SHERMAN OAKS, Calif., July 30, 2015 /PRNewswire/ -- Prospect Mortgage, LLC, a premier originator in the purchase money mortgage business, today announced its decision to discontinue marketing activities that depend on Marketing Services Agreements (MSAs). Prospect expects this action to be complete by the end of the third quarter.
Recent interpretations of Real Estate Settlement Procedures Act (RESPA) requirements introduce substantial uncertainty as to the rules and requirements applicable to MSAs. Prospect has taken every precaution to ensure that it is complying with the rules and guidance under applicable law. However, in light of these recent rulings, Prospect believes that MSAs are no longer a viable marketing tool for the industry.
Doug Long, Prospect's President of National Lending, stated, "We have worked very hard at Prospect to establish strategic priorities for the company that will allow us to succeed in this new era for our business. Prospect prides itself on our commitment to providing the highest level of customer service. We provide value to our customers through our ability to offer a broad array of products and the deep industry knowledge of our professionals. Given the uncertainty surrounding the use of MSAs, Prospect has made the decision to discontinue marketing activities that depend on these agreements. This decision has no impact on our continuing efforts and commitment to deliver the highest level of value and service to our customers and clients."
Prospect knows that the home buying process can be intimidating at times — particularly for the first-time home buyer. For that reason, Prospect values its relationships with real estate professionals and other service providers that provide the highest quality service to consumers. Prospect will continue to work closely with industry partners to increase the understanding of the process through financial education, improved products and tools that make the purchase of a home or the refinance of a mortgage a reality for Americans and reduce the risk inherent in such transactions.
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. Through excellent customer service, a broad array of products and knowledge of the industry, Prospect helps borrowers to realize their dream of homeownership. Many of the Company's customers are first-time home buyers. Read more about Prospect at www.MyProspectMortgage.com. Follow us on Twitter @MyProspectMtg and visit us on Facebook, ProspectMortgage, for company updates. Prospect Mortgage is backed by Sterling Partners, a private equity firm with a distinct point of view on how to build great companies.
SOURCE Prospect Mortgage, LLC