Who Is Prospect Mortgage?

Prospect Mortgage is a mortgage lending company that provides a variety of home loan options. Its headquarters are in California, but daily operations are conducted at individual retail offices. Prospect Mortgage reviews online often revolve around specific loan officers who are licensed within the state they work in. Prospect Mortgage is not a bank or credit union – it exclusively provides home loan services.

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What Do Borrowers Say About Prospect Mortgage?

The majority of borrowers who share their experiences with Prospect Mortgage are very happy with the service and rates they receive. Many people that have given Prospect Mortgage reviews have used Prospect Mortgage more than once to obtain a mortgage or refinance, and their reviews are overflowing with praise about their borrowing experience with the company. Other reviewers – from first-time homebuyers to refinancers – are highly complementary in their discussions about individual loan officers working for Prospect.

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Reviews – Overview

The theme of individual accolades in Prospect Mortgage reviews is important. After all, it is the borrower's experience with the loan officer that sets the tone for his/her review.

Clients are especially happy with the high level of knowledge, prompt communication, and great rates that they get through Prospect Mortgage. Both first-time homebuyers and seasoned purchasers often recommend the same loan officer. This indicates that particular Prospect loan officers excel at giving top-notch customer service and home loan products to borrowers.

When looking at complaints and reviews in general, it's important to remember that people are more likely to share bad experiences than good ones. In the case of Prospect Financial Group reviews, overall, there were more positive reviews than negative.

Complaints – Overview

On the other side, borrowers that gave Prospect Mortgage complaints were extremely displeased with their experience. Most of these negative reviewers gave Prospect Mortgage one out of five stars, and many stated that they wished there was an even lower option. They cited a lack of communication, having excessive requests for documentation, and not getting the loan/funds transfers in a timely manner as their biggest Prospect Mortgage complaints.

Through analyzing Prospect Mortgage complaints, there are some clear warning signs that you may not have a good loan officer and should look elsewhere:

  • Your calls and communications are not returned within a reasonable time frame
  • You are asked to send the same documents more than once
  • The process takes longer than average

The loan officers who received Prospect Mortgage complaints regarding poor communication also received complaints of not providing satisfactory loan products. Requiring the same documents over and over indicates a lack of due diligence, as does failing to process applications in a timely manner. Ultimately, these complaints tended to result in loans not being received or, in the case of loan approval, funds for purchase not being transferred when needed.

Overview of Complaints – The Specifics

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Better Business Bureau:

Prospect Mortgage complaints filed through the Better Business Bureau (BBB) that have been registered and resolved in the last three years total 35. On average, 12 Prospect Mortgage complaints are filed per year, using the BBB, which are resolved. These complaints included:

  • Being charged the appraisal fee twice and not receiving a refund (resolved when refund was received
  • Not receiving an appraisal fee refund when promised (resolved when refund was received
  • Requesting a statement correcting “denial” to “termination of application at customer's request” (resolved when statement correction was acknowledged)

In addition, 26 complaints were registered as “Answered.”

Customer Lobby:

Customer Lobby has very few Prospect Mortgage complaints. The most common complaints are lack of communication and no responses to email inquiries:

  • “My emails often go unanswered and ignored”

“Impossible to contact individuals that are managing your account, and when you finally do, they are often mis-informed.”

Consumer Affairs:

Ten percent of the reviews that Consumer Affairs noted give a Prospect Mortgage complaint three stars out of five or less. This is the only rating site where Prospect Mortgage gave a response to reviews, but the response is identical in each case.

  • “They kept asking for certain paperwork and we keep sending it to them and they're getting nothing on the other end.”

Lending Tree:

Echoing other complaints, a particular Lending Tree complaint referred to missed deadlines and repeated delays.


Yelp Prospect Mortgage complaints were all at one star out of a possible five, except for one that gave two out of five stars. The complaints included poor customer service, dishonesty by employees, and lack of communication.

  • “For some reason this company can't make a loan, but others following the exact same criteria are able to follow through.”
  • “After submitting in good faith, lots of personal info, IRS returns…one has to wonder what it takes to get a return call and follow through.”


You'll have to look quite far down the page for the Prospect Mortgage complaints on Zillow. However, you can look up the ratings for individual loan officers from Prospect Mortgage, and this may help you avoid the ones who are poorly rated. It's interesting to note that those with the lowest rating, of one out of five stars, usually only had one borrower's review.

  • “I would NOT recommend her.”


Government actions against Prospect Mortgage, LLC have been recorded four times, with the most recent settlement dated November 19, 2015. The concerns involved charging fees without basis, falsifying a form, interest violations, and not keeping proper records.

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Overview of Reviews – The Specifics

Better Business Bureau:

The Better Business Bureau (BBB) gave Prospect Mortgage a grade of A-.

Consumer Affairs:

Consumer Affairs used 275 ratings, where 80% of reviewers gave a Prospect Mortgage review of five out of five stars. It is unclear why Consumer Affairs did not use all 426 reviews or what those other reviewers rated Prospect Mortgage.

  • “This is our second time doing our mortgage with Aaron and we would definitely work with him again.”
  • “It was an excellent experience and I always recommend them.”
  • “Very professional and efficient in helping me get the refinance I needed.”
  • “Excellent communication, everything on time, smooth transaction. Thank you again!”

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Lending Tree:

According to Lending Tree, 75% of customers gave a Prospect Mortgage review where they would recommend Prospect Mortgage. The reviews indicated high satisfaction with individual employees.

  • “Great people, Great lender.”
  • “Would definitely use again.”


The Prospect Mortgage reviews that were looked at on Yelp generally covered two offices in Southern California (near the company headquarters). Both averaged four out of five stars. Most reviewers had excellent things to write about the individuals they worked with through Prospect Mortgage.

  • “The whole process was very smooth and the service was excellent.”
  • “In the end, there were no gimmicks or smoke screens and everything felt clearly communicated and properly handled.”
  • “If he can help you, he will. If he can't he will tell you why and how to best fix the issues. My experience is he is honest, up front, available, educated, informative and patient.”
  • “Instead of being annoyed by all my questions he really seemed to enjoy working with me so I got exactly what I wanted. Obviously, he would not be able to provide this level of service unless he was extremely knowledgeable.”
  • “The best loan service we could have gotten.”

Customer Lobby:

Customer Lobby Prospect Mortgage reviews gave five out of five stars for “Service,” “Will Recommend,” and “Total Experience.” As with most reviews, it was common for specific people to be named who made the mortgage and borrowing process a great experience.

  • “Answered my questions thoroughly, communicated quickly, and the refinance through Prospect was about as easy as it could be!”
  • “It was easy and at ‘my’ convenience. Prospect Financial had the best rate from any that had contacted me.”
  • “Will recommend to others for sure.”
  • “Responsive, organized, and found us a great interest rate.”
  • “Very professional, will definitely recommend.”


Zillow's mortgage lender directory lists Prospect Mortgage reviews for dozens of individual loan officers working for Prospect. The loan officers most highly rated are also the ones with the most total ratings. These are the people you want working for you. Look for someone with experience giving great service and numerous recommendations.

  • “He was helpful and knowledgeable.”
  • “One of the most knowledgeable, friendly, and helpful loan officers I have ever met.”
  • “Thank you for all your help and patience.”
  • “Best in the business.”

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Summary of Complaints and Reviews

It becomes quite clear when looking over the Prospect Mortgage complaints and reviews that the most important element of the whole process is the quality of the loan officers. If you have an excellent loan officer, you will likely have a great experience and end up with the loan you are looking for.

As drawn from the reviewers’ comments and complaints listed above, a less-than-stellar loan officer will likely fail to get your loan approved or will only get it approved after numerous delays and frustrations.

The key to a successful experience with Prospect Mortgage is to research in depth the loan officers in your area and choose one who has a proven track record with reviewers.

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Reasonable efforts have been made by AdvisoryHQ to present accurate information, however all info is presented without warranty. Review AdvisoryHQ’s Terms for details. Also review each firm’s site for the most updated data, rates and info.

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