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.
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).