Prime Alliance Solutions Sets New Record for Growth in 2005

TUKWILA, Wash. – Prime Alliance Solutions didn’t let a little thing like the market’s transition from a record-setting refinance boom to a purchase market, and a slow down in the overall market slow down its business in 2005. The company came through the year setting a new record for itself in loan volume. In 2005, Prime Alliance handled over 140,000 loans, or about $25 billion in loan volume. The year before Prime Alliance customers originated over $22.5 billion in loan volume. Steve Mas, president of Dexma – one of two partners of Prime Alliance, the other being BECU – said the company’s vision “is to orchestrate the fragmented mortgage process and industry. “The incredible growth of Prime Alliance is a great example of what we can accomplish when we pull all the pieces together to meet the needs of a particular market,” he added. Prime Alliance continued to take steps in 2005 toward that goal. In April, for example, it became a minority shareholder in MortgageClick, the mortgage decisioning platform distributed to credit unions. In June the company announced the update to its loan origination platform. In July it celebrated the first anniversary of Prime Alliance Real Estate Services, its first ancillary business. One month earlier it announced it had provided CU members with more than $1 million in real estate commission rebates. In addition, Mas noted that many Prime Alliance credit union clients benefit from a significant return-on-investment, including lower costs and higher productivity. He explained that Fannie Mae created a new category called Low Cost/High Productivity to account for dramatic differences in results between lenders. Several Prime Alliance CUs fell into that category, he said. The Prime Alliance Solution is being used by more than 1,300 credit unions.