Mortgage Lending Options For CUs Available Through Renewed Freddie Mac/CUNA Alliance
MCLEAN, Va., June 24 /PRNewswire-FirstCall/ — A critical 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 (NYSE: FRE), 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, such as Freddie Mac’s borrower outreach initiatives.
“With the current economic climate, this renewed alliance ensures that
credit unions will continue to have options to succeed in the mortgage
lending market, including affordable lending solutions to meet the needs of
low- to moderate-income borrowers,” said Wes Millar, senior vice president
of CUNA Strategic Services.
“Extending our alliance with CUNA means participating credit unions can
access a full range of correspondent mortgage lending services and
competitive secondary market strategies without having to add staff or
re-tool their systems,” said Iliana Ghanem, vice president for community
lending at Freddie Mac. “Today’s announcement also underscores Freddie
Mac’s commitment to help CUNA members meet their own members’ mortgage
needs.”
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 Home Possible Mortgage suite, and other low down payment
mortgages designed to help low- and moderate-income borrowers; and
— Technological advantages: including Freddie Mac’s Loan Prospector(R)
automated underwriting service and a Mortgagebot with Loan Prospector
business-to-consumer Web site for online mortgage lending.
For more information on the CUNA/Freddie Mac alliance, call the
alliance hotline at (866) 220-2074 or go to
freddiemac.com/singlefamily/cuna.html. CUNA members can also contact Tom
Lybeck, product manager for CUNA Strategic Services, at (800) 356-9655,
ext. 4109, or go to strategicservices.cuna.org.
Credit Union National Association (CUNA) serves 90 percent of America’s
8,500 credit unions, which are owned by more than 90 million consumer
members. Credit unions are not-for-profit cooperatives providing affordable
financial services to people from all walks of life. CUNA Strategic
Services, Inc., owned jointly by CUNA and the state leagues, provides
credit unions with access to high quality products, services, and
technologies delivered with a competitive advantage made possible through
volume pricing and strategic program development. For more information,
visit strategicservices.cuna.org.
Freddie Mac is a stockholder-owned corporation established by Congress
in 1970 to support homeownership and rental housing. Freddie Mac purchases
single-family and multifamily residential mortgages and mortgage-related
securities, which it finances primarily by issuing mortgage-related
securities and debt instruments in the capital markets. Over the years,
Freddie Mac has made home possible more than 50 million times, ensuring
financing for one in six homebuyers and more than 4 million renters. For
additional information about Freddie Mac, visit: http://www.FreddieMac.com.
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[Via Real Estate Newswire]