NAFCU, Fannie Mae Add Enhancements to their Nationwide Alliance
WASHINGTON - NAFCU and Fannie Mae have added more offerings to their four-year old relationship to help credit unions provide members with affordable mortgage financing and better manage interest rate, liquidity and credit risk. Along with the original benefits of the alliance that began in 2002, new offerings for NAFCU members who deliver a set percentage of their secondary market sales to Fannie Mae include: better pricing in the secondary market for fixed-rate mortgages including biweeklies and the 40-year mortgage; discounts for automated property service reports; and more frequent portfolio pricing updates for CUs that use the mortgage loan portfolio analysis that allows for proactive asset liability management. NAFCU members still receive the variety of benefits that were announced when the alliance was launched in 2002. They include: * access to Desktop UnderwriterT; * educational and training support on how to expand access to the secondary market; * the ability to offer a wide range of mortgage products including fixed- and adjustable-rate mortgages, and loans up to 100% loan-to-value; * access to Fannie Mae representatives; and * discounted fees for underwriting technology and training. More than 120 credit unions that are members of NAFCU have leveraged the alliance over the past four years to provide affordable home loans to their members. "With new and enhanced benefits now available through the alliance, we can help credit unions expand their financial services to include mortgage lending," he said.