Prime Alliance, CU National Mortgage to jointly provide nationwide mortgage services to CUs

TUKWILA, Wash. and PINE BROOK, N.J. – Prime Alliance Solutions and CU National Mortgage, LLC have reached an agreement that will provide an array of mortgage services to credit unions nationwide and that, said Prime Alliance Executive VP Terry Olson, “will allow those credit unions that have been reluctant to participate in the mortgage services arena because of the cost and expertise required, to now be able to consider offering the product to their members.” As a mortgage CUSO originally formed by Boeing Employees’ Credit Union and information technology company DEXMA, Prime Alliance currently counts almost 40% of the top 50 credit unions in the country, by asset size, that have since joined the CUSO and use its online lending solution. Olson said Prime Alliance is thrilled with those numbers, but it realized that there are also many credit unions that aren’t large or sophisticated enough to handle a full mortgage loan origination system, and that’s kept them from offering mortgage products to their members. The turnkey mortgage solution available to credit unions as a result of Prime Alliance’s strategic relationship with CU National Mortgage “gives those credit unions that don’t already have the expertise and don’t want to hire the expertise, the opportunity to be a full-service mortgage lender without the need for additional staff,” said Olson. The Prime Alliance-CU National Mortgage program provides three primary credit union mortgage fulfillment solutions, all with access to Prime Alliance’s Web-based mortgage origination technology: * the “full-service” solution, designed for credit unions that want to offer mortgage services but don’t want to set up an in-house mortgage origination, fulfillment and servicing operation. The solution includes all mortgage services from origination, through underwriting and processing, to closing and servicing. * the “enhancement” solution for credit unions that are already in the mortgage business and are Fannie Mae Seller-Servicers, and want to expand or enhance their current operations or provide over-flow processing capability during periods of high volume. * the “CU Choice” solution allows a credit union to outsource the “a la carte” mortgage services that best complement their internal capabilities. All three solutions are available immediately. “You could be a $20 million shop that has never offered mortgage products or a $200 million credit union that wants to enhance its existing mortgage services, the Prime Alliance-CU National Mortgage solutions is a unique offering for credit unions that have seen many of their best members go to other financial institutions for mortgage lending services,” said Olson. -