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 Prospect Mortgage. Will they survive 2010? View next topic
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oc home
Dud?


Joined: 01 Oct 2009
Posts: 4
Location: CA

Re: Prospect Mortgage. Will they survive 2010?
PostPosted: Thu Oct 08, 2009 6:59 am Reply with quoteBack to top

even if they don't survive, they are not going away.
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I_Like_2Mortgage
Dyn-o-mite!


Joined: 25 Feb 2009
Posts: 276
Location: Tenney, MN

Re: Prospect Mortgage. Will they survive 2010?
PostPosted: Thu Oct 08, 2009 12:06 pm Reply with quoteBack to top

11 Posts so far: 9 of the 11 Posts made by people with only 1 post to their name.

Rolling eyes

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My friends call me Sid. You can call me Mr. Vicious.
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mortgagewarrior
Flash in the pan


Joined: 28 Aug 2007
Posts: 39
Location: AZ

Re: Prospect Mortgage. Will they survive 2010?
PostPosted: Thu Oct 08, 2009 3:28 pm Reply with quoteBack to top

Only 1 post, but 8 out of 11 just joined yesterday. Did they join just to make this post?

I know the Prospect Managers here in Phoenix. Two really good guys and one has told me that if you don't perform you will be gone. Nothing wrong with that unless you work for the govt.
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AZ best
Dud?


Joined: 08 Oct 2009
Posts: 1
Location: az

Calling your liar ass out
PostPosted: Thu Oct 08, 2009 3:57 pm Reply with quoteBack to top

Apparently people are joining this posting to clarify fraudulent lies. Let's all make this simple. Those who have no substance to their posts yet claim to have insider info should step up say who they are and in response, I'm sure Prospect will post the factual data. Were you let go due to poor performance and now want to slam the company that told you to leave? Step up and show your production or Prospect will. Everyone knows the guy that made the original posting isnt from secondary. Hiding behind a posting does not pass the liar litmus test. Let's take a guess...would this posting be from disgruntled originators that were let go? How about the large group that went to a local no name bank and now people are begging Prospect to come back? Could it be the old Team Slanderhouse that wasnt invited to the Prospect party in August? Whatever the case, the facts NEVER LIE.
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epicenterLO
Dud?


Joined: 25 Mar 2009
Posts: 2
Location: SoCal

Re: Prospect Mortgage. Will they survive 2010?
PostPosted: Thu Oct 08, 2009 5:14 pm Reply with quoteBack to top

I became an orginator some 25 years ago and joined the managment group of now Prospect in 1995. I stuck with them through all the mergers, expansion, BK's, FDIC takeovers and such until July of 09. At that point I felt it was time to leave the family and get a perspective from the outside shall we say. I truley respect these guys and enjoyed all the time with them and can only hope for the best for Prospect. As I see it competition is good and seeing competators going down does no good for all of us.

There are so many rumors flying around when it comes to challenges at Prospect but I can say I lived it and left not as a low performer but as someone seeking to have fun once again in the Mortgage Industry. The pain comes from the handfull of Mortgage Servicers(Wells, GMAC, BoA, etc) in the industry looking for almost any reason not to buy the loan off your Warehouse Line because they just don't trust anyone anymore. The pain is everywhere in the industry controlled by really just a few LARGE institutions and why, mergers as I see it. The big get bigger and squash competition so companies like Prospect are critical to the balance needed out there.

Since leaving Prospect and working at another Independant Mortgage Banker I cannot be happier. To keep myself grounded I remind myself that there is no guarantee of tomorrow at whatever institution I choose to work at. As I see it keep your ear close to the ground and listen for the rumble and ask questions to those in power. It just takes a few strategic placed torpedos to sink a ship so as an Originator remind yourself that your drive for a commission and to impress that Realtor or Borrower can be fatal to all. All of us know that not enough Originators had the guts to say NO to the borrower drunk on the dream that owning a home was their retirement when for many was their grave.

We had the biggest party for so long and then came that hangover and we said we will never do that again. Well guess what many Originators who are the front line of defense are drinking again and making selfish and foulish decisions to push that deal through that the other guy wouldn't do and that is where all the PAIN is originating from. Lending today is like Crime Scene Investigation work and trust me Originators they will connect the dots and examine the DNA but all to often its after the deal is closed and then what. With enough of those deals on the books you are out of business.

OK sorry this is like a sermon but I say this as one who has chosen this industry for all the right reasons and hope all of you have as well.
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Mtg Guy 2009
Dud?


Joined: 08 Oct 2009
Posts: 1
Location: wa

Note from Ops at Prospect
PostPosted: Thu Oct 08, 2009 6:46 pm Reply with quoteBack to top

Recently I left Prospect to join a small bank under the guise that things would be better, more efficient and my life would be easier. What I didnt realize I lost until it was gone was the culture, familiarity and most importantly Trust. When things need to be better at Prospect, I am told. When things arent working I am in the know. I lost all that at the bank. Heck, all the pain I thought I had were nothing compared to finding out that at the bank loan officers could yell at me, we didnt have any of the tools porspect had, and our CEO was nowhere to be seen when things went sour. This industry has pain. We all know that. I learned this yr that home is where the heart is at and that was back at Prospect where I can trust who I work with.
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Home Loans 123
Dud?


Joined: 08 Oct 2009
Posts: 1
Location: Washington

Doom and Gloom?
PostPosted: Thu Oct 08, 2009 7:10 pm Reply with quoteBack to top

I dont work for Prospect...I work for a broker. As you all know Brokers are like Dinosaurs and soon to be extinct. WHY...WHY after 2 yrs of pain in the industry would anyone want to create a posting predicting and hoping for the implosion of one our own? Whether it is Prospect or Wells or Chase or whoever, we are all hurt when one goes down. Let's have more hope and optimism
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Mtgguy4ever
C-4


Joined: 09 Nov 2007
Posts: 1152

Re: Prospect Mortgage. Will they survive 2010?
PostPosted: Thu Oct 08, 2009 8:52 pm Reply with quoteBack to top

I_Like_2Mortgage wrote:
11 Posts so far: 9 of the 11 Posts made by people with only 1 post to their name.

Rolling eyes


Dang, no joke! I was going to make that comment until I saw your post.

Either somebody is calling and passing the word to get on, or somebody like Robin will find out that the same ip address was used multiple times.
Probably a combination - but I'm guessing the first two (negatives) were both the same person.

This reminds me of the Just Mortgage thread a while back where a couple of disgruntled nonperformers were tossed to the road and wanted their piece of flesh.
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bigrock
Flash in the pan


Joined: 07 Dec 2007
Posts: 83

Re: Prospect Mortgage. Will they survive 2010?
PostPosted: Fri Oct 09, 2009 12:05 am Reply with quoteBack to top

as an appraiser, you have to hound them to get paid,,they pay like c**p and I will never do another order for them again..

Now it seems like i will have to sue to get my money.
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Alexius12
Cherry Bomb


Joined: 15 Jul 2008
Posts: 188
Location: St Thomas

Re: Prospect Mortgage. Will they survive 2010?
PostPosted: Fri Oct 09, 2009 12:52 am Reply with quoteBack to top

Prospect will be soon gone. I give them 3-4 months.
Did you guys know they are being sued by CitiMortgage for $4,500,000,000.00?

http://dockets.justia.com/dock.....id-101317/

Knowing the little I know of the case, I would be running scared if in their shoes.
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