TUKWILA, Wash. — While mortgage production was down 15 % across the country last year, Prime Alliance Solutions, Inc. reported an increase of 20% in mortgage transactions from 2006 to 2007.
"Members are turning to reliable, trustworthy lenders," said Prime Alliance Solutions, Inc. CEO Joe Brancucci. "Credit unions provide the surest landing in the ongoing flight to safety. While the mortgage industry focused on subprime lending, prime Alliance credit unions spent the last several years improving strategy and operations."
Prime Alliance offers credit unions an online application tool, loan origination software, loan servicing, closing and settlement services, real estate services, and its newly introduced Strategic Mortgage Solutions University and consulting division.
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Customers of Prime Alliance originated an estimated 36% of all credit union mortgage lending activity during the first three quarters of 2007 and are expecting an even better year for 2008.
"This is exciting for our 1,600+ unions and us as we deliver the benefits of credit union mortgage volume aggregation. If our record volume of 25,000 transactions in January is any indication, 2008 looks to be a very promising year indeed, and Prime Alliance is poised to assist its customers with ever-increasing lending volumes," said Brancucci.
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