Oklahoma's top-performing over-the-counter company for the year, PSM Holdings Inc., which operates the mortgage brokerage firm PrimeSource Mortgage, relocated to Oklahoma City from New Mexico last year with the goal of expanding and eventually moving to a major exchange.
“The future growth of the company will dictate when we make that move. Based on everything I can see, it will be in 18 months to two years,” said Jeffrey Smith, PSM chairman and president and CEO of PrimeSource.
PSM decided to relocate from Roswell, N.M., in 2012 because a lack of air travel, financial resources and talent in the mostly rural surrounding area. Oklahoma City's business-friendly atmosphere and low cost of living also helped the company choose, Smith said.
“We visited both Dallas and Oklahoma City and it wasn't difficult to choose Oklahoma,” he said.
PSM saw its revenue increase by more than 118 percent and earnings per share grew 77 percent in fiscal year 2013 over the previous year.
While the company clears about $50 million in mortgages each month, it is poised to double in size over the next few years as it works to build a national lending platform, Smith said.
PrimeSource operates more than 20 branches scattered mostly across the West and Midwest.
The company recently partnered with Oklahoma State Bank to provide mortgage brokerage services for the bank. Joining with community banks is a new line of business for PrimeSource, but an area where Smith believes there is room to grow.
With all of the new regulations from the Dodd-Frank Act that are being implemented through the federal Consumer Financial Protection Bureau, many small community banks have decided to stop doing mortgage lending, giving PrimeSource an opportunity to expand, Smith said.
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