Prospect Financial Group

My loan officer, Jessie B, was very personable, enthusiastic, and professionalThe process took about days as promisedThe notary was provided and came to my home to sign the final papers at closingWhat could be easier? Jessie was a pleasure to work withShe made this refinancing experience the best that I've ever had

Ms [redacted] , ? 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 [redacted] , or if it's more convenient, by emailing? [email protected], so we can assist you directly.?

Hi we have resolved this situationHaving said this I would not recommend this company ? Thank you for your service.? [redacted]

Revdex.com: I have reviewed the response made by the business in reference to complaint ID [redacted] , and have determined that this proposed action would not resolve my complaint For your reference, details of the offer I reviewed appear below I have detailed my replies in the attachment In short, Prospects response was simply an attempt to discredit us as clients However, the majority of their statements are incorrect, and I have documented this in the attachment Regards, [redacted] To Whom It May Concern, Thank you as well for taking the time to respond to my complaint, however, much of what you have stated is incorrect or seems to have been modified to put the blame on us for this failed refinanceAs I have emails documenting most of what occurred during the attempted refinance, I will be happy to forward them to you to back up my responses to your replyRe: The second lien on my home – Though I did not disclose this when I initially completed your application (4/10), Ms [redacted] was actually aware of the second on 4/(not 4/12) and by 4/12, had already modified our loan to accommodate the 2nd and had requested a letter from us explaining why we needed the cash out to pay off our HELOCOn the 15th was when Ms [redacted] sent me an email stating that she was unaware that I wanted to pay off my 2nd, and I sent her a reply stating that I thought we had resolved this on the 12th So, stating Prospect was unaware of my 2nd because I didn’t initially disclose it is completely as Ms [redacted] knew within 24hrs of my completing your paperwork, that I had another mortgageRe: My application which was referenced for my credit score and home valuation – Let me clearly state that I NEVER filled out an application for Prospect or signed off on any of the information Ms [redacted] supplied as my ‘application’Your company purchased 3rd party information – which I was already aware of as Ms [redacted] ’s first email to me didn’t even have my name, from a source which asks that users fill out a form in order to view current mortgage rates which is what I was doingWhen I spoke to Ms [redacted] , I actually tried to provide more accurate information – which obviously was not used on this applicationAnd, as has already been stated, you had my credit report and most of my financials by April 12th Which was also the first time Ms [redacted] informed us that we were approved Re: My Subordination Check – Again, this is another statement that I assume has been made to make it appear that we caused the delay in our closingHere are the factsMs [redacted] confirmed (again) that we were approved, our appraisal ordered and the need for the subordination check, all on 4/On 4/20, I purchased the check – I will be happy to show you my receipt as confirmationThe delay in sending the check came when Ms [redacted] accidentally sent me an email, intended for someone else (an [redacted] ), stating that my appraisal had returned lower than expected – this was actually when I discovered the appraisal amount had been set for 515KAfter questioning her about this, we waited a week (until 4/27) for your company to provide us new options/rates, then another few days (until 5/3) – as Ms [redacted] had stated that you would be able to roll in our second, and then my wife and I took another week to determine whether we still felt comfortable moving forward with your companyOn 5/11, I sent Ms [redacted] an email stating that I had already sent the check Re: My 401K – I am not sure how you arrived at this number (11K), but that is definitely not the amount of the 401K I sent Ms [redacted] Again I have the email and documents to verify thisRe: My Taxes – Once again, you have provided the wrong amount (the taxes were 7.6K) and neglected the fact that in order to close, you then asked that we also pay 2.7K in Lender fees – despite your initial promise of “$fees out of pocket and $fees rolled into the loan.” Also, again, you have tried to put the onus on us, by commenting that our taxes were not disclosed, yet there is no clear option to disclose this information in any of the documents we did sign for youWhy is there the expectation that the client know what information to provide, when you the Mortgage company doesn’t know what questions to ask? As I am sure you’re aware, tax information is public knowledge so, we obviously were not trying to be secretive about thisI believe I have addressed all of your comments, but, as I have stated several times, I will be happy to provide you, the Revdex.com and whomever else, a list of emails and documents to verify everything I have stated in this replyIt is frustrating to us that Prospect, a company which claims to have won many accolades for its customer service, would rather go through a lengthy process of trying to discredit us as potential clients, than accept that there were errors in their vetting and refinance processesWe never reached out to your company for a refinance, but gave them the benefit of the doubt based on the promises they made promises, which were not kept

I just closed a loan with this company and for the most part, I was pleased with the serviceAlthough I initiated the loan in September, we just closed yesterday NovThere were a couple hiccups at first with the owner, JasonI did not get the rate first promised and I felt there was a lag in communication, so I quickly went online and noticed an agent named Alyssa who had very good reviews thereI asked for my loan to be serviced by her and was then able to sleep most nightsWe had good equity and creditThe lender they chose for me Provident required a very high cost appraisal and would not re-issue our loan in our family trustOtherwise things went well and we were happy with Alyssa

We would like to thank Ms [redacted] 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 [redacted] , 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 [redacted] to process a [redacted] 30-year fixed loan for the mortgage on Ms [redacted] ’s condoBecause Ms [redacted] ’s mortgage was on a condo, the lender’s condo review team had to assess the loan to ensure it met [redacted] guidelinesThis is something that is completely out of our hands, as [redacted] guidelines are set and mandated by [redacted] ***, and lenders are required to comply with these guidelines On October 23, 2015, we received notice that Ms [redacted] ’s condo at [redacted] was denied based on the following information, quoted directly from the Condo review representative at [redacted] ***: “Insufficient Fidelity Bond Coverage The 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 income is $25,Please submit an increased fidelity bond insurance that covers months worth of HOA income.” On October 26, [redacted] of Prospect Financial Group notified Ms [redacted] of the situation with the insufficient fidelity bond coverageHe also notified Ms [redacted] of the fact that one of our processors had already reached out to the [redacted] 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 [redacted] minimums, unless the HOA income rose recentlyNevertheless, this was the case and [redacted] put the loan in a denied status due to the insufficient coverage As much as we would have liked to comply with Ms [redacted] ’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 [redacted] 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 [redacted] ’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 [redacted] ’s condo refinance Ms [redacted] has been in recent contact with Prospect Financial Group management ( [redacted] ) 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 [redacted] ’s frustration and are doing what we can to resolve the issue to the satisfaction of all parties involved

Hello ***,? We apologize that you did not receive the $appraisal reimbursement that was promised to youAccording to our records, the check was mailed on 10/13/We have issued another check, which is being overnigand should arrive to you no later than Thursday, November 12thThe tracking number for this package is [redacted] ***.? Once again, we apologize for the delay.? Best Regards, [redacted] Prospect Financial Group, Inc [redacted] Direct: [redacted] Fax: [redacted] BRE # [redacted] | NMLS # [redacted]

Hello ***, We apologize that you did not receive the $appraisal reimbursement that was promised to youAccording to our records, the check was mailed on 10/13/We have issued another check, which is being overnigand should arrive to you no later than Thursday, November 12thThe tracking number for this package is [redacted] *** Once again, we apologize for the delay Best Regards, [redacted] Prospect Financial Group, Inc [redacted] Direct: [redacted] Fax: [redacted] BRE # [redacted] | NMLS # [redacted]

First of all, we would like to thank Mr [redacted] for bringing this matter to our attentionWe are alwayslooking for new ways to improve our business practices, and we truly regret that Mr [redacted] wasdissatisfied with the service he received from Prospect Financial Group.After speaking with Mr [redacted] ’s loan officer, [redacted] , and after reviewing the complaintsubmitted to the Revdex.com by Mr [redacted] , we would like to formally respond as follows:Ms [redacted] maintains she was not informed about the second lien on the home initially (the lien wasnot disclosed on the loan application)After the second lien was discovered (April 12), Ms [redacted] askedwhat Mr [redacted] would like to do (pay off or subordinate)Ms [redacted] sent updating pricing for bothoptions on April After Mr [redacted] had questions about these options, Ms [redacted] responded (April18) and gave a clear explanation of why the pricing was changing, as shown in the attached email chain(Email 1).Not only was there a second lien, but Mr [redacted] ’s credit came back at 673, which was lower than whatwas submitted on his application on April ( [redacted] ) (see Email for conversation between Ms [redacted] and the lender’s underwriting department, where she is trying to make an exception for the lower creditscore).In addition to the second lien and lower credit score, Mr [redacted] ’s appraisal also came back at $470,000instead of the $515,submitted on his applicationMs [redacted] emailed Mr [redacted] to inform him ofthis on April and to let him know that this may affect his pricing (see email 4).Ms [redacted] emailed Mr [redacted] on April 27, after working with the lender to process the loanapplication and get the best rate possible, with updated pricing and a detailed explanation of why thingshad changed since the initial quote (see email 3), which is based solely on the information Mr [redacted] himself submitted on [redacted] .Mr [redacted] chose the zero cost option and was told he still needed to send the subordination fee (notpaid to Prospect Financial Group) for the second mortgageDue to travel, this took over a month for Mr[redacted] to submitOnce the payment was submitted, the lender approved the loan and we received aclear to close.However, [redacted] (lender) then discovered $9,in past due delinquent property taxesThis was anunfortunate setback, but Ms [redacted] was never informed of this and it is not our practice (nor anylender that we are aware of) to check public property tax records for every file to determine whether anapplicant disclosed all debt on their loan application.After again going above and beyond, Ms [redacted] received approval from management to roll thedelinquent taxes into the loan because Mr [redacted] had stated he could not pay this at closingMs[redacted] tried to make the situation as clear as possible and also attempted to call Mr [redacted] to furtherexplain the situation (see Email 6).After agreeing to the new terms, we (Prospect Financial) had to run a new credit report, as the last hadexpiredThe new credit report disclosed that Mr [redacted] had acquired an additional $3,in debt sincethe day the first credit report was run (see email 7)At this point, the loan processors put a caution onthe accountTo get Mr [redacted] ’s loan back in the approved status, Ms [redacted] requested reserves fromMr [redacted] to improve the debt-to- income ratioThe total amount of reserves in Mr [redacted] ’s 401K wasaround $11,000, which was not enough to push the loan back into the approved status.Mr [redacted] was unable to provide any other reserves, and with his increasing debt, and unpaid propertytaxes, we were unable to move forwardMs [redacted] explained this on July (see email 8)Ms [redacted] provided further clarification on July (see email 9).Mr [redacted] then emailed asking for a reimbursement of his appraisal and subordination feesHowever,these are not fees paid to Prospect Financial, nor are they lender feesMs [redacted] clearly explained thatwe could not reimburse these third-party fees (see Email 10).Our initial email did state that we would only order the appraisal after the loan was approved based oncredit and incomeThe loan was approved based on these factors when the appraisal was ordered, butmuch of Mr [redacted] ’s financial information changed or was disclosed after thisWhen any financialinformation changes during the course of a refinance, the rate and refinance scenario is subject tochange as well.As with any mortgage broker, we must work with both the lender and the borrower to make sureminimum lending requirements are metWe do not set these requirements and can only work with theinformation we are givenAt the same time, we have a duty to our clients to try to get the best ratepossible and provide all options for each unique scenarioWe take this responsibility seriously, and aretruly disappointed that we could not meet Mr [redacted] ’s refinance expectations.We apologize and take responsibility for any misunderstanding or miscommunication concerning ourzero cost loans, eligibility criteria, and any third-party feesAfter reviewing the correspondence betweenMs [redacted] and Mr [redacted] , we do believe that Ms [redacted] did do the best she could to get this loanapproved and made her decisions, suggestions, and the process clear every step of the way.We would be happy to reconsider Mr [redacted] ’s loan application when the debt-to-income ratio can belowered

Revdex.com: I have reviewed the response made by the business in reference to complaint ID [redacted] , and have determined that this proposed action would not resolve my complaint For your reference, details of the offer I reviewed appear below [Thank you for your reply.I still do not understand why it cannot refund to me I do need detailed reason of why no refund The change from no cost to cost was not communicated by [redacted] ; I did not make a mistake If no proof of communication is found, I should receive a refund, just like other customers had received through Revdex.com.] Regards, [redacted]

Mr [redacted] 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 [redacted] from the beginning We consider this matter settled and feel we have provided Mr [redacted] with excellent service in fulfilling everything we promised

I have worked with Coby C at Prospect Financial twice on refinancing my rental property and have been very satisfied with the competitive offerings, professional and timely communications and consistent delivering on the promised offerings (rate, term, paperwork, etc) throughout the refinancing process

We did not run Ms***'s credit She informed us that the company she was working with matched our offer (11:43PM via email on Friday, May 30th), the same day she sent us her documentation (Friday, May 30th), we elected not to proceed in processing her loan Monday morning We responded first thing Monday morning that she should take the deal with the other company (same deal we offered) because she had already completed an appraisal with them In regards to locking loans, we cannot lock a loan unless we have them approved for the loan She was informed via email on Friday, May 30th at 10:49AM that we cannot lock a loan unless she is approved for the loan All of this documentation is stored in emails Because someone sends in documentation, that doesn't mean they are automatically approved for a loan There is a process that must happen We need to order title, calculate debt to income ratios, and fully approve them for a loan before locking This process takes time We quote current market rates like any other mortgage company, we are no different We cannot control rates as we are subject to the market When someone calls in for a quote, we give them real time, "live" pricing We cannot guess on rates, we can only quote what is available at the time In no way is this a bait and switch tactic If someone calls in at 1:00PM and receives a quote, that rate could be totally different at 1:10PM This is how the market works Our rates are subject to MBS and year treasury trading, just like every other mortgage lender out there We are not in a position to make up our own interest rates, everything is determined by the free market We will reach out to Ms [redacted] ASAP and try to resolve this matter with her directly We don't like receiving complaints and do everything we can to make sure our borrowers are happy Hopefully we can find a resolution that would help Ms [redacted] and put her in a better position We will do everything in our power to make sure this can be resolved with Ms***

Hi we have resolved this situationHaving said this I would not recommend this company Thank you for your service [redacted]

Hello, The complaint has been resolved between Prospect Financial Group, Incand [redacted] Please see email from borrower below Revdex.com white;">Dispute Center Viewridge AveSuite San Diego, California Dear Sir: I am writing in reference to my complaint ID [redacted] filed on 10/4/16, against Prospect Financial Group Inc, (PFG), located at Garnet Ave., San Diego, California In this respect, I want to inform you that we have arrived at an amicable settlement with PFG, whereby the company has agreed to pay me the $amount which I had filed in the complaint In summary, I ask you to please withdraw my complaint immediately, as I have no further claims against PFG Please acknowledge this message that my claim has been settledAlso please inform PFG attention Mr [redacted] , Manager, of this situation Thank you for taking care of this request [redacted]

Hello,? The complaint has been resolved between Prospect Financial Group, Incand [redacted] Please see email from borrower below.? Revdex.comDispute CenterViewridge AveSuite 200San Diego, California 92123? Dear Sir:? I am writing in reference to my complaint ID [redacted] filed on 10/4/16, against Prospect Financial Group Inc, (PFG), located at Garnet Ave., San Diego, California.? ? In this respect, I want to inform you that we have arrived at an amicable settlement with PFG, whereby the company has agreed to pay me the $amount which I had filed in the complaint.? In summary, I ask you to please withdraw my complaint immediately, as I have no further claims against PFG.? Please acknowledge this message that my claim has been settledAlso please inform PFG attention Mr [redacted] , Manager, of this situation.? Thank you for taking care of this request.? [redacted]

We would like to thank Ms [redacted] 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 abilityAfter speaking with the management, loan officers, and processors who worked with Ms [redacted] , 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 [redacted] to process a [redacted] 30-year fixed loan for the mortgage on Ms [redacted] ’s condoBecause Ms [redacted] ’s mortgage was on a condo, the lender’s condo review team had to assess the loan to ensure it met [redacted] guidelinesThis is something that is completely out of our hands, as [redacted] guidelines are set and mandated by [redacted] ***, and lenders are required to comply with these guidelines On October 23, 2015, we received notice that Ms [redacted] ’s condo at [redacted] was denied based on the following information, quoted directly from the Condo review representative at [redacted] ***: “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, [redacted] of Prospect Financial Group notified Ms [redacted] of the situation with the insufficient fidelity bond coverageHe also notified Ms [redacted] of the fact that one of our processors had already reached out to the [redacted] 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 [redacted] minimums, unless the HOA income rose recentlyNevertheless, this was the case and [redacted] put the loan in a denied status due to the insufficient coverage As much as we would have liked to comply with Ms [redacted] ’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 [redacted] 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 [redacted] ’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 [redacted] ’s condo refinanceMs [redacted] has been in recent contact with Prospect Financial Group management ( [redacted] ) 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 [redacted] ’s frustration and are doing what we can to resolve the issue to the satisfaction of all parties involved

Revdex.com: I have reviewed the? response made by the business in reference to complaint ID [redacted] , 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 [redacted] When I called in 2016? and was told [redacted] no longer worked for the company, I requested [redacted] by name.? I requested him because when I read the company's reviews on the internet, [redacted] 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 [redacted] , for whom I continue to have a? great deal of respect.? Later, when I asked [redacted] ? about the 3.625% rate? [redacted] had? promised me,? no one seemed to have been able to figure out how [redacted] 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 [redacted] 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, [redacted]

Hello ***, We apologize that you did not receive the $500 appraisal reimbursement that was promised to you. According to our records, the check was mailed on 10/13/15. We have issued another check, which is being overnight-ed and should arrive to you no later than Thursday, November 12th. The... tracking number for this package is [redacted] ***. Once again, we apologize for the delay. Best Regards, [redacted] Prospect Financial Group, Inc. [redacted] Direct: [redacted] Fax: [redacted] BRE # [redacted] | NMLS # [redacted]

Revdex.com: I have reviewed the? response made by the business in reference to complaint ID [redacted] , and find that this resolution would be satisfactory to me.? I will wait? for the business to perform this action and, if it does, will consider this complaint resolved Regards, [redacted]