SAN FRANCISCO, April 4, 2011 /PRNewswire/ -- CMG Mortgage Insurance Company (CMG MI) has announced the launch of a homebuyer education program to serve Wisconsin credit unions offering low-down-payment home loans through the Wisconsin Housing and Economic Development Authority (WHEDA®). The program is free of charge to both credit unions and their members getting WHEDA loans.
WHEDA requires certain eligible borrowers to complete a homebuyer education program as part of its approval process. To assist Wisconsin credit unions in meeting this requirement, CMG MI has joined with The Housing Education Program, a division of Consumer Credit Counseling Services.
"As an approved mortgage insurer for WHEDA, we took a unique approach to assist credit unions in meeting the pre-purchase homebuyer education requirement," said Joe Dillon, senior vice president and general manager of CMG MI. "We didn't just want to develop a program that met GSE standards, but rather to provide a service that truly supports creating a sustainable homeownership experience.
"The Housing Education Program's curriculum is innovative in its focus on the elements that drive long-term success as homeowners, even providing a customized written Action Plan to members completing the program," he continued. "Working together, we have crafted a phone counseling process that is both accessible and relevant. In addition, as long as the member remains in the home, this program makes housing specialists and credit counselors available free of charge."
The program is ongoing. While the member's loan is being processed and underwritten by the credit union, the member can begin completing the homebuyer education modules and the budget worksheet. Once the credit union has a CMG MI mortgage insurance certificate for the loan, the member can then call to set up the pre-closing counseling appointment.
For more information, contact CMG MI Account Executive Stephanie Roth, tel. (920) 960-1777.
ABOUT CMG MI
Licensed in all states, CMG Mortgage Insurance Company (CMG MI) operates as a joint venture between CUNA Mutual Insurance Society and PMI Mortgage Insurance Co. The company provides private mortgage guaranty insurance to protect credit unions against potential losses in the event of borrower default. By covering default risk on residential first mortgage loans, CMG MI facilitates the sale of low-down-payment mortgages in the secondary mortgage market and expands homeownership opportunities by enabling credit union members to buy a home with a down payment of less than 20 percent. For more information, visit www.cmgmi.com or call (800) 909.4264.
SOURCE CMG Mortgage Insurance Company