Primary Residential Mortgage review

Reviewed by the Editorial Team · Updated July 10, 2026 · 6 min read

A long-established retail lender (PRMI) with hundreds of local branches and a broad purchase-loan menu.

Primary Residential Mortgage by the numbers

Source: federal HMDA data (2025), FFIEC/CFPB. *Approval rate = loans originated ÷ (originated + denied). It reflects a lender's channel and borrower mix — wholesale, online and refi-heavy lenders run lower because many applications are rate shops that never close — not how hard it is to work with. See approval odds by state.

Primary Residential Mortgage at a glance

Primary Residential Mortgage, Inc. (PRMI) is one of the country's longer-tenured independent lenders, founded in 1998 by Dave Zitting, Jeff Zitting and Steve Chapman and headquartered in Salt Lake City, Utah.

It closed a few hundred loans in its first year and has since grown into a nationwide originator with a couple hundred local branches and roughly two thousand employees.

Unlike the direct-to-consumer, app-first shops that dominate refinance headlines, PRMI is a nonbank built on a branch network and individual loan officers.

The model is deliberately decentralized. Most borrowers reach PRMI through a specific branch or advisor they find locally, and the loan officer stays the point of contact from pre-approval through closing.

Where Primary Residential Mortgage's approval rate sits

Primary Residential Mortgage's 2025 approval rate of 92.6% sits against the 76.6% national average. Read it as a signal of channel, not strictness — wholesale, online and refinance-heavy lenders run lower because so many applications are rate shops that never close.

That relationship-driven approach is reflected in where the lender does its volume: in 2025 its busiest states were Maryland (about 2,000 loans), New Mexico (roughly 1,500), and Rhode Island (about 1,050), followed by Florida and North Carolina — a footprint shaped more by strong local branches than by a single dominant metro.

In 2025 PRMI reported about 9,570 originated loans worth roughly $2.86 billion, with an average loan size near $299,000 and an approval rate around 92.6%.

The company leans into purchase and government lending, offering more than 300 loan programs and regularly partnering with state housing finance agencies — RIHousing named it a top participating lender for 2025.

PRMI does not publish rates online, so pricing requires contacting an advisor for a quote.

Who Primary Residential Mortgage is best for

PRMI suits purchase borrowers — especially first-time and government-loan buyers — who want a nearby branch and a single loan officer guiding them rather than an online portal.

It fits people who value FHA, VA, or USDA expertise, need renovation or one-time-close construction financing, or want to pair a low-down-payment loan with a state or proprietary down payment assistance program.

Loan programs at Primary Residential Mortgage

Its most notable programs and specialties:

• Conventional conforming and jumbo loans for primary homes, second homes, and investment properties
• Government-backed FHA, VA, and USDA loans, a core strength for first-time and lower-down-payment buyers
• PRMI Welcome Home DPA — up to 5% down payment and closing-cost assistance in repayable or forgivable forms, plus Chenoa Fund options
• One-time-close new construction loans, including an FHA OTC option paired with the proprietary Empower Construction DPA (3.5%)
• Renovation loans that combine purchase and repair costs into a single mortgage and payment
• "Fresh Start" financing aimed at borrowers with blemished or recovering credit

Typical industry minimum down payment by core loan type — Primary Residential Mortgage's own minimums or credit overlays may run higher:

Where Primary Residential Mortgage lends most

By federal HMDA records, Primary Residential Mortgage's largest 2025 markets were Maryland, New Mexico, Rhode Island, Florida and North Carolina. Explore local rates, home prices and down-payment assistance for each:

The verdict

PRMI is a well-established retail lender for borrowers who want a local branch, a dedicated loan officer, and a broad purchase and government-loan menu backed by real down payment assistance options.

Its 2025 volume of roughly 9,570 loans and a high approval rate reflect a purchase-focused book. The main trade-offs are no online rate transparency, no New York lending, and an experience that can vary by branch — so comparison-shopping quotes is worthwhile.

How to compare Primary Residential Mortgage

Shopping a few lenders is the single most reliable way to save. Before you commit to Primary Residential Mortgage:

1. Get three or more Loan Estimates in a two-week window — the bureaus treat it as one inquiry.
2. Compare the APR, not just the headline rate — it folds in the fees.
3. Weigh service and loan-type fit, not price alone.
4. Verify licensing on NMLS Consumer Access (Primary Residential Mortgage's HMDA filer ID: 54930052M48FOD3CWA54).

Benchmark whatever you're quoted against today's current rate averages.

This review is editorial and independent — Primary Residential Mortgage did not pay for or approve it, and all figures are from public federal data. It is general information, not a recommendation or personalized advice. Confirm all terms directly with the lender.