SHERMAN OAKS, Calif., Sept. 6, 2012 /PRNewswire/ -- Changes and challenges in the financial marketplace have driven some lenders to exit correspondent lending in the past year, but Prospect Mortgage is launching a Renovation Lending Correspondent Division to help lenders address the needs of their customers looking for renovation loans.
"With so many REO and foreclosure properties available today, renovation lending has grown from a niche product to one of the best financing solutions in today's market," says Doug Long, President of Prospect Mortgage Retail and Correspondent Lending. "Prospect Mortgage is the second-largest FHA 203(k) lender in the country, according to endorsement data from HUD [U.S. Department of Housing and Urban Development]. We've built a stellar reputation and achieved this position by focusing on our Renovation Lending Platform and consistently supporting it with a team of sales and operations specialists with more than a quarter century of renovation lending expertise. Through our new Correspondent Division, we're excited to share our experience — and our commitment to renovation opportunities — by helping lenders offer the 203(k) product to capture new business and help more homebuyers."
In addition to executive Doug Long, the Prospect Mortgage Renovation Lending Correspondent Division leadership team includes Mike Kelly, Senior Vice President of New Construction and Renovation, and Jim Ragan, Renovation Lending Manager. Kelly joined Prospect Mortgage in April 2012 with 24 years of experience in the mortgage industry, specializing in new construction and renovation lending.
Jim Ragan has been focused on Renovation Lending since 1988. Prior to joining Prospect, he owned and operated his own mortgage firm in New Jersey from 1989 to 1997, and then managed renovation lending at a major New York-based lender through 2006. Most recently he was the National Renovation Lending Manager at the nation's No. 2 financial institution. Jim has been active in designing, implementing and training associates in both sales and operations.
"Prospect Mortgage has established itself as one of the top renovation lenders in the U.S.," says Ragan, "and we are anxious to share this opportunity with a broader network of lenders and help them grow this important market segment."
"Our Prospect Correspondent Account Managers have a track record of successful retail renovation lending experience," Ragan continues. "In addition to delivering detailed product training, they will share best practice sales plans to drive new business and provide an ongoing source for product information. We look forward to partnering with lenders to help them increase their revenue, capture a piece of one of the fastest-growing opportunities in today's market, and positively impact the communities they serve."
In addition to renovation lending, Prospect Mortgage is a leading national lender offering a full range of home loans, including FHA, VA, conventional, jumbo and more. It is backed by Sterling Capital 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.
Equal Housing Lender. Prospect Mortgage is located at 15301 Ventura Blvd., Suite D300, Sherman Oaks, CA 91403. Prospect Mortgage, LLC (Unique Identifier #3296) is a Delaware limited liability company licensed by the Department of Corporations under the California Residential Mortgage Lending Act and operates with the following licenses: AK Mortgage Lender/Broker License #AK3296; AZ Mortgage Banker License #BK0903027; To check the license status of your CO mortgage broker, visit www.dora.state.co.us/real-estate/index.htm; GA Residential Mortgage License #16984; IL Residential Mortgage Licensee #6424; MA Mortgage Lender/Broker License #MC3296; MS Licensed Mortgage Co.; MT Residential Mortgage Lender Licensee #120; NV Division of Mortgage Lending Mortgage Banker #1173 and Mortgage Broker #3095; Licensed by the NH Banking Dept.; Licensed Banker-NJ Dept. of Banking and Insurance #9932414; Operates as Prospect Lending, LLC in NY (Licensed Mortgage Banker - New York State Department of Banking); OR Mortgage Lender Licensee #ML-2006; PA Dept. of Banking license #22122; RI Licensed Lender #20021343LL, Broker #20041643LB; licensed by the VA State Corp. Commission as MC-2195. This is not an offer for extension of credit or a commitment to lend. All loans must satisfy company underwriting guidelines. Information and pricing are subject to change at any time and without notice. This is not an offer to enter into a rate lock agreement under MN law, or any other applicable law.