Prospect Mortgage Acquires Division Of Farmers Bank & Trust

Posted by Patrick Barnard on June 29, 2015 No Comments
Categories : Residential Mortgage

Sherman Oaks, Calif.-based Prospect Mortgage LLC has acquired certain assets of CapWest Mortgage, a cell center operation focused on consumer direct sources of business and a division of Farmers Bank & Trust.

Per the agreement, CapWest will now operate as a separate division of Prospect Mortgage. Monte Robbins, the current president of CapWest, will become the Prospect divisional president, responsible for the growth and operations of the call center.

Prospect Mortgage aims to capitalize on the merging consumer direct market by expanding and enhancing this channel's capabilities. According to the company, Prospect has the resources available to scale CapWest's model to achieve an expanded spectrum of lead sources and products.

Mike Williams, chairman and CEO of Prospect Mortgage, says, ‘During the last several quarters, we conducted extensive market due diligence on an array of strategic opportunities. We believe CapWest's sophisticated call center operations and seasoned management team will provide Prospect with significant growth opportunities and an enhanced competitive advantage in the marketplace.’

W.R. Robbins, chairman and CEO of Farmers Bank & Trust, says, ‘I am delighted by not only the growth CapWest will see in the future under this structure, but also by the long-term relationship Farmers Bank & Trust is establishing with Prospect Mortgage. I have seen great results when you have creative, forward-thinking individuals working on a shared vision for the future.’

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