Primary Residential Mortgage Inc. (PRMI) Review: Faster, Simpler, Smarter? (2024)

Primary Residential Mortgage, Inc., or PRMI for short, is a direct mortgage lender based out of Salt Lake City, Utah that has been around since 1998.

Since that time, they have grown into a multi-billion-dollar mortgage originator with over 250 branches and more than 1,800 employees nationwide.

At the moment, they are licensed to lend in 49 states (New York being the exception), and while they originate lots of home loans in many states, their highest volume comes from Florida and Maryland.

They do mostly home purchase loans (~70% share) thanks to their many relationships with real estate agents, but also a good deal of refinance loans as well.

Additionally, they offer a $5,000 Loan Closing Guarantee, whereby they’ll pay you $2,500 and the seller $2,500 if they issue a mortgage pre-approval and don’t close on time.

Let’s learn more about what PRMI offers and if they’re the right mortgage lender for you.

Primary Residential Mortgage Fast Facts

• Direct-to-consumer mortgage lender located in Salt Lake City, Utah
• Founded in 1998 by Dave Zitting, Jeff Zitting, and Steve Chapman
• Licensed to originate mortgages in 49 states
• Over 250 branches and more than 1,800 employees
• Funded $6+ billion in home loans during 2019 (top-50 lender nationally)
• Florida and Maryland are their top two states by loan volume
• Also operate a wholesale lending division for mortgage broker partners

Getting a Home Loan with Primary Residential Mortgage

• You can apply for a home loan directly from their website in minutes
• Their digital mortgage application known as ClickApproval is powered by fintech company Blend
• Allows you to securely upload documents and track loan progress from any device
• Can also visit one of 250 local branches or work with a loan officer over the phone

Primary Residential Mortgage has a digital mortgage application powered by Blend. This makes it simple to apply for a home loan in minutes.

In order to get to the application, you’ll first need to find a loan advisor to work with.

You can do this by visiting their website, clicking on “Get a Loan,” then using the loan advisor search engine to find someone specific or close by.

If you’ve been referred to someone, simply enter their name in the search box.

Once you do that, you can visit that loan officer’s personal website, call or email them, or simply hit the “Apply Now” button to get going on your application.

Their streamlined digital mortgage application process is known as “ClickApproval,” which as the name implies allows you to quickly click your way through the thing.

You can securely upload important documents and/or link financial accounts, check loan status, see what conditions need to be met, and get in contact with your loan team at any time.

In short, PRMI wants to make it easier to get a mortgage by leveraging available technologies, but also keeps the human element alive with their many local branches.

Loan Types Offered by Primary Residential Mortgage

• Home purchase, new construction, renovation, and refinance
• Conventional loans and government-backed mortgages
• Jumbo loans up to $2.5 million loan amounts
• Reverse mortgages
• Home Equity Lines of Credit (HELOCs)
• Down payment assistance via Chenoa Fund
• FHA 203k Dream Loans and FHA 203(h) Disaster Relief Loans
• FHA Solar and Wind Select Program
• One-Time Close Construction Loans
• Manufactured Home Loans
• Fresh Start program for those with a past bankruptcy, short sale, or foreclosure
• ARMs and fixed-rate mortgages with a variety of loan terms

Primary Residential Mortgage offers a ton of different loan programs (they say over 300) to suit just about any home buyer or existing homeowner’s needs.

Whether it’s a home purchase, the refinance of an existing mortgage, a home renovation, or a new home construction, they’ve got you covered.

PRMI provides financing on primary residences, second homes, and investment properties.

They offer conventional home loans, jumbo loans, government-backed loans like FHA/USDA/VA loans, and even “Fresh Start” loans for those with blemished credit history.

Those financing a manufactured home can also take advantage of PRMI’s vast array of loan options, and the same goes for so-called “unique home buyers,” whether you’re self-employed or experienced a past short sale or foreclosure.

They also offer down payment assistance via Chenoa Fund, special FHA financing for solar and wind energy upgrades, and much more.

You can get a fixed-rate mortgage with the term of your choice, ranging from 10 years to 30, or an adjustable-rate mortgage, such as a 5/1 ARM or 7/1 ARM.

Primary Residential Mortgage Rates

PRMI doesn’t advertise their mortgage rates on their website. So if you want to know about rates and pricing, you either have to call a loan advisor for a quote or fill out an application.

From there, you’ll be able to compare pricing and see where they stand relative to other lenders out there.

This is a slight negative seeing that there are plenty of lenders that openly advertise their mortgage rates on their websites.

However, it doesn’t mean their pricing is necessarily good or bad.

The same goes for lender fees PRMI may charge. Since they don’t list these fees on their website, you’ll need to inquire about fees such as loan origination, underwriting, processing, application fee, and so on.

Take the time to compare rates and costs to other mortgage companies if you’re looking for the best deal on your home loan.

Primary Residential Mortgage Reviews

On Zillow, they have roughly 5,000 customer reviews and a whopping 4.98-star rating out of 5, which is very close to perfection.

Many of the reviews say the interest rate was lower than expected, which is a good sign if you’re looking for a competitive price.

Be sure to drill down deeper and look at individual loan officer reviews on Zillow for PRMI, assuming your LO has enough reviews to be assigned their own page.

That way you’ll be able to see how a specific LO has performed in the past, as opposed to just looking at the company’s overall rating.

Because they’re such a large company, experiences will likely vary, so knowing how one individual has performed might be more worthwhile.

On SocialSurvey, they have a similarly excellent rating of 4.90 out of 5 stars based on more than 57,000 reviews.

In other words, people seem to like them, and they have a ton of reviews to back up that argument.

While they aren’t an accredited business with the Better Business Bureau, they do have an A+ BBB rating, meaning they likely have few customer complaints and resolve any that do get lodged against them.

Primary Residential Mortgage Pros and Cons

The Good

• Licensed to lend in 49 states
• Digital mortgage application
• Can apply directly from their website or a mobile device
• Loan Closing Guarantee
• Thousands of excellent reviews from past customers
• Offers tons of loan program options
• A+ BBB rating
• Free mortgage calculator on site

The Maybe Bad

• Not licensed in New York
• Do not advertise their mortgage rates
• Unclear what lender fees they charge
• No smartphone app

(photo: Till Westermayer)