MagniFund Group is a dba of Primary Residential Mortgage, Inc. (PRMI). PRMI is a Mortgage bank which is headquartered in Salt Lake City, Utah. PRMI which opened in 1998, funded over $2 billion of loans in 2008 and funded over $4 billon in 2009. Yes we are growing fast! PRMI does business in 47 states and has over 250 offices. MagniFund Group is headquartered in San Marcos, California, and has offices throughout the state. MagniFund Group is listed as the #3 Mortgage Company in San Diego for 2008, based on dollar amount of loans originated by the San Diego Business Journal Book of Lists 2010. We are also the fastest growing Mortgage Company in San Diego as well. We more than tripled our production from 2007 to 2008. In 2009 we more than doubled our production from 2008. We do business as MagniFund Group so clients will differentiate our service from other PRMI branches.

A Mortgage bank is a state-licensed banking entity that makes mortgage loans directly to consumers and specializes in originating and/or servicing mortgage loans. The difference between a mortgage banker and a mortgage broker is that the mortgage banker funds loans with its own funds. Their funds come primarily from the secondary wholesale market and a Mortgage bank is considered a ‘Direct Lender’. Examples of secondary market lenders are Fannie Mae, and Freddie Mac. A Mortgage bank is unlike a federal or state bank in that it does not take deposits from consumers or businesses. Some may originate a large loan volume exceeding that of a nationwide commercial bank. Mortgage Bankers can be very competitive in mortgage lending as they specialize in only lending, and do not have to factor in subsidizing any losses from other departments as traditional banking institutions will do.

MagniFund’s Novato branch lends throughout California. Our products include but are not limited to: FHA and VA loans, Conforming and Jumbo loans, Home Path loans, 203-K streamline rehab loans, commercial loans, lines of credit, and even hard money loans.

The branch has the autonomy to make timely decisions on a local level with an underwriter located in the office, the power to lend within PRMI’s multi-billion dollar mortgage banking institution, and the technology and tools to do it quickly, efficiently, and accurately. MagniFund Group has the ability to truly excel in customer service and make your loan transactions go smoothly.