PRMI Introduces Powerful Point-of-Sale Search Engine, David Zitting, President and CEO

PRMI Introduces Powerful Point-of-Sale Search Engine, David Zitting, President and CEO

SALT LAKE CITY, UT – SEPTEMBER 6, 2007 – Primary Residential Mortgage, Inc. (PRMI) has partnered with Optimal Blue, developers of the first Internet-based loan search engine, to provide PRMI branches nationwide with a product and pricing eligibility engine. By utilizing this program through PRMI’s customized interface, the Platinum Banking Engine (PBE), originators have the power to compare thousands of loan products in seconds. In addition, the PBE’s capabilities will be facilitated by a newly formed Secondary Marketing Team.

“At PRMI, we take pride in providing our branch partners with the best technology available and strive to provide the tools needed to maintain a competitive advantage,” says David Zitting, CEO and President of PRMI. “The Platinum Banking Engine is going to shape the way we do business. This amazing tool provides fast and easy access to the industry’s most comprehensive and powerful product and pricing engine. With the engine, we can utilize new tools and access information in ways we never have before.”

All programs and rates in the engine are provided by investors that have contractually agreed to improve their rates for PRMI partners and pay additional incentive pricing to ensure competitiveness and per transaction profitability. In addition, the engine utilizes a comprehensive macro to determine net warehousing costs up-front, and it fits this into the net-pricing published for every product in the engine. Branches no longer need to calculate warehousing cost—it is automatically fit into the price published in the engine.

“Another great benefit of this new system is that our branches will be paid more quickly,” says David Zitting. “If a loan is locked in the PBE, branches are paid 100% of the profit and commission on the loan the day after it loan funds—not when it is purchased from the investor.”

In conjunction with the PBE, Primary Residential Mortgage has started offering a full-service Secondary Lock Desk for all loans locked inside of the PBE. Once a product has been selected in the PBE, within seconds the lock executes at PRMI’s corporate offices. A member of the Secondary Marketing Team then locks the loan with the investor and sends the branch a confirmation.

ABOUT US

Headquartered in Salt Lake City, Utah, Primary Residential Mortgage, Inc. (PRMI) was founded by David Zitting in 1998. Since our inception, PRMI has evolved from a four-person business to a nationwide multi-billion dollar operation with 800 employees working in approximately 200 Branches in 47 states. Branches operate under the PRMI brand or as DBAs as part of the Divisional Joint Venture and Consortium Partner programs.

CONTACT INFORMATION

David Zitting
press@primeres.com

Contact Information

Rob Zawrotny

Public Relations Manager

PRMI

Contact via E-mail