Prospect Mortgage
| Private | |
| Industry | Finance |
| Founded | 2007 |
| Headquarters | Sherman Oaks, CA, U.S. |
Area served | United States |
Key people |
Mike Williams (CEO) Amy Brandt Schumacher (COO) Doug Long (President of National Lending) |
| Products | Financial services |
| Parent | Prospect Holding Company, LLC |
| Website | Official Website |
Prospect Mortgage is a residential retail mortgage lender that offers a range of home loans.[1][2] The company was founded in 2007 and is headquartered in Sherman Oaks, California with retail offices across the United States. The company is backed by the private equity firm, Sterling Partners.[3] In 2011, Prospect Mortgage was ranked number 2 on Mortgage Executive Magazine's list of the Top 100 Mortgage Companies in America[4] and was a top 10 national home purchase lender in 2012.[5][6]
History
In one of its first moves after being founded, Prospect acquired Metrocities Mortgage, LLC in 2007 via acquisition precipitated by Sterling Partners. Prospect also inherited Metrocities' assets.[7] Prospect also acquired the retail mortgage platform of Opteum Financial Services LLC in 2007.[8] In 2008, Prospect Mortgage acquired the IndyMac Bancorp retail mortgage branches. The purchase gave them 80 new retail offices and made Prospect one of the largest independent retail mortgage firms in the nation.[9][10] The deal helped them expand operations to the Midwest and they opened an operations center in Schaumburg, Illinois.[11] In 2009, Metrocities branches that had still been operating under that name in New York were rebranded "Prospect Lending, LLC."[1]
In 2011, Mortgage Executive Magazine ranked Prospect Mortgage as the second-best mortgage company in America with an estimated volume of $6.9 billion and over 26,000 loans.[4] The following year, the company added former Fannie Mae CEO, Michael Williams, as a chairman[3] and hired Amy Brandt Schumacher to head up a new correspondent lending and servicing division. According to the National Mortgage News, Prospect ranked 27th among residential funders nationwide in 2012,[5] with an estimated volume of $8.42 billion in loans.[12]
In July 2013, Amy Brandt Schumacher was promoted to Chief Operating Officer (COO) at Prospect.[13] Prospect Mortgage loan officers accounted for 7 of the top 100 and 10 of the top 200 mortgage originators in America in 2013 according to Mortgage Executive Magazine.[14] In January 2014, Prospect acquired the retail mortgage branch operations of Impac Mortgage which added 12 branches to their fold.[15] They also acquired Diamond Mortgage Group in the same month.[16] Prospect would later sell the operating assets of its appraisal management subsidiary, Velocette Resource Group, in April of that year.[15]
On June 18, 2014, the company announced the appointment of Michael Williams as CEO. He took over for Ronald Bergum who transitioned into a new role as managing partner.[17] In early 2015, Prospect (and its parent company, Prospect Holding Company) hired another former Fannie Mae employee, Joseph J. Grassi III, as EVP and general counsel.[18] In December 2014, Prospect Mortgage announced that it will implement the Secure Settlements Inc.’s Closing Guard tool to enhance risk management policies and procedures.[19]
References
- 1 2 "Metrocities Mortgage Branches in New York Changing Name to Prospect Lending, LLC". PR Newswire. 30 October 2009. Retrieved 18 March 2015.
- ↑ Swanson, Brena (25 June 2014). "Prospect Correspondent Lending scales back footprint". HousingWire. Retrieved 18 March 2015.
- 1 2 Muolo, Paul (29 November 2012). "Private Equity Fund Hires Ex-Fannie Chief to Chair Mortgage Unit". National Mortgage News. Retrieved 18 March 2015.
- 1 2 "Top 100 Mortgage Companies in America 2011" (PDF). Mortgage Executive Magazine. 2011. Retrieved 18 March 2015.
- 1 2 Muolo, Paul (12 November 2012). "Prospect Hires Industry Vet Amy Brandt to Lead TPO, Servicing". National Mortgage News. Retrieved 18 March 2015.
- ↑ "National Mortgage Professional Magazine Presents Top Mortgage Employers". National Mortgage Professional Magazine. 16 March 2015. Retrieved 31 March 2015.
- ↑ "Metrocities Mortgage, LLC Completes Strategic Investment". Business Wire. 7 June 2007. Retrieved 18 March 2015.
- ↑ Finkelstein, Brad (9 July 2007). "Opteum Inc. Completes Sale of its Retail Mortgage Platform". National Mortgage News. Retrieved 18 March 2015.
- ↑ "Prospect Mortgage to Acquire IndyMac Bancorp Mortgage Retail Branches". Business Wire. 8 July 2008. Retrieved 18 March 2015.
- ↑ Robertson, Colin (21 July 2008). "Prospect Mortgage to Acquire 80 Indymac Offices, 750 Employees". The Truth About Mortgage. Retrieved 18 March 2015.
- ↑ Kilgore, Austin (21 August 2009). "Prospect Mortgage Extending Originations to the Midwest". HousingWire. Retrieved 18 March 2015.
- ↑ Sussman, Anna Louie (4 February 2013). "Analysis: Small lenders ride U.S. mortgage wave as big banks cut back". Fox Business Network. Retrieved 18 March 2015.
- ↑ Finkelstein, Brad (25 July 2013). "Prospect Promotes Amy Brandt to COO". National Mortgage News. Retrieved 18 March 2015.
- ↑ "Top 200 Mortgage Originators in America 2013" (PDF). Mortgage Executive Magazine. 2013. Retrieved 18 March 2015.
- 1 2 Swanson, Brena (10 April 2014). "Prospect Mortgage offloading appraisal management company". HousingWire. Retrieved 18 March 2015.
- ↑ Crowe, Deborah (6 January 2014). "Prospect Mortgage Acquires Connecticut Firm". Los Angeles Business Journal. Retrieved 18 March 2015.
- ↑ Swanson, Brena (18 June 2014). "Former Fannie Mae CEO takes over Prospect". HousingWire. Retrieved 18 March 2015.
- ↑ "People Movers of the Week: Jan. 9". National Mortgage News. 9 January 2015. Retrieved 18 March 2015.
- ↑ "Prospect Mortgage Selects SSI’s Closing Guard to Manage Closing Agent Risk". National Mortgage Professional Magazine. 2 December 2014. Retrieved 18 March 2015.