believes that all credit unions should be able to offer their
members the best mortgage
services available anywhere. Our goal is to
provide state-of-the art mortgage technology to credit unions.
The technology, powered by the Prime Alliance Solution, combines
Desktop Underwriter® – Fannie Mae’s powerful
automated underwriting system – with an advanced Web-based
mortgage processing technology platform developed by Boeing
Employees' Credit Union and Dexma, to create a loan application
and approval system that is fast, efficient, and cost-effective
for credit unions and their members.
“Every credit union can benefit from the Prime Alliance
system,” says Joe Zampitella, founder of MortgageClick.
“But most credit unions can’t easily afford the
$50,000 up-front investment required to acquire the platform,
plus the sizable ongoing costs of programming and maintaining
the system. MortgageClick has made that investment and is
making the Prime Alliance program available to all credit
The product of a top-to-bottom rethinking of the whole loan
origination process, the Prime Alliance system is designed
from the borrower’s perspective, but with the needs
of both borrowers and lenders in mind. The system:
Reduces the information required on a loan application to the
bare minimum amount of data required to approve a loan. This
boils down to 10 key questions.
• Streamlines the loan origination and approval process.
Borrowers complete an on-line application with 25 clicks in
minutes and receive a printed loan approval on the spot, either
in their home or in a credit union office.
• Reduces origination costs. Because credit unions can
process more loans more quickly, they can both reduce the fees
they charge members and increase the revenue generated by their
mortgage business. Year after Year, the Fannie Mae Mortgage
Focus study shows that Prime Alliance users have the lowest
cost to originate a mortgage loan.
• Eliminates the need for specialized training to process
loan applications. Credit union members can apply on-line on
their own, by telephone through a credit union call center,
or at the credit union, where virtually any credit union employee
can walk them through the process. Regardless of where or how
members apply, the loan application and approval process will
be the same, ensuring a consistent, positive and convenient
• Allows credit unions to control the member relationship.
With access to the Prime Alliance Solution, the smallest credit
unions can originate mortgages in-house, instead of sending
members elsewhere for those essential services.
compete, credit unions must offer the most advanced solutions
and provide the best services and the best experiences for
their members. That’s what MortgageClick can do,”
Dan Hanlon, chief operating officer for the company, explains.
MortgageClick does not originate, buy or sell loans; it simply
provides access to the Prime Alliance system along with the
training and technology support credit unions need to use
it. Those support services include customizing a MortgageClick
Web site for participating credit unions. Members who apply
on line will do so through their own credit union, not by
going to an unrelated mortgage processing site. “From
start to finish, this is structured as a service the credit
union itself is providing,” Hanlon explained. “This
is all about re-enforcing the message that credit unions can
meet all of their members’ financial needs.”
After the initial one time customization cost, Credit unions
only pay for transaction fees for each loan processed with
the Prime Alliance technology. Credit unions can hold the
loans they originate in their portfolios if they choose; or,
since the files have received Fannie Mae Desktop Underwriting
approval, sell the loan on the secondary market.
“The goal is to simplify the mortgage process for credit
unions by making it easier and less expensive for their members,”
Stan Kutzko, chief information officer for MortgageClick,
says. “That’s our business. Our plan is to put
MortgageClick in the hands of every credit union that wants
to provide world class mortgage services and a world class
loan experience to their members, which, we think, ought to
be just about every credit union.”
also provide credit unions access to the Prime Alliance Loan
Fulfillment Center (LFC). The LFC adds onto the front end
multi-channel origination process to allow credit unions the
ability to process, close, post close and deliver loans to
the secondary market. Since the LFC is based on the same technology,
origination through closing is handled seamlessly all on one
platform. Combining both of these pieces of provides a complete,
Intelligent, Web Delivered, and Streamlined solution at an