Freddie Mac/CUNA Renew Alliance Supporting Mortgage Lending Options for Credit Union Members

MCLEAN, Va., June 13, 2011 /PRNewswire/ -- 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," 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 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.

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, alliance manager for CUNA Strategic Services, at (800) 356-9655 ext. 4109 or go to cunastrategicservices.com.

Credit Union National Association (CUNA) represents about 90 percent of America's nearly 8,000 credit unions, which are owned by 92 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 cunastrategicservices.com; for more about credit unions, see www.aSmarterchoice.org.

Freddie Mac was established by Congress in 1970 to provide liquidity, stability and affordability to the nation's residential mortgage markets. Freddie Mac supports communities across the nation by providing mortgage capital to lenders. Over the years, Freddie Mac has made home possible for one in six homebuyers and more than five million renters.  www.FreddieMac.com.

SOURCE Freddie Mac

WANT YOUR COMPANY'S NEWS FEATURED ON PRNEWSWIRE.COM?

440k+
Newsrooms &
Influencers

9k+
Digital Media
Outlets

270k+
Journalists
Opted In

GET STARTED