P/R Mortgage & Investment Corp. (P/RMIC) was established in August of 1990 as a mortgage banking firm specializing in multifamily housing and health care facilities finance in the Midwest. With a combined experience of over seventy years in these types of finance, the officers of P/RMIC desire to utilize their experience and expertise to build a mortgage banking company that provides the best financial services to our borrowing clients and lending investors.
LOAN PLACEMENT SERVICES
PRMIC has originated over $3.9 billion and currently services over $2.267 billion. P/RMIC's primary source of funding is the secondary market of federally chartered agencies and the federal government. The company is an approved FHA mortgagee and is an approved Multifamily Accelerated Processing (MAP) lender for HUD. During 2010, the company was #1 in the country in FHA Multifamily production. The company is also a Fannie Mae DUS Affordable Lender. Additionally, P/R Mortgage is a Rural Housing Service (RHS) approved lender for the Section 538 program. The company is a Government National Mortgage Association (GNMA) Issuer of Mortgage Backed Securities (MBS). These agencies offer secondary market programs that provide a full range of loan structures for multifamily rental projects and health care facilities. Through these programs P/RMIC can provide acquisition, refinance, rehabilitation and new construction loans for our clients. These programs offer competitive long-term, fixed-rate loans that will meet the needs of our clients. Through its banking parent, P/RMIC can offer floating and fixed rate interim construction and acquisition/rehab loans.
Currently, P/RMIC serves as the contract underwriter and servicer for the Indiana Housing and Community Development Authority (IHCDA) Section 515 Preservation Revolving Loan Fund (PRLF). P/RMIC also services IHCDA’s Development Loan Fund.In April of 1991, P/RMIC was selected as a Delegated Insured Processor (DP-I) for the U.S. Department of Housing and Urban Development (HUD). As a DP-I contractor, the firm, underwrites loans for HUD under its programs for Section 223(f), 221(d), 232, and 241. The firm was the only Delegated Processor domiciled in Region V and one of the eleven originally selected. In September 1993, P/RMIC was again awarded a similar contract under DP-II to provide continuing service to HUD. P/RMIC has also been selected by the Indiana Development Finance Authority (IDFA) as its Advisor on a $35 million Affordable Housing Tax Exempt Bond Issue to determine suitability of projects for inclusion in the bond pool. The firm also served as a Teaming Partner for the City of Indianapolis Participation Administrative Entity (PAE) for the federal Section 8 Mark-to-Market program.
P/RMIC not only operates to assist borrowers in determining and processing the best source of financing, we also service our borrowers' loans. P/RMIC currently services over $2.267 billion, comprised of over 517 loans. The servicing department has multiple responsibilities including, but not limited to, the following:
- Annual Site Inspections
- Annual Financial Statement Review
- Annual Risk Reviews
- Annual Tax & Insurance Administration
- Replacement Reserve Escrow Administration
- Repair Escrow Administration
- Maintaining Appropriate Property Insurance
- UCC Filings
- Monthly Billings
- Investor Reporting
- Delinquencies and Defaults.
By "focusing" our efforts on the multifamily rental and health care facilities markets, P/RMIC offers enhanced service to our borrowing clients by analyzing each project with the objective of providing the best source of financing as well as in-house servicing of the loans. Our primary market for the origination of loans is Indiana and the contiguous states of Ohio, Michigan, Kentucky, and Illinois .
NATIONAL AND STATE AFFILIATIONS
- Mortgage Bankers Association
- Council For Affordable and Rural Housing
- Apartment Association of Indiana
- Indiana Health Care Association
- Indiana Association of Homes and Services for the Aging
- Indiana Council for Rural and Affordable Housing
- Rural Rental Housing Association