Fannie Mae Extends Agreement with Prime Alliance to 2011
WASHINGTON - The current strategic alliance between Fannie Mae and Prime Alliance Solutions doesn't expire for another three years, but Fannie Mae has decided not to wait until 2006 to renew its relationship with the Tukwila, Wash.-based mortgage CUSO. In a move Prime Alliance officials say is a show of support for "Prime Alliance's passion for improving the member and credit union mortgage experiences through break-through business solutions enabled by Web-based technologies," Fannie Mae has extended its current strategic agreement with Prime Alliance until 2011. Jeffrey Hayward, senior vice president of single family business for Fannie Mae made the announcement at Prime Alliance's recently held first annual symposium in Las Vegas. The Prime Alliance Solution has Fannie Mae's Desktop Underwriter product built in to the solution, so loans are approved using a secondary market decisioning engine. Prime Alliance Solutions was formed in 2000 by Boeing Employees Credit Union and Dexma. It currently provides services to 54 credit unions, including 29 of the top 100 credit union mortgage lenders, and CUSOs representing 600 CUs throughout the U.S.