Branch

Q. How many states is PRMG approved with?

We are in 48 states + Washington DC.

Q. What do I need to have to be able to do loans in these states?

A. In addition to the originator being licensed, some states have additional requirements. PRMG strives to be flexible with our Branches while emphasizing production in the local market.

Q. Is there an upfront fee I must pay PRMG in order to join as a branch?

A. There are no fees to join PRMG as a branch office.

Q. Can Borrower apply On-Line?

A. Yes. PRMG’s Fast Trac 360 software affords you the opportunity to provide your clients with a personal link that takes them to a secure internet page with your personal picture and Bio. Here they will be invited to apply on line and once they “submit” their application, an e-mail will notify you, the originator, that an application in ready for your review.

Q. What origination and processing software does PRMG use?

A. PRMG boasts a powerful, user friendly proprietary software called; Fast Trac 360.

Q. Who is responsible for the state and local licensing fees?

A. PRMG

Q. How do I know if my Branch and my actions are in compliance with all the new regulations?

A. PRMG has in-house legal counsel and outside law firms on retainer in order to ensure your Branch marketing and actions including employees are all functioning in a complaint manner.

Q. Are there any other business start-up costs I should know about such as background checks, credit review, etc. as a new hire?

A. No. The expenses mentioned are covered by PRMG.

Q. How do I pick my pricing and commissions for the Branch and the loan originator?

A. Numerous changes have occurred with the implementation of the Federal Reserve rule and the Dodd Frank Act. In brief, here are but a few observations we hope we’re all in alignment on;

  1. Loan Originators must be paid the same, regardless of product type. A Branch may pay originators differently so long as they are paid the same regardless of product type.
  2. The Branch may set its margins, with PRMG approval, differently on Gov. Conv. And Jumbo loan product.

Q. Is Brokering Allowed?

A. Yes.

Q. Is PRMG set up to accept credit cards for appraisals?

A. Yes.

Q. How soon will bills be paid and who is responsible for this?

A. The Branch authorizes the expenses, puts them into our on-line system and PRMG’s finance department will pay the bills within five days on average. Our transparent system allows a Branch Manager to view, in real time, all income and expenses. PRMG does not force you to read complicated and convoluted spreadsheets.

Q. Who can I call when I have a question on a loan?

A. The Branch will enjoy a team to support them. In addition, PRMG offers a deal desk that is charged with seeking a solution to a loan scenario that may be out of the ordinary.

Q. Does PRMG sell directly to the Agencies?

A. PRMG is agency direct.

Q. Will PRMG get approved with additional lenders in order for the Branch to broker a loan?

A. If there is a benefit, absolutely. PRMG prides itself on its mix of programs and investors. However, in the event there is a program we do not offer and it is believed that we will or should sell this product regularly, PRMG is happy to create additional relationships.

Q. Who handles the processing of the loan?

A. The Branch is responsible for the processing and retains the processing fee.

Q. What are the commission splits I may offer to originators or take for myself as the Branch Manager?

A. This is a Branch decision.

Q. Does PRMG handle all the payroll and employee tax reporting responsibilities for the Branch?

A. Yes.

Q. Do you have available for the Branch and their originators a 401K, Medical Ins. and Dental Ins.?

A. Yes to all three.

Q. How does a Branch determine their profitability?

A. Everything is on-line and readily accessible via a Citrix Server. You will be able to view in real time precisely were money is coming in and going out. The Branch Manager approves expenses and the corporate office issues the check. This simple checks and balance protocol make sure both sides are protected from numerous potential issues that could arise.

Loan Officer

Q. How many states is PRMG approved with?

A. We are in 48 states + Washington DC.

Q. What do I need to have to be able to do loans in these states?

A. In addition to the originator being licensed, some states have additional requirements. PRMG strives to be flexible with our Branches while emphasizing production in the local market.

Q. Can Borrower apply On-Line?

A. Yes. PRMG’s Fast Trac 360 software affords you the opportunity to provide your clients with a personal link that takes them to a secure internet page with your personal picture and Bio. Here they will be invited to apply on line and once they “submit” their application, an e-mail will notify you, the originator, that an application in ready for your review.

Q. What origination and processing software does PRMG use?

A. PRMG boasts a powerful, user friendly proprietary software called; Fast Trac 360.

Q. How does my compensation work?

A. Numerous changes have occurred with the implementation of the Federal Reserve rule and the Dodd Frank Act. In brief, here are but a few observations we hope we’re all in alignment on;

  1. Loan Originators must be paid the same, regardless of product type. A Branch may pay originators differently so long as they are paid the same regardless of product type.

Q. Is Brokering Allowed?

A. Yes.

Q. Is PRMG set up to accept credit cards for appraisals?

A. Yes.

Q. How soon will bills be paid and who is responsible for this?

A. Our payroll is done twice monthly, on the 10th and the 25th of the month.

Q. Who can I call when I have a question on a loan?

A. Your Branch Manager and Regional Ops Manager would your first go to, if for some reason it needed to escalate because of the depth of the question PRMG offers a deal desk that is charged with seeking a solution to a loan scenario that may be out of the ordinary.

Q. Does PRMG sell directly to the Agencies?

A. PRMG is agency direct.

Q. Will PRMG get approved with additional lenders in order to broker a loan?

A. If there is a benefit, absolutely. PRMG prides itself on its mix of programs and investors. However, in the event there is a program we do not offer and it is believed that we will or should sell this product regularly, PRMG is happy to create additional relationships.

Q. Who handles the processing of the loan?

A. The Branch is responsible for the processing.

Q. Does PRMG handle all the payroll and employee tax reporting responsibilities?

A. Yes.

Q. Is 401K, Medical Insurance, and Dental Insurance available to originators?

Yes to all three.