Prospect Mortgage rumored to file for IPO
Bloomberg reports confidential plan placed weeks ago
According to Bloomberg, Prospect Mortgage is going public.
"Prospect Mortgage announced today that on Nov. 8 it confidentially submitted a draft registration statement for IPO of common stock," according to Bloomberg journalists Jody Shenn and Christopher DeReza in an email. "Offering expected to commence after SEC completes review process; subject to market conditions, according to e-mailed statement from Sherman Oaks, Calif.-based company."
Prospect Mortgage is an independent mortgage company, backed by Sterling Partners, a private equity firm with approximately $5 billion in assets.
The Chief Operating Officer of Prospect, Amy Brandt, is named in this year's HousingWire Women of Influence.
In an interview with HousingWire in July, Brandt explained the logic behind the expansion of the company, at that time, into correspondent lending.
"With a nationwide footprint, direct lending and substantial portfolio of owned MSR, Prospect is in a fantastic position to continue its growth into other segments of the industry," Brandt said. "The most logical expansion was into correspondent lending, where we believe we can add tremendous value in terms of service, price and stability to our client-partners. This is why we launched our correspondent division in March and are looking forward to significant expansion. We will continue to look for opportunities for growth and value creation."