CUNA Mutual Group has partnered with financial technology provider D+H to provide a mortgage payment protection insurance product for credit unions.

The tool will make payments for credit union mortgage borrowers in the case of their deaths, disabilities or involuntary job loss, according to Alan Bahr, director of product management for CUNA Mutual in Madison, Wis.

Through the alliance, CUNA Mutual said it will integrate its new mortgage payment protection insurance product directly into D+H's MortgagebotPOS, which will allow credit unions to provide quotes and enroll members in the new insurance offering.

The mortgage payment protection tool is scheduled to launch later this year and will include complimentary loan officer training for the credit unions that leverage it, according to CUNA Mutual. Bahr said the company had tested the product with a small number of credit unions for about a year.

Borrowers apply for the product at the same time they apply for the mortgage, he added. Applicants respond to four questions and do not need medical tests to qualify for the insurance.

Bahr said CUNA Mutual believes the mortgage payment protection product is unique in the market because other insurance companies only offer a modified term life insurance product.

“We think this could be a real game changer for credit unions and could be a key differentiator in the marketplace,” Bahr said.

Roughly 40% of the industry's highest mortgage originating credit unions will be able to apply for the coverage, Bahr said.

“We're excited to be working with D+H, a market leader in lending technology solutions,” of Chuck Cashman, vice president of business development for CUNA Mutual, said. “This alliance means that credit unions will have a new critical service to offer their members. It also provides a strong competitive advantage for the credit union industry.”

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CUNA Mutual Debuts Mortgage Protection Product

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