Is Primary Residential mortgage a legitimate company?

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.

What is Primary Residential Mortgage Inc?

PRMI) is a nationwide, independent, full-service residential mortgage banker with over 325 branches in 49 states. Our creative business model has provided decades of stable success, and in 2019 alone, we funded over $6.3 billion in loans and helped people all over the country reach their home financing goals.

Who owns primary residential mortgage?

“We are surrounded with a corporate office and branch partners who make this incredible company what it is today.” Primary Residential Mortgage, Inc. (PRMI) is a nationwide, multibillion-dollar operation cofounded in 1998 by Dave Zitting, Jeff Zitting and Steve Chapman.

What is the difference between primary residence and investment property?

If you choose a place too close to your primary residence, it may be classified as an investment property, which could mean higher mortgage rates and stricter qualifying requirements.

How many employees does primary residential mortgage have?

Primary Residential Mortgage, Inc. is a nationwide, multibillion-dollar operation co-founded in 1998. With over 300 branches serving 49 states and more than 2,200 employees, PRMI is built upon a strong foundation of service through commitment to partners, customers, and employees.

Do banks verify primary residence?

A mortgage broker’s responsibility to the borrower stops when the loan closes. Under no circumstances does the mortgage broker have to verify that the homeowner moved into a primary residence. However, the lender often follows up and checks to see who actually moves into the house.

How does IRS determine primary residence?

The Rules Of Primary Residence But if you live in more than one home, the IRS determines your primary residence by: Where you spend the most time. Your legal address listed for tax returns, with the USPS, on your driver’s license and on your voter registration card.

What happens if you lie about primary residence?

In cases involving multiple misrepresentations, lenders can also refer the case to the FBI: Lies on mortgage applications are bank fraud and can trigger severe financial penalties, prosecution and prison time if convicted.