For the past several years, Prospect Mortgage, LLC, has weathered a blast furnace of regulatory heat due to its aggressive marketing efforts, which some have called kickbacks. Last week, the company entered into a consent order with the Consumer Financial Protection Bureau that serves as a useful guide for other real estate businesses.
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Prospect Mortgage LLC, a nonbank lender headquartered in Sherman Oaks, California, and the Multi-State Mortgage Committee (MMC), a representative body of state mortgage regulators representing the examination interests of combined states relating to lenders operating in multiple states, announced a $10.1 million settlement between Prospect and 50 state mortgage regulators.
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