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TUKWILA, Wash. – It’s been less than one year since Boeing Employees’ Credit Union and information technology company DEXMA formed a CUSO – Prime Alliance Solutions – to offer credit unions an easy-to-use online lending solution that provides members with a commitment letter at the end of the application process. Already the CUSO is reporting that 50-55% of CUs using the solutions are reporting their mortgage applications are being received over the Internet. Joe Brancucci, BECU vice president of loans and chief lending officer, and president of Prime Alliance Solutions said those numbers “far exceeded our highest expections.” Prime Alliance’s Rick Marshall attributed the success of the Prime Alliance online mortgage application to the fact that it is an intuitive product that’s designed to be conversational with the user. “Never before has a mortgage solution been created for credit unions by credit unions,” said Marshall. “Most credit union members would prefer to get their mortgage from their credit union, but the technology hasn’t been available to them until now,” said Marshall. “Because of Prime Alliance’s relationship with Fannie Mae, the streamlined application process allows members to complete and submit their application online without the assistance of a credit union loan officer. Moreover, since Fannie Mae Underwriter is built in to the Prime Alliance solution and powers the product, loans that are approved conform to secondary market standards. In the past, this has kept many credit unions from selling mortgage loans on the secondary market.” Prime Alliance also announced that 10 more credit unions joined the CUSO. The 10 newest CUSO members are: Pentagon FCU, Alexandria, Va.; Lockheed FCU, Burbank, Calif.; Pennsylvania State Employees’ CU, Harrisburg, Pa.; Suncoast Schools CU, Tampa, Fla.; Community CU, Plano, Texas; Kern Schools CU, Bakersfield, Calif.; Meriwest CU, San Jose, Calif; GTE FCU, Tampa, Fla.; Anheuser-Busch CU, St. Louis, Mo.; and University of Colorado FCU in Boulder. Prime Alliance was designed for credit unions with $250 million or more in assets, but the CUSO is in the process of creating a version of the online lending solutions designed especially for credit unions smaller than that – Prime Alliance Lite. Marshall said the CUSO expects to release that version by the end of the year. Meanwhile Prime Alliance also announced a third version of the solution, Prime Alliance CUSO, for mortgage CUSOs. So far the solution is being used by two CUSOs – Community Mortgage Funding LLC, in California and Midwest Loan Services in Michigan. – [email protected]

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