Pedestal and CMG Mortgage Insurance Strike Marketing Alliance

Apr 24, 2001, 01:00 ET from Pedestal Inc.

    WASHINGTON, and SAN FRANCISCO, April 24 /PRNewswire Interactive News
 Release/ -- Pedestal Inc. and CMG Mortgage Insurance Company today announced a
 marketing alliance in which CMG will provide mortgage insurance for credit
 unions participating in Pedestal's Flow Sales Express(TM) program.  The
 initiative is designed to bring the benefits of electronic secondary mortgage
 market trading to credit unions.
     "Pedestal is working with leading mortgage investors to develop loan
 products that will meet the needs of credit union members and that can be
 easily sold into the secondary market," said Terry Rowland, Senior Vice
 President of Sales and Marketing at Pedestal.  "The combined marketing and
 sales power of Pedestal and CMG will allow us to quickly support this very
 attractive and growing market."
     The initial focus of the credit union marketing initiative will be the
 Jumbo and Alt A loan programs available through Pedestal's Flow Sales Express
 program.  A conventional conforming sales option is also being developed.
     "CMG is always looking for ways to provide additional services to our
 credit union customers," said James McCourt, Senior Vice President and General
 Manager of CMG.  "Working with Pedestal will enable us to expand our mortgage
 insurance presence while helping to deliver another customized mortgage and
 technology solution to our credit union customers."
     Credit unions are known for producing high-quality mortgage loans that are
 attractive to investors, but until now investors have had difficulty
 efficiently aggregating loans from this large, yet widely dispersed, customer
 base.  By providing electronic conduit services to credit unions, Pedestal
 facilitates and streamlines this aggregation process, allowing credit unions
 to receive direct financial benefit for the quality of their mortgage
 production.
     The first product set for credit unions is expected to be available in May
 with additional products and services scheduled to be introduced throughout
 the summer.
     For more information, logon to http://www.pedestal.com, or call
 877-477-7641 to speak with a transaction specialist.
 
     About Pedestal
     Headquartered in Washington, DC, Pedestal Inc. operates an electronic
 trading platform for the purchase and sale of mortgage loans in the secondary
 market.
     Please visit our website at http://www.pedestal.com or call 877-477-7641
 for more information.
 
     About CMG
     CMG Mortgage Insurance Company, a joint venture between CUNA Mutual Group
 and PMI Mortgage Insurance Co., offers mortgage guaranty insurance for loans
 originated by credit unions. CMG is licensed to do business in 49 states and
 the District of Columbia.  For more information about CMG, please call
 800-909-4264.
 
     Contacts:
     John Lewis                          Ruth Singer
     Pedestal Inc.                       CMG Mortgage Insurance Co.
     (202) 478-7782 (office)             22 Fourth Street, 13th Floor
     (202) 439-3994 (mobile)             San Francisco, CA  94103
     jlewis@pedestal.com                 (415) 284-2519
 
                     MAKE YOUR OPINION COUNT -  Click Here
                http://tbutton.prnewswire.com/prn/11690X31552605
 
 

SOURCE Pedestal Inc.
    WASHINGTON, and SAN FRANCISCO, April 24 /PRNewswire Interactive News
 Release/ -- Pedestal Inc. and CMG Mortgage Insurance Company today announced a
 marketing alliance in which CMG will provide mortgage insurance for credit
 unions participating in Pedestal's Flow Sales Express(TM) program.  The
 initiative is designed to bring the benefits of electronic secondary mortgage
 market trading to credit unions.
     "Pedestal is working with leading mortgage investors to develop loan
 products that will meet the needs of credit union members and that can be
 easily sold into the secondary market," said Terry Rowland, Senior Vice
 President of Sales and Marketing at Pedestal.  "The combined marketing and
 sales power of Pedestal and CMG will allow us to quickly support this very
 attractive and growing market."
     The initial focus of the credit union marketing initiative will be the
 Jumbo and Alt A loan programs available through Pedestal's Flow Sales Express
 program.  A conventional conforming sales option is also being developed.
     "CMG is always looking for ways to provide additional services to our
 credit union customers," said James McCourt, Senior Vice President and General
 Manager of CMG.  "Working with Pedestal will enable us to expand our mortgage
 insurance presence while helping to deliver another customized mortgage and
 technology solution to our credit union customers."
     Credit unions are known for producing high-quality mortgage loans that are
 attractive to investors, but until now investors have had difficulty
 efficiently aggregating loans from this large, yet widely dispersed, customer
 base.  By providing electronic conduit services to credit unions, Pedestal
 facilitates and streamlines this aggregation process, allowing credit unions
 to receive direct financial benefit for the quality of their mortgage
 production.
     The first product set for credit unions is expected to be available in May
 with additional products and services scheduled to be introduced throughout
 the summer.
     For more information, logon to http://www.pedestal.com, or call
 877-477-7641 to speak with a transaction specialist.
 
     About Pedestal
     Headquartered in Washington, DC, Pedestal Inc. operates an electronic
 trading platform for the purchase and sale of mortgage loans in the secondary
 market.
     Please visit our website at http://www.pedestal.com or call 877-477-7641
 for more information.
 
     About CMG
     CMG Mortgage Insurance Company, a joint venture between CUNA Mutual Group
 and PMI Mortgage Insurance Co., offers mortgage guaranty insurance for loans
 originated by credit unions. CMG is licensed to do business in 49 states and
 the District of Columbia.  For more information about CMG, please call
 800-909-4264.
 
     Contacts:
     John Lewis                          Ruth Singer
     Pedestal Inc.                       CMG Mortgage Insurance Co.
     (202) 478-7782 (office)             22 Fourth Street, 13th Floor
     (202) 439-3994 (mobile)             San Francisco, CA  94103
     jlewis@pedestal.com                 (415) 284-2519
 
                     MAKE YOUR OPINION COUNT -  Click Here
                http://tbutton.prnewswire.com/prn/11690X31552605
 
 SOURCE  Pedestal Inc.