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Fannie Mae Exec Demonstrates NAFCU Partnership Impact; Desktop Underwriter Hits World Wide Web

WASHINGTON-Fannie Mae CEO Frank Raines revealed the results of the government sponsored enterprise's partnership with NAFCU at the trade association's Congressional Caucus. "This has been an exciting year for Fannie Mae, for the National Association of Federal Credit Unions and its members, and for the American Dream," he said. "Since...

By Sarah Snell Cooke | Updated on September 30, 2003

WASHINGTON-Fannie Mae CEO Frank Raines revealed the results of the government sponsored enterprise’s partnership with NAFCU at the trade association’s Congressional Caucus. “This has been an exciting year for Fannie Mae, for the National Association of Federal Credit Unions and its members, and for the American Dream,” he said. “Since we officially announced our partnership a year ago in July, Fannie Mae and your members have helped 10,000 credit union families become homeowners by providing them with the lowest cost mortgage for which they could qualify.” Raines cited examples, like Fort Jackson Federal Credit Union in Columbia, South Carolina already surpassing its mortgage volume from 2002, thanks to the Fannie Mae-NAFCU partnership. Hiway Federal Credit Union in St. Paul, Minnesota is doing nearly 50% percent more mortgage business than last year. Mortgage originations have nearly doubled over last year’s data at Michigan State University Federal Credit Union in East Lansing. He also announced that Fannie Mae is taking its Desktop Underwriter technology online. This advance should speed up new product introduction and provide greater flexibility to credit unions. Raines also commented on how credit unions are uniquely positioned to help bring the growing minority population closer to the American Dream of owning a home. He did touch on the recent problems at Freddie Mac and the GSEs getting a new regulator. Raines said Fannie Mae supports the administration’s recommendation that they be brought in under Treasury, but added that competitors, like the large bank and mortgage insurance companies, are trying to use this to rein Fannie Mae in, which he said would drive up mortgage costs. He urged the credit union officials while they were on the Hill to talk about how Fannie Mae works with them and not to stifle innovation. [email protected]

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