You’ve probably seen the name pop up on an old credit report or buried in a stack of mortgage documents from the mid-2000s. Loan America Financial Corporation used to be a massive player. It was everywhere. Then, like many of the giants from that era, it seemingly vanished into the ether of corporate acquisitions and legal filings. People get confused. They think it's still a standalone shop where you can just walk in and get a mortgage. It isn't.
Finding the truth about these old-school mortgage lenders is kinda like digging through a digital archaeological site. You find bits and pieces. A SEC filing here, a court transcript there. Most of the time, when people search for this company today, they aren't looking for a history lesson. They're looking for their titles, their liens, or wondering why a debt from 2007 is suddenly screaming for attention.
The Rise of a Mortgage Machine
Back in the day, Loan America Financial Corporation was headquartered in Miami Lakes, Florida. They weren't just some small-town operation; they were a retail and wholesale mortgage lending powerhouse. Basically, they were the engine behind thousands of home purchases across the United States during the peak of the housing boom.
They specialized in everything. FHA loans. VA loans. Conventional stuff. They even dipped their toes into the subprime waters that eventually flooded the entire global economy. It's wild to look back at the volume they were pushing. In the early 90s, they were already a significant force, eventually becoming a subsidiary of Ocwen Financial Corporation. This is where the story gets messy. Ocwen bought them to bolster their mortgage servicing and origination arm.
If you have a loan that originated with Loan America, you're likely dealing with Ocwen (or its successor, PHH Mortgage) now. This transition wasn't exactly seamless for everyone.
Why You’re Probably Seeing This Name Now
Most people don't wake up and think about defunct Florida mortgage corporations for fun. Usually, it’s because of a "cloud on title." You’re trying to sell your house or refinance, and the title company comes back and says, "Hey, there’s an open mortgage from Loan America Financial Corporation from 1998."
Panic sets in.
How do you clear a lien from a company that doesn't technically exist in its original form? This is the reality of the "zombie lien" era. Because Loan America went through the Ocwen pipeline, the paperwork trail often looks like a bowl of spaghetti. Assignments of mortgage were sometimes recorded incorrectly, or worse, not recorded at all.
Honestly, it’s a mess.
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The Ocwen Connection
In 1997, Ocwen Asset Investment Corp. essentially swallowed Loan America. This move was part of a broader strategy to dominate the subprime servicing market. If your loan was sold to Loan America, and then Loan America was absorbed by Ocwen, and then Ocwen faced a mountain of regulatory scrutiny—which they did—you might be stuck in a loop of "who owns my debt?"
The Consumer Financial Protection Bureau (CFPB) has spent years chasing these types of entities for "robosigning" and poor record-keeping. While Loan America specifically isn't the one in the headlines today, its legacy lives on in the messy databases of the companies that bought their assets.
Dealing with the Paperwork Trail
If you're hunting for a satisfaction of mortgage or a lien release, don't call the old Miami Lakes office. Nobody is picking up. You have to follow the money.
- Check your county recorder’s office. Look for any "Assignment of Mortgage."
- Look for PHH Mortgage Corporation. They are the current face of what used to be Ocwen’s servicing empire.
- Search for the MERS (Mortgage Electronic Registration Systems) number on your original paperwork. It’s a 10-digit code that acts like a GPS for your loan.
Sometimes, the entity you're looking for is actually "Loan America Financial Corporation, a Florida Corporation." Other times, it might be listed as a subsidiary of a trust. The nuance matters. If the name on your paperwork doesn't match the lien release exactly, the county won't accept it. It's frustratingly pedantic.
The Legal Ghost of Loan America
There is a long list of court cases involving Loan America Financial Corporation. Most of them are boring "Note vs. Homeowner" foreclosure cases from 2008-2012. However, some cases involve "standing." This is a legal term that basically asks: "Does this company even have the right to sue me?"
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Because of how many times these loans were sliced, diced, and sold to Wall Street trusts, Loan America often lost the "original wet-ink note." Without that piece of paper, their legal standing to foreclose was often challenged. If you are currently in a dispute where this company’s name appears, your lawyer is likely looking for a break in the "chain of assignments."
It happens more than you'd think.
What This Means for Your Credit Score
Occasionally, an old Loan America account will "reactivate" on a credit report. This is usually a mistake or the result of a "junk debt buyer" purchasing old portfolios for pennies on the dollar. If you see a "new" collection from a company claiming to represent Loan America for a debt that is 15 years old, be careful.
In many states, the statute of limitations has long passed. Acknowledging the debt or making a $5 payment can sometimes "reset" that clock. You’ve gotta be smart about how you handle these ghosts.
Practical Steps to Take Right Now
If you are currently dealing with a Loan America Financial Corporation issue, stop calling random numbers you find on old Google Maps listings. They are dead ends.
- For Title Issues: Contact PHH Mortgage Services. They hold the bulk of the old Ocwen/Loan America records. You will need your original loan number and the property address.
- For Credit Disputes: Don’t just call. Send a "Validation of Debt" letter via certified mail. Demand they show the chain of title from Loan America to the current collector.
- For Legal Foreclosure Issues: Consult a real estate attorney who specializes in "Quiet Title" actions. This is a specific lawsuit designed to "silence" old liens from defunct companies so you can sell your property.
- Check the MERS Website: Use the "Servicer Search" tool. It’s free and usually the fastest way to see who is currently responsible for the "beneficial interest" of your loan.
The reality is that Loan America Financial Corporation is a relic of a different financial era. It represents the "Wild West" days of mortgage lending that eventually led to the 2008 crash. While the company is gone, the legal obligations—and the paperwork headaches—remain for homeowners who were caught in that cycle. Clearing the name from your records takes patience and a lot of digging through the MERS database, but it’s the only way to ensure your property's title is actually clean.
Actionable Insights for Homeowners
To resolve a legacy issue with Loan America Financial Corporation, your first move should be obtaining a "Title Search Report" from a local title company. This document will show every recorded assignment of your mortgage. If you find a gap where Loan America is the last "owner" of record but they no longer exist, you may need to file a Quiet Title action in your local county court. This legal process asks a judge to declare the lien invalid due to the company's dissolution and the lack of a proper successor-in-interest. Always keep digital copies of your original "HUD-1 Settlement Statement" from your closing; it is often the only proof you have of the original loan terms when dealing with modern servicers who have lost the old files.