After 11 years as a leading mortgage CUSO, Prime Alliance has been sold to become a subsidiary of Mortgage Cadence, a mortgage technology firm with a similar approach and some credit union clients.
As a subsidiary of Denver-based Mortgage Cadence, the Edina, Minn.-based firm will no longer remain a CUSO.
Roughly 600 credit unions around the country use the Prime Alliance mortgage processing platform, whether directly or indirectly through another housing finance CUSO.
In an interview with Credit Union Times, executives with the two firms explained that the move provides Prime Alliance with the capital it need to continue growing and improving its mortgage processing platform and would link two companies with similar visions.
"The Prime Alliance team is very excited about our acquisition by Mortgage Cadence. We are companies with similar histories, cultures and perspectives on the mortgage business," said Dan Green, executive vice president for credit union services at Prime Alliance.
"Both were founded to make the mortgage process easier and more transparent for home buyers and refinancers as well as more efficient and more cost effective for lenders. Prime Alliance has done a remarkable job of that for credit unions over the last 10 years," he said.
Green will continue as a marketing executive with Mortgage Cadence and other senior Prime Alliance board members and executives will stay on as well. The firm will also launch an advisory group of credit union executives that will advise it on credit union operations and marketing strategy.
Joe Brancucci, Prime Alliance's founder, CEO and chairman and now CEO of GTE Federal Credit Union in Tampa, Fla., becomes a member of the Mortgage Cadence board as a result of this transaction as well.
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