founded 2007 headquarters sherman oaks ca u.s. area served united states key people mike williams ceo 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 edit 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 of the board . according to the national mortgage news prospect ranked 27th among residential funders nationwide in 2012 with an estimated volume of 8.42 billion in loans . 12 in 2013 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 . 13 in january 2014 prospect acquired the retail mortgage branch operations of impac mortgage which added 12 branches to their fold . they also acquired diamond mortgage group in the same month . 14 prospect would later sell the operating assets of its appraisal management subsidiary velocette resource group in april of that year . ranked number nine on mortgage executive magazine s list of the top 100 mortgage companies in america in 2014 prospect mortgage was also named a top 15 national home purchase lender that same 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 . 16 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 . 17 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 . 18 in november 2015 prospect mortgage llc acquired certain assets of capwest mortgage a stilwell kansas based call center operation focused on a consumer direct source of business . prior to the acquisition capwest mortgage operated as a wholly owned division of farmers bank & trust headquartered in great bend kansas . 19 20 on november 19 2015 the california department of business oversight announced prospect mortgage llc will pay 10.1 million in borrower restitution and penalties under a national settlement that resolves allegations the firm violated numerous federal and state laws . 21 in march 2016 prospect passed a new milestone earning the number 1 203 k lender in the nation title . 22 references edit a b 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 . a b muolo paul 29 november 2012 . private equity fund hires ex fannie chief to chair mortgage unit . national mortgage news . retrieved 18 march 2015 . a b top 100 mortgage companies in america 2011 pdf . mortgage executive magazine . 2011 . retrieved 18 march 2015 . national mortgage professional magazine presents top mortgage employers . national mortgage professional magazine . 16 march 2015 . retrieved 31 march 2015 . http www.dbo.ca.gov press press releases 2015 prospect % 20mortgage % 20settlement % 20announcement % 2011 19 15 . asp 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 . top 200 mortgage originators in america 2013 pdf . mortgage executive magazine . 2013 . retrieved 18 march 2015 . crowe deborah 6 january 2014 . prospect mortgage acquires connecticut firm . los angeles business journal . retrieved 18 march 2015 . top 100 mortgage companies in america 2014 pdf . mortgage executive magazine . 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 . capwest mortage sells to huge national mortgage operation kansas city business journal . kansas city business journal . retrieved 2016 06 02 . prospect mortgage announces acquisition of the capwest mortgage division of . newsunited.com . retrieved 2016 06 06 . jan lynn owen november 19 2015 . dbo announces 10.1 million settlement with sherman oaks based prospect mortgage . dbo.ca.gov . 203 k endorsement summary reports hud . www.hud.gov . retrieved 2016 06 02 . external links edit prospect mortgage official consumer site retrieved from https en.wikipedia.org w index.php title prospect mortgage & oldid 742650815 categories mortgage lenders of the united states navigation menu personal tools not logged intalkcontributionscreate accountlog in namespaces article talk variants views 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