1.
Philip H. Franklin
Senior Vice‐President Regulatory Compliance
Prospect Mortgage LLC
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Employment History
• Senior Vice‐President Regulatory Compliance, Prospect Mortgage LLC, Sherman Oaks, CA (10/2013 – Present).
Provide regulatory compliance (state and federal) and operational support to national residential loan
origination and servicing oversight operations of a California mortgage banker. Monitor and report
developments in state and federal mortgage lending laws, rules and regulations, as well as the validation of
the business integration of such developments. Provide legal research and writing to legal and business
units concerning state and federal regulatory compliance issues and developments. Manage state and CFPB
examinations. Plan and develop regulatory compliance training for loan origination and servicing oversight
personnel. Draft and update as necessary company policies and procedures. Supervise the Compliance
Resolution and Disclosure Groups. Manage a team of 3 attorneys, 2 project managers and 2 project
assistants.
• Of Counsel, McGinnis Wutscher LLP, Chicago, IL/Irvine, CA (2008‐2013). Provided residential mortgage
compliance support to financial institution clients on state and federal loan origination and servicing issues
(CFPB, etc.). Directly responsible for responding to consumer complaints related to state and federal loan
origination and servicing issues (e.g., TILA, RESPA, ECOA, FCRA, FACTA, FTCA, etc.).
• Of Counsel, Fremont Reorganizing Corporation (fka, Fremont Investment & Loan), Anaheim, CA (2008‐2010).
Provided legal support to management and litigation divisions in connection with loan servicing and loan
origination operations of Fremont Investment & Loan and the bankruptcy reorganization of its parent,
Fremont General Corporation. Contributed to the settlement of numerous consumer complaints and
lawsuits.
• Vice‐President and Legal Counsel, Fremont Investment & Loan, Anaheim, CA (2000–2008). Provided regulatory
compliance (state and federal) and operational support to national residential loan origination and servicing
operations of a California industrial bank, including without limitation comprehensive assistance with
policies and procedures, state and FDIC compliance examinations and government/legislative affairs.
Responsible for managing defense litigation for residential loan operations. Managed a team of 1 attorney,
3 paralegals and 1 administrative assistant.
• Corporate Counsel, AMRESCO Residential Mortgage Company, Inc., Irvine, CA (1995‐2000). Responsible for
managing residential mortgage compliance department, including compliance officers, paralegals and
administrative assistants. Provided regulatory compliance support to nationwide mortgage loan origination
and servicing operations, including without limitation comprehensive assistance with policies and
procedures, and state compliance examinations. Participated in training of company employees on a variety
of compliance issues.
• Other Legal Employment (1983‐1995). Served as in‐house counsel in a variety of increasingly responsible
positions for TICOR Title Insurance Company; Coldwell Banker Residential Real Estate, Inc.; Guardian
Savings and Loan Association; and Title America Settlement Services (Manager and Settlement Attorney –
Maryland).
