Prospect Mortgage

I just closed my 2nd home loan and used Prospect Mortgage. I was referred by my real estate agent. I hadn't heard of Prospect at that point, but I was unsatisfied with my bank already. They gave me this big list of documentation upfront and told me that would be 90% of what they would need. They also explained that in this lending market with investors, they have to be very detailed in the paperwork and they can't assume anything. Knowing this upfront made this transaction so helpful. It's disappointing to see not everyone had my same experience but I would highly recommend them. They told me how quick I wanted to close my loan depended how long it took me to get them the needed paperwork. Let's just say we closed a week and a half early.

I am also relieved to find that I'm not the only one going through hell with these people. Prospect has sucked every ounce of excitement out of this process for us and it just keeps getting worse. My fiance and I attended a home buying seminar that was held by Prospect to learn more about the process. At the seminar, they claimed first time home buyers were their preferred clients, that they "loved walking new home buyers through every step of the way." You would have never known how unprofessional they really run their business by attending that seminar.

Pleased with what they had taught us, we continued our business with them. Big mistake! We put an offer in on our dream home and it's slowly slipping away.. We were paired with Wendy ** from the Worcester MA branch. She has done nothing but lie and delay our process. She told us (very specifically) how we should prepare a letter we needed for documentation. After sending it over to her, she emailed, "This is not what I need," and asked for something completely different than what she had explained to us. Aggravating, and the documents, the thousands and thousands of copies of documents. We ended up faxing our documents four times, a total of 140 pages. Then she decided it was time to go on vacation.

Wendy never gave our covering loan officer our documents so we had to fax them again to her too. We were charged for an appraisal but were never notified of it ever being done. We never received a copy of it either until we asked for it - three times. After not getting any responses, we had our realtor ask for a copy and we got one ten minutes later. Really? We have missed deadlines for three different closing dates due to delays in processing. Whenever we emailed to check on progress, we'd get short one-word responses like "checking." Then they'd never get back to us.

At this point, we have given up hope of moving into our dream home. It's just problem after problem. Here we are, 3 months later from putting in an offer and we don't even know if we will have a place to live in three days, like we're supposed to. No one has answers. If we weren't so far into it, we would start all over with a different company. Save yourself and do your homework!

I was pre-qualifed with prospect on 1/25/12. Here it is 5/10/12 and I received a phone call from Stephen ** out of the Dallas branch that my loan has been rejected, due to a tax error on a 2011 form. These forms were sent at the end of February and beginning of March. Even though I have a commitment letter dated on 4/11/12, I was still rejected. I provided them with everything they asked for, paid off a collection and my earnest money looks like it is going to be kept by the seller. This whole process has been so frustrating, the loan officers I was working with lack communication and professionalism and were let go about three weeks ago. So since then, I have had to go out of my way to contact a processor in New Jersey. Communication with this company is horrible. Their system is set up to fail. I am here in Texas, my documents were being sent to an office in Southlake, then forwarded to an office in New Jersey which then is sent to California.

This mortgage company contracts with C2C Appraisal Co. Their appraiser made several mistakes on the appraisal and left off several things along with several miscalculation. She placed the value of my property over $20,000 lower than the asking price. The buyer felt the value of the property was on target for what we were asking and so did their realtor, so they filed for a review of the appraisal. And the mortgage company denied the appeal and would not send the appraiser back out to fix the mistakes she made. It sounds like a low ball scam in place to rip off the sellers between C2C and Prospect Mortgage company. In the end, the contract was voided, buyer and seller both lose. I am stuck with a crap appraisal for the next 90 days and can't sell the house for the real value it holds and the buyer has to start all over looking for a new home. A bunch of **. Oh and it took the mortgage company 10 days after the appraisal was complete (one week before closing was scheduled) to notify anyone of the shortfall. Really? This is the kind of thing you notify buyers/sellers of ASAP, not 10 days later!

After reading all these reviews (which I chanced upon accidentally, I couldn't find anything when I googled "Prospect Mortgage reviews"), I am so incredibly happy to have pulled out of dealing with these guys. Like previous reviewers, I had several red flags. What the loan guy (Jarrod **) didn't know, he ignored and talked his way around it. I asked if I could get the first time home buyers grant with HomePath Loan, he said, "I don't think so. What does it matter anyway, you have money in your savings so just use that." This was an unacceptable response.

He was suspiciously answering my questions vaguely on the differences between HomePath and 203k loans, and kept telling me that he is going to push for the 203k for me because it will be better. Better, how? He can't say. What's the different between the two? "Not much." That's all I get. I talk to another mortgage company and came to find out that the 203k loan costs the buyer much more in fees and other costs, hmmm. I asked if we could get the renovation money in a lump sum or piece by piece as we work on the house. He assures me that it is in one lump sum, and then dismisses any further questions. Again, I came to find out from a different company that this in fact is not true. There is a very strict process of job bidding and a timeline to get the money out of escrow piece by piece. He definitely should have known that.

Finally, when we did put a bid on the house, he made a mistake on the paperwork so that the seller could see what my bid would be, without actually having the bid in. Then I find out, when I pull the bid because of all these red flags that he didn't even send the pre-approval for the actual amount we would need for rehab, just for the house itself, so there would need to be more paperwork (mistake #2). The man was less than professional with me, treated me like I was dumber than rocks. I am so relieved to know that it's not just me!

My wife and I were looking to purchase our first loan and were basically misled by all parties involved namely Indu **. We were led to believe that we would be approved for a loan and told in the beginning of the process that we should have no issues. Even when difficulties arose, we were still told that we would be able to schedule a closing date, but it would just take more work to get it done. Needless to say, we missed our original closing date and had to request an extension and was still being given the runaround, little to no communication at times. We recently discovered that someone from the company namely Samantha **, suggested to our realtor that she knew the loan was in jeopardy from the beginning and still we were not made aware until after we've spent time and money to ultimately be told that the loan would not be approved. We were always honest and efficient during the process, but was not treated with the same professionalism.

If you happen to be paired up with this outfit by your realtor or if you are even considering doing business with Prospect Mortgage, run the other way fast! We recently bought our first home and should have done our homework better, before we ever agreed to work with these people. Our realtor even explained to us at closing that in the 25 years she has been a professional real estate agent, she has never experienced anything like the events that transpired throughout our process and the length of time it took them to complete our application, and get to closing.

We closed on 3/2, and they are still sending us closing documents (as of 3/13) that were not included in our closing package. Their practices are questionable, and during the final week of the process, we became so frustrated with them that we sought legal counsel, and the advice from other established mortgage lenders and after they reviewed the disclosure paperwork from this group, they all agreed that there were far too many questionable and potentially illegal items listed! These of course, miraculously disappeared when we brought them to the attention of their Senior Loan Officer, after she got sudden approval from the powers that be in their organization, while we were on the phone. That was when we felt even more, that not only did they not care about the length of time they were taking to do their jobs, but at this point they were trying to squeeze every dollar out of us, that they could by tacking on ridiculous fees that no other lender was using.

Our fault in this matter was not doing our homework better before beginning this process. I would strongly encourage you to shop around, and definitely stay away from Prospect Mortgage! I am not one to post much of anything negative about another person or organization, but it seems that they don't care, and I wish someone had told us before we began working with them to look elsewhere.

Another interesting note to add here is when we first began our application process in January of 2012, we were partnered with Kyle ** at Prospect Mortgage's Virginia Beach, VA location. Things were delayed constantly for an endless variety of reasons, and he finally explained to me once over the phone (before our application was escalated to their Senior Loan Officer) that an operations manager at one of their offices, where our application had been sent was fired and subsequently, the office was temporarily closed and our application was rerouted to an office in another state. Now, I'm not in their industry but I have been in Human Resources since 1996, and generally if we fire someone at that level, and it results in the office being closed. It means we are about to be audited or an investigation is taking place, and all business must be halted.

I don't know what the circumstances were other than the firing, the closure and the rerouting of our loan application, but it delayed our application and added even more doubt to our dealings with this group. After Kyle failed to produce results, and our realtor stepped in to see why this was taking so long, one of their senior loan officers took over and of course, it was found that many forms were missing and things that should have been completed in the very beginning, were not completed at all. Even then, it took until March 2nd to close on our home. They knew well in advance that my apartment lease expired 2/29, and that we would have to find a place to store our things, and a place to stay while they fixed all of their problems. That's money we'll never see again! You would have thought we were applying to buy the Biltmore Estate for all of the hassle we went through to buy a simple townhome!

The more I shared our story with other people, the more I learned that our experience was very rare, and we had indeed fallen into the hands of a very bad organization. More than anything, I feel as though this company took what should have been a great experience and milestone in our lives, and turned it into a nightmare and a miserable eye-opening event. And as I said, it seems to not be over yet as we continue to receive forms to complete that we're supposed to have been provided months ago! I will be so happy, when I don't have to communicate with or even hear the names of these people or their company.

Prospect Mortgage is disorganized and inept. If our deal closes it will be because of our tenacity. They have consistently sidestepped questions about what they are doing to complete our transaction, which in my opinion is tantamount to dishonesty. We will never use them again and if we weren't so close to closing, we would fire them. This has been the worst home buying experience either of us has had.

Lee ** at Prospect Mortgage told us a bunch of lies. He kept promising us an interest rate he could never deliver on. When it was time for our closing, he undelivered again. He then said, after the closing, that we could refinance for the promised rate at no additional cost. Well, he never returned our calls for weeks and then quickly left the company. After we hunted him down at his new mortgage company, he then referred someone else, Erica **, who was also unresponsive. This was the most unprofessional group of people we have ever worked with! And this was the most stressful time of our lives. You could not pay us to use Prospect Mortgage again.

Sadly, the complaints above are true - take it from a former employee. I was hired to work for a man that was out of the Scottsdale office, he happens to be married to the area sales manager. I started 8/1/11 and gave notice 10/7/11. They have yet to cancel my NMLS# in the National Mortgage Licensing System and they have yet to pay me according to terms.

They've set very unrealistic expectations, were very rude and unprofessional and yes everyday I had to go back and ask the borrower for something else - the operations center in Sherman Oaks is a joke. In my 20 years of being in the mortgage industry I have never had such a bad experience in a workplace. I wouldn't recommend them for someone to work for, much less trust them with the biggest purchase of my life.

I will be filing a formal complaint to NMLS and Arizona department of Financial Inst., if they do not release my license today.

They don't deserve any stars. I was convinced by Prospect Mortgage that by using them as a lender, I would save on time and fees. Neither of those statements are true. After being told we could close three weeks ago and still not being able to close on the house, they are still not any more helpful than they were on day one.

Do not ever use Prospect Mortgage!

If there was an option for 0 stars, I would have chosen it.

This business is far, far below the respectable business standards. I have had nothing but problems and delays. I purchased a condo, used prospect because they were one of the few to offer the 203k loan program. You use it to bring the house up to the top appraisal value. Well, we were delayed several months due to foul-ups by prospect. From the beginning paperwork to the final signing (which I had to do twice), prospect fumbled and messed everything up. The numbers on the paperwork were always changing, always adding fees and it kept going up as long as we didn't close.

Every other agency (Lowes, clear title, realtor) has been disgusted with their "performance" and all of them said that my process was the longest one they've ever seen. I am still trying to get the 203k loan payment (moved in several months ago) for my appliances. I don't have a refrigerator nor washer/dryer because these were supposed to be paid for with the 203k money.

The individual I am now dealing with, Napolean, called me two weeks ago and said they found the missing paperwork, and they were finally sending the check out. Two weeks go by, and I decided to call them today. Now the dudes are telling me that they don't have the paperwork, and he never called me and told me this check was being sent out.

Talk about incompetence to the highest degree! Squared! This business has been nothing but headaches. I wouldn't wish this situation on my worst enemy. It ruined my first home-buying experience for sure.

I strongly believe Prospect Morgt lender is in cohuets with American Home Mrgtgage servicing (bank)is commiting fraud. Lita Delgado-Mcocollum strong holds clients, comunicates upcoming clients offers to seller to gain money for the seller due to the seller owning interest in Prospect Mortgage. We had an accepted offer and then once I told her i was still going to use my agent, suddenly the "management" at the bank changes there mind and wants to take property back relist for more. Not to mention she knows the other people coming in to get quailifed to make offers. Never seen a more slimey company and loan person as this and neither has my loan officer, realestate agent or even the listing agent for the bank she is qualifing for. I want to formally write something on her credentials let me know what step i need to take. Thank you

I am a first time home buyer. I finally found an REO home that was in my price range and capabilities to repair. My realtor (the listing agent) recommended Prospect Mortgage as they were pre-approved and could do the financing with no appraisal that would save me about $500.00 on my costs. I have an A-Credit so I have no problem to finance--and it's a small mortgage.

I got a closing date that was 2.5 months out, not the normal 45 days. Okay. I'm new at this and I didn't know better. My first clue should have been that they couldn't do the financing plan advertised in the listing (it was supposed to be Homepath financing). I got switched to a "$203K" product and found myself paying for an appraisal anyway, weeks ago. It hasn't been ordered yet.

Every other day, the loan officer, Alex **, asks me for some other documentation. I sent it and asked, "Is there anything else you need?" And he says each time, "No, I think we about got it." He has lost at least three pieces of information the processor needed. I asked him if he wanted me to start copying her on my emails and he said that it would be fine just and send it to her. Now that I have the processor involved, she is finally giving me some straight answers--including the one I didn't want to hear. I am not going to make closing this month because Alex withheld the papers and information, lost important documentation and is generally inept.

Recently, we purchased a home in Tucson, AZ at a REDC sponsored auction. We were required to use one of their preferred lenders - as these homes were already on the 'loss' statements for other banks and Fannie Mae. So, by using their preferred lender; we would be closing within the 45 days REDC required.

Prospect has no active offices in Tucson, they were located in Scottsdale, AZ. The person at the auction, did not have any business cards with his name on them but someone else's with her name scratched off (RED FLAG #1). Being first time auction buyers, on the morning after the auction, we hit all the local lenders trying to get a mortgage rate we liked.

7 days afterwards, we received notice that REDC accepted our bid. By then, we secured some good rates and were ready to sign. Prospect Mortgage and the Title Co (I think they were in bed together at the auction) told us we could not use anyone except the pre approved one that we completed paperwork with that night. According to REDC weeks later, that was not true. Anyone providing a 'HomePath' loan was qualified as a preferred lender so long as we closed within 'that 30 day window'.

When we got the estimated overly inflated HUD1-GFE from them. We had a meeting to discuss outrageous fees and the Tucson represented said "You are not supposed to understand the fees, they are what they are & you cannot get this mortgage without them" (RED FLAG #2) Big mistake, huge! We are right now 4 days shy of our closing date and the lender is now playing the blame game. Getting anyone to take this serious and responding to emails (we want everything in writing for obvious reasons) in a timely concise manner to hopeless. We have now resorted to emailing corporate managers - up the ladder we are going with no clear date in site.

No wonder the housing market in the USA is in the toilet! If people have to deal with this BS, why bother? What do people do that have full time jobs and don't have the time to ride deadbeat misleading representatives asses on an almost daily basis? Hire attorney and sue?

By not closing by the required time, we are subject to at a minimum $100/day late fees. We could lose over $8k in escrow money and our dream home back on the auction block. If we rebid - chances are we'd pay a higher interest rate because of all the inquiries on our bureau the last 30 days to secure the rate we have locked in.