CUNA Mutual Group Partners with MGIC to Provide Private Mortgage Insurance to Credit Unions
CUNA Mutual Group and Mortgage Guaranty Insurance Corporation (MGIC), a subsidiary of MGIC Investment Corporation (NYSE: MTG), have formed a partnership to offer private mortgage insurance to credit unions. This initiative aims to enhance home ownership accessibility for credit union members by minimizing lender risks. The program enables members to acquire homes more swiftly by eliminating the need for a 20% down payment while protecting lenders against defaults on higher loan-to-value mortgages. This collaboration combines over 150 years of experience in mortgage insurance.
- New partnership with CUNA Mutual Group enhances market offerings.
- Program enables faster home purchases without a 20% down payment.
- Lender protection against defaults on high loan-to-value mortgages.
- Combines over 150 years of expertise in mortgage insurance.
- None.
MILWAUKEE, Aug. 10, 2020 /PRNewswire/ -- CUNA Mutual Group and Mortgage Guaranty Insurance Corporation (MGIC), the principal subsidiary of MGIC Investment Corporation (NYSE: MTG), 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.
About CUNA Mutual Group:
CUNA Mutual group is a financially strong insurance, investment and financial services company enabling people to make financial decisions that work for them. The company was built on the principle of "people helping people" and the belief that a brighter financial future should be accessible to everyone. For more information, visit www.cunamutual.com.
CUNA Mutual Group is the marketing name for CUNA Mutual Holding Company, a mutual insurance holding company, its subsidiaries and affiliates. Corporate headquarters are located at 5910 Mineral Point Road, Madison, WI 53705.
About MGIC:
Mortgage Guaranty Insurance Corporation "MGIC" (www.mgic.com), the principal subsidiary of MGIC Investment Corporation (NYSE: MTG), serves lenders throughout the United States, Puerto Rico, and other locations helping families achieve homeownership sooner by making affordable low-down-payment mortgages a reality.
From time to time MGIC Investment Corporation releases important information via postings on its corporate website, and via postings on MGIC's website for information related to underwriting and pricing, and intends to continue to do so in the future. Such postings include corrections of previous disclosures, and may be made without any other disclosure. Investors and other interested parties are encouraged to enroll to receive automatic email alerts and Really Simple Syndication (RSS) feeds regarding new postings. Enrollment information for MGIC Investment Corporation alerts can be found at https://mtg.mgic.com/shareholder-services/email-alerts. For information about our underwriting and rates, see https://www.mgic.com/underwriting.
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SOURCE MGIC Investment Corporation
