Knowing the little I know of the case, I would be running scared if in their shoes.
That would do it!
Did you know that "Metrocities" used to be Metrociti? That is until Citi sued over the use of the ...CITI on the end - and thus they became Metrocities.
They had one of the best ABA programs going - beat WF and CW on almost every deal when they went head to head. But - and this is stricly my opinion - back then it was not done legally or ethically. They allowed LO's to originate for Metrociti AND for the ABA entity, whatever it happened to be. Also, they boosted the profitability of each ABA by throwing a disproprtionate amount of expenses onto the Metrociti retail branches, dropping the cost per loan to the ABA and boosting the proifts.
I have no idea what changes were made when PW sold out.
The link that is being distributed clearly indicates at the bottom the following. "These filings and docket sheets should not be considered findings of fact or liability, and do not necessarily reflect the view of Justia."
The number is extremely off. it is 4.5 million. BIG difference. And by the way..the claim is erroneous and will be proven as such should this ever even make it to trial.
Once again...people with an axe to grind are shot down with the Facts. Get a grip fellas.
I use to work there and left a few months back. Most of the other LOs I worked with followed as well. All I can add is that is poorly run. They don't understand or care anything about service. I don't want it to fail because I don't want anyone to lose their jobs, but I would never suggest anyone go to work for them.
Alexius12 Cherry Bomb
Joined: 15 Jul 2008
Posts: 188
Location: St Thomas
I worked for Metrocities (Prospect) for almost 3 years. When it was Metrocities, everything ran very smoothly, I sat in a ReMax office with the agents and we had a cozy relationship. When Prospect took over, the whole company dynamic changed. It became way too corporate, only the top producers were getting the service for their loans. I went in with an open mind and left utterly disgusted in the way that company was run. My real estate agents flat out told me, "we like you, but your company can't close a thing" It's true, NOTHING closed on time it was 2-3 weeks out and my agents got tired of it. I fought as long as I could and I finally had to give up my agents to go to a company who really underpromises and over delivers. I'm am ECSTATIC over my new company Golden Empire Mortgage. ALL of my loans close either early or right on time, there is no fight, and I keep waiting for something to bonk me on the head cuz it's too good to be true after what I went through the last year. So take it from me, Prospect has NOTHING to offer anyone.
I worked there as an UW for 30 days and left due to being asked to sign off on some questionable issues and for what they called over conditioning loans even though the guidelines specifically stated the condition was required. I left of my own free will, was not terminated and thus have absolutely no axe to grind with them. So with that in mind, I just want everyone to realize some very important FACTS about the staffing there...
The Staffing of Prospect Mortgage is made up of all the ex-American Home people. We all know what happened to American Home. These people then collectively went t Indy Mac, which again we know how they got shut down and overtaken by the feds and were found to be doing things, hall we say, that were questionable. Then this same group has become Prospect Mortgage, which the day before I left a big speech was given to operations about how we are going to start doing this the "American Home" way, and that the new Underwriting Manager that was announced was an ex-American Home / Indy Mac person as well.
So, when I found out all this information about the company, and was asked by teh NATIONAL UW Manager to commit what I would call fraud by ignoring documents contained in an FHA file by throwing them out, I handed in my resignation and walked away from a job of $75,000 per year +unlimited OT, and did NOT have anew job to go to, it was an ethics issue.
This is the problem with the industry. How can they possibly allow these people to move from one failure to another to another without over sight. I would be willing to bet that is Dave Stevens, current FHA Commissioner, were to do a FULL audit of their Columbia, MD operations center and speak confidentially with current and past DE employees, they would lose their FHA license that day. This is the kind of mortgage reform that this country ...It is amazing how they lay the blame, but do not regulate those who are running the businesses and these few have created such a turmoil for the rest.
And just for clarification, and credibility, I am currently employed in the industry with one of the largest mortgage banks in the country and regulations, ethics, morals, and service are what our foundation is all about.
I am glad someone posted the real document. 4.5 mill from bad loans from 2004-2007 at Metro. Prospect came in mid 2008. Since we are stating facts here let's make that very clear. Insurance policies and waivers from past company files will protect Prospect should this even make it to court. Worst case, the company is on the hook for 1.2 mill. Thats the fact.
As for bad loans, bad mgrs , bad UW practices...this happens every where and is not acceptable. Prospect has terminated top producers as well as high level mgrs for acts that are unethical. Anyone that has seen some of the leadership changes in Ops and Sales at Prospect can see that Prospect is making things right.
We work in a crazy industry folks in a very different market than any of us have ever seen. Mistakes have been made from every company and the only thing to do is make things right.
Bottom line...this posting originally was about Prospect going down and not being around in 2010. NOTHING with merit has been shown to support this claim. If people dont like Prospect or have left or had a bad experience, that is one thing but predicting its failures is another. Prospect is not for everyone. The industry is not for everyone.
Have a great weekend all. Let's all hope the industry and economy take a turn for the better. God Bless.
I was at AHM when they imploded. I was offered, then pursued to join IMB. It was pretty obvious that IMB was going to implode. I lost complete faith in the management at AHM during the last funding and final shut down during the first week of August 2007. It was easy decision to say no to IMB. The Yahoos would convinced the AHM employees to join IMB deserve each other.
AHM had a great system for generating sales which has made the transition to Prospect Mortgage. Unfortuantely, the system that made many LO's rich is partly to blame for the mortgage mess. Todd Duncan added to the mix guarantees that Prospect Mortgage is fundamentally flawed and will eventually fail.
Best thing I ever did was go down a different path in August 2007. By the way, as of the end of August 2009, I've had the best year I;ve ever had. Had a few week long vacations and don't have anyone in my face telling me to sell, sell, sell! Amazing what can happen when you offer a great service, great rates and real products.
Fact GUy in your post you speak of changes and them doing the right thing. All I can speak of is Fact as I have absolutely NO axe to grind with them, they are not a major competitor of ours and I wish them he best. In fact an UW I know just went to work for them. However, the facts I stated are accurate and when I took my complaints about what the National UW Manager was doing and telling me to do, I was called in to here office and blasted for thinking that I had any right to question her opinion. I am sorry but when a file contains a W2 for 2008 showing income levels that grossly vary from those of 2009 I can not sit ideally by and ignor it because DU only called for a current pay stub once I have seen. Additionally, I would condition for a letter of explanation regarding to excessive inquires for which I was told to stop doing and that is over conditioning the loan. I sent my manager and the National UW manager the exact guideline in the FNMA regs about inquiry requirements and never even got so much as a response. I do not know if they will make it through 2010, but what I do know is the types of regulation we need, are types that better monitor those within our industry. We should have a NATIONAL not state licensing agency for all producers and companies. We need tighter audit standards and more personal liability behind the companies. Too many people hide behind corporate shield with the philosophy of get rich quick and that if the chips fall I keep the money and company goes down. I only wish I new enough people in the right places that would listen, because the ideas and reform that I have in mind and know in my heart would help is not being down but could be and would rebound our industry in the quickest way possible.
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