Stated the mortgage process with their broker Ray Duran. Months later it was apparent that no one from the Prospect side had done anything. The only time we would hear from them was at the very end of the day on Friday and then it would be a mad scramble to get them whatever additional documents they just realized they needed. Duran actually sat in his office one day and did a mandatory FNMA quiz on his computer as though he were me! I had to repeatedly remind everyone at Prospect that we needed to have mortgage commitment by 5/14 and as of 5/24 they were still unable to produce a commitment letter. We were due to close 5/29 or lose over $5000 in deposit. After contacting Prospect corporate who then assigned someone new to handle our loan (and believe me the second guy was worse than the first) we then find out that we now have to go 20% down instead of the 3% they had quoted all the way through. We agreed to 20% and they then came back and said, "You need another gift letter from your wife". We produced that and they came back with, "You'll need another $5225 to pay at closing".
Finally, when we simply could not take any more I gave them a 3pm deadline on the 24th to have the commitment letter and to be ready to close on the 29th of May as the contract stipulated. 3pm came and went with no contact. at 4:30pm I had our attorney send out a cancellation to everyone. At 5:22pm I sent a scathing message to all the Prospect clowns advising them of our disappointment and confirming the cancellation. 5 minutes later I get a phone call from Gavin Ales, Head of compliance, apologizing for not calling me back as he had promised and blaming someone else who was apparently supposed to have called me instead. Within minutes of that I finally recieved the commitment letter, peppered with additional conditions that had never been communicated to us before and advising that the commitment would expire 5/29, a date that Prospect said they could not be ready to close anyway.
No one spending this kind of money, and being forced to accept a 6% interest rate, along with incredible fees and charges, should be treated this way. Ray Duran even tried to play stupid with me (wait, maybe he wasn't playing) when I asked for a GFE. He acted like he had never heard of this before and actually wrote back to me that the only thing they charge is $895 for origination and that the rest is only state taxes and title fees. Really? Maybe you can explain then why the GFE that I finally did recieve showed over $4000 in "discount points". And even with that they wanted to screw me for 6.375%.
Really, if your real estate person mentions Prospect Mortgage you should run for the hills. They turned the process of buying our dream into a total nightmare. Criminals from the beginning.