Prime Alliance Reports Mortgage Surge

TUKWILA, Wash. - While mortgage production nationally was down 15% in 2007, Prime Alliance Solutions Inc. is reporting an increase of 20% in mortgage transactions during 2007 over 2006. Even the last two months of 2007, typically some of the slowest, were strong, with November up 25% over '06, December up 24% (see related stories, page 1, 28 & 29).

"Members are turning to reliable, trustworthy lenders," commented Joe Brancucci, CEO of Prime Alliance Solutions. "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. There's never been a better time for nor have credit unions been better positioned to fulfill their members housing finance needs.”

Prime Alliance said its customer credit unions originated an estimated 36% of all credit union mortgage lending activity during the first three quarters of 2007, and that while the company added several large customers in 2007, none came significantly on-line during the year.

“While 2007 was a historic year for Prime Alliance, we expect an even stronger year in 2008,” he said. (c) 2008 The Credit Union Journal and SourceMedia, Inc. All Rights Reserved. http://www.cujournal.com http://www.sourcemedia.com