Prospect Mortgage Company

Infobox financial
name = Prospect Mortgage Company
type = Private
genre =
foundation = 2006
founder =
dissolved =
location_city = Northbrook, Illinois
location_country = U.S.
location =
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area_served = United States
key_people = Mark Filler, CEO
Richard Loeffler, COO
Steve Khoshabe, Executive VP
Tracy Jackson, CFO,
industry = Finance
products = Financial services
services =
market c

revenue =
operating_income =
net_income =
aum =
assets =
equity =
owner =
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parent = Sterling Partners
divisions =
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homepage = [http://www.prospectmtg.com www.prospectmtg.com]
footnote =

Prospect Mortgage Company, LLC is a retail mortgage consolidation business focused on the prime market. Prospect Mortgage purchases and consolidates smaller and mid-sized retail mortgage banks across the United States, providing them with capital, cost-efficiencies, and increased resources. Prospect Mortgage packages and auctions its loans on the secondary market to either government-sponsored entities such as Fannie Mae and Freddie Mac, or institutional investors.

History

Prospect Mortgage, founded in 2006 in Northbrook, Illinois is an operating division of Sterling Partners, a Chicago based private equity firm. The company was founded by Mark Filler, formerly of Prism Financial and American Home Mortgage Investment Corporation." [http://www.prospectmtg.com/about.asp About Prospect] ". Prospect Mortgage Company.] " [http://www.prospectmtg.com/profiles.asp Executive Profiles] ". Prospect Mortgage Company.]

In early 2007, Prospect Mortgage acquired three major mortgage lending franchises; Metrocities Mortgage LLC, Fidelity and Trust Mortgage and Opteum Mortgage. [cite news |author=Mark R. Madler |title=Private equity firm buys Metrocities Mortgage: jointventures called attractive. |url=http://www.allbusiness.com/banking-finance/banking-lending-credit-services-mortgage/6781673-1.html |work=San Fernando Valley Business Journal |date=June 11, 2007] [cite news |author=Rick Green |coauthors=Sandra Hernandez |title=Centerbridge to Buy Green Tree Servicing: Subprime Scorecard |url=http://www.bloomberg.com/apps/news?pid=20601208&sid=aSoxqoQfz2Fg&refer=finance |publisher=Bloomberg.com |date=July 10, 2007]

In April 2008, Prospect announced that it would acquire CTX Mortgage, the residential mortgage division of Centex, one of the Nation's largest home builders. For unknown reasons, on July 9, 2008 the company subsequently announced that it would not complete the acquisition of CTX Mortgage. Centex Corporation later announced that it would be dismantling CTX Mortgage and winding down its affairs sometime in August 2008. [cite news |title=Financing arm of Centex Corp. sells mortgage retail offices |url=http://www.bizjournals.com/dallas/stories/2008/07/14/daily40.html |work=Dallas Business Journal |date=July 17, 2008]

On July 8, 2008 failed mortgage lender IndyMac Bancorp announced that Prospect Mortgage signed an agreement to acquire the majority of IndyMac Bancorp's retail mortgage branches. The IndyMac acquisition encompasses approximately 750 employees and includes more than 60 branch office locations. The failure of IndyMac Bancorp is noted to be the second largest bank failure in recent U.S. history. [cite press release |title=Prospect Mortgage to Acquire IndyMac Bancorp Mortgage Retail Branches |publisher=Sterling Partners |date=July 8, 2008 |url=http://www.forbes.com/businesswire/feeds/businesswire/2008/07/08/businesswire20080708006383r1.html] [cite news |author=Associated Press |title=IndyMac selling majority of mortgage branches |url=http://money.cnn.com/news/newsfeeds/articles/apwire/7def8e7d80f8e0109aab82d091374ee9.htm |publisher=CNN.com |date=July 8, 2008]

Executives

*Mark Filler, Chief Executive Officer
*Richard Loeffler, Chief Operating Officer
*Steve Khoshabe, Executive Vice President
*Tracy Jackson, Chief Financial Officer
*Cameron King, Chief Information Officer
*Gaile Omori, VP, Human Resources
*John Morelli, Vice President
*Jason Schiffman, VP Business Integration

References

External links

* [http://www.prospectmtg.com Prospect Mortgage Company official site]
* [http://www.metrocitiesmtg.com Metrocities Mortgage official site]
* [http://ml-implode.com/imploded/lender_IndyMacBancorp_2008-07-07.html Mortgage Lender Implode-O-Meter: Prospect to Purchase IndyMac Retail]
* [http://ml-implode.com/viewnews/2008-07-09_CentexProspectDealForCTXMortgageFallsThru.html Centex/Prospect deal for CTX Mortgage Falls Thru]