October 25, 2016 5:03 PM ET

Thrifts and Mortgage Finance

Company Overview of Prospect Mortgage, LLC

Company Overview

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

Suite D300

Sherman Oaks, CA 91403

United States

Founded in 2007





Key Executives for Prospect Mortgage, LLC

Chairman and Chief Executive Officer
Age: 58
Chief Operating Officer
General Counsel and Executive Vice President
Managing Partner
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

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

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.

Similar Private Companies By Industry

Company Name Region
120dB Films, Inc. United States
1st 2nd Mortgage Co.of N.J., Inc. United States
1st Integrity Mortgage, Inc. United States
1st Point Lending, LLC United States
1st Security Home Mortgage Corp. United States

Recent Private Companies Transactions

No transactions available in the past 12 months.

The information and data displayed in this profile are created and managed by S&P Global Market Intelligence, a division of S&P Global. Bloomberg.com does not create or control the content. For inquiries, please contact S&P Global Market Intelligence directly by clicking here.

Stock Quotes

Market data is delayed at least 15 minutes.

Company Lookup

Most Searched Private Companies

Company Name Geographic Region
Lawyers Committee for Civil Rights Under Law United States
Bertelsmann AG Europe
Bloomberg L.P. United States
NYC2012, Inc. United States
The Advertising Council, Inc. United States

Sponsored Financial Commentaries

Sponsored Links

Request Profile Update

Only a company representative may request an update for the company profile. Documentation will be required.

To contact Prospect Mortgage, LLC, please visit www.myprospectmortgage.com. Company data is provided by S&P Global Market Intelligence. Please use this form to report any data issues.

Please enter your information in the following field(s):
Update Needed*

All data changes require verification from public sources. Please include the correct value or values and a source where we can verify.

Your requested update has been submitted

Our data partners will research the update request and update the information on this page if necessary. Research and follow-up could take several weeks. If you have questions, you can contact them at bwwebmaster@businessweek.com.