Prospect Mortgage has announced the launch of its Renovation Lending Correspondent Division to help lenders address the needs of their customers looking for renovation loans. "With so many REO and foreclosure properties available today, renovation lending has grown from a niche product to one of the best financing solutions in today's market," says Doug Long, president of Prospect Mortgage Retail and Correspondent Lending. "Prospect Mortgage is the second-largest FHA 203(k) lender in the country, according to endorsement data from HUD [U.S. Department of Housing and Urban Development]. We've built a stellar reputation and achieved this position by focusing on our Renovation Lending Platform and consistently supporting it with a team of sales and operations specialists with more than a quarter century of renovation lending expertise. Through our new Correspondent Division, we're excited to share our experience—and our commitment to renovation opportunities—by helping lenders offer the 203(k) product to capture new business and help more homebuyers."
In addition to Doug Long, the Prospect Mortgage Renovation Lending Correspondent Division leadership team includes Mike Kelly, Senior Vice President of New Construction and Renovation, and Jim Ragan, Renovation Lending Manager. Kelly joined Prospect Mortgage in April 2012 with 24 years of experience in the mortgage industry, specializing in new construction and renovation lending.
Jim Ragan has been focused on Renovation Lending since 1988. Prior to joining Prospect, he owned and operated his own mortgage firm in New Jersey from 1989 to 1997, and then managed renovation lending at a major New York-based lender through 2006.
"Prospect Mortgage has established itself as one of the top renovation lenders in the U.S.," said Ragan, "and we are anxious to share this opportunity with a broader network of lenders and help them grow this important market segment."