Thrifts and Mortgage Finance
Company Overview of Prospect Mortgage, LLC
Prospect Mortgage, LLC operates as a residential retail mortgage lender. The company provides Federal Housing Administration (FHA): a home loan program, which provides financing for repairing, rebuilding, and purchasing houses. It also offers VA loans. The company was founded in 2007 and is headquartered in Sherman Oaks, California with operations in Irving, Texas. Prospect Mortgage, LLC operates as a subsidiary of Prospect Holding Company LLC.
15301 Ventura Boulevard
Sherman Oaks, CA 91403
Founded in 2007
Key Executives for Prospect Mortgage, LLC
Chairman and Chief Executive Officer
General Counsel and Executive Vice President
President of Retail and Correspondent Lending
Compensation as of Fiscal Year 2016.
Prospect Mortgage, LLC Key Developments
The Department of Business Oversight Announces $10.1 Million Settlement with Prospect Mortgage, LLC
Nov 20 15
The Department of Business Oversight (DBO) announced Prospect Mortgage, LLC will pay $10.1 million in borrower restitution and penalties under a national settlement that resolves allegations the firm violated numerous federal and state laws. Under the settlement, Prospect will pay 70,353 borrowers across the country an estimated $2.8 million of combined restitution. The company will pay the states $7.4 million in administrative penalties over the course of 2016. Of the restitution, an estimated $1.22 million will go to 30,453 California borrowers. The state will receive $3.1 million of the administrative penalties. DBO led a group of eight states that performed the regulatory examination of Prospect's records that uncovered the violations. DBO also served as the states' lead negotiator in the settlement talks. The restitution compensates eligible borrowers for a $202.50 settlement service fee collected by Prospect from Sept. 30, 2009 through Jan. 21, 2014. Prospect told borrowers the fee covered settlement services provided by C2C Appraisal Services, LLC. But Prospect failed to disclose, as required, that C2C was an affiliate of Prospect's. The examination of loan files also revealed that some of the settlement services actually were performed by Prospect employees. Additionally, the $202.50 fee exceeded the actual cost of the services by an average of $37.50. Under the settlement, restitution for each borrower charged the excessive fee will average $40, plus 10% annual interest from the date the fee was collected. Other violations covered by the settlement include: missing or deficient disclosures; premature credit card charges for appraisal services; inadequate employee screening procedures; record retention deficiencies; and others. To prevent future such violations, the settlement requires Prospect to revise its policies and procedures, and train management, mortgage loan originators and support staff.
Prospect Holding Company and Prospect Mortgage Appoint Joseph J. Grassi, III, as EVP and General Counsel
Dec 22 14
Prospect Holding Company and its subsidiary, Prospect Mortgage, appointed Joseph J. Grassi, III, as EVP and General Counsel. With over 25 years of commercial and residential real estate legal experience, Grassi joined Prospect Mortgage from Fannie Mae. During his tenure at Fannie Mae, Grassi held numerous legal positions with increasing responsibility. Most recently, Grassi served as Fannie Mae's Senior Vice President, Interim General Counsel and Corporate Secretary.
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