CMG Mortgage Insurance Co. to Cover Provident CU's Portable Mortgage Products
May 07, 2004
SAN FRANCISCO - Provident Credit Union, one of the Bay Area's leading mortgage lenders, has selected CMG Mortgage Insurance Company to provide private mortgage insurance to credit union members served under its new "Portable Mortgage" program.
The Portable Mortgage program allows members with a mortgage loan to transfer the terms of the loan and mortgage insurance to a new residence, rather than paying off the existing loan and applying for a new loan and mortgage insurance at current market rates. A unique aspect of this program is that the loan and mortgage insurance may be transferred two times. The Portable Mortgage program has great appeal for first-time homebuyers and members who frequently relocate.
"CMG Mortgage shares the same commitment that Provident has in providing credit union members with innovative programs, time-saving mortgage solutions and competitive pricing," said Jim Ernest, executive vice president of Provident Credit Union.
"Affordability is a central issue for our product development initiatives at CMG Mortgage. We are pleased that Jim and his team at Provident Credit Union have joined other national lenders serving the credit union system and chosen CMG to be the insurer of credit union members' portable mortgage loans," said Pete Pannes, senior vice president of CMG Mortgage Insurance Co.
CMG Mortgage Insurance Co. is in the business of meeting credit unions' first mortgage insurance needs. As a joint venture between CUNA Mutual Group and PMI Mortgage Insurance Co., the company provides the best possible combination of personal service and competitive products. Having served the credit union market exclusively since 1994, CMG Mortgage Co. has become the mortgage insurer of choice for the credit union system.
Provident Credit Union is a $1.2 billion full- service financial institution based in Redwood Shores, CA, and operates 17 branches in the Bay Area and California. Provident has been a Bay Area institution for more than 50 years and originated more than of $400 million in loans in 2003.
CMG Mortgage Insurance Co. offers mortgage guaranty insurance for loans originated by credit unions. CMG Mortgage Insurance Co. is licensed in 50 states and the District of Columbia. For more information, call (800) 909-4264.
World Council of Credit Unions is the global trade association and development agency for credit unions. World Council promotes the sustainable development of credit unions and other financial cooperatives around the world to empower people through access to high quality and affordable financial services. World Council advocates on behalf of the global credit union system before international organizations and works with national governments to improve legislation and regulation. Its technical assistance programs introduce new tools and technologies to strengthen credit unions' financial performance and increase their outreach.
World Council has implemented more than 290 technical assistance programs in 71 countries. Worldwide, 60,500 credit unions in 109 countries serve 223 million people. Learn more about World Council's impact around the world at www.woccu.org.