[For Builder and Real Estate Professionals Only]

Prospects Mortgage's Dedicated Builder Division Is Laser Focused on Helping Builders Sell More Homes

Expertise, Products and Services that:

  • Enhance the borrower experience
  • Reduce operating costs
  • Reduce regulatory and financial risk
  • Your Lead Conversion Partner - Accelerating opportunities through successful lead nurturing with our builder partners
Learn more about how to sell more
homes with Prospect’s National
Builder Division (1:45)

Extended Rate Lock Programs*:

  • Protects qualified borrowers from the possibility of rising rates
  • Provides buyers and builders with peace of mind, knowing what rate and payment will be at closing
  • Helps lock down pipeline and ensure sales contracts are not adversely affected by rising rates
  • Homebuyers can lock rates for up to 12 months**
  • Eligible products:
    • Conventional conforming fixed rate
    • Adjustable rate mortgage (ARM)
    • FHA | VA fixed
  • Qualified buyers receive a ceiling on the interest rate with the option to float down to a lower market rate at the time of closing
  • Protects the builder's investment from rising rates and mitigates pipeline fallout
  • Ensures that the property stays within the buyer's financial reach
  • Reduces the risk of your inventory being held off market for an unqualified buyer
  • Rate protection programs provide an attractive advertising feature to buyers
  • Maximum loan amount: determined by the high-balance loan limit in your county.
Learn more about Extended Rate Lock (1:18)
*Extended rate locks may require a rate add-on and an up-front lock-in fee. A portion of the up-front lock-in fee may be refunded at closing. The refund amount is dependent upon the rate lock commitment period and rate add-on.
**12-month available on fixed-rate programs only.

Spec Rate Lock Programs:

  • Approved builder can lock-in rates for “spec” properties for 60, 90, or 120 days without a buyer or sales contract*
  • If builder finds qualified homebuyer prior to 30 days before the expiration of the lock, and rates have increased, the homebuyer “takes over” the locked rate
  • Builder can advertise special promotion or rate to sell standing inventory for the spec locks they obtained
  • Eligible products
    • Conventional conforming fixed rate
    • Adjustable rate mortgage (ARM)
    • FHA | VA
  • Maximum loan amount: high balance county limit
  • Up to 3 spec loans at one time per builder
  • Locks can be extended under Prospect’s standard extension rules**
Learn more about Spec Rate Lock (1:58)
*Fees may apply to builders.
**Rate lock extensions may be available to the Builder or customer per Prospect’s policies and will involve additional fees.
  • We can provide guidance on mortgage investor requirements to help the Homeowners Association regarding budget and reserve requirements for new projects
  • Provide guidance regarding agency compliance legal documents and properly phasing project to meet pre-sale requirements
  • Zero presale requirement* to begin closing units with jumbo financing for approved builders and condominium projects. This means we can immediately begin to help you get borrowers qualified and kick start sales with these financing options!
  • Our approval is for conforming and non-conforming conventional loan programs
  • We can help you obtain FNMA, FHLMC, FHA, and VA approvals at the earliest possible stage in your development
  • Specialized staff with years of experience dedicated to the project review process with strong agency relationships
  • Red tape relief saves you time
  • Approval status can help reassure that qualified homebuyers can access a wide range of loan products at competitive rates
  • Condominium, planned unit development approvals are available
Learn more about benefits of using Prospect's
condo project approval services (1:21)
*Zero presale requirement for owner-occupied transactions only and available only through a brokered program. For this loan program we are a Mortgage Broker only, not a mortgage lender or mortgage correspondent lender. We will arrange loans with third-party providers but do not make loans for this program. We will not make mortgage loan commitments or fund mortgage loans under this program. This loan program is not available in all states. Please speak to a Prospect Mortgage Loan Officer for more information.
  • Prospect Mortgage has established a process with our appraisal management company to evaluate the qualifications of appraisers that maximizes the appraisers’ experience and familiarity with the unique requirements of appraising new construction housing
  • Prospect Mortgage’s appraisal group will ensure that your developments and transactions are always appraised and reviewed by a new construction-experienced appraiser
  • Loan Officers provide status on pre-qualification and loan applications*
  • Up-to-date communication of changes to guidelines, regulations and lending programs
*Subject to applicable laws.
  • Closing on a new home is a big step for your buyers, and we realize that there is a lot for new homeowners to do once they get the keys to their new home. Prospect Mortgage has partnered with Kandela to provide concierge services to homebuyers.
  • Homebuyers can take advantage of this money and time-saving home services program. With one call, a concierge can set up for the borrower:
    • Moving services
    • Homeowners insurance
    • Television
    • Internet
    • Telephone
    • Home Security
    • Landscaping
  • This is just another way that Prospect helps guide the buyers through the process of buying a new home.
Learn more about how Kandela’s concierge
services benefit your clients (1:19)

A Partnership Model to Support Your Unique Needs

Builder Service Agreement

  • National New Construction Division platform
    • Dedicated New Construction Loan Officers
    • Unique reporting capabilities
    • New Construction appraisal process
    • Condo project review
    • Specialized programs: Extended rate locks, spec lock etc.

Month-End and Quarter-End Closings — Prospect CAN help!!

Month-end and quarter-end closings are an important time for builders. Every new homebuyer transaction is critical, and it’s important to close on time! Whether Prospect Mortgage is a first-string lender or back-up lender for your new home project, we have additional capacity to assist in closing these critical deals. We specialize in “second look,” “fall out,” “last minute,” and “capacity overflow” deals, and will work directly with the builder sales teams to ensure a positive experience for the consumer.

Prospect's Solid Credentials:

  • Fannie Mae direct lender
  • Freddie Mac direct lender
  • Ginnie Mae (FHA) direct lender
  • FHA Full Eagle lender
  • Industry-leading cycle times
  • Innovative, proprietary technology
  • Purchase-focused company model
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