Greater financial education, a greater variety of loan products and different lending strategies have all been techniques credit unions have begun to use to help borrowers meet more stringent housing finance requirements, according to executives from credit unions and mortgage CUSOs.
The ongoing saga involving PMI Mortgage Insurance and CUNA Mutual Group Mortgage Insurance entered into a new stage on Thanksgiving Eve when the PMI Group, PMI MI's holding company, filed for bankruptcy in federal court.
PMI, which with CUNA Mutual Group created CMG Mortgage Insurance in 1993, filed for Chapter 11 bankruptcy protection Nov. 23.
One example of this trend is the 162,000-member, $1.41 million UW Credit Union, headquartered in Madison, Wis.
A dispute over who owns the rights to the name of a long-standing credit union real estate institution appears to pit a mortgage consultant within one of the institution's chapters against the leading provider of private mortgage insurance for credit unions.
The State of Arizona moved in last week to assume control of PMI Mortgage Insurance, one of the two shareholding companies of CUNA Mutual Group Mortgage Insurance, the leading mortgage insurer for credit unions in the U.S.
CMG Mortgage Insurance Co. said that a recent action by Arizona’s Department of Insurance placing PMI Mortgage Insurance Co. under supervision will not impact the firm’s new business originations or servicing of existing policies.
Letter to regulators urges relaxation of 20% down payment requirement.
New Hampshire CU's HLPR program offers lower interest rates, low down payments and no mortgage insurance requirement.
The battle over what sorts of mortgages will eventually qualify as qualified residential mortgages got bumped up a notch last month when a mid-year Realtors meeting came out strongly against the current proposed definition.