What does PARAMOUNTRMG mean on my credit report?
Learn about PARAMOUNTRMG, an mortgage provider offering loans for financial assistance. Check the impact to your credit report and financial status.
What is PARAMOUNTRMG?
PARAMOUNTRMG is shorthand for PRMG Mortgage Corporation, with the company name being PRMG Mortgage Corporation Inc
As of 2001, Paramount Residential Mortgage Group Inc. (PRMG) continued as a top lender in the residential mortgage industry.Our goal was to provide consumers with “a path to pivot” towards newer forms of consumer activity and leading technologies in the mortgage business.This includes innovati ve product offerings and exceptional customer service levels.When we first opened our offices,we had only three employees who were fully devoted to growing the company.Today, PRMG employs over 3,000 people and has over 230 branch locations nationwide.
PARAMOUNTRMG is a Mortgage Provider. They could be on your report for a number of reasons, for example:
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⚫ You missed a repayment.
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⚫ You opened an account with PRMG Mortgage Corporation.
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⚫ You opened a credit card / loan / mortgage with this company.
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⚫ Someone fraudulently opened a credit line under your name.
About the account
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⚫ The average account balance is $312800.
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⚫ The average high credit balance is $316200.
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⚫ The average monthly repayment is $2200.
The account is classified under the following METRO2 categories:
- ⚫ Real estate
How do I contact them?
Here is the current contact details for PRMG Mortgage Corporation:
Address:
- 1265 Corona Pointe Ct #300, Corona, CA 92879
Website:
Email:
Phone:
Payments
PRMG offers both Non-Delegated and Delegated Correspondent Partner programs. Both programs provide competitive pricing, limited overlay products, and best in class service. Non-Delegated program offers dedicated Sales, Operations and Underwriting staff and access to PRMG’s FastTrac360 platform, while Delegated program provides control over pipeline and turn-times with delegated underwriting authority.Payment can be made by check or money order. PRMG does not offer a monthly payment plan, a discount for automatic payments, mobile app payments, or payments using a prepaid debit card or wire transfer. To get a payment refund, you need to contact the PRMG Interim Servicing team at Servicing@prmg.net or call (855) 871-2110. Hours are 6:00am to 6:00pm PST. Monday – Friday. PRMG does not provide any information regarding penalties for late or missed payments on its website.
| Question | Answer |
|---|---|
| Do they offer a monthly payment plan? | No |
| Can I make payments over the phone? | No |
| Can I make payments online? | No |
| Do they offer a discount for automatic payments? | No |
| Can I make a payment using a mobile app? | No |
| Can I make a payment using a prepaid debit card? | No |
| Can I make a payment using a wire transfer? | No |
Forgiveness and Cancellation
PRMG does not offer loan forgiveness or consolidation. Loan forgiveness is not directly related to becoming a PRMG approved Correspondent Partner.
| Question | Answer |
|---|---|
| Do they offer loan forgiveness? | No |
| Do they offer loan consolidation? | No |
How to Apply
PRMG offers online loan applications with the option to have a cosigner.
| Question | Answer |
|---|---|
| Can I apply for a loan online? | Yes |
| Can I apply for a loan over a phone call? | No |
| Can I apply for a loan in person? | No |
| Can I apply for a loan using a mobile app? | No |
| Can I apply for a loan with a cosigner? | Yes |
SmartCredit Report Example
- This is an example of what this creditor will look like on your SmartCredit report.
Will this affect my credit score?
Whether this account affects your credit score depends on a variety of factors, such as:
- Account Open Date: If you opened this account recently it will impact your credit, the only way to prevent this from impacting your credit score is to remove the account from your report.
- Derogatory Markings: If this account has any derogatory markings such as:
Lates, Charge Offs, Collections and others.
However, there are could be some potential positive aspects to this account which could lead to improving your credit score, such as:
- Account Age: If your account is quite old, then the age of it will positively impact your credit score
- Repayment History: If the account has no
Late Payments, Charge off Payments, then it may reflect a positive impact onto your credit score.
Can it be removed from my credit report?
Yes, with the right strategy, you will be able to remove any account from your report. But you have to be careful to ensure that the account is negative to begin with, or it will negatively impact your credit score.
However, removing a negative account will positively impact your credit score, allowing you to open new credit lines and potentially removing bad debt.
What is a Mortgage Provider?
A mortgage provider is a financial institution or mortgage bank that offers and underwrites home loans. Lenders have specific borrowing guidelines to verify your creditworthiness and ability to repay a loan. They set the terms, interest rate, repayment schedule and other key aspects of your mortgage. They have the ability to report on your credit profile which will affect your credit score. They also can run hard and soft inquiries which will impact your credit score if not delt with. Mortgage Providers are not perfect and can still make mistakes in their reporting, so if it says that you have missed a payment and you haven’t then if you take the correct action you will be able to remove the late repayment from your credit profile.
How do I remove PARAMOUNTRMG from my credit report?
You can send a dispute letter to the credit bureaus to remove this account from your report. You must send a dispute letter to all three credit bureaus, as they are legally required to remove the account from your report if it is found to be inaccurate. For best results you should send a dispute letter to the credit bureaus via certified mail, this will ensure that you have a legal record of the communication.