LMI Funding, Inc. - Net Branch Operations
Update - 2008-03-28: LMI's founder and president, Jay Atterstrom, responded to us in a very candid email about the company's decision to go with PRMI. "As recently as a year ago, we employed over 200 full and part time employees in 11 physical locations and produced between $20 and $33 million in monthly volume." He gave us a clearer picture of their integration with PRMI:
Original Post - 2008-03-27: We received word that employees of Plano, TX based net operation LMI Funding, Inc were hearing the company "is closing down and having their branches go to Primary Residential" back in early February. They apparently heard right - the company web site is now Primary Residential Mortgage. An alternative web site simply states "Making some changes will be back soon..."
LMI has surrendered their licensing in Texas (as listed in the state's SML database), and VP of Operations Phyllis Rachall said about 50 people in 2 offices (including the Plano, TX corporate headquarters) migrated to PRMI as "Divisional Joint Venture" branches. A memo detailing the switch and LMI's closure is being mailed to vendors and investors this month. CityTownInfo showed 11 offices in TX and OK. They were doing business in 11 states.
LMI Funding, Inc. was a DBA of The Atterstrom Consulting Group, Inc. Primary Residential Mortgage Inc. (PRMI) is a Utah-based net branch operation with over "800 people working in over 150 Branches" according to Reuters.
One tipster wrote:
"I got the tip from an employee and called the VP today to confirm, she had no problem saying it ..."
When we called in February, Ms. Rachall simply responded "that decision has not been made yet." PRMI's President Dave Zitting acknowledged he knew LMI President Jay Atterstrom, and told us if they (PRMI) were in the process of "absorbing" other net branches on a large scale, that he would be aware of it. He mentioned PRMI had picked up a handful of Maverick offices, and said they were actively recruiting several other "significant" net ops.
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Important: This company is on our list of lending operations that have "imploded". However, please note that "imploded" is a somewhat subjective and does not necessarily mean operations are ceased permanently: it can mean bankruptcy filing, temporary but open-ended halting of major operations, or "firesale" acquisition. All information here is provisional, and may contain inaccuracies (especially newer information). If you are planning on doing business with this company or any other one listed on this site, you should inquire with them directly on whether they can still meet your needs. Many are still operating in some capacity.