Prospect Mortgage Acquires Former Impac Branches

SHERMAN OAKS, Calif., Jan. 14, 2014 /PRNewswire/ -- Prospect Mortgage, LLC ("Prospect" or the "Company") has acquired certain assets of the retail mortgage branch operations of Excel Mortgage Servicing, Inc. dba Impac Mortgage ("Impac Mortgage") in four Western states. The acquisition should add approximately 40 Loan Officers to Prospect's origination platform across 12 branches in California, Washington, Oregon and Idaho.

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"This strategic acquisition will increase our local footprint in several key markets and strengthen our ability to serve homebuyers and real estate agents," said President of National Lending Doug Long. "It will allow us to extend our successful purchase-loan strategy and gain local market share."

Included in the acquisition are portions of Impac Mortgage's Operations team, including the hiring of approximately 15 Operations personnel in Washington, Oregon, Idaho and California.

"We are seeing an increase in acquisition opportunities from independent mortgage bankers and brokers as 2014 begins," said Long. "As we continue to explore future acquisitions, we believe that our purchase-focused strategy along with our marketing capabilities, loan processing infrastructure and loan officer-centric resources will prove to be attractive in an operating environment in the mortgage industry that has become more complex."

About Prospect Mortgage

Prospect Mortgage is a top-10 national home purchase lender offering a full range of quality home loans, including FHA and VA, conventional, jumbo, renovation, and more. It is backed by Sterling Partners, a private equity firm with approximately $5 billion of assets under management and offices in Chicago, Baltimore, and Miami. For more information about Prospect Mortgage, visit www.MyProspectMortgage.com. Visit Prospect on Twitter at www.twitter.com/myprospectmtg and follow the company on Facebook at www.facebook.com/prospectmtg.

SOURCE Prospect Mortgage, LLC