Prospect Mortgage, RE/MAX ink marketing deal

PROVIDENCE – If you buy a home in New England with the aid of a RE/MAX agent, you will likely find them suggesting Prospect Mortgage as a lender.
RE/MAX of New England announced this week that it entered into a marketing partnership with the California-based lender. RE/MAX said Prospect Mortgage would become its “preferred lender.”
Prospect Mortgage bills itself as one of the largest independent residential retail lenders in the country. It offers special loans aimed at first-time homebuyers alongside conventional, jumbo and super-jumbo loans.
The lender maintains more than 200 offices across the country, including one in Rhode Island. The company says it is backed by Sterling Partners, a private equity firm with $4 billion of capital under management
“Prospect Mortgage has a legacy of successful joint venture relationships with real estate companies, and is well respected in our industry,” said RE/MAX of New England’s Executive Vice President and Regional Director Jay Hummer. “We are starting this New Year off with a trusted partnership that I’m confident will turn into a valuable business relationship for both RE/MAX and Prospect Mortgage.”
Prospect made headlines earlier this month when the National Community Reinvestment Coalition accused it and 21 other lenders of violating federal rules by raising the requirements needed to secure a federally backed loan. The coalition filed the complaint with the U.S. Department of Housing and Urban Development.