NAFCU, Fannie Mae Add Enhancements
NAFCU and Fannie Mae reported they have added enhancements to their alliance. "The alliance, the first established between Fannie Mae and a credit union trade association, provides cost savings to participating NAFCU members and includes a variety of additional benefits to member credit unions engaged in mortgage lending," NAFCU said. Among the enhancements:
Better pricing in the secondary market for fixed-rate mortgages, including biweeklies and the 40-year mortgage for members who elect to deliver a set percentage of their secondary market sales to Fannie Mae.
* Discounts for automated property service reports for members who elect to deliver a set percentage of their secondary market sales to Fannie Mae.
* More frequent portfolio pricing updates for members who use the mortgage loan portfolio analysis, which allows for proactive asset liability management.
All of the original benefits to the alliance remain in place, said NAFCU, including access to Fannie Mae's Desktop Underwriter. NAFCU CEO Fred Becker said that since 2002, 120 credit unions have participated in the alliance.
For info: www.nafcu.org.