BECU Selects Prime Flood To Provide Flood Determination Solutions
-Nation's sixth-largest credit union to utilize on-line certifications for residential mortgage loans-
AUSTIN, Texas, Sept 22, 2004 - Austin, Texas-based First Lenders Data, Inc. (FLDI), a bundled mortgage settlement services provider, announced that Seattle, Wash.-based BECU ($4.7 billion/370,000 members) has selected Prime Flood, a flood determination solution provided by FLDI and Tukwila, Wash.-based Prime Alliance Solutions, Inc., to manage flood certification on its residential mortgage loans.
Currently, BECU originates approximately 500 loans per month. Using Prime Flood, BECU will be able to process flood determinations more efficiently through online technology that allows almost instantaneous determinations. BECU will also receive volume discounts through its relationship with Prime Alliance .
"Through the use of Prime Flood's flood determination solution , we will be able to better serve our membership by streamlining that portion of the mortgage loan origination process," said Hamilton McJunkin, manager of Mortgage Loan Production at BECU. "This enables us to effectively manage more originations and pass along a cost savings to our members through volume discounts."
"BECU's selection of Prime Flood illustrates the effectiveness and convenience of our flood determination services. It also reflects the value that one of the largest credit unions in the country places on being more cost-effective and efficient to better serve its members," said Tedd Smith, CEO of FLDI. "FLDI's ability to simplify flood certification for both lenders and borrowers provides real solutions and significant cost savings to lenders of every size, in any geographic location."
In addition to flood certification, FLDI works directly with mortgage technology vendors on behalf of banks, mortgage lenders and credit unions to provide customers with a variety of mortgage solutions through a single point - FLDI's FirstClose platform. FLDI's bundled services offer a cost-effective method for lenders to manage the entire origination process.
About BECU
With more than 370,000 members and more than $4.7 billion in assets, Seattle, Wash.-based BECU is the largest credit union in Washington state and one of the top ten financial cooperatives in the country. All Washington state residents are eligible to join BECU.
For more information about BECU, please visit their Web site at www.becu.org.
About First Lenders Data, Inc.
First Lenders Data Inc. (FLDI) is an Austin, Texas-based provider of settlement service solutions to the mortgage lending industry. FLDI offers its products and services through its proprietary Web-based FirstClose™ platform. The company's product offerings include credit reports, flood certifications, AVMs and traditional valuation products, as well as title and property data services. Additionally, FLDI provides more progressive services, including hybrid and gap valuations, guaranteed AVMs and alternative lien reports.
For more information on FLDI's products and services, please visit their Web site at www.fldi.com.
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