PRMG Introduces Non-QM Mortgage Solution For Cannabis Industry Employees

Mortgage News May 25, 2023

Paramount Residential Mortgage Group (PRMG) has introduced a fresh mortgage option specifically tailored for individuals employed in the cannabis industry, known as a non-qualified mortgage (non-QM).

In the news release, PRMG acknowledged that although cannabis has been legalized for recreational use in 22 states, it continues to be categorized as a Schedule I substance according to federal law. As a result, any monetary gains derived from the cannabis industry are deemed unlawful. Consequently, banks are reluctant to offer services to cannabis business owners due to concerns about potential legal consequences.

PRMG’s non-QM offering is specifically designed to assist borrowers employed in the cannabis industry who face challenges in meeting the criteria for a home loan. Paul Jones, the director of non-QM business development at PRMG, emphasized that this initiative aims to provide opportunities for an underserved population that often faces limited options in the housing market.

Paul Rozo, chief executive officer of PRMG, expressed his utmost pride and confidence in Paul Jones, who has taken on the role of leading the non-QM division at PRMG. Rozo’s remarks highlighted Jones’ significant contributions and the anticipated growth he would bring to the division. As an expert in the non-QM space of the mortgage industry, Jones is expected to resonate with originators in all channels served by PRMG.

With Jones at the helm, PRMG aims to strengthen its position as a trusted provider of non-QM mortgage solutions. By leveraging Jones’ expertise and industry knowledge, PRMG intends to cater to the unique needs of borrowers who may face challenges in meeting traditional qualification criteria.

Jones’ appointment reflects PRMG’s commitment to expanding opportunities for borrowers in underserved markets. His leadership role signifies PRMG’s recognition of the cannabis industry’s potential and the importance of supporting individuals working in this sector. By offering tailored non-QM options, PRMG aims to bridge the gap and provide accessible financing solutions for cannabis industry workers seeking homeownership.

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