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CUNA Mutual Group and Mortgage Guaranty Insurance Corporation (MGIC), the principal subsidiary of MGIC Investment Corporation, have announced a partnership to provide private mortgage insurance to credit unions. The new program, known as “CUNA Mutual Group Private Mortgage Insurance, provided by MGIC,” makes home ownership more accessible to credit union members by reducing risks for lenders. The partnership between the companies combines more than 150 years of expertise in mortgage insurance and service to credit unions.
“At CUNA Mutual Group, we are committed to helping all consumers achieve a brighter financial future,” said Laurie Winger, Chief Financial and Product Officer at CUNA Mutual Group. “Through our new partnership with MGIC, we can now protect credit unions from risk, so they can focus on helping more members reach their dreams of home ownership.”
Private mortgage insurance helps members purchase a home faster by eliminating the need for a 20 percent down payment. In turn, the program protects lenders with a financial guaranty against defaults on mortgages with loan-to-value ratios greater than 80 percent.
Based in Milwaukee, Wisconsin, MGIC has been in business for more than 60 years, with a sole focus of making home ownership accessible to more people.
“MGIC is excited to join forces with the highly respected CUNA Mutual Group,” said Jay Hughes, Executive Vice President of Sales and Marketing at MGIC. “Together we look forward to bringing our solutions and experience to the entire credit union sector.”
Beyond mortgage insurance, MGIC provides credit unions with a variety of tools to help them offer unique portfolio loan products, generate leads and educate first time homebuyers.
“Our partnership brings together two strong financial organizations that have remained committed to their missions through many economic cycles,” added Winger. “We are excited to combine efforts to provide credit unions with access to a set of unique, ready-to-market mortgage products that help differentiate their offering with specific member needs in mind.”
Credit unions seeking more information should contact their CUNA Mutual Group sales executive or visit: https://www.cunamutual.com/products/lending/private-mortgage-insurance.