www.cmgmi.com/ratequote (The rate quote calculator enables credit unions to choose the best mortgage insurance plan for members and order it right away.)
CMG Mortgage Insurance Company (CMG MI) is the only private mortgage insurance provider exclusively serving credit unions.
Most mortgage loans that have less than 20% down payment require mortgage insurance.
By insuring a low down payment mortgage with CMG MI, a credit union can receive some protection against the risk of default, CMG MI makes it possible for credit unions to qualify members with only a small down payment.
CMG MI's products and services are designed to support sustainable homeownership:
Enabling members to stay in their homes for the long term
Providing educational and training programs
Providing extensive support for loss mitigation and loan modifications
Smaller down payment needed for home purchase-lets members buy more home now
Qualified homebuyers can deduct mortgage insurance premiums from their federal income taxes through 2010*
Mortgage insurance can be canceled when certain conditions are met**
A safer way to build your loan portfolio
Insures low down payment mortgages and protects against risk of default
Improves loan salability on the secondary market
Provides access to experienced loss mitigation and loan modification assistance
Extensive credit union support
Educational and training programs for credit union staff-delivered online and face to face
Homebuyer education program helps you meet federal lender education requirements
Online tools-including calculators and estimators-make it easy to offer members the best financing and protection options
*Based on transactions closed in 2007-2010, and member-paid mortgage insurance premiums allocable to those years. CMG Mortgage Insurance Company cannot provide tax advice. Taxpayers should consult their own tax advisors concerning applicability of the 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.
**Based on the federal Homeowners Protection Act, and any applicable state laws. Members should ask their Credit Union for details.
CMG Mortgage Insurance Company operates as a corporate joint venture between CUNA Mutual Investment Corporation and PMI Mortgage Insurance Co.
MORT-0110-7B2D
1/26/10
