Prime Alliance, Pentagon FCU Team Up
TUKWILA, Wash.-Prime Alliance Solutions, Inc., a provider of mortgage solutions for credit unions, and Pentagon FCU, the country's third-largest credit union, announced the formation of Prime Alliance Title, LLC.
The two parties said Prime Alliance Title is the first credit union-owned mortgage title insurance company with a national scope. The new company began operations at the beginning of July, fulfilling orders in a few states. Fully operational now in Virginia, D.C., Maryland, Delaware, Pennsylvania, New Jersey, New York, North Carolina, Florida and Colorado, Prime Alliance Title is actively pursuing licenses and relationships in its pursuit of service to credit unions everywhere, which it expects to complete by early 2010.
For info: www.primealliancetitle.com
CU Members Mortgage Honors Sandia Area
FORT WORTH, Texas-CU Members Mortgage awarded Sandia Area FCU of Albuquerque, N.M., with the Marketing Achievement Award for the credit union's marketing efforts. CU Members Mortgage said Sandia Area FCU's marketing team of Jeff Cain, VP of marketing, and Jennifer Harris, marketing coordinator, focus on keeping a consistent message through multiple channels to make sure the members and community know it is a great time to purchase or refinance a home through Sandia. Their efforts included information in the credit union's lobbies and on the CU's website. The team also highlighted its message in member newsletters and statement inserts, as well as in television advertising.
For info: www.cumembers.com or www.sandia.org
LenderLive Sees Spike in Demand
DENVER-LenderLive Network, Inc., said it has seen a 50% increase in its closing coordination services as compared to last year. LenderLive provides closing coordination as a variable cost, outsourced service offering to mortgage bankers funding and those brokers offering table-funded loans as an augmentation or replacement to a back office staff of loan closers, auditors, funders and shippers. As part of its closing coordination services, LenderLive offers post closing, including, receiving the executed package, merging the credit package into the file and delivery according to investor requirements. In other news, LenderLive has teamed up with Neighborhood Housing Services of America to process and underwrite FHA loans the non-profit secondary market investor plans to purchase.
For info: www.lenderlive.com
Mortgage Fraud Insurance Introduced
MADISON, Wis.-CUNA Mutual Group said it is introducing the credit union industry's first fraudulent mortgage loan documentation coverage as part of a new release of its Bond policy.
CUNA Mutual said this new coverage will help credit unions manage losses from increasing fraudulent acts committed by residential mortgage borrowers.
Fraudulent Mortgage Loan Documentation (FMLD) coverage applies to material misrepresentations, through alterations by the borrowers, on certain residential mortgage lending documents used by credit unions to make lending decisions. These include verifications of income and employment, offers to purchase and/or appraisal reports.
For info: www.cunamutual.com
Northwest Launches Title/Escrow Subsidiary
HERNDON, Va.-Northwest Financial LLC, a CUSO of Northwest FCU, announced the opening of a new subsidiary, Northwest Title & Escrow LLC.
NWTE is a licensed, bonded and insured full-service title insurance agency that provides settlement and escrow services related to residential and commercial real estate transactions in Virginia, Maryland and the District of Columbia.
For info: www.nwfllc.com
Tower Wins Real Estate Lending Award
LAUREL, Md.-Tower Federal Credit Union recently was named "Best Overall Performer" by Prime Alliance Solutions, Inc., a credit union mortgage solutions firm, for outstanding performance and customer service in real estate lending.
Tower was selected for the award from over 1,600 credit unions nationwide. Prime Alliance said Tower was chosen for the award for its exceptional performance in mortgage lending. In 2008, Tower's mortgage loan volume increased 42% to $403 million, a significant increase versus the average growth rate of the prior three years by 17% or $32 million. By the end of the second quarter of 2009, Tower has received more than $740 million in mortgage loan applications.
For info: www.towerfcu.org or www.primealliancesolutions.com
Wolters Kluwer Acquires Flood Compliance
MINNEAPOLIS-Wolters Kluwer Financial Services said it has acquired substantially all of the assets of Austin, Texas-based Stormwater Research Group.
Stormwater provides flood compliance solutions to the banking and mortgage industries, real estate development companies, insurance agencies and other entities. Its products include basic and life of loan flood determination services. Wolters Kluwer said the acquisition of Stormwater will allow it to expand and strengthen its presence in the flood determination part of the mortgage lending process.
For info: www.wolterskluwerfs.com
First American Flood Data Offers Free Trial
AUSTIN, Texas-First American Flood Data Services, a member of The First American Corporation family of companies and supplier of flood determinations, announced the launch of its new program that provides a free, fully functional 15-day trial account of its online FloodCert application to credit unions.
First American Flood Data Services said it combines advanced digital mapping technology with the knowledge and experience of tenured flood map analysts to provide the fast, reliable flood information CUs require.
For info: www.faflood.com/CUdemo
For additional info, visit www.cujournal.com.
