Prospect Mortgage is a national lender with a local branch presence providing our clients with a wide range of loan products such as FHA, VA, Conventional, HomePath®, FHA 203k (Rehab) financing, USDA, Low FICO Loan Options, Investor Loans, First Time Home Buyer Loans and More! -We know the purchase market, 80% of our business is purchase. -We understand the importance of closing on time, our business depends on it and we deliver! -Our Underwriters and Processors actually communicate with our Loan Officers throughout the loan process. -From application to closing, we will keep you and your agent updated every step of the way. -We know the value of a referral which is why every client and agent is treated as gold! Prospect Mortgage is one of the Nation's Largest Independent Residential Retail Lenders. As a direct lender, we offer a variety of home loan solutions which means you can rest assured that we'll provide a competitive loan that meets your unique financial needs. We welcome the opportunity to earn your business and trust.
Terrible Experience With Prospect. Beware!
Beginning process was smooth, until the disclosures were signed and the nearly $700 was delivered. My profile:815 FICO, unusually low debt to income ratio, less than 40% LTV, and what should have been fast and smooth. No returned calls or email as a lock is about to expire with their suggested appraiser not responding for nearly two weeks. Prospect extended the lock for another eleven days. Two days before that lock was about to expire I began reaching out again. No returned call or email. I contact their CEO and “marketer” and received a call back from the broker who claimed he was out of the office with a family emergency, the same excuse given regarding the appraisers delays. This time the broker shares a five day old email thread from the appraiser stating my property had an illegal ADU on the property and they could not move forward asking the broker if she should just charge for the work done. The broker’s suggestion to the appraiser: “can we just not show the other building to get this done. In my book, this would be fraudulently representing my property to a perspective mortgage co. A no go for me. With that integrity breach was enough for me to walk away. Still no appraisal delivered, no refund and now all have ignored my request for return of funds and won’t communicate. This leaves only legal action. I’ve moved on to a reputable company who transacted everything in less than an hour, including waiving an appraisal as I’ve owned the property for twenty five years. Be cautious.
Choose wisdom, avoid Prospect
I’ll keep this short to make it worth reading. Prospect has been terrible. Their rep was difficult to get ahold of and sluggish to move forward without prodding. He made us miss the listed closing date and potentially lose the purchase. Once he finally got the inspection, he failed to get me the closing numbers. Even the day of closing, (which he delayed to Dec 23, because finding moving help is so simple over Christmas) he never got me the closing costs until at the signing. I then had to drive to the closest bank to get the check and return to finish the deal. Furthermore, he never checked the paperwork and found at 11PM the night before closing that the address on the loan didn't match the city records. He barely made the closing and never even let me know if it all worked out. When I called the day of, he did not pick up or return the call.
Just after closing we changed insurance companies and come to find out months later, he never did the paperwork because he quit two weeks after closing and Priority dropped the ball. So, because the escrow didn't pay, which Prospect required, my insurance was dropped completely on the house. I was then forced to pay for the new mortgage company's high premium insurance, because Prospect sold my loan the first month. So Prospect now says they can't help and the new lender won't either. I eventually paid the entire year again out of pocket. So my escrow is growing constantly and my closing payment just disappeared.
Speaking with prospect they just blew me off, asked to have some time to get the information then never got back to me. They have terrible reps, horrible follow through, useless support, and that is all assuming they don't just dish off your loan leaving you at the mercy of their choosing.
You have many mortgage options, please choose wisely and avoid Prospect.
Missed deadlines multiple times
Overall Prospect found a great rate, and had come highly recommended from one of the agents we worked with. We had some good conversations and felt comfortable going into the process.
Unfortunately our mortgage was delayed 3 times, each one more frustrating than the previous time. First the appraiser they chose couldn't meet their deadline, then the loan process took too long, and finally the money wasn't transferred fast enough.
We were told that the lender paid money out of their own pocket to keep the deal going for the second delay (although there were likely benefits to themselves, better relationship with the seller's agent, and making sure that the deal didn't fall through overall). We would have preferred for them to negotiate but it was done without our full discussion. And then finally, at the last delay however, the lender simply said "I'm sorry that we couldn't do anything, it's out of our hands, it was the underwriter / wire transfer time". This delay only affected us, the buyers, and it was more clear where we stood in the process. There was a certain amount of trust lost through the process, and the final responses of the lender did not help.
Did we like Prospect's rate? Yes
Were they responsive? Yes, most of the time
Did they meet their timelines? No, almost none of them
I wanted to be able to recommend them, and if they had held to their final timeline, it would have likely all resolved. But the last one showed more of a pattern than we preferred (and seeing Yelp reviews of other offices outlined a number of the same issues).