Prospect Mortgage Expands in Midwest

Key Hires and Branch Opening Mark Major Push

SHERMAN OAKS, Calif., Aug. 20 /PRNewswire/ -- Prospect Mortgage is expanding its Midwest operations with the opening of a new Midwest regional headquarters in Schaumburg, Ill.

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"Prospect is filling a much-needed space in the market right now," says Joe Perry, who recently joined Prospect as Midwest Regional Manager. "Many companies have severely curtailed their lending divisions or gone out of business altogether, but home financing is all we do." Prospect will be a major home mortgage lender in the area specializing in conforming, FHA/VA, HomePath(R) financing, jumbo, super jumbo, reverse mortgages and renovation loans.

Along with the Schaumburg opening, Prospect plans to open branch locations throughout the Chicago area and in Wisconsin and Northwest Indiana.

"We will have local fulfillment, which will speed our processing and closing times," says Perry. Perry plans on dramatically growing the Midwest region over the next year. To achieve a high-level of growth, Prospect is aggressively recruiting talented, experienced Loan Officers and will soon be hiring Operations and support staff for their branches.

As Senior Sales Force Market Development Manager, Cliff Theriault leads the Midwest recruiting effort. Theriault's role is to assist in the growth of the Midwest Region. With over 35 years in the industry, Theriault says he will "tap into my long-term relationships within the industry to continue to build Prospect into the top lender."

Prospect will have a huge impact on the community. In addition to creating jobs, "Prospect will help borrowers stay in their houses through refinancing, work with buyers on purchase loans and help move REO properties off the market by providing financing for people to buy foreclosed homes," says Perry.

Mary Bane, Midwest Market Manager, Special Financing Division, has also joined Prospect from Bank of America, where she was a Branch Manager. Bane has 20 years of mortgage-lending experience and specializes in FHA loans.

"We are able to fill a huge gap in the mortgage industry between bank lending and broker lending," says Bane. "All we do is mortgages, not checking accounts or car loans. We are mortgage specialists. We can provide REO lists to clients to take advantage of a permanent interest rate buy-down and buyer's closing costs of up to 6% of the sale price offered on some of these properties."

For more information, visit www.MyProspectMortgage.com or call Joe Perry (630) 675-1244, Mary Bane (630) 479-8200 or Cliff Theriault (847) 273-1096.

About Prospect Mortgage

Prospect Mortgage is one of the largest independent residential retail mortgage lenders in the United States. It is backed by Sterling Partners, a private equity fund group with over $4 billion of capital under management. Headquartered in Sherman Oaks, Calif., Prospect Mortgage is a leading lender offering a full range of quality home loans, including FHA & VA conventional, jumbo and super jumbo, reverse mortgages and more. Prospect Mortgage is also the preferred lender for more than 120,000 bank-owned properties nationwide.

SOURCE Prospect Mortgage