Industry News

Freddie Mac to help credit unions score mortgage business

Alliance with CUNA to provide access to discounts, technology

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Credit Union National Association, or CUNA, and mortgage giant Freddie Mac have beefed up their alliance to help credit unions compete for mortgage business, the two institutions said today. Freddie Mac said the renewed alliance, effective through Sept. 1, 2007, will help credit unions compete for mortgage business through superior access to the secondary mortgage market and technology. The improved alliance streamlines products and improves execution on items CUNA members need to compete in the full-service market, the companies said. Additionally, Freddie Mac created a special account management team for credit unions to help them become more competitive originators and more effective interest risk managers. The alliance will provide credit unions access to secondary market execution with as little as a single mortgage loan, the companies said. Other advantages include implementation and transaction fee discounts for Web-based Mortgagebot with Loan Prospector business-to-consume...