TUKWILA, Wash. — Even as mortgage production has decreased 15% from last year due to the subprime meltdown, Prime Alliance Solutions Inc., the mortgage CUSO here, reported an increase of 20% in mortgage transactions from 2006 to 2007.
"Members are turning to reliable, trustworthy lenders," said 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. As a result members are benefiting in the forms of sustainable mortgage products, ease of origination and lower overall cost of borrowing," he added. "There's never been a better time for nor have credit unions been better positioned to fulfill their members housing finance needs," said Brancucci.
Prime Alliance credit unions have access to all the tools necessary for meaningful mortgage lending, he noted, whether it be an online application, loan origination software, loan servicing, closing and settlement services, real estate services or our newly introduced Strategic Mortgage Solutions University and consulting division, no company provides a credit union with more choices or more rapidly scalable tools to help their members obtain housing through credit union financing.
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Prime Alliance serves credit unions of all sizes and Prime Alliance's customers originated an estimated 36% of all credit union mortgage lending activity during the first three quarters of 2007. "We are excited to see the various Prime Alliance real estate solutions have the desired effect for our credit unions–helping them make more real estate loans to their members," added Keith Nolan, executive vice president of sales and marketing. "Current mortgage market and industry conditions provide us with a unique window for realtors, brokers and consumers to recognize credit unions as significant, honest, dependable mortgage lenders. Our time as credit unions has come, and we're seizing the moment," said Nolan.
Brancucci pointed out that Prime Alliance added several large customers in 2007, but none came significantly online during the year. "While 2007 was a historic year for Prime Alliance, we expect an even stronger year in 2008. This is exciting for our 1,600-plus credit unions and us as we deliver the benefits of credit union mortgage volume aggregation."
For more information visit www.primealliancesolutions.com.
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