that he's saving me a big chunk-o-change every month. We are currently waiting to close the new loan.

The great thing is that since my loan was FHA backed, there are no refi-fees!!! Woohooo!!

Thanks Gary!

People, if you have been turned down by other lenders, and the replies on this question have you doubting my legitimacy (got that big word, Mr. Attorney? - LOL), then CALL GARY.. worst thing that can happen is that you're right where you are right now, right?

For those of you that have called me and asked questions, thanks for calling! I'm always happy to tell people about Gary and Lend America.

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Yes Lend America IS legitimate. I live in Alaska and we just closed on a $300,000+ house with Lend America. If you are looking for a great mortgage company that will go out of their way for you to me a home owner, Lend America is your answer. Call Nicholas Mohammed Sr. Mortgage Specialist @ (631) 944-6800 Ext.2299. Tell him you found this posting from Denice in Alaska. Nick was there for us from early hours to late evening hours. If we had a question he was just a email away with an answer. Is there any local loan officer that will respond back after 9pm?? I do not think so.

Yes Lend America IS legitimate. I live in Alaska and we just closed on a $300,000+ house with Lend America. If you are looking for a great mortgage company that will go out of their way for you to me a home owner, Lend America is your answer. Call Nicholas Mohammed Sr. Mortgage Specialist @ (631) 944-6800 Ext.2299. Tell him you found this posting from Denice in Alaska. Nick was there for us from early hours to late evening hours. If we had a question he was just a email away with an answer. Is there any local loan officer that will respond back after 9pm?? I do not think so. We did not go FHA (by our choice), we went VA with no problems.

Lend America are volchers waiting for poor souls facing foreclosure .


A lot of the positive responses are from employees faking as clients .

Quote:

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Originally Posted by evad

How can you refi an FHA loan that fast after you moved in? The rules are you have to be in the home for at least 12 months for FHA refi's.

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You do know isp's tell the real story - employee :)

I don't see that it says its lend america! I also asked someone from Hud if they've heard of them and they had said yes, therefore they must do lots of loans for them.

How can you refi an FHA loan that fast after you moved in? The rules are you have to be in the home for at least 12 months for FHA refi's.




Quote:
Originally Posted by aviator4
Here's a quick update on my home... nothing but great news!! Gary's saving me money again.

Gary actually CALLED ME to let me know that I am eligible to streamline my loan (which is now held by GMAC) - got to love the FHA backed loans! And thanks to dropping rates, it made sense to do it.

He's asked me not to disclose the rate (since they seem to be changing), so I won't, but I can guarantee you that he's saving me a big chunk-o-change every month. We are currently waiting to close the new loan.

The great thing is that since my loan was FHA backed, there are no refi-fees!! Woohooo!

Thanks Gary!

People, if you have been turned down by other lenders, and the replies on this question have you doubting my legitimacy (got that big word, Mr. Attorney? - LOL), then CALL GARY.. worst thing that can happen is that you're right where you are right now, right?

For those of you that have called me and asked questions, thanks for calling! I'm always happy to tell people about Gary and Lend America.


She didn't say she just moved in, she said she was almost going to lose her home, and she used lend america to refinance!

Thanks to those who have called and asked you questions? You only have 2 posts. So who on here could have called you unless you were posting under another name?

And I don't think aviator4 cares anymore since the thread is a gazillion years old. Not to mention that s/he signed up just to post 8 times on this thread and nothing more. In fact, everyone on here who boasted about Lend America ONLY posted on this thread and no others. A odd little "coincidence."

That wasn't my question, I was just saying that the person didn't say they just moved in, they were simply saying that they were trying to refi. . I know its an old post, lol, I didn't realize that till after. Thanks, take care. I am wondering about Lend America myself, that's why I was reading post.

Quote:

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For those of you that have called me and asked questions, thanks for calling! I'm always happy to tell people about Gary and Lend America.

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I was referring to this comment, not anything you said about someone else.

If you were quoting this from someone else, it would have been more clear if you'd actually quoted it.

Quote:

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Originally Posted by jackhoffmanesq

I am an Attorney in Melville Ny were they are based in and let me tell you to stay completely away from them. The son owns company from Father who is in Jail for Mortgage fraud and the Banking Dept is closing them down in about a month due to the same practices. Continental Mortgage has already been taking there leads from there ads on TV and they are currently on there Ginnie Mae License as they are taking them over with the help of bank regulators.

As far as the Shortt family beware you get what you pay for. I am sure your payments will increase with excuses of telling you your taxes went up, etc...

Thank You

J Hoffman ESQ

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Since you are an attorney can you recommend one for me? I live in Minnesota and was going through Lend America for my first time buying a home. I paid off everything on my credit as well as my fiancé (because it had to be done). I got everything and did everything they said to do. Now we are 19 days away from closing and they are telling me they cannot approve the loan because I paid my rent late in April 2008! I paid my rent late once and they can't approve the loan? Now I have $3000 tied up in all of this and have to figure out how to get it all back. Is there any attorney that can help us maybe start a lawsuit against this company, as I have read on here I am not the only one this has happened too and I think I would like to find someone to represent all of us. Can You Help PLease?

That post is a year old. Like most of the posters on this thread, he signed up, made one post and left. So you're not too likely to get through to him.

Not sure why you're trying to deal with some guy in New York. I assume Minnesota has attorneys?

If you want to post about this on here, we do have a legal forum, which would probably be a better for it, because you're talking about legal help, not about whether Lend America is any good. (Obviously not.)

If you take a closer look at their top producing loan officers…there is a smell in the air. They're creating another sub prime implosion. They are qualifying buyers who shouldn't be buying homes to begin with. 530 credit scores 50k income…that's asking for trouble Mr. Ashley. Your good friend Mitch Cohen is paying off debt for buyers…isn't that illegal…i see orange in your future for all you scum bags!!

If you take a closer look at their top producing loan officers there is a smell in the air. They're creating another sub prime implosion. They are qualifying buyers who shouldn't be buying homes to begin with. 530 credit scores 50k income that's asking for trouble Mr. Ashley. Your good friend Mitch Cohen is paying off debt for buyers isn't that illegal- I see orange in your future for all you scum bags!!

Are you talking to one of the people who posted almost a year ago? I don't think they're here anymore.

Can we please kill this thread already?

Jack, I wish I had done my homework. I told the loan officers at LA I regret using them. Is there anyway I can contact you or you contact me to trade notes?

Hannah, I feel the pain now. Please give us an update, Thanks

I am interested in hearing from unsatisfied Lend America customers. I do not work for them or not affiliated in any way with them. I too have been duped by them my e-mail is [email protected], legitimate e-mails only please thank you

Michelle, read my post right above yours. This thread is old. It's doubtful any of the original people are still around. They all posted on this thread and nothing else, ever.

Dec. 2, 2009
FHA shuts down Lend America

The Melville, NY - based lender closed its doors and laid off nearly 600 people after the Federal Housing Administration revoked its approval to originate government-backed loans.

I would guess today's news from Melville, NY about Lend America is not surprising some people! I hope that those who are with Lend America... or used to be with Lend America don't get too hurt by another greedy life sucking business like this one...
We are caught up in a similar scam with Bank of America... Obama's plan was to reduce rates and bring borrowers under the 31% debt threshold of debt to income ratio on mortgages alone... not create higher interest rates and consult it's borrowers to "Not pay mortgages" to better qualify for government money. And to consult inhouse borrowers that are temporarily suffering rough times to "make half payments" on their mortgages - forebarrance, (then subsequently reporting to Equifax, TRW and other bureaus negative information subsequently ruining credit scores and credit reports) reporting the borrower 30, 60, 90 and 120 days late forcing their own borrowers into dealing specifiically with them (can you say monopoly) the forebarrence program is being abused all over the place and banks are locking borrowers into their scams and taking good competition that would better serve the borrower. But surely bankers must sit there and say, "let's just destroy their credit so we know we own them and we'll make a few thousand off the deal in the meantime."
The banking industry makes me sick when they don't follow the basics of "good and lawful business" what they are doing isn't what made America great... but it is the same terrorist mentality that will bring her to her knees as sure as the other crazed terrorist animal used passenger planes as missiles in PA and NY. You get my rat of the day award... heck wear it for a lifetime, some of your clieints will suffer that long!

Michael

Surprise!! Lend america is shut down for illicit mortgage practices oh yeah and its owner michael ashley looking at time just like dear ole dad ken ashley did for mortgage fraud!!

Quote:

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Originally Posted by aviator4

well, i’ve tried and tried to find any information on a lawsuit about someone going to jail over mortgage fraud linked to lend america or it’s parent company and haven’t been able to find anything. I would be very interested in ready about their shutting down too, considering all the new programs they are putting out like the hope for family program, not to mention the new building that they just built or the new employees they just brought onboard…. Hmm…. Doesn’t sound like they’re about the be shut down, does it? Here, read about all that on reuters.com (forward-thinking positions lend america as the best prepared fha approved lender... | reuters)
here’s what mortgagemag.com has to say about them. This was in an article about direct lenders that are continuing to offer mortgage options during the housing crunch. (lend america continues to offer consumers relevant mortgage solutions during current mortgage market disruption)
lend america, a national mortgage banking organization and one of new york`s largest privately owned direct lenders, has proudly served the residential mortgage marketplace for over 20 years. The company is one of the most successful direct lenders in the united states and is the region`s largest and most well known fha direct lenders. Lend america offers a wide range of home purchase and refinance programs to meet their clients` individual requirements. Lend america`s new 40,000 square foot headquarters employs approximately 300 employees and is located at 201 old country road, melville, new york, 11747. For more information on lend america, please visit nationwide, direct lender, lend america offers mortgages, loans, with little to no money down, quick loan process.
And here’s one about how they are helping a major financial institution re-finance $1 billion of its’ non-performance real-estate portfolio. In lay-mans’ terms, this means they are helping refinance all types of loans into their new hope program for home-owners.
lend america facilitating hope refinancings | real estate and technology news for agents, brokers and investors | inman news
and to the comment about “you get what you pay for” and my payments increasing – this so-called attorney is inferring that a yearly increase in payments is somehow a “scam” – anyone that has a fixed payment mortgage will see a slight increase in their payment yearly because of property taxes… duh! In all reality, lend america doesn’t service many of their own loans (in fact, at the time i got mine, they were not servicing any of them) – my loan was picked up by gmac – i think we all know who they are… i never sent a single payment to lend america, and gmac wouldn’t approve me outright. Funny how the system works.

If you're going to trash the company, mr. Attorney, be prepared to back it up. Can you provide a link to this so-called mortgage fraud case?

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Lend america is bull I was a loan officer for them ask about the points on the back end things you don't know about they charge masive points please I quit I couldn't sleep at night and not for nothing you worked from 9am to 2 am sometime to meet your dead line because if you didn't you lost your job.. do yourself a favor just look real good in to a company you trust your money to

Okay, enough of this babbling back and fourth!! I am a customer of theirs and they helped me when I was almost a year behind in my payments. All this talk, no one has yet to say what is going to happen to the existing customers.

Well aviator4 I am glad you had good luck with this company because I did not. I did a refinance with them over two months ago and we where supposed to close in 10 days now I heard they “CLOSED THERE DOORS” and apparently their phones because every time I call no one wants to call me back and they are very rude when you speak to them but I will not mention names because I do not want to slander anyone on a public blog. This company did not pay my other mortgage company off or did they send my the reminder which was $19,000 which I don’t know about you but my family could sure use, and then they had the tenacity to sent me a mortgage bill with a late fee and call my house with some one trying to collect and when I ask why they say that they only collect and don’t know any thing about the so called loan its self. No one can give me answers are they going to honor our contract or not? Am I going to get my money or not? Yah real good company. You can do all your “ LOL and Woohooos you want but the bottom line is this company is screwing over hard working AMERICANS, VETERANS and their families and if you want proof contact me.

I bet all of you who posted such praise of LA and Michael Ashley feel real stupid about right now. LA tried to pay off my 1st mortgage earlier this month... with a BAD check. If I wrote a bad check for $60,000 I would be in jail. I have talked with the FBI, special investigators with HUD and FHA, the NY banking authority,and the attorney general in NY and VA about this. I heard this week Gennie Mae is taking over some of these cases. I am also filing a law suit against them.

Well, as a courtesy update to this post. My posts above are based on MY EXPERIENCE with them. THAT IS ALL.

What I can say is that perhaps I defended them a little too ferociously now that the FHA has shut them down and fined them over half a million dollars and their shady practices have finally come to light. Look, I'm no special investigator, I don't claim to be a financial expert or a mortgage expert or whatever. I'm not in the industry (though some on this board have accused me of such) - I'm just an average consumer speaking to my experience. I didn't get screwed by LA - they helped me out.

I will say it again, my experiences above are my PERSONAL experiences. I didn't have to forge any documents or skirt my way around proving income. I didn't have to pay a mortgage broker some ridiculous amount of money or anything like that. I guess I was one of the legitimate customers that they had. I am still in my house, the mortgage is now handled by GMAC, the rate is still the same. My payment has changed since my first post here. It's gone up $30 a month, but that's because this is the first year property taxes included the actual Payment, not just the land and it was expected.

I'm still a happy customer. Not because Lend America is necessarily because they're a good company, but because in the end, Gary delivered on his promises... every last one of them. I just didn't get mixed up in all the bad practices that apparently Lend America was getting into.

I never got a chance to streamline my FHA loan before the were shut down - for some reason my gut told me not to do it.. Something tells me this is a good thing. The rate on my loan is still outstanding and who knows how big of a mess I'd be in had I actually tried to do a streamline right before they were shut down.

Please know, I am a real consumer, I am a real homeowner (now), and am not affiliated with them whatsoever. My experiences above are STRICTLY based on MY PERSONAL EXPERIENCE.

It will be a LONG LONG time before I EVER endorse another company, thanks to this very blog.

I think that is a very good idea

Personally, I don't think there's anything wrong with endorsing a company, if you've had a good experience and believe in what you are saying. However, I do believe many posters on this thread were not just regular customers, so this particular thread might not have been the best place to do it. This thread has been a lot of nonsense back and forth.

There are other places around here where companies do get mentioned and people post experiences. Nothing wrong with that. I just think this thread was a little whacky, got way out of hand, and quite frankly, I'm tired of looking at it. (And yes I know, I'm causing it to show up on my subscription list.)

Michelle, I don't think it was necessarily cool saying that everyone who endorsed them should feel stupid. For those who were real customers and had good experiences... well, sometimes people need to watch out for things a little better, but they don't need to feel "stupid" about it - just learn a lesson and hopefully do better research next time. I'm not sure if this was a "jumping out and biting you obvious" sort of situation - perhaps a little more subtle.

For those who were lying or just screwing around, I doubt seriously they feel stupid about it, do you? People who do stuff like that intentional have a purpose and they don't feel stupid about it. They're probably just pleased they got away with it as long as they did.