Prospect Financial Group Inc

We would like to thank Ms*** for bringing this issue to our attentionProspect Financial Group takes this and all grievances seriously, and we will do the best we can to ameliorate the situation to the best of our ability. After speaking with the management, loan officers, and
processors who worked with Ms***, we would like to formally respond as follows: Like any mortgage broker, we must adhere to the guidelines set forth by our lendersIn this case, we were working with *** *** to process a *** *** 30-year fixed loan for the mortgage on Ms***’s condoBecause Ms***’s mortgage was on a condo, the lender’s condo review team had to assess the loan to ensure it met *** *** guidelinesThis is something that is completely out of our hands, as *** *** guidelines are set and mandated by *** ***, and lenders are required to comply with these guidelines. On October 23, 2015, we received notice that Ms***’s condo at *** *** was denied based on the following information, quoted directly from the Condo review representative at *** ***: “Insufficient Fidelity Bond CoverageThe project has insufficient fidelity bondThe fidelity bond must be equal to or greater than months worth of HOA incomeThe fidelity bond coverage is $25,and months worth of HOA incomeis $25,Please submit an increased fidelity bond insurance that covers months worth of HOA income.” On October 26, *** *** of Prospect Financial Group notified Ms*** of the situation with the insufficient fidelity bond coverageHe also notified Ms*** of the fact that one of our processors had already reached out to the *** *** HOAThe HOA responded and said they would need to contact the insurance company to see how much it would cost to raise the coverage, and then take it to the board for approval. This is a strange, one-off situation that we had no way of anticipatingTypically an HOA should already have approved coverage for the *** *** minimums, unless the HOA income rose recentlyNevertheless, this was the case and *** put the loan in a denied status due to the insufficient coverage. As much as we would have liked to comply with Ms***’s requests to close her loan immediately after that, there was simply nothing we could do on our end until the HOA responded to usWe certainly understand how frustrating the refinance process can be, especially when things do not go as planned and unexpected expenses and hurdles arise. Lending regulations and guidelines do change over time and different lenders require different documentation, so even though Ms*** may have refinanced this same mortgage in the past, it does not mean the eligibility criteria is the same nowIn no way does it benefit us to not close Ms***’s loan or any loan submitted to us, so we do not make excuses for not closing a loanThere are times, however, when we cannot move forward until certain criteria are met, which is the situation we faced with Ms***’s condo refinance. Ms*** has been in recent contact with Prospect Financial Group management (*** ***) about refunding the cost of the appraisal and condo questionnaireWe are certainly disappointed that we could not work together to close this loan, but we understand Ms***’s frustration and are doing what we can to resolve the issue to the satisfaction of all parties involved.

Prospect Financial Group
Mr*** signed his loan documents on July
and received a check for $for his appraisal reimbursement two weeks
later, on August Due to a clerical error, the condo certification was not
included in the appraisal reimbursement checkThis error was fixed the next
day, and a $check for the condo certification was sent on August
We believe the reimbursement was handled in a
fair amount of timeThis is in line with our current policies and procedures,
a process that was made clear to Mr*** from the beginning
We consider this matter settled and feel we have
provided Mr*** with excellent service in fulfilling everything we
promised

I used PFG for my refiI had a positive experienceThe gentleman I worked with was professional and responsiveWe were able to close on time without any issues

Ms***, Firstly, we want to say that we truly appreciate you taking the time to leave your feedbackWe are so sorry for your negative experience with Prospect Financial GroupWe fully recognize that this is not an ideal situation for any customer to be in, but after much contemplation, we have come to the conclusion that we cannot offer a refundWe acknowledge the tedious process of collecting paperwork and we admit that it is unfortunate when a lender does not approve a loan when all required documents are not in place on time Again, we understand the frustration you went through regarding your refinance process at Prospect Financial GroupWe are aware that you have already refinanced with another mortgage company, but we would be more than happy to assist you in the future or answer any questions you might have regarding a refinance Sincerely, The Prospect Financial Group

Hi we have resolved this situationHaving said this I would not recommend this company Thank you for your service.
id="m_-4748554711168420628m_7391330748329368260m_503689907979759417AppleMailSign...⇄ "">*** ***

To Whom It May Concern,
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First and foremost, we would like to apologize for the
unpleasant experience Ms*** had with Prospect Financial Group. We do
our best to ensure each borrower has a positive experience, as “excellent
customer service” is our top priority. Ms*** is correct in regards to
contacting Prospect Financial Group on May 29, 2014. The quoted rate that
day was a 3.99% on a year fixed. One of the uncontrollable variables
in the mortgage market is the fact that interest rates change every day,
sometimes they change a number of times in the course of a single day. On May 30, she had sent in all of her
documents so we could process her loan. On that same day, May 30, 2014,
she sent an email stating “I received this email from the previous lender
stating that they would match your offerWill you be able to use the appraisal
and/or provide me with a credit?”. We were unable to look into this at
the time because she did not provide the appraisal information (which company
performed the appraisal) until June 2, 2014. We needed this information
in order to look into whether we could use this appraisal instead of having to
get another one done. We needed to see if they were approved (the appraisal
company) by the lender we selected for Ms***, the only lender offering 25yr @
3.99% at the time. When locking in a rate, you are actually locking in
pricing for that rate, not just the rate itself. We weren’t sure what
pricing was needed because we weren’t sure if we could use the appraisal she
had already completed. If we were able to use the appraisal, we wouldn’t
need as much credit. If we couldn’t use the appraisal, we would need more
credit in order to credit her back the one she already completed. We were
very clear with her and responded to her email in a timely manner and stated to
her “we could definitely get you a credit, but if
they are matching the same deal, you may just want to continue with them since
the appraisal is already completed”.
We were honest at the time and
told her to take the same deal we had because she already had a completed
appraisal and was locked at the other company. In regards to Ms***
thinking her loan was locked, at no time did we tell her that her loan is locked.
We didn’t hide that fact either, in an email dated May 30th, we
informed her that we could not lock her loan until processing completed her
file and she was approved for the loan based on credit/income. Our exact
words to her, in an email, were “I know for us, we can’t lock you for a loan
unless you are approved for it”. She was also made aware that processing
a loan takes between 24-hours. Our intention of telling her not
to cancel the loan at the previous lender was to protect her rate that she had
there in case something came up and we couldn’t approve her for a loan.
In an email dated May 30, we told her “I would
just send them an email telling them you do not wish to cancel at this
time. This way you are still protected with them in case issues come up
where we can’t approve you”
We at Prospect Financial believe we have acted in a
professional manner and put her needs/interests ahead of anything else.
We informed her not to cancel her loan at the other company so she was
protected in case we could not approve her for a loan. Also, on May 30,
(the same day she submitted her documents) when she told us the company
she was working with offered the same deal as we had, we advised her to take it
since she already completed her appraisal. I’m not sure how much more
honest we could have been with her. We had her best interests at heart
and did everything we could to make sure she was getting the best deal, even if
it wasn’t for us. Her documentation is securely stored for a period of
years per BRE & RESPA guidelines. Regarding communication, Jason’s
understanding was that he was the last one to leave a voicemail as there were
multiple calls from Prospect (leaving messages each time) in the days following
her inquiries We ask that she please
call *** back at her earliest convenience to look into the loan as pricing
does change daily. Again, Prospect Financial Group apologizes for her
unpleasant experience and we will do everything in our power to work with her
and come up with a resolution if she would like to contact us again
Thank You

As I embarked on my refinance journey I researched several companies including my current mortgage company and companies I have refinanced with in the pastI concluded Prospect had the best rates and positive customer reviewsAdditionally, I noted one loan officer in particular, Dwight W, had several positive reviewsAs I have been through this exercise in the past I knew how important the experience and skill of the loan officer is to a positive outcomeDwight did not let me downHe explained what to expect from the process and the timelines involvedThe experience from beginning to end was seamlessI am happy to recommend Prospect and Mr W to anyone wishing to apply for a loan

Alyssa and Prospect Financial Group, Inc were very professional & helpfulAlyssa is very responsive and knows what paths to take in assisting you in navigating refinance I would not consider using anyone else and will recommend her to my family and relative for financing and refinancing purposes

I just had the escrow closed on my refinance with Provident thru Prospect Financial GroupThe rate was good and Tony R has been very helpful in explaining the process and documents requiredThe process took quite long and stressful due a very strict requirement from Provident, but at the end we were extended the loan

Revdex.com:
I have reviewed the response made by the business in reference to complaint ID ***, and have determined that this proposed action would not resolve my complaint. For your reference, details of the offer I reviewed appear below.Mr*** sent me an email on July 30th requesting "What would you like to see happen, ***?" I sent a response to Mr*** on August 3rd and to this date I have not heard from him I just want to make sure he got my email and that he is truly sincere about resolving this matter
Regards,
*** ***

Dear Ms*** ***, We want to start by saying that we truly appreciate your feedbackAt Prospect Financial Group, we take customer responses like yours seriously, and we use this information to continuously improve our business practicesWe were pleased to hear that you
chose to do business with Prospect Financial based on customer reviews, low interest rates, and our no-closing cost loan options, and we are sorry that we did not meet your expectations We apologize for the lack of communication from your loan officer via email, as that was your preferred method of contactWe are currently reviewing our communication policies to ensure we are taking each customer’s individual contact preferences into considerationWe are also sorry to hear that you are not happy with the final cost of the loanAfter speaking with your loan officer, *** ***, it seems that the original quote was for a no cost loan, but because rates went up before the necessary paperwork was submitted to lock the loan, your loan officer had to present you with new options to move forward because the scenario originally quoted was no longer availableWe do understand how frustrating this part of the mortgage industry can be, but unfortunately we do not set or control the rates themselves, and we always do our best to make sure your options are clear throughout the process. Mr*** then gave you the option to keep the lower rate with some costs, or to jump to a slightly higher rate to keep the no-cost loanAccording to Mr*** and the final closing documents you acknowledged and signed, you chose to keep the lower rate and incur some costs. Mr*** was then surprised to hear when there was confusion several days after the loan had funded, and did try to reach out multiple times over the phoneWe understand that you preferred to communicate via email, and we have taken the steps necessary to ensure our team contacts customers in their preferred manner in the futureHowever, because the costs were acknowledged and explained beforehand, we cannot provide the requested refundWe encourage you to reach out to our customer service team at *** or [email protected] so that we may assist you more directly with this matterThank you once again for your valuable feedback, Ms***.

Revdex.com:
I have reviewed the response made by the business in reference to complaint ID ***, and have determined that this proposed action would not resolve my complaint. For your reference, details of the offer I reviewed appear below
I do not accept the company's response to my complaint. Also, we have already refinanced with another mortgage company, thus, there offer to continue with them is unacceptable.Additionally, it appears they are citing reasons for denial other than the reason cited in the letter we received from them. Since I am insufficiently savvy as it relates to computers, I am going to mail you a copy of the "Denial Letter" we receivedI will put it in the mail tomorrow. Please send me an e-mail acknowledging receipt. All other denial reasons they are attempting to cite in their response are meaningless.The only acceptable offer from this company is for them to refund my $505.00.The company took the time to cite various names and activities; including ***, whom I contacted briefly in and at that time had nothing to do with the loan in question. However, the name of the person they failed to mention is *** *** When I called in 2016 and was told *** no longer worked for the company, I requested *** by name. I requested him because when I read the company's reviews on the internet, *** was highly recommended and the one thing that impressed me the most was, they said he was HONEST. He is the individual who quoted me the "no cost loan with an interest rate of 3.625%". He also spent quite a long time assisting me in filing an application by computer using what he said was a new system they had just acquired. Shortly after that I was unable to have anymore contact with him. I was then handed over to *** ***, for whom I continue to have a great deal of respect. Later, when I asked *** about the 3.625% rate *** had promised me, no one seemed to have been able to figure out how *** came up with it or from where he got it. As a ***er of fact, my file was held up for a few days because I was told they were trying to find out from *** how he came up with it. Finally it was determined 3.625% never existed. For my personal reasons, even though I know the name of every person and every interaction I had with that person, I do not like mentioning names if it might have a negative impact on that person. Based on the company's response, I determined it necessary to state some of the names I deliberately omitted from my initial complaint
Regards,
*** ***

Revdex.com:
I have reviewed the response made by the business in reference to complaint ID ***, and have determined that this proposed action would not resolve my complaint. For your reference, details of the offer I reviewed appear below.I do not accept the company's response to my complaint. Also, we have already refinanced with another mortgage company, thus, there offer to continue with them is unacceptable.Additionally, it appears they are citing reasons for denial other than the reason cited in the letter we received from them. Since I am insufficiently savvy as it relates to computers, I am going to mail you a copy of the "Denial Letter" we receivedI will put it in the mail tomorrow. Please send me an e-mail acknowledging receipt. All other denial reasons they are attempting to cite in their response are meaningless.The only acceptable offer from this company is for them to refund my $
Regards,
*** ***

Ms***, Firstly, we want to say that we truly appreciate you taking the time to leave your feedbackWe are so sorry for your negative experience with Prospect Financial GroupWe fully recognize that this is not an ideal situation for any customer to be in, but after much contemplation, we have come to the conclusion that we cannot offer a refundWe acknowledge the tedious process of collecting paperwork and we admit that it is unfortunate when a lender does not approve a loan when all required documents are not in place on time Again, we understand the frustration you went through regarding your refinance process at Prospect Financial GroupWe are aware that you have already refinanced with another mortgage company, but we would be more than happy to assist you in the future or answer any questions you might have regarding a refinance Sincerely, The Prospect Financial Group

We just completed our home refinancing 12/12/(the night of George's osurgery) It was a blast, from quote to closing in only weeks!! We worked with Russ S and got us the best loan! I was getting quotes from financial groups start of Novand had to lock the rate before the presidential election because everybody was telling me the rates will go up after the election chaos Russ handled our case vigilantly, answering my questions in a way I will understand it (don't know financial terms) and dealing with the loan's difficulties Our credit score was great but not excellent and still we did not pay any closing costs because of lender credits We had to pay Appraisal fee $(which I was told was a must) and Subordination fee $to Chase because we did not include our HELOC in our loan
If you're planning to refinance, I highly recommend Russ He is knowledgeable and very reliable He answers his calls promptly and if you email him, he calls or emails back ASAP He made sure our home refinancing go thru smoothly

Ms***, To start, we appreciate your responseWe are sorry that you were not satisfied with your experience while working with Prospect Financial GroupWe understand that you are requesting to be refunded $909.98, but after much review and carefully looking into this situation, we have come to the conclusion we cannot reimburse youWe will use this information to continue to improve our business policies and practices relating to communication, so we can continue to improve as a company Although we were unable to refund you, we want to thank you for your time and let you know that we are always available for any questions you might havePlease feel free to reach out to us by calling our Customer Service team at ***, or if it's more convenient, by emailing [email protected], so we can assist you directly.

Revdex.com:
I have reviewed the response made by the business in reference to complaint ID ***, and have determined that this proposed action would not resolve my complaint. For your reference, details of the offer I reviewed appear below.I do not accept the company's response to my complaint. Also, we have already refinanced with another mortgage company, thus, there offer to continue with them is unacceptable.Additionally, it appears they are citing reasons for denial other than the reason cited in the letter we received from them. Since I am insufficiently savvy as it relates to computers, I am going to mail you a copy of the "Denial Letter" we receivedI will put it in the mail tomorrow. Please send me an e-mail acknowledging receipt. All other denial reasons they are attempting to cite in their response are meaningless.The only acceptable offer from this company is for them to refund my $
Regards,
*** ***

We been thinking about refinancing our mortgage to take advantage of lower interest and get away from ChaseI tried online and that's where it start, Jessie Bis super helpful and she explain and guide us thru the whole processShe has excellent customer service not pushy but patientI can be at work and she send us email that needed attention but she will gladly tell you that's ok please get back to me when you get homeMy husband will be in a panic to have me take care of it but not Jessie My credit is not great but she manage to work with me to plan B which work well with us and as promise she close our loan with in a month only because there are little issues that come up out of nowhere that needs attention and verificationI already recommend Prospect Financial to my co worker especially Jessie B

Working with this company has been a nightmare for me…months into a refinance and I still do not have either my loan or a rejection letterI have refinanced before and have NEVER had such a bad experienceThis company has no customer service skills and could care less about their clientsI can’t for the life of me figure out how they have an A+ rating on Revdex.com??? Or maybe they just don’t care about MY loan because they have plenty of other businessLet me preface my experience by stating that I looked to do a refinance with cash out, I am employed (have been with the same company for yrs), I have good income and when they ran my credit my credit score ranged from 761-I decided to go with Prospect because initially they were responsive and had the best price
I submitted my loan request on 8/14/15, on 8/17/they ran my credit and sent me the disclosures which I signed and returned the same dayAt this time I was told that closing would be mid-SeptAppraisal was done Monday 8/24/and I received a copy of the appraisal report on 9/1/On 9/2/I was informed that the dispute with *** on my credit report needs to be cleared up (½ weeks after running my credit report)I don’t understand why they didn’t tell me this ½ weeks earlier since according to them “there is no way they would do a loan with a dispute on the credit report” but okay, it was for $99, so I took care of the dispute and sent them a letter from *** on 9/9/which proved that it was taken care ofI didn’t hear anything back until 9/17/when I was asked to provide additional documentation for my savings and/or 401k accountThen again didn’t hear anything until I sent a request for an update at which time I’m told “Currently clearing up the condo certificate, hope to have this cleared soon.” Then on 9/23/I receive a request that I need to up my wall to wall insurance coverage by some minimal amount, I sent them an updated certificate on 9/At which time I’m also asked to provide the HOA balance sheet and budgetOn 9/25, I’m asked to have my HOA fill out a condo questionnaire which I have to pay $for AND was going to take a week to get backI’ve refinanced before and was never asked for a condo questionnaire, not even when I originally purchased the propertyAt this point we are a week past my original quoted closing date and I’m still being asked for documentation that should have been requested up front, in my opinionThe only response I get from my loan officer is that they didn’t know the condo questionnaire was needed until the underwriter reviewed the appraisal, well the appraisal was received on 9/2, that’s over days before the requestI didn’t get the condo certificate back until 10/at which point I sent it to my loan officer immediatelyOn 10/9, still no update; when I reached out to follow up the response was “the condo certificate is still in review”At this date, we are two months into the process and on 10/I get an email stating that the master insurance policy, which I submitted back in August, has now expired so they have to order a new oneAgain, don’t have any updates until 10/when I reach out and learn they are still waiting on the updated insurance certificateI decide to reach out to the loan officer’s supervisor because the loan officer is obviously not in control of the processI call the office and get an answering service so I leave a message and do not get a call back, it is a Friday so I give them the benefit of the doubt and think they might call me on MondayMonday – no callTuesday 10/20, I call back and get the receptionist this time, she tells me both supervisors are unavailable but they will call me back within an hourI made sure to let her know that I was an unsatisfied customer and just wanted to get in touch with a supervisorNo call backCalled Wednesday 10/21, and again left a message with the receptionist who was very apologetic and said she would again ask one of the supervisors to call me backNo call back on Wednesday either and when I called back around 3pm I got the answering service again even though Prospect’s website states they are open until 5pm PSTFinally on Thursday 10/22, I called back AGAIN and this time asked to speak to the President, Jason Vondrak, who of course was not available so I left him a messageGuess what? I finally got a call back from the supervisorThe supervisor basically defended the loan officer and tried to blame my credit dispute (which was for $by the way) on the delay! Blame the customer, of course, He did during the course of the conversation admit to not being sure as to why they were using the particular financial company that was underwriting my loan because they had had issues with them or were considering not using them anymore for some reason??? Hmmmm…
Anyhow, the next day 10/I emailed the supervisor and asked him for an updateI didn’t receive a response until late 10/when he informed me that the condo review team had denied my HOA because the project has insufficient fidelity bondThe fidelity bond must be equal to or greater than months worth of HOA income, currently the bond coverage is $25K and it should be $25,….$difference… WHAT A FREAKING JOKE
He said they had reached out to the HOA and the HOA was going to contact the insurance companyThat was on 10/26, until this day 11/I have not heard a word from ProspectAt this point I’m fed up and out over $for the appraisal and condo certificateNot to mention I still don’t have my loan and it’s been months

Hi we have resolved this situationHaving said this I would not recommend this company Thank you for your service. *** ***