Is Lend America a legitimate mortgage company? They sound too good to be true.
|
Is Lend America a legitimate mortgage company? They sound too good to be true.
Is Lend America a legitimate mortgage company, can they do what they say on their TV advertisements?Quote:
Originally Posted by thisisone
Is Lend America a legitimate company?
Yes - Lend American is the East Coasts Largest FHA Direct-to-consumer Mortgage Lender. But they service loans and can work with people in all of the lower 48 states (Alaska now, too, I think) - and I would encourage you to call them.
I am NOT affiliated with them, I am just a happy customer of theirs. I can tell you that I thought they were too good to be true as well. My FICO was in the low 500's and I thought that the days of getting a mortgage were off in the distance for me.
My Loan Officer was Gary Branis (ext. 2184, if you want to talk to him, which I recommend) - he was very patient with me, looked over my credit reports and used a tool they have on hand to run my credit through various scenarios to determine what I needed to do to get my score up. He worked with me into the evening hours on a number of occasions, even returning a phone call at 11:00pm one night! He was even willing to coach me on how to go about doing certain things and told me where to expect my score to end up!
For Example: one of the items on my report was a single 30 day late on a well established credit card that was otherwise in good standing. I called the company and asked for the one late to be removed and was told HECK NO "this is impossible", by the indian customer service guy. Gary then told me to call the customer service number and ask to speak to someone in North America. I did and asked again - POOF "Sure sir, we can do that for you" said the nice, intelligable, canadian lady I got. Just like that, the late was gone.
After a few rounds like this, Gary Re-scored my credit - and I scored EXACTLY where his scenario software said it would. I went from a 500 to a 675! He then secured a 3% down, FHA Backed 30 year fixed mortgage at 6.5% with an option to streamline in a few years (dropping the rate further without additional closing costs)
I can tell you that I am now a proud (and first time) home owner who had been spun off by 6 other lenders who didn't want to help. Gary and Lend America took the time and invensted their own money in the process to get me into my home. I am sitting in MY OWN home-office typing this right now!
Give them a try, call Gary and tell him "Victor in Oklahoma" sent you - you won't be sorry. If LEND AMERICA can't get you a mortgage, NO ONE can!
Call HIM at 1-800-707-5626 x 2184 or E-mail him at [email protected]
I'm sorry but the previous answer must have been answered by someone affiliated with that company. Who else could have written it in such good detail. I am a realtor who warned my client of internet lenders. They choose to stay with LendAmerica until they received their pre-dated good faith estimate a month after we had requested one and all the terms, price, interest rate, fees were extremely inflated. They were told they met the deadline for a no-money-down assistance program and days later told them they could not get it, there interest rate went up, fees were astronomical, the loan officer was rude and vague. The lender knew these buyers only had so much money to work with and the amount they had to bring in to close doubled. They even had the purchase price and loan amount inflated. For a $65K house where seller was giving back $3K for costs, they had loan amount of $69K and buyer's bringing in $4K to close. Technically seller was getting $63 for house but total expenses totaled $74K. Not a good thing! They changed to a local lender who said that Lend America would have been making about 5 times the amount that she would be making on the loan. Buyer beware!
Maybe the question was answered by a happy customer but I would only advise people in a credit challenged situation to use them.
It saddens me to see a real-estate "professional" trash a lending company, especially given the real-estate climate in our country right now. This person asks "who else could have written in such detail?" - well - I COULD!! I'm a CLIENT, NOT A LENDER, NOT A REAL-ESTATE PRO, NOT IN THE BUSINESS. You shouldn't lose faith in your fellow mankind so easily... folks, what I have written is the truth - and nothing BUT the truth.
First, off - I am NOT employed or affiliated with Lend Amercian in any way beyond simply being a customer. I can honeslty say that I don't know every Loan Officer at the company - I only know Gary, which is why I mention him by name. I am sure that at a company this size there are going to be some real idiots that are only after a quick buck. This is one of the reasons I DIDN'T simply say "Call Lend America" - I mentioned MY officer by name.
Now, with that being said, I know there are going to people out there that now have that seed of doubt planted by "housemouse" - so I offer you this. In this post are photos of my home - the one I could NOT have purchased WITHOUT Lend America. Take a look at the dates on the pictures - they are accurate. You will see some of them before my closing date of 6/19/2008 and a couple AFTER that date.
If you need more proof, call Gary. He has been cleared to give you all my information and talk about the specifics of my Loan and what it took to get it.
I can also tell you that since my initial post on July 14th, Gary has received a number of calls in direct resposne to my post. He has been able to help a number of clients get into homes when they thought all hope was lost. He can't help everyone and he'll be the first to admit that, but if there is a way, he'll find it.
Don't let the post of a single Real-Estate "pro" who is being beaten down in their own market keep you from at least TRYING to get a home... in a sea of people shaking their heads no, Lend America said yes and now I own this: (make sure and read my captions! )
http://www.ismasters.com/house/1.jpgStill don't believe me? You can E-mail me at - I'd be happy to give you any details I can about my experience with Lend America.
This is our new house, right after the put the sod in. They are still working on a retaining wall in the front.
http://www.ismasters.com/house/2.jpg
My wife was SOOO excited to see this in the front yard when we pulled up!!! The dream was becominga reality. (Yes, thats OUR last name!!!)
http://www.ismasters.com/house/5.jpg
CLOSING DAY!!! Our first picture in front of OUR NEW HOME!!!
http://www.ismasters.com/house/3.jpg
After a few months and some landscaping, our yard looked like this. We LOVE IT!
http://www.ismasters.com/house/4.jpg
And our kitchen usually looks like this. LOL - we have 4 kids, so go figure..
Don't let housemouse get you down... A LITTLE D-CON can clear that up!
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
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?
The lawyer is correct. This company has been profiled in the recent Business Week article
FHA-Backed Loans: The New Subprime
Can you give me a mortgage with 650
Credit score?
Quote:
Originally Posted by Al Dole
Still, no one can answer or tell why we should avoid this company. Sure, it is in the news, but as a customer, why stay away from them? High fee? High interest rate? :confused:
As for what the others are saying about Lend America, I don't really care at this point. My wife and I are currently refinancing our home through Lend America, and we have never had such outstanding service and we've refinanced our home over 4 times. Our Lend America loan officer, Kevin Dayton, has been EXCELLENT. He's no quitter and has put his all into making our loan happen. He has called when he said he would, and he's never left us in the dark during any stage of the process. Call and ask for him at 1-800-707-LOAN, you won't regret it!
OUR STORY
We're currently in a ARM with EMC Mortgage (a subsidiary of Bear Sterns, recently bought by Chase). Well, our rates and payments continued to move up, up and up with each resetting of the ARM. We didn't know what to do. With two kids and a exploding mortgage payment, the future was looking bleak. In fact, around a 6 months ago, after our first reset, we were actually looking at foreclosure, because we had fallen behind on our mortgage payments and swimming in debt. It was bad, and EMC did a modification to help us get back on track, but the payments continued to climb. HOWEVER through prayer, faith and discipline, our circumstances improved. The good Lord takes care of His servants.
In June, I received a promotion in my career, and we were able to pay off some small debts, but our mortgage was still a "beast," eating up our monthly income. So we had to do something. My wife works at a local bank in loan processing and underwriting, so she knows the finance world well. So our first instinct was to go to her boss, seeking help. She has been a super employee, dedicated, honest and hardworking. Well, to make a long story short, her own employer would not refinance us out of our current ARM. So we felt defeated and thought that there was no use to try. We resolved that we would just have to budget every penny and hope that no emergencies occurred.
But my faith told me to press on. So, around three weeks ago, I began to surf the net researching top-rated refinance companies, Lend America made it to the top of my list. Having been turned down by our local bank, I told my wife to call Lend America to see if they could help, so she reluctantly did. Well, that's when we met Kevin Dayton of Lend America, and that's when God removed more doubt from our human minds. Now, in no way am I saying that Lend America boosted my faith in God, but our dealings with them have proved to us once again that God controls everything and we are only borrowing His world, His stuff, while we're here on earth.
Well, after her conversation with Kevin, he took our information over the phone and we were quickly pre-approved. The rates and terms offered by Lend America were far better than those my wife would've ended up with from her own employer. Within a few days, Kevin was ordering our appraisal and sending everything for final approval. Needless to say, the Holidays have slowed down the process a little, but we are due to close our loan either this week or the beginning of next. He locked us in at 5.5% with a 30 year fixed in one FHA-backed loan. This may not sound like a deal to some people today, but with our current rates being around 11% and 9.5% (1st & 2nd Mortgages), this was a phenomenal opportunity for us.
I can't say enough about the professionalism, the determination, and the promptness of Kevin Dayton and the Lend America staff so far. I would HIGHLY recommend them to anyone needing help with their current ARM or high-cost mortgage. As for the warnings placed on this site about Lend America, I find them hard to belief. But, I know that God will lead me through anything. So, if this mortgage turns out to be too good to be true, God will simply open another door, so I don't pay much mind to "doomsayers." ;)
What kind of lawyer does not know the proper use of the word there?Quote:
Originally Posted by jackhoffmanesq
The son owns company from Father... what kind of English is that??
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... What are you saying??
I beg to differ on the lawyer claim?
I meant RYAN DAYTON in the above post... Oops!Quote:
Originally Posted by Jakidd445
We are currently doing a refinance with Lend America. Everything went very well through the application and closing process. However, when we signed all th documents at closing, they just stopped working on our loan. They never funded the loan and still to this date have not paid off our original mortgage. We are in a real mess now, because our original mortgage is past due and I sent in my mortgage payment to Lend america, so I do not have the funds to pay two mortgages at once. I don't know what to do. The funding department personel will not return any of my voice mails, and even when I have them paged, they will not take any calls. I don't know what to do at this point. Does anyone have any suggestions for me?
I have never had a problem before now getting a bank to fund the loan once it has been closed.
How long has this been ago? Was it a FHA-Backed Loan? Was this a Refinance? What was your interest rate? Who worked on your loan at LendAmerica? Have you contacted a lawyer and HUD about this? Did anything change with your income or means of living? I've never heard of such a thing as you've explained in this post. If you closed, then you should have a loan number assigned to you in your final documents... Can't you call about your loan number and get information?Quote:
Originally Posted by HannahBarber
We just closed on Dec 31st and the funding was supposed to be Jan 6th, 2009. Nothing has changed at all in our income or our situation. I am going to try to talk to a lawyer on Tuesday if I can find one. This is such a weird situation. I have never dealt with this before. Ted (the guy who processed our application) said that I need to talk to Dawn (the lady who cuts the checks). However, Dawn does not take any phone calls, and she does not return any voicemail messages. I have also tried to leave messages for her boss (Jennifer) with no results either.
This is an FHA loan, so I guess I can try to contact them somehow.
Hmmmm, Mr. Hoffman, you are using "there" when it requires a possessive "their" that anyone who has gotten through law school and taken the bar should know. It would be rather unusual for an attorney to be that specific concerning a case without referencing the case number. I suspect The Shortt family, (I have no idea who they are) might have a case of libel if they so chose to follow up. Please stick to facts "Mr. Hoffman, esq."Quote:
Originally Posted by jackhoffmanesq
Can you provide us with your bar number? Just curious.
Look at the advertisement that runs on the major networks. It's a mock network flash-news announcement. This is in sense a bank, masquerading as a Network news announcement, instead of what they actually are doing, running a commercial.
They are 100 Percent not a legitimate company. Who are you people? Why would you even ask these questions?
If you're dumb enough to do business with them after seeing that, or reading what these people have to say, I have a bridge I'd like to sell you in Brooklyn... for a good price.
Although I hope the attorney is a legitimate source of knowledge, his post is riddled with errors... and I'm pretty sure lawyers in New York know how to read and write.
jahrichie, I'm sorry, but to say this is a 100% not legitimate company is a completley false statement.
How can you possible say this is an illegitimate company when I have posted photos of a home, legitimatley purchased, with legitimate funds, and a legitimate mortgage? Do you really think that the FHA would be working with or backing an illegitimate companies mortgages?
And since I have done business with them, I suppose I am dumb?
Jackass!
Do you think educated people can't tell you have some tie to this business? You are seriously pathetic.
It's disgusting that this "home owner" is posing as someone not affiliated to the company. Where did my post go?
Well, all I can say is that I have no tie. I don't even live in the same state. In order to close my loan, that had to sub-contract with a closing agent.
I have received several calls from people wanting to know more about my story. I've told them all I know. If anyone is unsure of my story, I would encorage them to call me.
Aviator4,Quote:
Originally Posted by aviator4
My wife and I recently closed a re-fi loan with Lend America and our experience has been great. Today, they were suppose to cut the checks and send them out to our old mortgage companies, and one to us. The lady even could give us Fed-Ex tracking numbers for our checks to keep an eye on their arrival. I really don't understand why these people keep attacking this company and your comments. My only explanation is envy and ignorance of the entire process. For example, one of the comments from one of the skeptics, whom I think claimed to be a lawyer, was that our monthly payment would continue to raise. Well, we are in a fixed, FHA-backed loan, which can't move. Our property taxes are assessed by the county we live in, so they don't control that part of our escrow, and, even though the insurance premium might raise our payment in the future, that's at the insurance company's discretion. So how will Lend America raise our payment. In fact, Lend America will, without a doubt, sell our loan to the secondary market and have nothing to do with our loan down the road.
I guess these weird people have nothing better to do but trash a good company by telling redicuous lies about mortgages and payments and such. If these people are actual lawyers, then any doubts I had about the justice system in this country have been "justified." These guys might try getting a job in the Illinois' governor's cabinet or something of that nature. The general public is not as ignorant as "some" may think we are.
Enjoy the day that God has made,
John
Hahahah you middle americans!
Hi Victor in OK. Congrats on your home. I read your post about Gary and Lend America back in Sept and immediately got in touch with him to get a pre approval for a mortgage. So here we are a few months later and tomorrow is the big day! We close on our house in the afternoon and thanks to Gary's expertise (and your recommendation) we are getting in for a little over 10K! He really knows his stuff! Thanks
Ok so yesterday I got the keys to our home that we purchased thanks to Lend America and Gary Branis. I guees when they wired 356K to my attorney that morning for closing that wasn't legit? GIVE ME A BREAK. I highly recommend Lend America, but more so Gary. He gave me straight talk, no BS and he always returned my calls and emails, not to mention the guy works until midnight helping his clients realize their dreams. call Gary at extension 2184 and tell him Monica from Paramus, NJ sent you:)Quote:
Originally Posted by jahrichie
Exactly! I thought the same thing. It's funny, the only people that have direect dealings with Lend America on here are the ones with positive stories.
Take a look at the posts, folks, every negative story on here is from a THIRD PARTY - meaning people that have never dealt with them directly.
It is now feb 2009 and were still here!!
Thank you for backing our company its people like you we work hard for
Quote:
Originally Posted by HannahBarber
I don't have an answer, more like a question. I am in the same situation at you are. I closed on 1/31 and was scheduled to fund on 2/3. It's been 10 day's and no funding yet. Just want to know if Lend America ever funded and did you ever get an answer?
Dear Regurro and jakidd445,
I don't have an answer either, I have a question. Have either of you been funded already?
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.
Ok - Let's get serious now. The internet is a source of information for many people looking for reviews on a myriad of things. These people on this website giving Lend America a leg up or boost is a load of crock. I mean, lets be for real. One guy even went so far as to post pictures. I also see him defending this company within an inch of his life. Why? Why are you so adamant about defending Lend America? I mean seriously, no one is stupid. Any person with half a brain can obviously see you have some affiliation with Lend America besides getting your so-called loan. So here's the real deal. Since you are spreading all this love for Lend America, and throwing around Gary's name like he is the hottest thing smoking --you probably are Gary posing as an actual customer--show some proof. Scan your closing docs. Black out personal info, and let's see what the real deal is. I don't believe aviator or his co-signers which might still be aviator posing as another person - who is really Gary! LOL I mean this is utterly ridiculous!
Listen people. Those of you who find yourselves easily suckered into these predatory lending companies, read the business week article and don't give LEND AMERICA THE TIME IT WOULD TAKE YOU TO WIPE YOUR OWN!!
If you want to wind up in a bigger mess than you are already in - stay away from them. Obviously they are a load of crock if the Federal government doesn't want to deal with them. Do yourself a favor. Call greenpath debt solutions or some other debt consulting company that is accredited and work out a budget to pay down your debt and clean up your credit. That's what I did. I now have 3 items in collections that I am paying down and then I am done. Give yourself 1-2 years to save some cash for down payment and allow your credit score to increase, dispute any inaccuracies and increase your credit score legally. Once this is done, apply for a first time buyers 30yr -fixed rate mortgage loan with a reputable bank. One that is backed and insured by the federal govt. Do yourself this favor. These companies prey on folks that are low or middle income families that are looking to buy their first home. If you want to watch your hard earned money go down the toilet quicker than a load of crap - deal with Lend America. If you want to make smart decisions do your research on this company - check reputable websites and do your hw. You'll see what I and many others are talking about.
I guarantee that after this post aviator - aka Gary LOL is going to post and defend Lend America. So will his cronies... Ignore them and their blissful house stories. You can get your house too and you don't need to get it through Lend America. Save yourself the worry and debt. This company is going down. Don't go down with them.
I guess replying to this makes me a phony, LOL...
I've said my piece - I've spoken with a number of people over the phone that have called my HOME number, I have replied to numerous E-mails etc.. I stand by my previous posts. If anyone wants to know more, I'm happy to oblige.
You want closing docs scanned and posted as proof? Okay - which pages? You tell me and I'll supply them. The entire closing package is very large, so I'm not going to post every single page.
I'm in the same situation, I signed docs on 3/11/09 and it still hasn't funded and I've not been able to get an answer when... don't know what to do, I have to be moved by the 5th of AprilQuote:
Originally Posted by HannahBarber
I've enjoyed the back and forth between posters on this subject. There are some very different experiences and opinions about Lend America. I was also curious about this company after viewing a TV ad. I began researching by going to the web page. The first thing that really jumped out at me was THE LACK OF RATE QUOTES, and the LACK OF CLOSING COSTS QUOTES AND FEES QUOTES ASSOCIATED WITH THE LOANS. You cannot do a theoretical calculation on the web page.
In order for you to get any of this important information, you have to send them your personal information or call them on the phone. They suck you in like a vacuum before they'll divulge any of the fees. I called the 800 number. I waited ten minutes on hold. Eventually I got to a "loan officer" who quoted me an interest rate of 5.5% on a 30 year fixed re-finance loan, and over $7000 in closing costs and fees.
Now, I'm fortunate enough to have a very good credit rating and I brought this to the attention of the "loan officer". I also compared quotes from another prospective lender which beat the pants off Lend America. They could not or would not match the quote, so there was no deal and we hung up on cordial terms.
I had to know for myself and I found out. If you have less than stellar credit there are still predators out there willing to cut you a deal, collect fees and sell the loan before the potential for losses are realized. Their interest rates are in line with other lenders, but a little high. Their fees are exorbitant. Way too high.
I'm no expert, but I know enough about Lend America to stay away. I cannot recommend this lender to anyone and I'll finish by saying "LET THE BUYER BEWARE."
Quote:
Originally Posted by bartb
So we did get funding late on Friday the 20th and the keys are in my hand now, the how's and the whys of the delay are a little disappointing (primarily the funding department dropped the ball) - we did an FHA loan and I didn't find the fees to be outside of expectation and since we had a full sellers concession up to the 6% allowed by FHA we had no out of pocket other than our 3.5% down at a 5% fixed rate. They may have been quoting you FHA rates and not conventional which is the same for a 620 credit as a 800 (beauty of FHA) since that makes up the majority of their business.
minax28 if you don't mind my asking what were the closing cost
| All times are GMT -7. The time now is 09:20 AM. |