Prospect Mortgage is facing a significant financial penalty for engaging in illicit activities. They will pay $3.5 million for illegal kickbacks.
This fine is a result of their company's actions, not a reflection of the entire mortgage industry. The mortgage industry is a complex and multifaceted field.
Prospect Mortgage's actions were a clear breach of regulations, and they will be held accountable for their wrongdoing. This serves as a reminder that companies must operate within the bounds of the law.
The $3.5 million fine is a significant sum that will likely have a substantial impact on Prospect Mortgage's financial situation.
About
Prospect Mortgage is a leading mortgage lender that has been serving homebuyers and homeowners since 2004. They offer a wide range of mortgage products and services to help people achieve their dream of homeownership.
Prospect Mortgage is a subsidiary of Prospect Mortgage, LLC, a private mortgage company that is headquartered in St. Louis, Missouri. Their experienced team of mortgage professionals is dedicated to providing exceptional customer service and support.
Prospect Mortgage has a strong reputation for being a reliable and trustworthy mortgage lender, with a commitment to helping their customers achieve their financial goals. They have a long history of providing mortgage solutions that meet the unique needs of each individual or family.
Frequently Asked Questions
Is prospect mortgage still in business?
No, Prospect Mortgage is no longer an independent company, as its operating assets were acquired by HomeBridge Financial Services in 2017. However, the company's associates continue to operate under the HomeBridge umbrella.
Which lender is best for a home mortgage?
For a home mortgage, consider lenders like Ally Bank for no lender fees, or Rocket Mortgage for easy online application. Alternatively, Flagstar Bank is a good option for first-time homebuyers.
How do mortgage guys make money?
Mortgage brokers earn a commission of 1-2% of the loan value, paid by either the borrower or lender. This commission can add up to a significant amount for larger loans.
Sources
- https://www.consumerfinance.gov/about-us/newsroom/cfpb-orders-prospect-mortgage-pay-35-million-fine-illegal-kickback-scheme/
- https://www.cbinsights.com/company/prospect-mortgage
- https://portal.ct.gov/dob/newsroom/2015/state-regulators-issue-order-against-prospect-mortgage
- https://www.justice.gov/usao-ndga/pr/prospect-mortgage-llc-agrees-pay-4157-million-resolve-false-claims-act-allegations
- https://www.prnewswire.com/news-releases/prospect-mortgage-reaches-settlement-with-multi-state-mortgage-committee-300182040.html
Featured Images: pexels.com
