Primary Residential Mortgage, Inc. Drives Growth Through Increased FHA Volume

SALT LAKE CITY, UT -- (MARKET WIRE) -- 05/22/08 -- Reflecting a shifting mortgage environment, Primary Residential Mortgage, Inc. (PRMI) has helped a growing number of borrowers in obtaining government-insured Federal Housing Administration loans. Through April 2008, PRMI has closed 1785 FHA loans, which represents a 563% increase year over year. On average, FHA loans have accounted for 42% of the company's monthly volume in 2008.

"FHA loans have become one of the most viable mortgage products available," says Dave Zitting, CEO and President of PRMI. "In wake of the downturn in the mortgage market, the government has stepped in and made FHA loans even more accessible. The benefits are two-fold: investors have the security of knowing the loan is backed by the federal government, and borrowers get to enjoy lower down payments, low closing costs, and easier credit qualifying."

PRMI, a HUD/FHA Direct Endorsement lender since 1998, has met the increased demand by encouraging branches nationwide to meet company requirements to become an FHA-approved branch. Currently, 127 of PRMI's 158 branches are licensed to do FHA loans. The corporate office has also increased its capacity in underwriting and quality control to handle the growth.

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. 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. 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.

CONTACT INFORMATION

Dave Zitting President and CEO Primary Residential Mortgage 800-255-2792 ext. 1113 www.davezitting.com www.branchpartner.com

2008-05-22 19:25:38 0369411 MARKETWIRE