ALLIANCE REACHES OUT TO CREDIT UNIONS WITH MORTGAGECLICK™
MA – April 21, 2005: Prime Alliance Solutions, Inc.
(PA), a leading provider of mortgage technology to the credit union
industry, announced it has become a shareholder in MortgageClick™.
the web-enabled mortgage decisioning platform powered by PA, is
distributed primarily to credit unions that would otherwise be unable
to access this powerful lending solution. The platform was created
in 2003 as an extension of Members Mortgage Company (MMC), a Woburn,
MA based mortgage provider that works exclusively with credit unions.
In January 2004, MortgageClick was spun-off and has continued as
a separate entity with impressive growth. Developed under the credit
union philosophy of helping others help themselves, MortgageClick
created a cost-effective way to share cutting-edge technology by
pulling together a network of credit union users. Joe Zampitella,
MMC President, explains, “By giving credit unions of all sizes
access to this technology, we’re helping the industry gain
market share in an extremely competitive environment.” Since
its inception, MortgageClick has built over 90 sites, experienced
a 350% growth in transactions and processed $2 billion in mortgage
only available to the most sophisticated lenders, the technology
used by MortgageClick allows members to apply for a mortgage online
24-hours a day, receive a decision within minutes, and check the
status of their loan once it is in process. Additionally, the platform
puts the same origination tools in the hands of branch and call
center staff, loan officers, and members; thereby, creating more
opportunities for the credit union to capture members’ home
financing needs at the point of sale.
Green, PA Executive Vice President, sees the agreement as a way
to broaden PA’s reach. He said, “MortgageClick is supporting
the backbone of the credit union movement by sharing this technology,
and our investment in this initiative demonstrates PA’s commitment
to growing the industry and addressing the needs of smaller credit
MortgageClick family has continued to grow, with recent additions
including: New England Teamsters FCU, a $44 million credit union
with 28,000 members located in Arlington MA; Pacific Northwest CU,
a $125 million institution with 14,000 members in Portland, OR;
Freedom CU, with $285 million in assets and 22,000 members located
in Springfield, MA; RTN FCU, a $372 million credit union with 28,000
members in Waltham, MA; and First Pioneer CU, a $77 million credit
union with 5,500 members located in Wilbraham, MA.