What's New
Order MI from CMG MI through PCLender InHouseMortgage®
Now Credit Unions that use PCLender InHouse Mortgage can order mortgage insurance from CMG MI! Click here for more information.
Kentucky Introduces Required Notice on Disclosure of Local Government Taxes
Effective January 1, 2009
Kentucky has implemented a new measure that affects all CMG MI policyholders whose insured loans are for properties located in Kentucky.
Read more.
CMG MI Updates Payment Estimator to Include 12/15/08 Rate and Guideline Changes
The popular Payment Estimator now incorporates the rate and guideline changes scheduled to become effective December 15, 2008, pending state approvals. PLUS – the Estimator now includes a Claim Comparison feature that can help you discover the value of MI in protecting your Credit Union should a mortgage loan go to default.
For more information on the updated Payment Estimator and the changes that may affect you, click here.
Effective January 12, 2009 – 100% LTV Loans Are No Longer Eligible for CMG MI Mortgage Insurance
On January 1, 2009, CMG MI is making a key change to our program guidelines. For more information, please visit www.cmgmi.com/guidelines.
CMG MI Updates Rate Quote
Quote. Compare. Order. It’s Easier than Ever!
On November 17, 2008, CMG MI releases its updated version of the Rate Quote tool. The data entry screen will now feature the following changes:
- Data entry fields will be organized into three categories: Property, Loan and Mortgage Insurance
- Required fields will now be indicated by an asterisk
These minor changes should make it easier than ever to use CMG MI's Rate Quote, the convenient online tool that allows you to select the best mortgage insurance plan for your Member and order it right away!
CMG MI Changes Commitment Term to Four Months
Effective November 15, 2008, CMG MI is changing the term of its commitments to four months (120 days). This will apply to commitments for both borrower-paid mortgage insurance and lender-paid mortgage insurance that are ordered after November 14, 2008. Construction-to-Permanent commitments will remain at 12 months.
CMG MI recommends you make any necessary updates to your internal systems as soon as possible. You should also notify your staff and branches of the changes with their effective date.
Mark Berkowitz Is Promoted to Senior Vice President and General Manager
Previously Vice President for Underwriting and Operations, Mark Berkowitz succeeds Kathy Schroeder as CMG MI’s Senior Vice President and General Manager.
Read more.
Effective December 15 – CMG MI Introduces Revised Pricing Structure and Guideline Changes
On December 15, 2008, CMG MI is making important changes to our mortgage insurance rates and program guidelines. For more information, please visit www.cmgmi.com/revisedpricing.
Fall 2008 ERET Report Examines Declining Home Prices
The new Fall 2008 edition of PMI’s Economic and Real Estate TrendsSM (ERET Report) is now available.
Read the whole issue cover-to-cover online!
The Fall 2008 U.S. Market Risk IndexSM shows increases in foreclosures and unemployment have significantly heightened the risk of future home price declines. PMI's U.S. Market Risk IndexSM ranks the nation's 50 largest metropolitan statistical areas (MSAs) according to the likelihood that home prices will be lower in two years. Risk scores translate directly into an estimated percentage risk that home prices will be lower in two years.
"The risk of future home price declines increased in 94 percent of all 381 MSAs in the country this quarter," said David Berson, PMI's Chief Economist and Strategist. "The majority of these increases aren't statistically significant, in many cases risk increased by less than ten percent, but risk did increase by a significant amount -- as much as 30 percent or more -- in some states and MSAs where foreclosures and unemployment increased significantly."
Don’t miss the latest edition of this vital resource for Credit Unions involved in mortgage lending!
The ERET Report is available to Credit Union customers of CMG Mortgage Insurance Company (CMG MI) through a special arrangement with PMI Mortgage Insurance Co., one of our parent companies.
Meet Your CMG MI Underwriting Team!
CMG MI underwriters are certified professionals dedicated to providing top-quality service. Meet the whole team on our Website at www.cmgmi.com/uwteam.
Pictures, schedules, office locations, contact information – we've posted everything you need to know when you have files ready for underwriting. You can also visit our main page at www.cmgmi.com/underwriting to see the types of conditions that may need underwriting support.
CMG MI Relaunches Payment Estimator
Identify the home financing option that makes the most sense for your Member
To help Credit Unions pre-qualify more customers, CMG MI is bringing back our MI Advantage CalculatorSM as the Payment Estimator. Use it to see what the various financing options mean for your Members’ monthly budgets.* You can enter different interest rates, loan terms, LTVs and other variables to illustrate different scenarios:
- Compare various mortgage insurance plans to an 80% LTV first loan with a purchase money second
- Compare Single Premium plans, with premium financed into the loan or paid up-front
- Annualized monthly rates let you easily compare monthly to annual plans
Access to our Payment Estimator here.
*Please note: Rates displayed by the Payment Estimator are only approximate and should not be used to process a mortgage loan with mortgage insurance. Estimates produced by the Payment Estimator do not constitute a representation, commitment or guarantee that CMG MI will provide mortgage insurance coverage for a particular loan or that the actual premium rate applicable to a particular loan will be the same as shown by the Payment Estimator. A coverage determination will be made and the applicable premium will be provided for particular loans at the time they are underwritten by CMG MI and CMG MI issues a certificate for such loans. CMG MI’s Updated Rate Quote provides accurate, up-to-date CMG MI rates and should be used to process mortgage loans insured by CMG MI.
Effective August 15, 2008 – CMG MI Makes Minor Clarifying Changes to Program Guidelines
The guideline changes affect existing criteria in CMG MI’s Conforming & Nonconforming Program, A-Minus Program and Construction-to-Perm Program.
- These changes apply regardless of submission channel to CMG MI
- These changes apply regardless of any Automated Underwriting System (AUS) recommendation or decision
For a summary of all changes effective August 15, 2008, please click here.
For an overview of the Construction-to-Perm program, please click here.
Questions? Please contact your CMG MI Account Executive.
CMG MI Is Launching Updated Rate Quote Tool!
Now it will be easier than ever to compare mortgage insurance plans to find one that makes sense for your Member. Effective July 21, 2008, CMG MI will release its updated Rate Quote tool to replace the MI AdvantageSM Calculator and provide a faster, easier, more convenient experience for Credit Unions and their Members.
- Compare 5 mortgage insurance payment plans at 1 time
- Choose a quote and order the mortgage insurance certificate immediately -- without duplicate data entry
- More loan programs available
- Updated Rate Quote supports 40-year amortization terms
- Rate/term refinance discount, plus all other surcharges and discounts, are included
- Identifies whether property is in distressed market and offers guidance
CMG MI's updated Rate Quote is a great way to show your Member that there’s a mortgage insurance plan to meet their particular circumstances – and get them into a home sooner.
CMG MI Announces New Loss Mitigation Webinar
Loss mitigation is the new hot topic for the mortgage industry. Every Credit Union wants to know how to keep delinquent loans from heading into foreclosure – and keep Members in homes.
CMG MI's new Loss Mitigation Best Practices Webinar can teach Credit Union employees the tips and techniques for handling delinquent Members and getting them back on track. It's a great way to develop the skill sets and resources at your Credit Union that will really set you apart in your community – as a lender who can help when the going gets tough. Learn more about this new Webinar and how you can register today.
CMG MI Announces Updated Mortgage Insurance Application and EZ-REFI PROGRAM Form
Effective July 15, 2008, (pending state approval), CMG Mortgage Insurance Company (CMG MI) has updated the CMG MI Application for Insurance and the EZ-REFI PROGRAM Form. The updated application and form go into effect on July 15, 2008, pending state approvals. Read more.
Summer 2008 ERET Report Sees Intensified Risk for Housing Markets
The new Summer 2008 edition of PMI’s Economic and Real Estate TrendsSM (ERET Report) is now available.
Read the whole issue cover-to-cover online!
The ERET Report’s U.S. Market Risk Index shows risk further diverged along two distinctly different paths during the first quarter of 2008, continuing a trend that began in the fourth quarter of 2007. In general, risk continued to intensify in many of the Metropolitan Statistical Areas (MSAs) where home price growth had significantly exceeded historical norms during the housing boom, but continued to decline in many other areas across the country.
It’s essential reading for Credit Unions involved in mortgage lending!
The ERET Report is available to Credit Union customers of CMG Mortgage Insurance Company (CMG MI) through a special arrangement with PMI Mortgage Insurance Co., one of our parent companies.
CMG MI Announces Changes to Program Guidelines and Distressed Markets
Updates Effective July 1, 2008
As a result of the continued downturn in the U.S. housing market and our assessment of home prices based on leading home price indicies, CMG MI is making significant changes to our program guidelines. In addition, we’ve revised our Distressed Markets Policy and List.
These changes take effect July 1, 2008. Please note:
- Changes supersede previously issued CMG MI approved program variations
- Changes apply regardless of submission channel to CMG MI
- Changes apply regardless of any Automated Underwriting System (AUS) recommendation or decision
Please review the updated guidelines and Policy, and make any necessary changes to your systems. CMG MI recommends you notify your staff and branches as well.
For a summary of all changes effective July 1, 2008, please click here.
Read the Latest Issue of Headlines
CMG MI’s new Headlines has important information about some new CMG MI tools to make doing business easier for our customers. Read about our new Zipcode Map, our updated Claims Manual and the new HaMMR report, which offers valuable insights about the current housing market.
Read the new Headlines today!
Standard & Poor's Has Affirmed CMG MI's AA- Rating
On April 15, 2008, Standard & Poor’s (S&P) released its report on CMG Mortgage Insurance Company (CMG MI). The company’s “AA-” rating was affirmed with a Negative Outlook.
The report stated that "the insurer financial strength rating on CMG MI is based on its leadership position within its niche focus on credit unions, its effective use of operational support from parents, the very strong credit quality of credit unions' customers and its strong operating performance."
CMG MI was also removed from S&P's CreditWatch with negative implications. Click here to read the S&P Report.
Spring 2008 ERET Report Focuses on House Prices, Economic Trends
The new Spring 2008 edition of PMI’s Economic and Real Estate TrendsSM (ERET Report) is now available.
Read the whole issue cover-to-cover online!
The Spring 2008 Risk Index is based on fourth-quarter Office of Federal Housing Enterprise Oversight (OFHEO) data. Thirteen of the nation’s Top 50 MSAs are in the highest risk rank, with a greater than 60 percent chance that home prices will be lower in two years. Risk remains largely concentrated in a number of MSAs in California and Florida, as well as in Las Vegas, NV, and Phoenix, AZ. Risk scores translate directly into an estimated percentage risk that home prices will be lower in two years. The MSAs with the highest risk scores were Riverside/San Bernardino/Ontario, CA (93 percent), Las Vegas (91 percent), and Orlando (85 percent).
“Excess supply is responsible for much of the risk we’re seeing in the market,” said David W. Berson, Chief Economist and Strategist for The PMI Group. "The excess supply of housing in the United States is 9.2 months for existing homes (the 20-year average has been 6) and 9.8 months for new homes (the 20-year average has been 5.5)."
It's essential reading for Credit Unions involved in mortgage lending!
The ERET Report is available to Credit Union customers of CMG Mortgage Insurance Company (CMG MI) through a special arrangement with PMI Mortgage Insurance Co., one of our parent companies.
CMG MI Introduces a New Zip Code Map for Distressed Markets
On April 14, 2008, CMG MI announced our new Distressed Markets Policy, which restricted maximum financing for properties located in distressed and declining markets.
To help our customers identify these markets, we’ve launched a new Zip Code Map on our Web site. It's a great new tool that can help you quickly and easily identify markets that are subject to our Distressed Markets Policy. Start using it today – and be sure to bookmark this useful tool!
Predicting the Future of the U.S. Housing Market
Top Economist at CMG MI Parent Company Reads the “Tea Leaves” on CNBC
The Chief Economist of one of CMG MI's parent companies, PMI Mortgage Insurance Co., was interviewed in early February by CNBC's Steve Liesman on the floor of the American Securitization Forum in Las Vegas. David Berson, who previously served as Chief Economist at Fannie Mae, shared his views on where the U.S. residential housing market now stands on the road to recovery. Click here to view the CNBC interview on PMI's Web site.
CMG MI Announces Secondary Market Training for Credit Union Leadership
Strategic participation in the Secondary Market is critical for a Credit Union’s long-term success. To help Credit Unions take an active role, CMG MI has developed a new 2-day, fee-based course that teaches Credit Union leadership step-by-step how to originate, price, negotiate and sell loans into the Secondary Market in order to achieve key strategic goals:
- Enhance liquidity and make more mortgage loans
- Foster loyal “Member for Life” relationships with Membership
- Manage assets and risk to generate non-interest income
- Establish your Credit Union as a Preferred Financial Institution (PFI)
It’s a unique opportunity for your Credit Union. Learn more about CMG MI’s Secondary Market Training!
Five Leading Credit Union Executives Explain How You Can Benefit from the Credit Crunch
The December 2007 edition of ACUMA’s Pipeline Magazine features an article by Linda Emmerich, CMG MI’s Business Development Manager. In "Crunch Time: Why the Credit Crunch is a Turning-Point for Credit Unions," Linda interviews five senior executives from Credit Unions across the country for their insights into the current economic situation.
All five are members of the Mortgage Insight Panel (MIP), an advisory council of industry executives who work with CMG MI to educate Credit Union leadership on the value of real estate lending.
Read the complete article here (PDF/617KB).
Mortgage Insurance is Now Tax-Deductible Through 2010!
On December 20th, 2007, President Bush signed the bill that makes mortgage insurance premiums tax-deductible over the next three years. It’s good news for homebuyers with low- or moderate-incomes, as those with adjusted gross household incomes of $100,000 or less will continue to be eligible to deduct their MI premium payments from their taxes.*
CMG MI applauds the decision of Congress and the President to extend this important deduction for homebuyers. We’ll be forwarding our customers more information as it becomes available. You can also check our Web site regularly on our special Tax-Deductible MI page.
*CMG MI cannot provide tax advice. Taxpayers should consult their own tax advisors concerning applicability of this new deduction to their particular circumstances under the Internal Revenue Code and the laws of any other taxing jurisdiction. This information is not intended or written to be used, and it cannot be used, for the purpose of avoiding U.S. federal, state or local tax penalties.
Effective February 8, 2008 – New Single Premium Rates!
CMG MI will be updating our Single Premium rates in 2008! Effective February 8, pending state approvals, we’re introducing key changes to our payment plan for this product, as well as new surcharges for loans that have the potential to negatively amortize.
Read more.
CMG MI Releases Executive White Paper - "The Basics of Mortgage Lending for Credit Unions"
The Paper was developed by the Mortgage Insight Panel, a select group of Credit Union professionals who work closely with CMG MI to help educate Credit Union leadership about the value of real estate lending . The Paper focuses on how mortgage lending can drive long-term relationships with members and outlines practical strategies for credit unions seeking to enter the mortgage marketplace.
Read a press release about the Executive White Paper here.
Read the Executive White Paper here.
Brian Shepherd Discusses Subprime Implications with CU Management Magazine
CMG MI’s Senior Vice President and General Manager, Brian Shepherd, was interviewed by CU Management Magazine for its December issue. In "Subprime Seismograph," Brian talks about the implications of the subprime mess for Credit Unions - and the opportunities that it offers. Click here to read more.
New CMG MI Pricing, Policy Changes Effective October 22, 2007
CMG MI has introduced a new payment plan and made other important changes to our pricing. It’s essential that you notify your branches and any staff, as well as implement any necessary changes to your internal systems. Read more.
Alan Bahr Joins CMG MI as Director of Secondary Markets and National Accounts
CMG MI is pleased to announce that Alan Bahr has been appointed Director of Secondary Market and National Accounts, effective immediately. Alan has an extensive background in the areas of capital markets, consulting, financial product management and structured transactions. One of his key responsibilities is to assist and guide Credit Unions who want to pursue active participation in the Secondary Market.
Read more about Alan by clicking here.
Announcing GO MI - So You Go Where Your Members Go!
CMG MI introduces GO mortgage insurance (MI) for Portable Mortgages! Young families, military personnel, relocating professionals, retirees and empty-nesters – they’re all on the move, and your Credit Union can move with them. Reach out to these valuable Members by offering the Portable Option on their mortgages – and insure them with GO MI!
Read more.
CMG MI’s Brian Shepherd Talks to Credit Union Business About Secondary Market Strategy
CMG MI’s Senior Vice President and General Manager, Brian Shepherd, was interviewed along with other industry leaders for an article in the August 2007 issue of Credit Union Business. In “Carefully Pursue the Secondary Market,” Brian advises Credit Unions that disciplined selling into the Secondary Market can help them reduce their loan-to-share ratios, generate income from mortgage fees and cross-selling opportunities, and offer more loan products to Members.
Read the complete article!
Order MI Certificates from CMG MI through FICS Loan Producer for Windows®
If your Credit Union uses FICS Loan Producer for Windows, you can now easily order mortgage insurance from CMG MI! Click here for more information.
Order MI from CMG MI through Fiserv® EasyLender
Now Credit Unions that use EasyLender can order mortgage insurance from CMG MI! Click here for more information.
Order MI from CMG MI through Interlinq® E3!
Credit Unions using the Interlinq E3 Connect Service may now order mortgage insurance from CMG MI. Click here for more information.
CMG MI's HLPR Discount Program for HLPR Loans
CMG MI offers discounted MI Rates for HLPR loans - both the original HLPR and the 3 new variations introduced by CUNA.* It's a great way to attract first-time homebuyers and protect your Credit Union at the same time, since insured HLPR loans result in lower monthly payments and are more readily salable on the secondary market. The HLPR Discount Program is now available on e-cmgmi.
Click here to learn more about the rates and other information for our HLPR Discount Program.
*Program may not be available in all states.
CMG MI Introduces Community Heroes
More than 25 million credit union Members are Community Heroes – firefighters, police officers, teachers, healthcare workers and military personnel. Many are unable to buy homes in the communities they serve because of high home prices.
You may be able to qualify these everyday heroes for homeownership using CMG MI’s Community Heroes program. Mortgages originated under Fannie Mae’s MyCommunityMortgage™ Community Solutions and Freddie Mac’s Home Possible Neighborhood Solution are eligible for reduced MI coverage requirements provided by Community Heroes. Learn more about Community Heroes by clicking here.
Fannie Mae® Discontinues MI Service
e-cmgmi Ready to Support Credit Unions
On February 28, 2007, Fannie Mae retired its DU ConnectionsTM and the MI Service from its widely used Desktop Underwriter® automated underwriting tool. Credit Unions have been asked to prepare their transition to an alternative MI service.
CMG MI recommends that our credit union customers transfer to e-cmgmi, if it is not already embedded within your credit union’s loan origination system. Our e-cmgmi system is one of the easiest and fastest ways to order mortgage insurance, as well as perform servicing functions on insured loans. Contact your CMG MI Account Executive for more information, and to get set up with a user ID and password.
Use the Fidelity Platform to Activate Your CMG MI Policies
Fidelity National Information Services has announced that CMG MI customers can now accept policy activations through Fidelity’s mortgage servicing platform (MSP). Read more.
Are You Aware of the Florida Assessment for Hurricane Emergencies?
Starting January 1, 2007, the State of Florida has issued an Emergency Order requiring all licensed property and casualty insurance companies, including mortgage guaranty insurers, to collect from Florida policyholders a special assessment of 1% of direct written premiums.
What does this mean for your Credit Union? Click here to learn more about the Florida Assessment, your obligations and CMG MI’s own efforts to make the process as easy as possible for our customers.
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