Prospect Mortgage

Report Card
F
Overall Grade
F
Mortgages Grade
Prospect Mortgage is rated overall in the bottom 2 percentile (out of 100) based on 49 customer complaints.

Statistics

Complaints Currently In-Progress1
Complaints per $100K of Deposits
Complaints Resolved in a Timely Manner87.8%
Resolutions Disputed by Customer36.7%
Average Time Until Resolution56 days

Financial Report

Owner CorporationNot Listed
EstablishedNot Listed
FDIC InsuredNot Insured
FDIC Certificate #
Number of BranchesUnknown
Total AssetsUnknown
Total DepositsUnknown
Total EquityUnknown
Quartarly Net IncomeUnknown

Contact Information

Corporate Headquarters
Not Listed
Website
Not Listed
Data Summary
Prospect Mortgage logo

Grade Summary

Overall, Prospect Mortgage received a grade of "F" based on how quickly the company responded to complaints, how often customers disputed their final resolution, and how many complaints were recieved per customer.

Grades are also broken down by the financial products offered be each institution. Prospect Mortgage is rated "F" in Mortgages. Click on any of the financial products to see how Prospect Mortgage compares.

Overview

Prospect Mortgage has received 49 consumer complaints since December, 2011 – more than 87% of other banks.

Of those complaints, 87.8% of complaints were resolved in a timely manner. The CFPB allows 60 days to resolve complaints before considering them 'untimely.' Prospect Mortgage meets the 60-day response deadline less frequently than 83.1% of other banks.

After companies respond to complaints, customers may dispute the response indicating that the issue was not resolved adequately. 36.7% of customers dispute Prospect Mortgage's response to complaints — worse than 96.4% of other companies.

Most of Prospect Mortgage's customers complain about mortgages with the primary issue being "settlement process and costs."

Complaints by Product
Complaints by State
Complaints Against Prospect Mortgage
#Financial ProductSub-ProductComplaint IssueComplaint Count
1MortgageFHA mortgageSettlement process and costs12
2MortgageFHA mortgageApplication, originator, mortgage broker9
3MortgageConventional fixed mortgageApplication, originator, mortgage broker8
4MortgageConventional fixed mortgageSettlement process and costs4
5MortgageOther mortgageApplication, originator, mortgage broker4
6MortgageFHA mortgageLoan servicing, payments, escrow account3
7MortgageFHA mortgageCredit decision / Underwriting3
8MortgageOther mortgageLoan servicing, payments, escrow account3
9MortgageVA mortgageApplication, originator, mortgage broker3
10MortgageConventional adjustable mortgage (ARM)Application, originator, mortgage broker2
Responses From Prospect Mortgage
#Company ResponseResponse CountTimely Response CountDisputed Count
1Closed with explanation4840 (83.3%)19 (39.6%)
2In progress55 (100%)0 (0%)
3Closed with monetary relief33 (100%)1 (33.3%)
4Closed22 (100%)0 (0%)
5Closed with non-monetary relief11 (100%)0 (0%)
Complaints over the Past Year