While searching for a home loan, you may have come across “Paramount Residential Mortgage Group,” or PRMG for short, along the way.
It’s also possible that your real estate agent referred you to the company since they do quite a bit of home purchase loan volume.
In fact, more than 75% of their overall business last year was derived from home purchase financing, with the remainder split between refinance loans.
The Southern California-based company is a top-50 mortgage lender nationally, having closed more than $7 billion in home loans last year. Let’s discover more about them.
Paramount Residential Mortgage Group Fast Facts
- Direct-to-consumer retail mortgage lender
- Corporate headquarters located in Corona, CA
- Founded in 2001 by mortgage veteran Paul Rozo
- Now employ over 2,000 with 180 retail locations nationwide (and growing)
- Licensed to do business in 48 states and D.C.
- Funded more than $7 billion in home loans last year
- Also operate wholesale and correspondent lending programs
Paramount Residential Mortgage Group got its start back in 2001, founded by Paul Rozo and a couple friends.
Today, the company employs more than 2,000 workers across more than 180 retail locations nationally, and just cracked the top-50 for total home loan volume among all banks and lenders out there.
That means they’re a very large mortgage company, and because they’re licensed in 48 states and the District of Columbia, they should be an option for most of us.
Aside from running a retail direct-to-consumer mortgage business, they also operate sizable wholesale lending and correspondent lending divisions.
So it’s possible you could get a mortgage backed by PRMG from a mortgage broker or via a smaller credit union that resells their loan products.
Last year, they were most active in the state of Florida, doing nearly half of all their business in the Sunshine State.
They also do quite a lot of business in California, New Jersey, and Washington state.
How to Apply with Paramount Residential Mortgage Group
- They offer a digital mortgage application powered by Ellie Mae
- You can apply directly from their website once you select a branch office near you
- Alternatively you can request a mortgage rate quote and someone will get in touch
- PRMG says it employs the best underwriters/processors to ensure quick turn times
Once you visit their website, you’ll can either click on “get a quote” or “find a branch.”
If you do the former, you’ll need to fill out a somewhat lengthy form, at which point a loan officer will reach out to discuss loan options and pricing.
Assuming you locate a branch nearby instead, you’ll be able to see who works in that office and apply for a home loan directly from their individual webpage.
They offer a digital mortgage application powered by Ellie Mae that lets you accomplish most tasks paperlessly, including the ability to eSign many documents.
Once you create an account, you’ll be able to get in touch with your lending team, access an updated to-do list, and check loan status 24/7.
PRMG says it has some of the best loan underwriters and processors in the industry who are dedicated to quick turnaround times to get you to the finish line quickly.
Loan Types Offered by Paramount Residential Mortgage Group
- Home purchase loans (including new construction)
- Mortgage refinance loans (rate and term and cash out)
- Home renovation loans (FHA 203k and Fannie Mae HomeStyle)
- Conforming and jumbo loans
- Government-backed loans: FHA/USDA/VA
- Down payment assistance programs
- Non-QM loans
- Buy after BK loan programs
- Reverse mortgages
- Fixed and adjustable-rate options available
While information is a little hard to come by on their website, they appear to offer the full range of home loan options, including new construction loans.
Additionally, they say they’ve got programs for home buyers who experienced a bankruptcy in the past, along with other non-QM loan programs that don’t fit the rigid guidelines of Fannie Mae and Freddie Mac.
Along with that, PRMG has all the usual stuff including conventional home loans backed by Fannie Mae and Freddie, jumbo home loans that exceed the conforming loan limit, and FHA, USDA, and VA loans.
Those aged 62 and older can also take advantage of a reverse mortgage offered by PRMG.
You can get either a fixed-rate mortgage such as a 30-year or 15-year fixed, or an adjustable-rate mortgage such as a 5/1 ARM or 7/1 ARM.
PRMG provides financing on all property types, including primary residences, vacation homes, investment properties, and condos/townhomes.
Paramount Residential Mortgage Group Rates
As noted, information seems to be lacking a bit on the Paramount Residential Mortgage Group website, and that is especially true when it comes to mortgage rates.
They do not publicize their rates anywhere on their site, so it’s not clear how competitive they are compared to other mortgage lenders out there.
The only hints we have come from their many customer reviews, which are quite favorable and do mention rates being lower than expected in many cases.
However, because we don’t know upfront a thing about their mortgage rates, it may be prudent to first request a rate quote before submitting an application.
You can do this by simply calling up a local loan officer and inquiring about pricing.
While you’re at it, be sure to ask about what lender fees are charged, such as a loan origination fee, processing/underwriting, etc.
Paramount Residential Mortgage Group Reviews
When it comes to customer satisfaction, PRMG seems to be on point.
They have a 4.9-star rating out of 5 on LendingTree based on nearly 18,000 customer reviews, with a 99% recommended rating.
Customers indicated that interest rates, fees, and closing costs were all excellent, along with customer service and responsiveness.
The company also ranks in the top-10 in terms of ratings on the LendingTree platform, only bested by five other lenders.
Over at Zillow, PRMG has a 4.91-star rating out of 5 from roughly 2,000 reviews, which again is a testament to being a well-liked company.
Many of the reviews also indicated that the interest rate was lower than expected, which is a good sign if you’re looking for a competitive and competent mortgage lender.
Additionally, they have a 4.85-star rating out of 5 on SocialSurvey from more than 40,000 reviews.
So it’s clear they are doing something right, as their reviews are generally excellent across multiple major ratings websites.
While they aren’t an accredited company with the Better Business Bureau, they do have an ‘A’ rating based complaint history.
In summary, PRMG seems to be a very well-liked mortgage lender that offers tons of mortgage programs via all origination channels.
They could be a good choice for both those purchasing a home and existing homeowners looking to refinance a mortgage.
Paramount Residential Mortgage Group Pros and Cons
- Excellent customer reviews from past customers
- One of the top-rated lender on LendingTree
- ‘A’ rated by the BBB
- Retail locations for those who prefer to work face-to-face
- Digital loan application powered by Ellie Mae
- Can apply for a mortgage online without a human
- Tons of loan programs available
- Free home buyer guides and mortgage glossary on site
The Maybe Not
- Not licensed in New York or Wyoming
- Not BBB accredited
- Do not publicize their mortgage rates or lender fees