Prospect Mortgage Launches Texas Builder Division

SHERMAN OAKS, Calif., Feb. 20, 2014 /PRNewswire/ -- Prospect Mortgage, LLC ("Prospect" or the "Company") 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.

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"Prospect understands the unique aspects of new home financing as well as the service and reliability builders need," said Mike Kelly, Senior Vice President, New Construction and Renovation Division. "As one of the nation's largest independent direct residential retail lenders, we offer a wide range of products and a specialized team with years of experience in financing for homes in new construction projects."

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

"Prospect is committed to Texas and to serving the builder community in the state," said Kelly. "Whether it is a residential subdivision or condominium project, Prospect has the product lineup, experienced leadership, operational support and dedicated and trained Loan Officers to help builders do what they do best - sell more homes."

Prospect's Extended Rate Lock allows a builder to have eligible homebuyers lock in a rate at the time a loan application is completed for an unfinished home. The program includes two-, three-, four-, six- or nine-month lock-in terms and is available on conventional, fixed, adjustable, and government loan programs. Qualified buyers receive a ceiling on the interest rate with the option to float down to a lower market rate at time of closing. The program protects the builder's investment from rising rates, mitigates pipeline fallout, ensures that the property stays within the buyer's financial reach, and reduces the risk of your inventory being held off market for an unqualified buyer. This rate protection programs provides builders with an attractive advertising feature to buyers.

Prospect Mortgage is a top-ten 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