Frost Mortgage Banking Group Partners With Primary Residential Mortgage, Inc. in Divisional Program
SALT LAKE CITY, April 2, 2008 /PRNewswire/ -- Frost Mortgage Banking Group has entered into an arrangement to operate as a division of Primary Residential Mortgage, Inc. (PRMI). Frost Mortgage Banking Group currently employs 27 mortgage professionals and operates offices in New Mexico, Arizona, and Utah. In 2007 they originated approximately $128 million in loans. The company officially opened its doors for business as a division of PRMI on March 24.
"We're excited to welcome Frost Mortgage to the PRMI family," says Dave Zitting, President and CEO of PRMI. "They have an outstanding reputation and are an ideal company for us to partner with. We look forward to an extended and mutually beneficial partnership." "We're confident that Primary Residential Mortgage will help us reach our goals," says Greg Frost, who manages Frost Mortgage Banking Group. "By allowing them to handle our back office needs, we can continue doing what we do best -- originating mortgages."
The arrangement allows Frost Mortgage to focus on borrower relationships while PRMI provides a platform of financial and operational support. In the agreement, Frost Mortgage will have access to PRMI's support services (accounting, branch 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). After spending several years in the savings and loan business, Frost started in the mortgage industry in 1985. By 1991, he opened his own mortgage company, Frost Mortgage Banking Group. The company now operates 17 locations in 4 states. In New Mexico, the company does business as Frost Mortgage Banking Group, Charter Funding, Lending Solutions, Harvard Mortgage, High Desert Mortgage, and Albuquerque Lending; in Arizona, as PRMI, Inc. (FN); and in Utah and California as Primary Residential Mortgage, Inc.
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 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 the retail production of traditional mortgage products. CONTACT INFORMATION Dave Zitting First Call Analyst:
CONTACT: Dave Zitting of Primary Residential Mortgage, Inc., Web site: http://www.primeres.com/
2008-04-02 17:36:54 0326896 PRNEWSWIRE
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