CMG Mortgage Insurance Co. to Cover Provident CU's Portable Mortgage Products
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
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,
solutions and competitive pricing," said Jim
Ernest, executive vice
president of Provident Credit Union.
"Affordability is a central issue for our
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
CMG Mortgage Insurance Co. is in the business
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)
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, 51,000 credit unions in 100 countries serve 196 million people. Learn more about World Council's impact around the world at www.woccu.org.
Organization: CUNA Mutual Group