RISMedia, June 17, 2011—A comprehensive package of services to help credit unions manage their mortgage business in today’s distressed credit markets will remain available through the renewed alliance agreement between CUNA and Freddie Mac (OTC Bulletin Board: FMCC), one of the nation’s largest investors in residential mortgages.
The alliance provides participating credit unions with a comprehensive set of technological services, mortgage products, and correspondent lending, including Freddie Mac borrower outreach initiatives.
“This renewed alliance ensures that, even in this challenging mortgage environment, CUNA member credit unions will have a package of products and services that can help their members with affordable lending solutions,” says Wes Millar, senior vice president of CUNA Strategic Services.
The Freddie Mac/CUNA alliance provides:
• Expanding execution and mortgage product options: cash sale advantages on a wide variety of mortgages available through Freddie Mac’s Single-Family Seller/Servicer Guide;
• Customized learning opportunities: assistance and training on Freddie Mac’s CreditSmart®, Get the Facts on Homeownership, Workforce Home Benefit(SM) and other outreach tools designed to reach first-time homebuyers and low- and moderate-income homebuyers; and
• Technological advantages: including Freddie Mac’s Loan Prospector automated underwriting service and a Mortgagebot with Loan Prospector business-to-consumer Web site for online mortgage lending.