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Prospect Mortgage Agrees to Pay $3 Million Penalty for Deceptive Practices Charges

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New York State Gov. Andrew M. Cuomo has announced that Prospect Mortgage LLC has agreed to pay a $3 million penalty and deliver restitution to homeowners after a Department of Financial Services (DFS) examination uncovered that the company engaged in deceptive practices on interest rates that harmed consumers. The DFS examination revealed that Prospect charged homeowners upfront ‘discount fees’ in exchange for lower interest rates over the life of their mortgages, but then never actually delivered the promised interest rate discounts.Click to continue


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