Lancaster Pollard leads in HUD Lean program
Lancaster Pollard generated the largest volume of activity in the U.S. Department of Housing and Urban Development Lean mortgage insurance program for seniors housing, the company announced last week.
The program set a record for the fiscal year ending Sept. 30, 2013 with $5.82 billion in loan volume. While 49 lenders closed loans, the largest volume was done by Lancaster Pollard, which closed 118 loans in 25 states totaling $811.7 million, or nearly 14% of total program volume.
It was the second year in a row the firm had led the program in both number and amount of loans closed. The success was particularly notable given that government delays and the exhaustion of a HUD loan commitment authority in September, which Lancaster Pollard said dropped loan production by an estimated $300 million.