NMLS# 3296

Prospect Mortgage, LLC

Lender Summary

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.

What they're saying

Ratings & Reviews
5 Reviews
  • Interest Rates
    Good
  • Fees & Closing Costs
    Good
  • Responsiveness
    Good
  • Customer Service
    Good

Review Breakdown

Showing 1 star reviews | Show all reviews

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.

  • Loan Type:

    Refinance
  • Review Type:

    Lender Review

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.

  • LendingTree Customer:

    Yes
  • Loan Type:

    Home Purchase
  • Review Type:

    Lender Review
×

Thank you for sharing your experience

Here are a few tips for writing a top-notch review for a company in our marketplace:

Do
Don't

LendingTree Certification:

The LendingTree Certification Program recognizes Lenders and Loan Officers with outstanding performance on the LendingTree Network, they are committed to providing exceptional customer service and are graduates of LendingTree University.

LendingTree Certification:

  • Certified Lender
    Certified Lenders have demonstrated their organizational commitment to employee development, at least 50% of their loan professionals have been certified while also providing exemplary service to LendingTree consumers.

Loan Officer Certifications:

  • Gold Leaf
    Gold Leaf is the cornerstone of the loan officer certification program and is designed to recognize loan officers committed to their own professional development while adhering to LendingTree best practices. Gold Leaf recipients know the fundamentals of LendingTree and online lending, they are equipped with the necessary skills to be best-in-class loan professionals.
  • Certified President's Club
    President’s Club is presented to an elite group of loan officers based on success levels in several areas including adherence to LendingTree best practices, commitment to professional development and dedication to customer excellence. Recipients have also met all Gold Leaf criteria.

Prospect Mortgage, LLC

Let's answer a few short questions and see what offers Prospect Mortgage, LLC and other lenders may have for you.