Paramount Residential Mortgage Group

Paramount Residential Mortgage Group

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About Paramount Residential Mortgage Group

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Paramount Residential Mortgage Group (NMLS #75243) is a privately owned mortgage lender headquartered in Corona, California. The company was started in 2001 and offers a variety of residential mortgage products. There is a pending class-action lawsuit against PRMG regarding credit agency reporting — this doesn’t mean the company isn’t a credible lender, but it is important to research mortgage companies before applying for a loan.

    Pros & Cons


    • Large selection of residential mortgages
    • Options for self-employed borrowers
    • 307 branch locations in 49 states


    • Doesn’t publish rates
    • Can’t manage existing loans on mobile app
    • Not available in New York

    Bottom Line

    PRMG’s mortgage application can be completed online, with a mobile app or by calling the company. Its average interest rates run close to the national average but are sometimes slightly higher, according to recent Home Mortgage Disclosure Act data.


    PRMG doesn’t publish its starting interest rates online. To see rates, you can fill out an online request, contact a local office by using the “Find a Branch” feature on the website or call customer service. The company will connect you with a loan officer to go over its mortgage types and interest rates.

    PRMG’s average interest rates from 2019 to 2021 were just slightly higher than the national average — in 2021, its rates were 0.13% higher than the average in the U.S., according to data from the Home Mortgage Disclosure Act.

    Mortgage rates change constantly. To calculate rates, mortgage lenders look at several factors, including:

    • State of the real estate market
    • Inflation
    • The current rate for banks to borrow from each other

    Interest rates also fluctuate based on your personal situation, including the type of mortgage you want, where you live, the home’s price, your credit score, how much you can afford to put down and the loan term.

    You can also choose between a fixed- and adjustable-rate mortgage (ARM). An ARM has a fluctuating interest rate — so when interest rates are high, borrowers might choose an ARM in hopes that interest rates will fall. An ARM can also be beneficial if you don’t plan on owning your home for the life of the loan. Just keep in mind that your rate and payment could always go up with an ARM.

    Paramount Residential Mortgage Group average home purchase rate vs. national average

    YearDifference from national average
    2021 +0.13%
    2020 +0.01%
    2019 +0.09%
    Information pulled from public Home Mortgage Disclosure Act data. Rates reflect noncommercial home purchase loans only.

    Application process

    PRMG has an online application process and a mobile app. You can also apply to get a pre-qualification letter to show to sellers, which lets them know you're likely to receive the necessary financing to purchase the home.

    You’ll need several documents when applying for a home loan. These may include the following:

    • Social Security number
    • Pay stubs and/or two years of tax returns
    • Bank statements
    • Life insurance policy
    • Retirement account statements
    • Loan and credit card balances

    Once you submit an application, it will go through processing and underwriting, a home appraisal, final approval and closing. You can track the status of your application on the website, mobile app or by calling your loan officer.

    Paramount Residential Mortgage Group application features

    Online application
    Mobile document upload
    Physical branches 49
    Publishes minimum rate on website X
    Rate lock X
    Pre-qualification (no hard credit pull)
    Certified approval letter

    Loan types

    PRMG has an array of loan products, including government-sponsored, agency, conventional and specialty mortgages.

    Its government-backed mortgages include FHA, VA and USDA loans. Because they’re backed by government agencies, these loans ‌have lower credit score requirements and typically require a low (or no) down payment. There are also programs for high-balance loans, refinancing and renovations.

    Jumbo loans are available for homes that are above the cost limit for conforming loans, depending on where you live. These usually require a 20% down payment and excellent credit, however.

    In 2021, PRMG received 37,992 home purchase applications. Of these, it closed 26,998 (about 71%) and denied 2,245 (about 6%).

    Loan applications for home purchases only by year

    Home purchase applications 37,992 35,631 23,850
    Home purchase loans closed 26,998 25,335 18,118
    Home purchase applications denied 2,245 2,688 2,876
    Home purchase preapprovals denied 0 0 0
    Information pulled from public Home Mortgage Disclosure Act data. Includes conventional, USDA, VA and FHA mortgages.


    The number of refinance loans PRMG closed in 2020 and 2021 was higher than in previous years, likely because interest rates were historically low. In 2022, we expect refinancing to slow down because of rising interest rates.

    You might consider refinancing to reduce your interest rate, switch your loan type, cash out on your home equity or lower your monthly payments. Refinancing can come at a price, however; closing costs add up, and too many hard credit inquiries can lower your credit score.

    In 2021, refinancing accounted for almost 42% of PRMG’s loans (with refinance and cash-out refinance combined). Home purchase loans made up about 54% of its mortgage financing that year.

    Home purchase vs. refinance loans by year

    Home purchase loans 54.43% 52.22% 67.92%
    Refinance loans 24.37% 34.37% 15.05%
    Cash-out refinance 17.50% 10.40% 15.05%
    Information pulled from public Home Mortgage Disclosure Act Data. Includes conventional, USDA, VA and FHA mortgages.


    The mortgage industry has standard credit score limits that follow Freddie Mac's and Fannie Mae's guidelines. However, these requirements can vary by lender.

    Credit score minimums tend to range from 500 for some FHA loans to 680 for a jumbo mortgage. Lenders also look at your debt-to-income ratio, which calculates your monthly expenses in relation to your income. Most lenders require a debt-to-income ratio of 36% or lower, but some accept 45% or higher. PRMG does offer programs for low-income borrowers and nontraditional buyers, like those who are self-employed.

    National mortgage requirements by type

    Min. credit scoreMin. down paymentCompare with other lenders
    Conventional Typically 620 Typically 3% Mortgage lenders
    FHA 500 3.5% with 580 credit score FHA lenders
    VA Set by lender (often 580) 0% VA lenders
    USDA Set by lender (often 640) 0% USDA lenders

    For other loan options, read our guides on home equity loans, HELOCs and jumbo loans.

    Cost and fees

    PRMG doesn’t list the costs and fees associated with its mortgages, but if you apply for a loan, you will receive a Loan Estimate within three business days of your application. This will give you a breakdown of the potential closing costs.

    Later on in the process, three days before closing, you’ll receive a Closing Disclosure. This will itemize the actual costs you’ll need to pay when it's time to close.


    How does Paramount Residential Mortgage Group work?

    PRMG is a private lender, not a bank. The company originates and services loans but also packages mortgages to sell to investors. The company has over 3,000 employees. You can apply for a mortgage on the website, mobile app or by calling the company.

    Is Paramount Residential Mortgage Group legit?

    PRMG is a large lender that offers many loan products. It’s been around since 2001 and closed more than 118,000 home loans, according to the company. It does have a pending class-action lawsuit regarding credit bureau reporting, and it’s always important to research a lender before committing.

    Where is Paramount Residential Mortgage Group available?

    PRMG has 207 branches across 49 states and Washington, D.C. It does not service New York.

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    ConsumerAffairs writers primarily rely on government data, industry experts and original research from other reputable publications to inform their work. To learn more about the content on our site, visit our FAQ page. Specific sources for this article include:
    1. "Paramount Residential Mortgage Group Hit with Class Action Over Alleged Handling of Dispute, Error Notices." Accessed Sept. 18, 2022.
    2. Federal Financial Institutions Examination Council (FFIEC), “HMDA Dataset Filtering.” Accessed September 18, 2022.

    Paramount Residential Mortgage Group Company Information

    Company Name:
    Paramount Residential Mortgage Group