Prospect Mortgage

Prospect Mortgage is one of the largest independent residential real estate lenders in the United States. Based in Sherman Oaks, California, the company has a network of more than 190 locally operated branches across the nation and is licensed to offer purchase and refinance loans. History and Growth Formed in 2007, Prospect Mortgage quickly grew into a leading provider of mortgage services. In 2007, the firm acquired the assets of Metrocities Mortgage, LLC and F&T Mortgage and purchased Opteum Financial Services LLC, with the backing of Sterling Partners— a private equity firm focused on investing growth capital in small and mid-market companies. The following year, Prospect purchased substantially all of IndyMac Mortgage’s retail mortgage branches, doubling its size and creating one of the largest retail mortgage lenders in the United States. In 2009, the company united all of its divisions under the Prospect Mortgage name and brand. To bolster its geographical reach, Prospect followed the IndyMac deal with the opening of a major operations center in Schaumburg, Illinois, near Chicago. In the early 2010s, Prospect Mortgage continued to grow at a rapid clip, adding several high-profile hires along the way. In 2012, Prospect hired former Fannie Mae CEO Michael Williams as chairman of its board, and in 2014, appointed him to also serve as CEO of Prospect Mortgage. In 2014 the company acquired the branch assets of Impac Mortgage and Diamond Mortgage Group adding more than a dozen locations and a host of in-house expertise to its increasingly formidable operations team. Later in 2014, Prospect sold certain assets of its appraisal management subsidiary, exiting the appraisal space and focusing its efforts to serve its retail mortgage customers. Ranked number nine on Mortgage Executive Magazine's list of the “Top 100 Mortgage Companies in America” in 2014, Prospect Mortgage was also named a top 15 national home purchase lender that same year. And as the calendar turned to 2015, Prospect announced that it would implement Secure Settlements, Inc.’s revolutionary Closing Guard tool to provide an unparalleled level of protection for its mortgage clients. Also in 2015, Prospect acquired certain assets of CapWest Mortgage, a Stilwell, Kansas-based call center operation focused on a consumer direct source of business. Products and Services Prospect Mortgage offers a wide range of loan products and services for current and prospective homeowners. Its signature offerings include: Fixed-rate loans: Fixed rates for the entire term (15 or 30 years), based on the borrower’s credit profile and other factors. Adjustable-rate (ARM) loans: Rates periodically adjust to reflect current market conditions, meaning payment amounts may rise and fall over time. Offered in several configurations: 5/1, 7/1 and 10/1. Government loans: Prospect’s government loan program offerings include FHA loans, VA loans and more. Refinance loans: Prospect’s refinance loans may result in lower interest rates or help homeowners better achieve their long-term financial goals. 203(k) renovation loans: Renovation loans can be completed as refinance or purchase loan transactions, enabling borrowers to invest in their homes’ future in a simple, convenient fashion. Fannie Mae foreclosure loans: Prospect Mortgage offers Fannie Mae foreclosure loans, which allow buyers to purchase foreclosed properties and can often be combined with renovation loans.