Posted by DD/OR on 12/14/09 4:31pm
Msg #314313

Lend America

Good news. Lend America is in hot water from the NJ Dept. of Banking and Insurance. They can't offer any new loans. There is a nine count Cease and Desist order against them. The order also seeks license revocations and penalties. The order demands restitution to borrowers. The link: www.state.nj.us/dobi/ocf_orders/lendamerica_0912.html.
Remember, Closing Masters (Title Co.) is part of the fraud also.

Reply by Lee/AR on 12/14/09 5:16pm
Msg #314317

fMaybe for the Bs. But not good news for SAs. Means I'm not getting paid for the one & only I completed.

Reply by DD/OR on 12/14/09 6:16pm
Msg #314326

You guys aren't listening. Lend America are crooks and always have been. They have always been fraud. We would never have gotten paid anyway, even if they hadn't been shut down. Don't you see? They have defrauded so many people it's unbelievable, notaries and borrowers alike. Both of my borrowers are facing foreclosure now. They are in a bind because of having to pay previous mortgages and other things that were supposed to be paid. There were so many complaints against them that the state had to do something. I feel sorry for the borrowers who got took. I'm sorry for my role in all this because I helped Lend America by notarizing the loan documents. I am soooo angry.

Reply by MW/VA on 12/15/09 8:57am
Msg #314386

Are you saying you participated in loan modification applications for this company?
I'm not understanding the reference to "fraud" by both companies?

Reply by Teresa/FL on 12/14/09 5:25pm
Msg #314318

Good News? Maybe not...

If the lender is out of business they may not pay Closing Masters for work already performed and Closing Masters may have trouble paying us.

Our pay should not be contingent on Closing Masters receiving payment from Lend America, but past experience has proven than it will have an effect.

Another lender shutting down is not good news.

Reply by MW/VA on 12/14/09 6:07pm
Msg #314323

If you see message 314253 below on Closing Masters, it is apparent that payment from them was already an issue (they claimed they weren't paid by LendAmerica). This is not good for any of us owed monies from Closing Masters.

Reply by MikeC/NY on 12/14/09 11:36pm
Msg #314358

Huh?

You're about 2 weeks behind the curve.

Lend America closed down a couple of weeks ago when the FHA pulled their license, and they laid off about 600 people at their office here in NY. All loans in their pipeline are dead; the company is out of business. Whatever NJ is trying to do now is moot.

Reply by Richard Ingram on 1/15/10 6:24pm
Msg #318196

Re: Huh?

Closing Masters paid me well and on time on 3 previous signings. I accepted 2 more which I doubt I will ever get paid. Lend America did a lot of damage to one of the borrowers by not paying off his existing first and not communicating with him in early Nov., 09.
I do wonder how the government fails to oversee the low-life activities of these rip-off companies until so very much damage is done to innocent parties.