December 22, 2014 10:22 PM ET

Thrifts and Mortgage Finance

Company Overview of Prospect Mortgage, LLC

Company Overview

Prospect Mortgage, LLC operates as a residential retail mortgage lender. The company provides Federal Housing Administration (FHA): a home loan program, which provides financing for repairing, rebuilding, and purchasing houses. It also offers VA loans. The company was founded in 2007 and is headquartered in Sherman Oaks, California with operations in Irving, Texas. Prospect Mortgage, LLC operates as a subsidiary of Prospect Holding Company LLC.

15301 Ventura Boulevard

Suite D300

Sherman Oaks, CA 91403

United States

Founded in 2007

Phone:

818-981-0606

Fax:

818-981-6010

Key Executives for Prospect Mortgage, LLC

Chairman of The Board and Chief Executive Officer
Age: 56
Chief Financial Officer
Age: 56
Chief Operating Officer
Managing Partner
President of Retail and Correspondent Lending
Compensation as of Fiscal Year 2014.

Prospect Mortgage, LLC Key Developments

Prospect Holding Company and Prospect Mortgage Appoint Joseph J. Grassi, III, as EVP and General Counsel

Prospect Holding Company and its subsidiary, Prospect Mortgage, appointed Joseph J. Grassi, III, as EVP and General Counsel. With over 25 years of commercial and residential real estate legal experience, Grassi joined Prospect Mortgage from Fannie Mae. During his tenure at Fannie Mae, Grassi held numerous legal positions with increasing responsibility. Most recently, Grassi served as Fannie Mae's Senior Vice President, Interim General Counsel and Corporate Secretary.

Prospect Mortgage, LLC Announces Management Changes

Prospect Mortgage, LLC and Sterling Partners announced appointment of Michael J. Williams as Prospect's new CEO, effective immediately. Williams will lead Prospect into its next phase of transformative growth by leveraging his extensive experience within the mortgage finance industry, capitalizing on the market's new competitive landscape and using his wealth of institutional knowledge of Prospect to move the company forward. Williams has served as Chairman of Prospect's Board of Directors since December 2012, and assumes the leadership role from Ronald L. Bergum, who is transitioning from his role as CEO to Managing Partner. Williams will continue to serve as Prospect's Chairman of the Board. Bergum, in his new role, will focus on strategic growth initiatives, acquisitions and product development.

Prospect Mortgage Launches New Builder Division in Texas

Prospect Mortgage, LLC has launched a new Builder Division in Texas focused on mortgage products for new home construction. Prospect's Texas Builder Division will be located in the Company's 30,000 sq. ft. facility in Irving, Texas. Prospect's Builder Division includes a dedicated team to assist builders. It offers builders numerous benefits, including: Specialized staff with years of experience and strong agency relationships to support the project review process; Extended rate locks during construction to provide buyers peace of mind and mitigate pipeline fallout; Special financing program for standing inventory; New construction experienced appraiser team; Unique daily reporting capabilities for all pre-qualifications and loan pipeline; Condo project approval services; Non-warrantable condo solutions for new and aged condominium projects; A wide range of services designed for new home communities.

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