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TUKWILA, Wash. – The Construction Loan Company, an approved Fannie Mae seller, servicer and provider of construction and other lending services to credit unions, has joined Prime Alliance Solutions. As the newest member of the CUSO, The Construction Loan Company will implement the full suite of Prime Alliance Technologies including Prime Alliance Classic, the CUSO’s Web-based origination suite and its Loan Fulfillment Center. Additionally, the lending services of The Construction Loan Company, especially those related to construction lending, will be available to the full Prime Alliance network that includes more than 1,350 credit unions. At a time when the real estate market continues to evolve into a purchase market, Prime Alliance Solutions President/CEO Joe Brancucci said, “Credit unions are making significant strides in housing finance. Yet as an industry, we remain under-represented in this important activity. We are confident The Construction Loan Company Inc. will help credit unions become prominent construction lenders.” The Howell, Mich.-based company already manages a loan portfolio approaching $300 million for credit unions, and President/CEO David Vettraino says it’s targeted to reach $1 billion by 2008. “Building a home must become as easy as buying a home,” he said. “Our experience working with credit unions has helped us develop a unique formula where credit unions play to their strengths. Credit unions provide the funding and earn high yields on short-term loans secured by residential real estate. The Construction Loan Company does the rest.” Vettraino said The Construction Loan Company’s expertise in construction lending offers credit unions and members access to specialty construction loan programs together with Fannie Mae. Among its innovative programs, it developed its “Two-Step Flex” program that uses the value of the new home as the basis for financing instead of the more traditional cost-method. Vettraino said the program gives members and credit unions more flexibility and affordability when building their new home.

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