Howard has served the South Florida mortgage market since 1989 and knows that PRMG's lending platform will allow him to provide his customers and referral partners the excellent service levels they have grown accustom to over the years.
PRMG is a resource that will help us meet and exceed our goals.”
Paramount Residential Mortgage Group (PRMG) corporate headquarters is located in beautiful Corona, California since opening their doors in 2001.
"My first reaction is here we go--more regs," says PRMG's Vazquez.
PRMG's Vazquez similarly singled out creation of hard stops in the workflow, documenting manual steps taken and efficient management of three-day disclosures as key software programming steps.
Because PRMG had already been a user of the end-to-end version of Avista Solutions' LOS, Vazquez said PRMG benefited greatly from the Avista/Mortgagebot integration that followed purchase of both systems by Canadian technology company Davis + Henderson Corporation, Toronto.
"Risk management is more important than ever, so we need to be able to review properties quickly and easily, and immediately see if there is a problem," says Robert Holliday, PRMG
's chief operating officer.
PRMG uses PropertyFinder 2G to support its underwriting and quality-control processes, including adherence to new Real Estate Settlement Procedures Act (RESPA) guidelines.
"With the new challenges we face in the current mortgage lending market, a tool like PropertyFinder 2G is a boon," said Robert Holliday, PRMG's chief operating officer.
The software helps PRMG discover potential "buy-and-bail" homebuyers--borrowers who own a distressed home, which they are letting go into foreclosure, and are attempting to buy another home.
In combination with Paramount Residential Mortgage Group's existing systems, including its current loan origination system (LOS), the company created PRMG IQ by customizing Movation, a business management platform developed by Greenwood Village, Colorado-based Motivity Solutions Inc., to help with the culture shift.
Through PRMG IQ, Paramount Residential Mortgage Group now has a broker performance scorecard that allows it to identify performing brokers and coach the brokers who aren't performing to the company's standards, as well as identify the brokers whose business ultimately creates a negative profit margin.