Prime Alliance Sold to Mortgage Tech Firm
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 Mortgage Cadence, the firm will no longer remain a CUSO.
About 600 credit unions around the country use the Prime Alliance mortgage processing platform, whether directly or indirectly through another housing finance CUSO.
Its software packages could be called loan origination systems, but Mortgage Cadence CEO Michael Detwiler eschews the label as reductionist and inaccurate. He prefers the term enterprise lending software because of the increased flexibility and individualization that the firm’s software provides. Green noted that Prime Alliance also disliked calling its products LOS and that this attitude toward what each firm was trying to do had been part of what made them see each other as good partners.
Historically, Mortgage Cadence has provided solutions to top lenders and large credit unions and has had some of the largest and most advanced financial institutions in the market as clients. With credit unions at the center of Prime Alliance’s customer base, Mortgage Cadence saw an opportunity to build off of Prime Alliance’s superior technology and talented team to provide unrivalled solutions to credit unions and their members, Mortgage Cadence explained.