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WASHINGTON-Fannie Mae Vice Chair Jamie Gorelick announced last week that the alliance between NAFCU and Fannie Mae is moving onto stage two, which will help smaller credit unions participate in mortgage lending. NAFCU and Fannie Mae first announced their alliance in July during NAFCU’s annual conference. Gorelick told attendees of NAFCU’s Congressional Caucus that the partnership “has the potential to shift your mortgage lending into high gear.” NAFCU Services Corporation announced at the Caucus last week that it had selected Prime Alliance, a CUSO fueled by Fannie Mae’s Desktop Underwriter, as its Preferred Partner for mortgage processing and fulfillment services. NAFCU said the new coalition will aid credit unions of all sizes in getting access to the most efficient mortgage lending technology and beneficial pricing offered exclusively to NAFCU members. The Prime Alliance Solution will provide access to members for mortgage application and approval any hour, day or night; enables members to originate over 60% of their mortgages themselves; streamlines the mortgage process for all origination channels; improves staff efficiency and member satisfaction; and increases mortgage lending to members at significantly lower costs. NAFCU member credit unions can choose from three varying levels of services. There is the “full-service” solution, aimed at credit unions wanting to offer mortgage services without setting up their own shop. The “enhancement” solution allows credit unions to enhance their current mortgage operations. Finally, the “CU choice” solution permits credit unions to out-source the `extras’ to compliment internal capabilities. Gorelick pointed out that the alliance provides NAFCU members access to the capital markets to compete on an even playing field with the largest lenders. [email protected]

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