| Special Prime Alliance Loan Servicing Announcement |
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Cenlar takes over servicing of Freddie Mac current loans previously serviced by Taylor, Bean & Whitaker Mortgage Corp. (TBW) Cenlar has announced a major agreement with Freddie Mac under which the company will assume the servicing activities of all Freddie Mac’s current loans previously serviced by Taylor Bean & Whitaker. Early last month, Freddie Mac chose to transfer the servicing of their portfolio to Cenlar after suspending TBW as an issuer of mortgage-backed securities and as a Freddie approved seller/servicer. Cenlar, Prime Alliance Solutions, Inc.’s strategic partner in Prime Alliance Loan Servicing Powered by Cenlar (PALS), provides mortgage loan servicing solutions to credit unions nationwide. PALS services a growing credit union portfolio of 65,000 loans. The Agreement with Freddie Mac is another testament to Cenlar’s capabilities and recognition of the role it plays in the industry. “Prime Alliance Solutions, Inc. chose Cenlar as its servicing partner due to its industry reputation and its commitment to quality service,” said Joe Brancucci, CEO and Chairman of Prime Alliance Solutions, Inc. Cenlar has maintained a strong relationship with both Fannie Mae and Freddie Mac. Fannie Mae uses the company as its emergency back-up servicer when approved servicers experience difficulties. Fannie Mae also considers PALS its preferred loan servicer in the credit union industry. This new arrangement with Freddie Mac, which involves the transfer of several hundred thousand loans, is a major achievement for Cenlar. The Company was chosen for a number of reasons, not the least of which is its experience handling transactions of this sort. “Our experience as an interim servicer for several of the largest institutions in the country makes us the ideal choice for this assignment,” said Greg Tornquist, President and CEO of Cenlar. The top priority for PALS and Cenlar remains providing credit union a very high level of service focused on improving the members’ experience. To achieve this, Cenlar has added dedicated resources to service the TBW portfolio. These operations are segregated from the regular business units thus creating no impact on current operations. ### About Prime Alliance Solutions, Inc. Prime Alliance Solutions, Inc. is the largest credit union service organization and the credit union movement’s recognized leader in innovative mortgage solutions. Prime Alliance’s approach to mortgage lending is used by more than 1,600 credit unions nationwide. Prime Alliance offers a full family of real estate solutions, including online applications, loan origination software, loan servicing, closing and settlement services, real estate services, Strategic Mortgage Solutions University and consulting. Visit the website at www.primealliancesolutions.com. About Cenlar Cenlar, headquartered in Ewing, NJ, is a federally chartered wholesale bank specializing in mortgage and HELOC subservicing and is the leading subservicer in the country, handling more than one-half million loans annually, in all 50 states. Cenlar is committed to delivering quality, professional service through its customized private label program to its client base, which includes commercial banks, savings institutions, mortgage bankers, credit unions and other market participants. For more information on Cenlar, visit the company's Web site at www.cenlar.com. |