Primary Residential Mortgage, Inc. Continues Aggressive Expansion through Divisional Joint Venture Program
SALT LAKE CITY, UT – AUGUST 28, 2007 – Primary Residential Mortgage, inc. While market conditions have forced industry-wide closures and downsizing, Primary Residential Mortgage, Inc. (PRMI) continues to expand operations and has recently launched two new partners as part of its Divisional Joint Venture (DJV) program. Based out of Florida and Georgia, the new DJVs will utilize PRMI’s warehousing capabilities and back-end support and anticipate loan volumes of over $20 million each per month.
“In recent months, our DJV program has been gaining momentum,” says David Zitting, Primary Residential Mortgage, Inc. founder and CEO. “With the market instability, we’re providing a sound business model for displaced mortgage professionals or those that want to expand their current book of business. Our strategic planning has put the company in a position of financial strength that allows us to aggressively pursue our growth objectives.” PRMI’s goal, Zitting says, is to add two new DJV partners a month.
The Divisional Joint Venture program offers partners significant value by providing accelerated and cost-effective expansion. Through Primary Residential Mortgage, DJVs enjoy a solid platform of financial and operational support. The program provides several core benefits:
* Expansive warehouse banking lines. Partners have access to PRMI’s $3 billion line of credit through UBS, First Collateral Services, and RFC Funding Corporation
* Extensive operational freedom. DJVs operate as their own brand. With no non-compete and non-solicitation agreements, partners can leave the arrangement at-will and keep their name, logo, and resultant brand equity.
* Comprehensive back-end support. PRMI provides support services (accounting, DJV relations/training, compliance/licensing, human resources, information technology, marketing, and quality control) and retail operation services (secondary marketing, underwriting/risk management, escrow, investor relations/purchasing, document control).
* Access to correspondent and wholesale conduits. Through PRMI’s exclusive Platinum Banking Program, DJV partners have access to correspondent relationships with the industry’s premiere lenders. Relationships are also in place with over 100 wholesale conduits.
ABOUT PRIMARY RESIDENTIAL MORTGAGE, INC.
Headquartered in Salt Lake City, Utah, Primary Residential Mortgage, Inc. (PRMI) was founded by David Zitting, Jeff Zitting, and Steve Chapman in 1998. Since its inception, PRMI has evolved from a four-person business to a nationwide multi-billion dollar operation with 800 employees working in approximately 200 Branches in 47 states. Branches operate under the PRMI brand or as DBAs as part of the Divisional Joint Venture and Consortium Partner programs. Serving all segments of the market, PRMI is a privately-held, debt-free company that focuses primarily on traditional loan products.
- Contact Information
- Dave Zitting
- President and CEO
- Primary Residential Mortgage, Inc.
- Contact via E-mail
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