SHERMAN OAKS, Calif., Oct. 18, 2016 /PRNewswire/ -- The U.S. Department of Housing and Urban Development (HUD) recently released its year-end 203(k) endorsement summary report and Prospect Mortgage ranks No. 1 in 203(k) loans for 2016.
With its year ending September 30, HUD reported that Prospect had 962 endorsements for 2016, which was 129 more than any other lender. Once a 203(k) loan is funded, it is sent to HUD for an FHA insurance endorsement. HUD reviews the file for completion and provides the Mortgage Insurance Certificate, which deems the file endorsed.
"One of our goals has been to be the best renovation lender and make it crystal clear to our customers and agent relationships that a renovation loan can help buyers obtain a dream home while helping to move more inventory," said John Adams, Prospect's National Renovation Manager. "Our status as the No. 1 renovation lender in the nation is due to a team effort from Sales, Operations and Management. Together we work tirelessly to grow our renovation business and that kept us in the No. 1 spot."
Other keys to Prospect's success have been hiring top-tier renovation talent and creating a dedicated renovation Operations team, which gives more attention and specialized experience to every renovation loan entering the pipeline.
"Our goal four years ago was to become the No. 1 renovation lender in America," said Doug Long, Prospect's President of National Lending. "I am very proud of our leadership and team members who helped make this goal a reality."