Items Tagged with 'Prospect Mortgage'

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  • Prospect Mortgage fined $4.16 million for crisis-era FHA lending violations

    DOJ sanctions lender for two branches’ activities from 2007-2009
    While most of the country spent the early part of this week consumed by fireworks and consuming copious amounts of hot dogs and hamburgers, one mortgage lender found itself joining a list that includes Wells Fargo, Walter Investment, Freedom Mortgage, and many more. On Monday, the Justice Department announced Prospect Mortgage will pay more than $4 million to settle allegations the company committed civil mortgage fraud by underwriting mortgages that did not comply with FHA standards.
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  • You've been warned: CFPB puts real estate agents, lenders on RESPA violation watch

    Enforcement now top priority
    RESPA — the Real Estate Settlement Procedures Act — is a current buzzword in the housing industry with an increased scrutiny from the industry’s top consumer watchdog. So far this year, the Consumer Financial Protection Bureau slapped Prospect Mortgage with a $3.5 million fine for violating RESPA and stepped up it ongoing investigation into Zillow for possible violations. If you’re looking for a sign, here it is.
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  • HomeBridge completes purchase of operating assets of Prospect Mortgage

    Adds 500 mortgage loan originators from Prospect
    After first announcing the move in November of last year, HomeBridge Financial Services, a national independent mortgage lender, officially completed the purchase of the operating assets of Prospect Mortgage. The purchase brings HomeBridge to the next level, making it one of the largest nonbank mortgage lenders in the country, with retail branches nationwide and two wholesale divisions.
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  • HomeBridge buys operating assets of Prospect Mortgage

    Will become one of the largest mortgage lenders
    The latest news in mergers and acquisitions brings together two companies that, when combined, will become one of the largest nonbank mortgage lenders in the country. HomeBridge Financial Services, a national independent mortgage lender, announced it will purchase the operating assets of Prospect Mortgage from Prospect Holding Company.
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  • Prospect reaches settlement with MMC over affiliate C2C Appraisal Services

    Examination reveals errors in fee charges
    Prospect Mortgage reached an agreement with the Multi-State Mortgage Committee after an examination revealed a pattern of charging improperly disclosed and unsupported fees paid to the company’s affiliate. "This settlement allows the company the ability to continue operating while sending a strong message to the industry that this kind of behavior must be stopped," said Karyn Tierney, chair of the MMC.
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  • Regulatory uncertainty, toxic environment drive Wells Fargo, Prospect out of MSAs

    Recent RESPA interpretation cited as top concern
    Two major players in the mortgage space are discontinuing marketing activities that depend on Marketing Services Agreements because of regulatory uncertainty, recent interpretations of RESPA, and a generally toxic environment because of inconsistent CFPB enforcement. And more are rumored to be dropping MSAs, too. Here's why.
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