Mortgage Net Branch Opportunities Proliferate as FHA Volume Rises. --Primary Residential Mortgage, Inc.
SALT LAKE CITY, UT – OCTOBER 1, 2007 Mortgage Net Branch - (Primary Residential Mortgage, Inc.)– The subprime mortgage meltdown has left many mortgage originators in need of a source of funds for their borrowers with less than prime credit. Mortgages insured by the Federal Housing Administration are increasingly filling that gap, but getting through government requirements to obtain FHA lender approval remains arduous.
To avoid dealing with these requirements alone, many of the 50,000 displaced mortgage professionals are seeking mortgage net branch opportunities, and several such companies are being created to meet this demand. By operating under the umbrella of a net branch company, originators can take advantage of the parent company’s back-end support. Services typically include accounting, marketing, underwriting, shipping, and closing; more importantly, net branch companies often have the skilled professionals, the necessary licensing, and the asset requirements necessary to originate FHA loans.
However, loan officers are finding that these fly-by-night net branch companies, while boasting the ability to originate FHA loans, lack the experience and resources to help them through the process.
“Most of these new mortgage net branch operations do not have the systems or experience to support mortgage originators in a retail branch environment,” says Dave Zitting, President and CEO of PRMI, which has been a HUD/FHA Direct Endorsement lender since 1998. “We’ve spent the last 9 years perfecting these systems with the help of over 200 branches nationwide.”
In August, Primary Residential Mortgage, Inc. added 3 large branches to its network. The company is continuing to expand its reach, and is in the process of hiring 35 new employees to offer the high level of support demanded by its increasing volume.
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, Primary Residential Mortgage , Inc. is a privately-held, debt-free company that focuses primarily on traditional loan products. Licensed in Arizona, Alabama, Arkansas, California, Connecticut, Delaware, Florida, Georgia, Hawaii, Idaho, Illinois, Indiana, Iowa, Kansas, Kentucky, Louisiana, Maine, Maryland, Massachusetts, Minnesota, Mississippi, Montana, Nebraska, Nevada, New Hampshire, New Mexico, North Carolina, North Dakota, Ohio, Oklahoma, Oregon, Pennsylvania, Rhode Island, South Carolina, South Dakota, Tennessee,Texas, Utah, Vermont, Virginia, Washington, Wisconsin, and Wyoming.
- Contact Information
- Dave Zitting
- President and CEO
- Primary Residential Mortgage Inc.
- Contact via E-mail
This news content may be integrated into any legitimate news gathering and publishing effort. Linking is permitted.
News Release Distribution and Press Release Distribution Services Provided by WebWire.