Lend America Moving Forward on Wholesale

Lend America, which won its court battle against federal regulators, is moving ahead with plans to begin table funding mortgages through loan brokers. Late last week the Long Island-based nonbank began sending out email solicitations to loan brokers in Massachusetts, even though it was recently hit with a cease and desist order in nearby Connecticut. An email sent out by Brad Pollack, a wholesale account representative for Lend America, notes that the company has "officially" launched its broker outreach effort and is even waiving the registration fee that it normally charges brokers. The email — provided to National Mortgage News by a broker in the state — says the company is offering "aggressive loan programs." Mr. Pollack did not return a telephone call about the email. A spokesman for Lend America said "it's business as usual" at the company. The company called the recent Connecticut C&D "an unfortunate development," adding that it is "in talks" with the state to resolve the matter quickly.