Prospect Mortgage Reaches Settlement with Multi-State Mortgage Committee

Nov 19, 2015, 13:16 ET from Prospect Mortgage, LLC

SHERMAN OAKS, Calif., Nov. 19, 2015 /PRNewswire/ -- Prospect Mortgage, LLC, a premier originator in the purchase money mortgage business, today is pleased to confirm an agreement has been reached with the Multi-State Mortgage Committee (MMC) on behalf of 50 state mortgage regulators. This agreement resolves findings contained in a Report of Examination issued to Prospect on May 2, 2013, covering the period of October 1, 2010 to March 31, 2012. This settlement relates to alleged activities that ceased years ago and occurred prior to the present management. Prospect has not admitted to any alleged violations of applicable laws, regulations or rules governing the conduct and operations of its mortgage lending business, and the parties are entering into the agreement prior to the commencement of any formal enforcement actions or proceedings and without any adjudication of the allegations in the report.

Commenting on the settlement, Prospect General Counsel Joseph Grassi said, "This settlement is a significant step forward for our Company, our employees, our valued customers and industry partners. Prospect is committed to being a leader in its legal and regulatory practices and has invested significantly in these areas. This agreement resolves all legacy allegations contained in the 2013 examination report and we appreciate the MMC's assistance in putting this matter behind us. We look forward to continuing to focus on our goal of helping our customers achieve their dream of homeownership."

About Prospect Mortgage
Headquartered in Sherman Oaks, Calif., Prospect Mortgage is one of the largest independent residential retail mortgage lenders in the United States. It is a leading lender offering a full range of quality home loans, including FHA and VA, conventional, jumbo and super jumbo, renovation and more. Read more about Prospect at Follow us on Twitter @MyProspectMtg and visit us on Facebook, ProspectMortgage, for company updates.

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SOURCE Prospect Mortgage, LLC