The Housing and Urban Development Lean mortgage insurance program, which finances seniors housing properties, closed $3.6 billion in loan volume for the fiscal year ending Sept. 30.
That was a 6% increase compared to 2017 and reflects total of 317 loans closed.
Thirty-one lenders closed loans in the fiscal year. Lancaster Pollard announced it has closed 70 loans totaling $619.1 million in 2018. The firm leads all lenders in both total loans and par amount since 2010, with 670 loans totaling $5.4 billion in that period, it said. Lancaster Pollard also led lenders in closing eight construction loans totaling $71 million via the 241(a) program in 2018.
“We continue to applaud HUD and the outstanding job it does in processing a large number of loans each year,” said Lancaster Pollard President Kassem Matt. “The efficiency of their process has increased each year since the program’s inception. It’s no surprise the FHA Sec. 232 Lean program retains its popularity, as it provides low, long-term fixed rates that have benefited many of our clients.
In 2017, Lancaster Pollard was acquired by ORIX Corporation USA.
