CUNA Completes Affinity Program Deal with Fannie Mae (Misc News: October 18, 2010)
CUNA has completed a deal with Fannie Mae to offer an affinity program for member credit unions that will offer significant benefits and price breaks to CUNA member credit unions.
Details of the program include:
• Innovative mortgage loan products and features
• Special member pricing in the secondary market for whole loan sales to Fannie Mae
• Discounted licensing and loan submission fees for Desktop Underwriter, Fannie Mae’s state-of-the-art underwriting technology
• Discounts on training through Fannie Mae’s Housing Finance Institute
• Access to newsletters, announcements and free webinars that keep credit unions up-to-date on changes in the industry.
The agreement is the result of negotiations between CUNA Strategic Services and Fannie Mae with input from the FNMA Working Group, which included credit union and league representatives.
“For those CUNA member credit unions that use the secondary market, we believe this is a terrific, cost-saving opportunity,” CUNA President and CEO Bill Cheney said.
Fannie Mae, which operates in the secondary mortgage market, is a government-sponsored enterprise chartered by Congress with a mission to provide liquidity, stability and affordability to the U.S. housing and mortgage markets.
Approved Fannie Mae sellers and servicers can contact Tom Lybeck, CSS alliance manager, at (800) 356-9655, ext. 4109, or firstname.lastname@example.org for more information or click here.
Credit unions that are not an approved Fannie Mae sellers and servicers and would like additional information, can use the “Path to Approval Toolkit” to help determine if they qualify to sell loans directly to Fannie Mae and to prepare for the approval process.