We have experimentally shown that the perpendicular pumping geometry is optimal for parametric amplification of thermal magnons, which form Spin Wave Resonances (SWR) modes in in-plane magnetized Yttrium Iron Garnet (YIG) films. Above the parametric instability threshold, the parametric SWR spectrum exhibits a second order nonlinearity: the effect of modulational instability at Continuous Wave (CW) pumping. The parametric SWR modes possess a high quality factor, Qf = 2.0 × 106 that is two orders of magnitude more than the Q factor of the Ferromagnetic Resonance (FMR) in high quality YIG films.