SALT LAKE CITY (ABC 4 News) - The fastest growing companies in Utah all came together under one roof Tuesday to celebrate their success.
It's all part of the 2013 Fast 50 put on by Utah Business Magazine. ABC 4 Utah’s Kim Johnson emceed the event and caught up with one Utah company that's come out on top after overcoming plenty of challenges.
If there is one industry that's seen its shares of ups and downs in the last decade, look no further than the world of mortgages. The collapse of the housing market in 2008 followed by a slow and painful recession left the industry in shambles. Companies were forced to downsize and lay off workers.
“It was extremely disruptive,” said Dave Zitting, CEO of Primary Residential Mortgage, Inc. “We had colleagues and organizations around us having significant challenges.”
Primary Residential weathered the storm to come out not only still breathing, but actually growing. “Last year in 2012 we originated closed on more than 25,000 loans almost $5 billion in volume,” said Chris Jones, Senior V.P. of Business Performance.
The company just moved its 300 Utah employees into this brand new building in Salt Lake and is celebrating its 15th anniversary this year. Zitting credits its success with protecting customers when others were engaging in risky lending.
“We want to have products that through responsible lending initiatives help to ensure sustainability through our organization,” he said.
Primary Residential Mortgage is just one of 50 fastest growing Utah companies honored at the Grand American Hotel. Utah Business Magazine says all the companies have something in common.
“They've done an incredible job of growing their company in the past 4 years, they've exceeded a substantial amount of revenue in that time and they've grown not only people, but as well as their revenue,” said Rebecca Jarvis, Utah Business Magazine.
The event may be about celebration, but hurdles still lay ahead for companies like Primary Residential. A recent spike in interest rates has lead to a dip in mortgage applications industry-wide. Primary Residential says they haven't been affected, but even so are not letting their guard down.
“I don't think any business owner or entrepreneur can ever relax, we don't rest on our laurels,” said Zitting. “There's always a new challenge.”
For a complete list of all the Utah companies honored, click here.