SOURCE: Primary Residential Mortgage, Inc.

January 24, 2008 12:31 ET

Primary Residential Mortgage, Inc. Adds 69 Branches in 2007

SALT LAKE CITY, UT--(Marketwire - January 24, 2008) - Primary Residential Mortgage, Inc. (PRMI) added 69 branches to its branch network during 2007. PRMI currently has branches in 38 states and is licensed to do business in 47 states. After starting 2007 with 207 branches, the company ended the year with 169 branches overall.

"While we had a strong year considering market conditions, we obviously weren't totally insulated to attrition. But, we have a fantastic business development team that has made sure we've excelled in our recruiting," says Dave Zitting, President and CEO of PRMI. "The difficulties in the market have displaced a lot of qualified mortgage professionals. We've pursued these individuals through various channels and have been able to add greater depth to our nationwide branch network. And while it would have been easy to add even more branches, we've focused on quality more than quantity. Despite having fewer branches, we're actually expecting our volume to increase."

With an estimated 86,000 workers losing jobs and over 150 mortgage companies going out of business in 2007, PRMI has aggressively sought to expand its market share in the consolidated market. With increased government regulations, net branch companies, such as PRMI, who employ compliance, licensing, and quality control teams, are increasingly gaining traction with mortgage originators. This business model helps ensure that originators are operating according to all federal and state regulations and provides them with experts to help them navigate through the new mortgage landscape.


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 into 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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