McLEAN, Va. (6/14/11)--The Credit Union National Association (CUNA) and Freddie Mac, one of the largest U.S. investors in home mortgages, have renewed their mortgage-lending alliance. The alliance provides participating credit unions with technological services, mortgage products, and correspondent lending, including Freddie Mac borrower outreach initiatives. Freddie Mac is a CUNA Strategic Service provider. “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,” said Wes Millar, senior vice president of CUNA Strategic Services. “Extending our alliance with CUNA will enable participating credit unions to continue accessing a full range of correspondent mortgage lending services and competitive secondary market strategies,” said James Cotton, vice president for regional and community lending at Freddie Mac. “Helping credit unions meet their members’ mortgage needs underscores Freddie Mac’s national mission to keep the mortgage market stable and liquid in good times and bad.” The Freddie Mac/CUNA alliance provides:
* Expanding execution and mortgage product options: Cash sale advantages on 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 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 Website for online mortgage lending.