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.
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."
|#||Financial Product||Sub-Product||Complaint Issue||Complaint Count|
|1||Mortgage||FHA mortgage||Settlement process and costs||12|
|2||Mortgage||FHA mortgage||Application, originator, mortgage broker||9|
|3||Mortgage||Conventional fixed mortgage||Application, originator, mortgage broker||8|
|4||Mortgage||Conventional fixed mortgage||Settlement process and costs||4|
|5||Mortgage||Other mortgage||Application, originator, mortgage broker||4|
|6||Mortgage||FHA mortgage||Loan servicing, payments, escrow account||3|
|7||Mortgage||FHA mortgage||Credit decision / Underwriting||3|
|8||Mortgage||Other mortgage||Loan servicing, payments, escrow account||3|
|9||Mortgage||VA mortgage||Application, originator, mortgage broker||3|
|10||Mortgage||Conventional adjustable mortgage (ARM)||Application, originator, mortgage broker||2|
|#||Company Response||Response Count||Timely Response Count||Disputed Count|
|1||Closed with explanation||48||40 (83.3%)||19 (39.6%)|
|2||In progress||5||5 (100%)||0 (0%)|
|3||Closed with monetary relief||3||3 (100%)||1 (33.3%)|
|4||Closed||2||2 (100%)||0 (0%)|
|5||Closed with non-monetary relief||1||1 (100%)||0 (0%)|