Prospect Mortgage Partner

Our company was contacted by Prospect Mortgage Partner REO Financing Program. They want us to take an online class at the cost of $150.00 to work with their lenders. Is anyone working with this company now? They gave an attached letter stating PMH Financial has an alliance with their company.

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  • I have a prospect mortgage a few doors down from me but I don't use them much. They have a good lead generation and buyer tracking program though. Some of my AM companies require our buyers to be pre-approved with Prospect.
    • I work with PowerREO and they have required that a pre-qual from Prospect be included with all offers for a long time. My Prospect LO is knowledgeable and quick with a response so I have no complaints. A lot of pre-quals from random companies that come with offers aren't worth much so I appreciate getting a pre-qual that I can count on. I also received the email from PMH but don't have to pay for the training since I have already completed it for PowerREO. The training was pretty elementary and certainly wasn't worth the $150.00 in terms of new knowledge. But hey, sometimes you have to pay to play.
  • As a good rule of thumb (from all the stories around here lately), if they come knocking on your door...they just want your money. If you have to find them then they are most likely legit!
    • Steve I agree we work for at least 40 BPO companies. We never have paid a fee to start with any company and have made quite a few connections with asset managers from our companies name being on the report. We are working on a few REO’s, still looking for the jackpot. I don’t mind putting money out there to up my chances, just think I should do a little research before I start handing out the credit card.
  • I also got the email stating that PMH has "assigned" to me a Mortgage Broker within their corporation to work with, but they have yet to assign me an REO Listing. Hopefully I will get some business from them soon. Unless I had multiple REO Listings from PMH, I can't imagine why I would pay $150 to learn how to work with their preferred lender. Maybe we should charge the Lender $150 for a training course to teach them how to work with us:)
  • In my opinion the training was not worth the $150
    • Did they partner you with a lender to work with and how is that working out?
      • They've partnered with PMH financial. I wish I had more information to share, but I have never received an assignment form PMH Fininancia. I just happen to be in their huge database of agents. The training appeared to be thrown together and could have been sent in an email format.
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