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MINNEAPOLIS – Prime Alliance Solutions Inc., a partnership between Dexma, Inc. and Boeing Employees’ Credit Union, is in the big time now. It will soon unveil the mortgage Web site for its 50th customer, but more impressive is loan volume has grown to the point that Prime Alliance is producing as much as a top 20 retail lender. “Mortgage lending has become almost as routine as consumer lending for the credit unions in Prime Alliance,” said Joe Brancucci, Prime Alliance president and CEO. Many of the 50 credit unions in Prime Alliance are reporting impressive results. At Boeing, origination costs were from $1,238 to only $338 per loan after implementing their Prime Alliance Web site. Here’s how Prime Alliance says it is streamlining credit union lending. The credit union-branded Web site features a short application that collects the data needed to obtain a loan decision from Fannie Mae. The credit union can then deliver a good faith estimate of closing costs and truth-in-lending disclosures (also called GFE-TIL) to the member online, instead of having to mail documents. Loan processing is paperless and automated, because Dexma’s connections to electronic partner networks enable loan officers to order services such as home appraisals, flood determinations and title services on this same platform. Previously, these documents had to be ordered via the credit union’s loan origination system, and the borrower’s data and loan information often had to be re-keyed. Finally, the loan officer and borrower can send messages to each other online through the real-time platform. Brancucci hopes more CUs get over their fears of mortgage lending. “Many credit unions think they’re too small, or that mortgage lending is too complex,” Brancucci said. Yet he said almost half of the credit unions in Prime Alliance are small to mid-sized, and they found it easy to implement the solution and reap the benefits of providing mortgage services to members.

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