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Prime Alliance Solutions launches a "Lite" version of online mortgage piece

MINNEAPOLIS - Prime Alliance Solutions, a joint-venture between IT firm Dexma Inc. and the $4 billion Boeing Employees' Credit Union, has launched a mortgage technology solution geared for small and mid-sized credit unions. Known as Prime Alliance Lite, the Net-based system enables these sized credit unions to originate loans via...

By Staff Writer | Updated on July 31, 2001

MINNEAPOLIS – Prime Alliance Solutions, a joint-venture between IT firm Dexma Inc. and the $4 billion Boeing Employees’ Credit Union, has launched a mortgage technology solution geared for small and mid-sized credit unions. Known as Prime Alliance Lite, the Net-based system enables these sized credit unions to originate loans via their own Web sites. This solution differs from the company’s other mortgage technology solution, Prime Alliance, in that it is for credit unions that expect to take less than 100 mortgage applications each month. The company said Prime Alliance Lite is easier to install and less expensive than Prime Alliance. “With Prime Alliance Lite, a credit union can brand their site, put in their own pricing and start originating mortgages over the Internet in less than 30 days,” said Steve Mase, president and chief technology officer of Dexma. By year-end 2001, Prime Alliance Solutions expects about 30 CUs to be using one of its solutions. Right now, Prime Alliance is being used by a number of tech-savvy CUs, including Patelco CU, Vandenberg FCU, Kinecta FCU, with tech-leader Pennsylvania State Employees CU is scheduled to launch the product soon. Credit unions definitely need help in the mortgage department. Less than 6% of credit union members get their mortgages from a credit union, while over 60% of members own a home.

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