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


Joined: 07 Oct 2009
Posts: 1
Location: California

Prospect Mortgage. Will they survive 2010?
PostPosted: Wed Oct 07, 2009 9:14 pm Reply with quoteBack to top

I know I will receive 20 emails responding to what I'm going to say. These kool-aid drinkers are the same people who said everything was perfect at AHM and Indy Mac. If you are at Prospect, start looking for a plan B. If you’re thinking about going to Prospect, save yourself the drama and just pass. Let me start by saying, there are some AMAZING people who work there. I wish them all the best of luck.

I work in the secondary dept of a different company. So I’m not trying to recruit anyone. I just want people to know what I'm hearing and make up their own minds.

* HUD is striping Prospect of its ability to self-insure FHA loans.

* Lost the Indy Mac REO account

* Landed the AHM REO account - It pays 35bps

* Just laid off 300 people (Ops and Sales)

* Numerous BK rumors (Sterling needs to protect itself from the Prospect's buybacks)

* Having to pay LO's 100% to get them back from PMB

* Commission tiers are being redesigned again.

* So proud to show off Todd Duncan. No other lender was willing to pay him. Of course you will all say he wanted to come there. If B of A beat your offer, he would be there.

* This is a company that is willing to offer anything to get someone to join the cult. If your company is ran correctly, people will knock down your door to work there.


You should all have a back up plan. If they run Prospect into the ground, there is no one else that would take your world. You would all have to make your own decisions and take charge of your own future. No more herd mentality!!
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ballast
Dud?


Joined: 07 Oct 2009
Posts: 1
Location: Nevada

Prospect SHOULD fail
PostPosted: Wed Oct 07, 2009 10:24 pm Reply with quoteBack to top

Prospect SHOULD NOT survive and they probably will not, although their relationship with AHMSI will probably carry them somewhat beyond 2010. Their corporate culture is fragmented and oriented to sales without regard to operational performance. They are driven solely on generating new loans by over-rewarding their top performers at the expense of those not a part of the inner circle. Their internal operations are disjointed and segregated into something more like internal fiefdoms with a total lack of care or empathy for their employees or their customers.

In just over a year there as an originator fewer than 10% of my purchase transactions closed on time (the inverse of my performance with prior employers.) In my final six weeks they claimed that I wasn't making [u]enough[/u] money on my transactions according to their ( previously undisclosed) standards and I ended up having to [b]pay them[/b] for several transactions resulting in a negative income. Fancy that, I generate business (that generates some profit for them) and I have to pay them the difference for the privilege of working there!

You forgot to mention that their warehouse lines are coming down hard on them because of profitabilty resulting in higher rates and fees.

Unless they can revamp their culture very quickly, they won't be around long.
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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: Wed Oct 07, 2009 10:27 pm Reply with quoteBack to top

WOW! Just got a call from one of their recruiters this morning. Have not called him back yet. Now I think I'll call to see what he has to say.
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xunderwriter
Flash in the pan


Joined: 17 Nov 2007
Posts: 71
Location: Denver CO

Re: Prospect Mortgage. Will they survive 2010?
PostPosted: Thu Oct 08, 2009 1:49 am Reply with quoteBack to top

They were recruiting me hot and heavy in August with almost stalker like intensity.

After I expressed interest the whole thing disintegrated into a mess of missed appointments and contradictory information on their side.
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Fact Guy
Dud?


Joined: 08 Oct 2009
Posts: 3
Location: ca

Just the Facts
PostPosted: Thu Oct 08, 2009 3:37 am Reply with quoteBack to top

I did some research and noticed that there were more than a few blatant errors re: Prospect in earlier posts
So in order here goes (with correct spelling however)
1. "These kool-aid drinkers are the same people who said everything was perfect at AHM and Indy Mac"--interesting comment on a website designed to show imploded mortgage companies. Countrywide,Wamu,Wachovia, Nat City..all went down along with 363 companies since 2006. Everything was perfect until the entire sector was hit. What wasn't mentioned was that despite AHM being displaced, over 1200 people followed leadership over a 48 hr span to go to IMB and then followed to go to Prospect. Says a lot about the culture and leadership
2. HUD is striping Prospect of its ability to self-insure FHA loans- A) not true at all B) would a person in secondary from a different company really have access to this if it were true? Where are the facts? Who is the source? Almost not worthy of a response.
3&4. Lost IMB REO account- Landed AHM account (pays 35bps)- Again, false and false. Neither true. What is the source to this info?
5. Layoffs- Again, factually inaccurate. There were layoffs. Anyone who didn't close a single loan in 90 days and the employees that did not meet minimum standards were let go AFTER being put on a Performance improvement Plan. How this is a negative is beyond me...Don't companies often reduce force in good and bad markets when people do not perform?
6. BK rumors- Again, this is really deep insight from someone at secondary at a competitor clearly with an axe to grind. No truth to this..keep reading to see why.
7. Having to pay LO's 100% to get them back from PMB- Who and What is PMB? Is this a Mtg company? Never heard of this company. Do they do FHA Loans? Are they a broker or lender? Fact is Prospect has a great comp plan and yet they do not need to pay anyone 100% for anything.
8. Commission changes- Again? Since the merge of all Prospect business units in early 2009 there haven't been any changes to comp (unless it is for the better)
9. Todd Duncan- ...WHO would blast Todd Duncan? He is a True Mortgage Pioneer. This is unbelievable. Fact- SEVERAL companies called Todd and did offer significant money to continue to be independent. Fact- Todd, after years of working for himself wanted to be part of a Team and what people have paid thousands of dollars for over the years , now get it for free at Prospect.
10. Warehouse issues--Prospect has secured and EXPANDED Several warehouse line in 2009. Prospect hasn't lost a single Warehouse line.

Now to the facts-
Prospect is the largest independent private lender in the country
Prospect is the nations largest REO financer
Prospect is the 2nd largest 203k lender in the country
Prospect has been profitable every month in 2009.
Prospect has zero Alt A and subprime loans on their books
Prospect has hired high level execs, managers and originators and is continuously growing its sales force
Prospect has TODD DUNCAN..A mortgage Guru
Prospect has minimum standards and has several business drivers for originators to flourish in
Prospect has limited layers of leadership and has a CEO that is accessible when called. How many originators can call their CEO and receive a response?

It is very simple for a disgruntled former employee to hide behind a post and share "insider info" yet there are no facts or merit behind these comments. Post a name, and Pospect I am sure would share the real production numbers.

This is not a debate. These are facts.
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Loans 4 u
Dud?


Joined: 08 Oct 2009
Posts: 1

Loyalty
PostPosted: Thu Oct 08, 2009 3:51 am Reply with quoteBack to top

I have worked at 4 companies in 14 years as an originator. Wells Fargo, AHM, IMB and now Prospect. I have friends at several companies griping daily about the pain they experience. Borkers are dying, Banks are full of over regulation. I am so happy to be with the same team that supported me and my peers in 2007 when the c**p hit the fan in our industry. There is a thing called loyalty and integrity. I have it here. And I AM THRILLED there were layoffs. We need to get rid of the junk that clutters up our pipelines.
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Tracy
Dud?


Joined: 08 Oct 2009
Posts: 1
Location: NY

Todd Duncan
PostPosted: Thu Oct 08, 2009 4:02 am Reply with quoteBack to top

First off..I work for Wells. I love todd Duncan. I have attended his Mastery for 8 yrs and I have read all of his books. Todd going to Prospect speaks volumes about them. We now are all worse off in our sales advancement without Todd there. I dont endorse Prospect but I do take offense to anyone stating noone wanted Todd. I actually signed up for the Todd Duncan Facebook page just to follow him and on his twitter.
We have a code of honor in this business. Publically bashing one another behind the mask of a positing shows no honor. My name is Tracy. I work at Wells. I live in NY. I am not hiding.
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loan king
Dud?


Joined: 08 Oct 2009
Posts: 1
Location: AZ

funny
PostPosted: Thu Oct 08, 2009 4:15 am Reply with quoteBack to top

I work for Prospect as a loan originator. My branch let go of 3 non performing originators. It was a great day. Not to sound insensitive but I love working for a performance driven company that holds standards for producers. Having low performers only makes us look bad. Let these guys go to BofA....
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fhaqueen
Dud?


Joined: 08 Oct 2009
Posts: 1
Location: Modesto

on the map now
PostPosted: Thu Oct 08, 2009 4:22 am Reply with quoteBack to top

Fact Guy forgot one thing...Prospect is one of a select few pre-approved Fannie May HomePath lenders...

I love this forum...A few factless cowards ranting about prospect shows how much of a threat Prospect is to the Big Boys. No one slams the David...Everyone targets Goliath.
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freddy
Dud?


Joined: 08 Oct 2009
Posts: 1

Ops in the house
PostPosted: Thu Oct 08, 2009 5:08 am Reply with quoteBack to top

I am an UW for Prospect. At least I try to be :) At least 5 times per week I am meeting new sales recruits from several of the TARP lenders that want to see how our flow is here at Prospect compared to theirs. I hear the following daily "it's that easy???...you can view your closings on the Team Site?, how long does it take to close really?"

Say what you will about the Industry...or Prospect..but being inside and seeing how hard we work to support our growing volume makes me proud to be here.
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