Paramount Capital Group LLC dba Paramount Servicing Group began operations in 1997 providing capital to the private student loan and unsecured market via loans through trade schools and servicing the portfolio.
As the company grew, founder, Ryan Paul, quickly realized that technology would allow his company to service these loans with speed, increased compliance, and reduce delinquencies to below market rates.
In 2014, the company started to contract with lenders and originators to service their portfolio on the enhanced Paramount Advantage servicing platform and today has been recognized as a top consumer loan servicer.
On August 1, 2024, ECN Capital Corp. (TX:ECN) and Larry Chiavaro through his First Associates Advisors LLC made a strategic acquisition of the majority of the stock in Paramount as the company is ready for continued growth. Larry Chiavaro, former Co-Founder of First Associates Loan Servicing later re-branded, is a recognized industry wide leader in servicing, having built his prior company from 6 employees to 900 employees and a successful exit to private equity.
ECN owns and operates various consumer lending companies and Paramount will also serve as the “captive” servicer for Source One Financial Services, a leader in RV and Marine loans.
Larry, Ryan, and ECN believe that the servicing industry is broken, as the lack of expertise by existing companies is prevalent today, antiquated technology and poor customer service and processes, regulatory issues among a few, and no accountability by the servicers to provide excellent borrower customer service.
Paramount Servicing Group is now primed to be the leader in the servicing industry in the US and Canadian markets.
