Paramount Residential Mortgage Group (PRMG) has announced the recent expansion of their retail division in the Southeastern U.S. The Southeast territory will be headed up by the recent hiring of PRMG’s new retail regional manager, Steve Levine. Levine brings over 13 years of independent retail mortgage banking experience to an already robust PRMG retail platform. In his new position as regional manager of the retail division, Steve will be responsible for new business development including recruiting and helping to develop a strong presence in the Southeast Territory.
Levine, a former owner and founder of Hamilton Group Funding stated, "It wasn't a hard decision to sell my ownership shares in Hamilton. The consolidation in retail mortgage banking is taking place and happening at a very rapid pace. It is essential, for long term success, to partner up with a large firm with a big balance sheet, agency direct delivery, and minimal credit overlays. For me, PRMG was the clear choice. To be able to work with a company that fund in one month, what we normally fund annually, is something that cannot be overlooked. The market has been sending up signals in multiple directions, whether it is recently increasing net worth requirements at the investor and warehousing levels, or increasingly challenging post-closing issues and investor buybacks—the time to partner is now."
Levine concluded by stating, "It seems that in the retail side of the business you have two ends of the spectrum, either you are a smaller 20 to 40 million dollar per month player getting beat up from a profitability, product, and pricing perspective or you are a 'mega branching company' and take on anyone that wants to sign up. I think that PRMG fills a niche in retail mortgage banking by only partnering with the best of the best, Originators and Managers with a proven track record, people that positively contribute to the platform, people that understand mortgage banking and the opportunity associated with our firm."
PRMG is licensed in 42 states and services a majority of its retail originated business via its relationships delivering direct to FNMA and as a GNMA issuer. PRMG enjoys being among the top 25 largest independent lenders in the country-- their estimated volume in 2013 should approach $4 billion.
PRMG President and CEO, Paul Rozo, indicated both he and Robert Holliday, PRMG COO, are
truly excited about the retail expansion into the South Eastern U.S. territory. They are confident that the addition of Steve Levine will help foster their global vision and strategic growth plan, keeping the company on course toward expanding their overall footprint across the country and ultimately reinforce PRMG as a national player.