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Prime Alliance Solutions Unveils New Loan Origination Web-Based System

LAS VEGAS - Prime Alliance Solutions unveiled to attendees of its annual Symposium its latest initiative to improve and simplify the mortgage process for credit union members. Dubbed the "Loan Fulfillment Center" (LFC), Prime Alliance President/CEO Joe Brancucci said the Web-based system is the first that takes a loan from...

By Staff Writer | Updated on May 25, 2004

LAS VEGAS – Prime Alliance Solutions unveiled to attendees of its annual Symposium its latest initiative to improve and simplify the mortgage process for credit union members. Dubbed the “Loan Fulfillment Center” (LFC), Prime Alliance President/CEO Joe Brancucci said the Web-based system is the first that takes a loan from origination all the way through closing, funding, and delivery to the secondary market, addressing the issue of integration between systems. :He explained that LFC uses the Application Service Provider (ASP) model, which lessens credit unions’ information technology resource need. In addition, said Brancucci, LFC “recognizes that each member is specific. As a result, a unique path is defined for each and every mortgage loan, and that path, which manifests a specific set of tasks required to close each distinct loan, is created based on a member’s characteristics, Desktop Underwriter findings, and credit union-defined business rules. Loan Fulfillment Center is in the process of being “successfully” beta tested by Boeing Employees CU. Two weeks after it was installed in April, the Loan Fulfillment Center processed a loan from origination through closing, including the production of closing documents. Prime Alliance plans to facilitate a second round of system installations in mid-summer, and public release will be in September. Speaking at the company’s second annual Symposium here, Brancucci told attendees that Loan Fulfillment Center “is the culmination of 12 months of diligent effort by the Prime Alliance team and Dexma, delivering another systematic step toward our original vision of creating the virtual mortgage bank for credit unions.”

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