Paramount Residential Mortgage Group, Corona, Calif., funded $244 million of residential loans in the third quarter, its best origination month in its 10-year history.
The privately held company relies on loan brokers for a majority of its loan production (about 80%) with retail accounting for the balance, said Paul Lucido, the firm's national marketing director.
"We want to keep the wholesale industry going," said Lucido. "We're trying to support brokers."
Over the past three months its average "run rate" has been roughly $200 million a month. Most of its production comes from the western U.S.
According to figures compiled by National Mortgage News and the Quarterly Data Report, wholesale production accounts for just 10% of loan production nationwide compared to 30% three years ago.
Bank of America recently announced that it will exit the wholesale channel, a move that PRMG sees as an opportunity for its business.
