Prime Alliance Selects CU Members Mortgage as Preferred FHA Lender
DALLAS -- As FHA programs become increasingly more attractive amid the ongoing credit crunch, more credit unions are seeking to become approved FHA lenders. Prime Alliance Solutions, a provider of mortgage technology to credit unions has now chosen CU Members Mortgage as a preferred provider for FHA loans to credit unions nationwide.
The announcement came during Prime Alliance's sixth annual symposium. Prime Alliance and CU Members Mortgage (www.cumembers.com) will provide credit unions the ability to offer members flexible mortgage programs to homebuyers. As credit score and down payment requirements of other loan programs have tightened, FHA loans provide many affordable, accessible options for borrowers, said Keith Nolan, Prime Alliance executive vice president of sales and marketing.
"Prime Alliance's selection of CU Members Mortgage as a provider for FHA loans recognizes our long history as one of the nation's most experienced sources for FHA loans. This means we will have the opportunity to help even more credit unions reach members with great mortgage products," said Linda Clampitt, senior vice president CU Members Mortgage.
FHA loans require a down payment of as little as 3%, offer flexible qualifying ratios, attractive terms, and loss-mitigation or workout programs available in the event a homeowner has difficulty making payments. Additionally, FHA loans allow the seller to pay all of the buyer's closing costs and pre-paids. Gift funds from a family member or other sources can be used for 100% of the down payment and closing costs. Nonowner occupied borrowers are allowed, and FHA loans are assumable. FHA loans are also eligible for streamline refinances, which can save expense on appraisal and other fees.
While FHA loans are becoming popular again, not every mortgage lender can provide them. HUD approval is necessary for all originators of FHA loans. "Credit Unions that partner with CU Members Mortgage have an immediate ability to offer FHA loans to their members", said Clampitt. "We are authorized to originate and service FHA loans in all 50 states, so as a client of CU Members Mortgage, any credit union can add FHA loans to their menu of mortgage products quickly and simply through our Mortgage Ease Programs."