CUNA Forms Agreement with Fannie Mae

Posted by Marissa Anema Tuesday, October 19, 2010 11:08:05 AM

A goal that CUNA and CUNA Strategic Services have been pursuing for quite some time has now been achieved - an agreement with Fannie Mae that would provide significant cost benefits and price breaks to CUNA members utilizing the secondary market to sell or service their mortgage loans.

CUNA, CUNA Strategic Services (CSS), and Fannie Mae this week completed work on an affinity program that will give CUNA member credit unions that service or sell their mortgage loans access to innovative mortgage loan products and features and special member pricing in the secondary market for whole loan sales to Fannie Mae. Member credit unions will also be offered discounted licensing and loan submission fees for Fannie Mae's Desktop Underwriter® software, discounts on training through Fannie Mae's Housing Finance InstituteT, and access to newsletters, announcements and webinars.

Under the Fannie Mae/CUNA Affinity agreement, CUNA members will be able to obtain benefits and savings associated with doing business with Fannie Mae that include the following:

  • A Loan Level Price Adjustment Credit of eight basis points;
  • Discounted Fannie Mae Desktop Underwriter Implementation Fee;
  • Discounted Desktop Underwriter Transaction fee that, with a rebate, will be $25 per loan;
  • Access to training through Fannie Mae's National Housing Finance Institute at a 10% discount and access to additional training.

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