Prospect Mortgage is a residential retail mortgage lender that offers a range of home loans. The company was founded in 2007 and is headquartered in Sherman Oaks, California with retail offices across the United States. The company is backed by the private equity firm, Sterling Partners. In 2011, Prospect Mortgage was ranked number 2 on Mortgage Executive Magazines list of the Top 100 Mortgage Companies in America and was a top 10 national home purchase lender in 2012. In one of its first moves after being founded, Prospect acquired Metrocities Mortgage, LLC in 2007 via acquisition precipitated by Sterling Partners. Prospect also inherited Metrocities' assets. Prospect also acquired the retail mortgage platform of Opteum Financial Services LLC in 2007. In 2008, Prospect Mortgage acquired the IndyMac Bancorp retail mortgage branches. The purchase gave them 80 new retail offices and made Prospect one of the largest independent retail mortgage firms in the nation. The deal helped them expand operations to the Midwest and they opened an operations center in Schaumburg, Illinois. In 2009, Metrocities branches that had still been operating under that name in New York were rebranded "Prospect Lending, LLC." In 2011, Mortgage Executive Magazine ranked Prospect Mortgage as the second-best mortgage company in America with an estimated volume of $6.9 billion and over 26,000 loans. The following year, the company added former Fannie Mae CEO, Michael Williams, as a chairman of the board. According to the National Mortgage News, Prospect ranked 27th among residential funders nationwide in 2012, with an estimated volume of $8.42 billion in loans.