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 Prospect Mortgage. Will they survive 2010? View next topic
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Randall
Batman


Joined: 19 Oct 2007
Posts: 720
Location: Orange County, California

Re: Calling your liar donkey out
PostPosted: Mon Oct 12, 2009 5:35 pm Reply with quoteBack to top

AZ best wrote:
Apparently people are joining this posting to clarify fraudulent lies... ...Whatever the case, the facts NEVER LIE.


AZ Best: Please let me know which ONE persona you would like us to leave on the Board?

I'm showing you as the following, all posting from one IP Address:

Loans 4 You
Home Loans 123 - Washington
Fact Guy - California
AZ best - Arizona
Mtg Guy 2009 - Washington
Tracy - New York
Freddy
LoanKing - Arizona
FHAqueen - Modesto

Like you said... the facts never lie.

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Randall
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Mtgguy4ever
C-4


Joined: 09 Nov 2007
Posts: 1152

Re: Calling your liar donkey out
PostPosted: Mon Oct 12, 2009 6:22 pm Reply with quoteBack to top

Randall wrote:
AZ best wrote:
Apparently people are joining this posting to clarify fraudulent lies... ...Whatever the case, the facts NEVER LIE.


AZ Best: Please let me know which ONE persona you would like us to leave on the Board?

I'm showing you as the following, all posting from one IP Address:

Loans 4 You
Home Loans 123 - Washington
Fact Guy - California
AZ best - Arizona
Mtg Guy 2009 - Washington
Tracy - New York
Freddy
LoanKing - Arizona
FHAqueen - Modesto

Like you said... the facts never lie.


Thanks Randall...had a feelin'. Kinda obvious on that one I think.
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frankensense
Dyn-o-mite!


Joined: 11 Sep 2009
Posts: 204

Re: Prospect Mortgage. Will they survive 2010?
PostPosted: Mon Oct 12, 2009 9:37 pm Reply with quoteBack to top

Busted! What a loser!
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prayformojo
Dud?


Joined: 05 Nov 2009
Posts: 1

Re: Prospect Mortgage. Will they survive 2010?
PostPosted: Thu Nov 05, 2009 3:28 am Reply with quoteBack to top

As someone who has moderated a major forum for a few years, I will say that it's possible a lot of different people with different accounts could be sharing the same IP address. For example, there could be several different people posting from Prospect's IP.

Just from his tone, mannerisms, and what he's saying, I am pretty sure I know who fact guy is though.

Anyhow, I worked at Metrocities for several years and I even managed to survive for a brief period (over a year maybe) at Prospect, at the executive level, where complete chaos reigned. All I can say is that Prospect basically obliterated a great culture and amazing company and replaced it with what is essentially no culture at all. This is coming from someone who reported directly to the CEO: The leadership doesn't care about the people, it only cares about numbers. A direct quote from the CEO when he was talking to me in my office one day and I told him we couldn't only support the top Loan Officers. I said we should of course give them a larger share of the support and special attention but that we also couldn't totally abandon the weaker Loan Officers, we needed to try to help them too - to bring them up the next level. At least for the ones meeting the minimum performance standards. You know what he said to me? I quote: "F__k 'em."

They'll dump you in a heartbeat in the name of increasing revenue or decreasing expenses in the short term - or perpetuating the good ol' boy network from AHM and IMB - no matter how much you contributed to the enterprise by way of blood, sweat, tears, and talent. There is no integrity there at the top level. Believe me when I say that the C-level people will tell or promise you one thing and then do another. And from what I hear from my contacts who are still there, the management is still basically - in many ways - incompetent, and not acting in the best interest of the company but acting out of self-preservation and political jockeying.

Why anyone would want to work somewhere where you are not valued and always one day away from being arbitrarily canned is beyond me. I'm glad that I had the experience because I learned a lot from it. And maybe if I'd been better at stepping on others and backstabbing I would have made it there a little longer. But that's just never been in my nature. I'd rather be let go and be able to sleep at night. One thing I definitely learned is to never again give 110% to a company that at the end of the day doesn't care about you back. I feel sorry for anyone there who is still doing that.

This post doesn't mean that there aren't some outstanding and exceptional folks there who I was privileged to work with. But I am really glad I'm not there anymore. The way I'm treated and valued now at my new company - it's like night and day. And I never fear for my job. I don't wish any ill towards the good people who are still there but I really can't say that I'd be very upset if the company failed. Whether it fails or not is ultimately a question of how much good money after bad Sterling is willing to throw at it. Sure, they get boosts now and then on the refi side from rate drops here and there but the company was hemorrhaging cash the majority of the time while I was there and refi spikes weren't enough to sustain the whole thing. If we're talking facts, that's a fact. I saw the financials and the consistent huge losses that the company was taking. It always seemed like it was just a question of how long Sterling was willing to continue the experiment. Wouldn't want to be there on the day that it decides that its had enough.
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Traceymom1
Dud?


Joined: 05 Nov 2009
Posts: 3
Location: Georgia

Prospect
PostPosted: Thu Nov 05, 2009 3:57 am Reply with quoteBack to top

Does prospect lend to below 620 scores on FHA or do manufactured housing in Georgia by any chance??
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Loan Ranger
Dud?


Joined: 01 Jan 1970
Posts: 6

Prospect Mortgage. Will They Survive 2010?
PostPosted: Thu Jul 15, 2010 1:13 pm Reply with quoteBack to top

Anything new to report on the status with Prospect? I have been approached with an ABA opportunity with them inside a Realtor's office. Previous LO left over issues with operations but I can't get any further details. Anyone have any insight on current status of operations and management? Comments and feedback appreciated.
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Bigun
Dud?


Joined: 13 Nov 2011
Posts: 1
Location: Los Angeles

Re: Prospect Mortgage. Will they survive 2010?
PostPosted: Sun Nov 13, 2011 6:06 am Reply with quoteBack to top

JULY 2011

HUD SETTLES ALLEGATIONS THAT PROSPECT MORTGAGE
VIOLATED RESPA AND FHA REPORTING REQUIREMENTS
California lender to pay $3.1 million and dissolve sham joint ventures

WASHINGTON – The U.S. Department of Housing and Urban Development (HUD) today announced an agreement with Prospect Mortgage, LLC (Prospect) to settle allegations the California-based mortgage lender created sham affiliated business arrangements for the purpose of paying improper kickbacks or referral fees in violation of Federal Housing Administration (FHA) guidelines and the Real Estate Settlement Procedures Act (RESPA). Prospect agreed to dissolve these sham joint ventures and pay $3.1 million to resolve the complaint.

HUD claimed Prospect operated as a “series limited liability company,” a business structure unauthorized by FHA, and that Prospect used this business structure to create hundreds of sham joint ventures with real estate brokers, mortgage brokers, mortgage lenders, servicers and other settlement service providers and to share profits for the referral of real estate settlement services. Through these affiliated business arrangements, Prospect allowed non-approved branch offices to originate FHA-insured mortgages in violation of FHA’s guidelines. Read the full text of the agreement announced today.

“The real test for any bona fide affiliate business arrangement is whether the affiliate has sufficient capital and employees to stand on its own two feet,” said Acting FHA Commissioner Carol Galante. “In this case, it was clear that these sham companies had neither and were merely sharing profits for the referral of business.”

HUD alleges that Prospect entered into “series” or “subscription agreements” with real estate brokers, agents, banks, mortgage servicers and others to give the appearance that it was creating legitimate joint ventures to provide real and compensable services. HUD discovered these sham businesses had little or no employees, capital and/or offices; that all core mortgage origination services were performed by Prospect itself; and that Prospect had allowed these affiliated businesses to participate in the origination of FHA-insured loans out of branch offices registered with FHA as exclusive to Prospect. In return for the referral of business, Prospect shared 50 percent of its profits with these entities which HUD determined were not bona fide affiliated businesses, and many of which were not FHA-approved lenders.

RESPA was enacted in 1974 to provide consumers advance disclosures of settlement charges and to prohibit illegal kickbacks and excessive fees in the homebuying process. Section 8(a) of RESPA prohibits a person from giving or accepting anything of value in exchange for the referral of settlement service business and Section 8(b) prohibits unearned fees.
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helterskelter
Dud?


Joined: 13 Dec 2011
Posts: 4

Re: Prospect Mortgage. Will they survive 2010?
PostPosted: Tue Dec 13, 2011 9:14 pm Reply with quoteBack to top

It's still just as bad there as in years past. Prospect recruiters tell prospective LOs what they want to hear and don't care that the truth will actually be found out once the LOs get started. The company says that it's loan-officer-centric, but it's actually marketing-centric, and LOs have to suffer everything that is not marketing oriented. They churn LOs like no place I have ever seen. Their only priority is building enough business to go public so that Sterling can recoup its enormous investment.
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falcon11
Dud?


Joined: 16 Dec 2011
Posts: 1

Re: Prospect Mortgage. Will they survive 2010?
PostPosted: Sat Dec 17, 2011 12:04 am Reply with quoteBack to top

Talk about a bunch of superstars from top to bottom. Especially the management team - former AHM and Marina mortgage people. Since the HUD situation and sham JV's - I don't know any realtor in their right mind working with Prospect at least in Southern Cal.

And you want a real laugh, ask any loan officer that's worked there to explain his comp plan.
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ChicagoMTG
Dud?


Joined: 17 Dec 2011
Posts: 15
Location: Chicago, Il

Prospect Mtg
PostPosted: Sat Dec 17, 2011 9:06 am Reply with quoteBack to top

I've worked for Prospect for about 8 months. It's an aggressive and sales oriented company. I'm not a manager, recruiter, etc, but just an LO and frankly I enjoy my job. Management in the chicago region is excellent and looking for ways to help you grow your biz.


Last edited by ChicagoMTG on Thu Apr 05, 2012 1:15 am; edited 1 time in total
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