TUKWILA, Wash. – Mortgage lending CUSO Prime Alliance has acquired technology partner Dexma, an Edina, Minn., provider of online lending technology for more than 1,400 institutions.
The combined company will be known as Prime Alliance Solutions, Joe Brancucci, CEO of Prime Alliance, told Credit Union Journal. He noted Dexma helped create Prime Alliance, lending a certain amount of irony to the deal. “It is like a child is swallowing up one of its parents,” he said with a laugh. “I think it is a good move for a lot of reasons. We were ahead of our time in 2001, but today there are lots of opportunities.”
According to Brancucci, Prime Alliance has worked closely with Dexma over the past decade in creating new solutions for mortgage lending, but said the acquisition will allow the CUSO to take ownership of the technology Dexma produces. "We’ve always been part of the dialog, and have driven the development of a lot of aspects, but this takes the relationship to a new level.”
Prime Alliance and Dexma co-developed the Mortgage Lending Suite, which includes retail lending, third-party lending, loan fulfillment and secondary market centers. The two said they combine to handle 35% of credit union mortgage originations.
Dexma's clients include U.S. Bank Home Mortgage, Weichert Financial Services and MetLife Home Loans.
Since inception, more than 6 million loans have been processed on the Dexma platform, totaling approximately $1.1 trillion in loan volume.
The combination is expected to be complete later this year, the two parties said.
