The homepage at the now-suspended Lend America
Residential loan company Lend America has officially ceased operations today, after having its Federal Housing Administration approval revoked. The FHA fined the Melville, NY-based company $512,000 in civil penalties for allegedly failing to meet FHA regulations, such as not recording basic financial information about borrowers, according to the Washington Post. In a statement released yesterday, representatives from the company said that they intend to overturn the decision. “The company is surprised and disappointed,” the statement said, adding that they are “currently reviewing all possible options and remedies in response to this action, and will respond shortly once a decision has been reached.” TRD