SOURCE: Primary Residential Mortgage, Inc.

December 04, 2007 17:21 ET

Primary Residential Mortgage Helps Homeowners' ARM Resets Through FHA Loan Program

SALT LAKE CITY, UT--(Marketwire - December 4, 2007) - The U.S. Department of Housing and Urban Development recently released statistics corroborating the success of the FHA Secure program. Industry wide, approximately 33,000 borrowers have already refinanced their home through FHA Secure, which was announced in late September. Primary Residential Mortgage, Inc. (PRMI) has encouraged company-wide use of FHA loans, and in the month of November, PRMI helped over 200 borrowers finance FHA loans totaling more than $33 million, many of which incorporated the FHA Secure program.

"We are pleased to be able to help homeowners take advantage of the FHA Secure program," says David Zitting, CEO and President of Primary Residential Mortgage, Inc. "We anticipate that more and more borrowers will be seeking to take advantage of this program and have encouraged all of our branches nationwide to be eligible to offer these loans."

The FHA Secure program is designed for borrowers trying to refinance adjustable rate mortgages. Borrowers must have been current on their mortgage payments for at least 6 months prior to their rate adjusting. So far, homeowners who have taken advantage of the program have saved an average of $400 a month in mortgage payments. It is predicted that another 20,000 borrowers will be approved in December alone. In 2008, as many as 200,000 borrowers are predicted to take advantage of FHA Secure.

ABOUT PRMI

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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