Prime Alliance, Dexma Form Prime Alliance Services

TUKWILA, Wash. – Prime Alliance Solutions and its technology partner Dexma have formed a Prime Alliance Services Co. to address what the companies say is “the chronic discontinuity in the mortgage process” and to bring greater efficiencies to the mortgage process by streamlining loan fulfillment. The mission of the new company which is structured as an LLC, says Prime Alliance Solutions President/CEO Joe Brancucci, “is to drive costs down even more by reaching further into the process of supplying a mortgage.” “Prime Alliance Services creates a preferred network of companies involved in the mortgage process, from credit and appraisal to flood and title companies. In return for guaranteed volume, Prime Alliance Services is able to negotiate favorable rates on behalf of Prime Alliance member,” he stated. “Simply by eliminating redundancies and combining efforts across functions, we can originate, process, close and deliver a loan using half or less of the current resources,” said Nick Kozlak, chief development officer, Dexma. “If you think of the mortgage process as being a big buffet table, there are a lot of people seated such as the housing Government Sponsored Enterprises, other lenders, credit providers, title and flood insurance providers. However, they’re not all well connected or looped together in a seamless, connected process. Prime Alliance Services tries to bring everyone together and allows the loan originator to communicate with all of them,” explained Dexma’s VP of Marketing Maria Verven. Prime Alliance Services has already negotiated contracts with First Lenders Data to provide flood certification and with Automated Collateral Solutions, a provider of collateral assessment services, to provide full and automated valuations. Brancucci said the company intends to offer “bundled” services to Prime Alliance’s credit union clients “so they can offer their members a guaranteed, competitive price for closing service.” In addition, the Loan Fulfillment Center developed by Dexma and Prime Alliance Solutions and implemented by BECU, will be used to efficiently deliver the various services since the platform comes configured with the Prime Alliance Services’ preferred network of service companies. Prime Alliance Services is currently working with several credit unions for implementation in early 2005.