Freddie Mac, CUNA Renew Mortgage Alliance Agreement

MCLEAN, Va. – Freddie Mac and CUNA have renewed their alliance agreement through Sept. 1, 2007. The alliance began in December 2002. It’s designed to give CUNA and league-affiliated CUs greater access to a wide range of mortgage lending benefits offered through Freddie Mac and CUNA Mutual Mortgage and helps CUs more effectively compete for mortgage business through superior access to the secondary market and the latest mortgage technology. The renewed alliance features several improvements over the former one. The improved alliance streamlines products and improves execution on those items that CUNA-affiliated CUs need to compete in the full service market. Additionally, Freddie Mac has created a special account management team dedicated solely to credit unions to help them become more competitive mortgage originators and more effective managers of interest risk. The renewed alliance will also provide CUs with other benefits such as access to secondary market execution with as little as a single mortgage loan, implementation and transaction fee discounts for Web-based Mortgagebot with Loan Prospector business-to-consumer Web site, and a private label servicing option through CUNA Mutual Mortgage Corp. The Freddie Mac/CUNA alliance also provides CUs with: * additional mortgage product options including the flexibility for construction-to-permanent mortgages and others that compliment the variety of mortgages available through Freddie Mac’s Single-Family Seller/Servicer Guide; and * education assistance and training on Freddie Mac affordable mortgage lending products including Home PossibleT mortgage suite and other low down payment mortgages that are designed to help low- and moderate-income borrowers.