SOURCE: Primary Residential Mortgage, Inc.

January 16, 2008 11:16 ET

Primary Residential Mortgage, Inc. Boasts Record Volume in December 2007

SALT LAKE CITY, UT--(Marketwire - January 16, 2008) - Despite a tumultuous market during 2007, Primary Residential Mortgage, Inc. (PRMI) ended the year on a high note. In December, the company completed 1129 loans for $144 million, the second largest correspondent funding month in PRMI history. PRMI's December volume is only 6.4% off of the peak in July 2003, when the company had more than 300 branches.

For 2007, PRMI funded $1.74 billion in volume while operating approximately 160 branches, compared to volume of just over $2 billion in 2006. This drop of just 13% came in spite of an overall 27% decrease in the market.

"Considering the year that the industry had, for us to have such a strong December, and a strong year overall, is phenomenal," says Dave Zitting, President and CEO of PRMI. "We can attribute this success to the innovative business channels we've developed as well as to our hard working branch partners across the country. We're looking forward to a strong 2008."

During 2007, PRMI introduced several enhancements and programs to remain competitive in the mortgage market:

--  Division Start-Ups. PRMI partnered with seasoned mortgage executives
    to create 5 new separately operated divisions in California, Florida,
    Georgia, Texas, and Utah.
--  Paperless Technology. The company introduced online, real-time
    accounting for all branches; web-enabled human resources capabilities; a
    new product and pricing search engine; and completely paperless loan
    processing via DocTrac.
--  Market Alliance Team. Led by Jim Crawford, the team has launched a new
    initiative with LendingTree and will continue to seek out other alliances
    within the mortgage and real estate industries.
    

ABOUT PRIMARY RESIDENTIAL MORTGAGE, INC.

Headquartered in Salt Lake City, Utah, Primary Residential Mortgage, Inc. (PRMI) was founded by Dave 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 over 150 Branches. The company is licensed in 47 states. Branches operate under the PRMI brand or as DBAs as part of PRMI's Division program. Serving all segments of the market, PRMI is a privately held, debt-free company that focuses primarily on traditional loan products.

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