What's New
CMG MI Parent Company Recognized as "Model Insurer" in Technology Services
CMG MI Utilizes the Same Award-winning Technology to Serve Credit Unions
PMI Mortgage Insurance Co. (PMI) one of CMG MI's corporate parents, was recently recognized by Celent, a research and advisory firm that reports best practices in the use of technology, as a Model Insurer for 2010.
Among 27 companies honored with the award, PMI earned its place by developing a test automation framework for quality assurance that supported all of the applications it uses in its business operations. By virtue of its relationship with PMI, CMG MI utilizes these same applications and the automation framework in meeting the mortgage insurance needs of Credit Unions.
Celent wrote a case study about PMI’s efforts and included PMI in its 2010 report on effective technology use in insurance. Other recipients of the award include Esurance, Harford Mutual and Zurich Financial Services.
"CMG MI is committed to delivering both ease-of-use and a high-quality business experience through the technology services it provides to Credit Unions," said Scott Romesburg, Director of Underwriting, Operations and Information Technology at CMG MI. "As a joint venture, we strive to leverage the best of both of our parent companies for the benefit of our customers. Thanks to our relationship with PMI, we can utilize best-in-class technology to improve speed and reduce costs for the Credit Union industry."
For more information, read about Celent's case studies.
Come in From the Cold – to CMG MI!
CMG MI’s Great New Weekly Contest Starts March 1, 2010!
Facing an avalanche of work? Glum about the cold weather? Come in From the Cold and play CMG MI’s great new online contest – just in time for spring homebuying!
CMG MI’s great new online contest gives you opportunities to win adorable "Coldweather Friends" prizes and learn more about how our products and services can help your Credit Union weather the current environment.
From March 1 through March 28, 2010, simply visit our contest Webpage and answer the weekly question. If you’re correct, you could be one of our 500 weekly winners! Read our contest flyer to learn more.
CMG MI Insures Rehab Loans, Manufactured Housing and Cash-Out Refinances!
Rehab Loans and Manufactured Housing can be affordable alternatives to Members with limited cash for down payments. Members who currently own their own homes, but who need cash to consolidate debt or handle emergencies, could be eligible for Cash-Out Refinances.
Explore all three of these fast-growing markets with CMG MI’s support. Our flexible guidelines make it possible for Credit Unions to qualify more Members for homeownership or offer a helping hand to those who are strapped for cash.
Learn more by visiting www.cmgmi.com/otherproducts. Spring homebuying is already underway, and CMG MI offers "more than traditional MI" to help you maximize your opportunities!
February HaMMR Sees Economy Taking Off in 4th Quarter 2009
The new February issue of PMI’s Housing and Mortgage Market Review (HaMMR) is now available.
Read the whole issue cover-to-cover online!
Published by PMI Mortgage Insurance Co., HaMMR offers the insight and analysis of David Berson, one of America’s top economists. The new issue offers extensive analysis of the recovering economy and its implications for the mortgage industry. The West is the subject of the regional focus, with special attention to Hawaii, Arizona and Colorado. HaMMR is available to Credit Union customers of CMG Mortgage Insurance Company (CMG MI) through a special arrangement with PMI, one of our parent companies.
1st Quarter 2010 ERET Report Concludes that House-Price Risk May Have Peaked Last Year
The new 1st Quarter 2010 edition of PMI’s Economic and Real Estate TrendsSM (ERET Report) is now available.
Read the whole issue cover-to-cover online!
Published by PMI Mortgage Insurance Co., the ERET Report is one of the most valuable guides available to what’s going on in the real estate markets across the nation. The new issue’s Market Risk Index suggests that home-price risk may have peaked in 2009 and that this stabilization, together with improved new mortgage credit risk quality, is helping to offset persistent unemployment and rising foreclosures.
Author David Berson, PMI’s Chief Economist, also analyzes the origins of foreclosures in the lead article, "Where Are Foreclosures Coming From?"
Don’t miss the latest edition of this vital resource for Credit Unions involved in mortgage lending!
The ERET Report is available to Credit Union customers of CMG Mortgage Insurance Company (CMG MI) through a special arrangement with PMI Mortgage Insurance Co., one of our parent companies.
S&P Lowers CMG MI’s Rating to BBB
On February 17, 2010, Standard & Poor’s (S&P) announced that it had lowered CMG MI’s rating from BBB+ to BBB, with a Negative Outlook, but removed the company from CreditWatch.
In explaining their action, S&P’s Research Update noted CMG MI’s high-quality book of business and that the company “has typically reported stronger results than the mortgage insurance sector overall.” The report went on to cite concerns about overall macroeconomic conditions, especially the impact of the recession housing-cycle downturn, in discussing S&P’s decision.
"The recession has had an impact across the entire economy and the rating agencies take this into account in their analysis,” said Joe Dillon, Senior Vice President and General Manager of CMG MI. "Despite the increase in delinquencies, CMG MI has performed strongly and consistently as a reliable counterparty in paying claims and helping Credit Unions to keep members in homes. S&P acknowledges that we generally outperform the industry and have a very high-quality book of business – and we remain one of the highest-rated private mortgage insurers in the country."
Read the complete S&P Research Update report here.
CMG MI Announces Expanded Guidelines for Single Premium
Effective 2/5/10, Single Premium Offers Even More Advantages to Credit Unions and their Members
CMG MI’s Single Premium has always been one of the easiest ways to insure a home loan. Based on a one-time charge that can either be paid up-front or financed into the loan amount (so no cash is needed at closing), Single Premium means no billing or servicing headaches – plus it’s cancellable under the right conditions, offers refundable or non-refundable options, and can save your Members thousands on MI premium over the life of the loan.
Now, effective 2/5/10, CMG MI has expanded the guidelines for this great product. We allow up to 6% on Seller concessions on LTVs up to 95% (105% CLTV, subject to individual state restrictions) to help you qualify more members for a mortgage loan. Now the Seller can pay for your Member’s MI premium (and possibly closing costs as well). Help your Member move in faster and at lower cost – with Single Premium!
Learn more about the expanded Single Premium plan and how it can help you seal the deal.
Invite Your Members to Watch a Video About HAMP
Help Homeowners in Distress Understand the Options Available to Them
CMG MI has posted a helpful video, “Navigating the Home Affordable Modification Program,” on our Website at www.cmgmi.com/lossmitvideo. Intended for homeowners facing delinquency or even foreclosure, the 2-part video explains what the Home Affordable Modification Program (HAMP) is and how they can take advantage of it. It focuses on GSE-owned loans, rather than portfolio loans, but offers your members valuable information about their options.
Watch the video now
Learn More about the Implications of RESPA Reform in ACUMA’s New Pipeline Issue!
CMG MI’s Legal Counsel, Earl Sealy, Shares His Insights with Credit Unions in a Special Article
Credit Unions are concerned about the RESPA reforms introduced in January, wondering what the impact may be for Credit Unions and if more changes are scheduled for the year ahead.
The Legal Counsel of CMG Mortgage Insurance Company (CMG MI), Earl Sealy, has considerable experience with RESPA. He’s contributed a special article to the new edition of ACUMA’s Pipeline Magazine, "Implementing RESPA Reform: Your 2010 New Year’s Resolution" that discusses the regulation changes and the resulting obligations of Credit Unions.
Read the complete article today! It's another example of how you can expect more than MI from CMG MI.
New CMG MI Webinars in 2010!
Webinars are CMG MI’s most popular training offerings. They’re convenient 1-hour sessions that require only a computer and a phone – and they’re complimentary to Credit Unions! Now, in 2010, we’ve added more courses and new topics to help customers stay on top of a rapidly changing market.
Visit www.cmgmi.com/webinars to learn more about Appraisal Review Challenges, Underwriting: It’s About Risk and Why You? Communicating Value, as well as schedules and course materials for all Webinars.
Effective 2/5/10 – CMG MI will be Expanding Guidelines for All Programs
Conforming & Non-Conforming Program Guidelines and Construction-to-Perm Program Guidelines Will Be Affected
Effective February 5, 2010, CMG MI will be expanding our Conforming & Non-Conforming Program Guidelines. CMG MI is also expanding our Construction-to-Perm Program Guidelines on that date.
Please note that CMG MI is not making any changes to our Distressed Markets Policies for Tiers 1 and 2, or to our Distressed Markets List, to accompany this guidelines change.
We recommend you notify staff and branches, and update your internal systems, as soon as possible. For more information, including our latest Guidelines Comparison Matrix, please visit www.cmgmi.com/guidelines.
CMG MI Has Updated the Claims & Delinquency Manual
Clearer, shorter, easier to understand – the Manual is essential for Credit Unions with CMG MI-insured loans
As the new year starts, CMG MI has updated our Delinquency & Claims Manual with the goal of helping Credit Unions access the most current information and strategies as they seek to keep members in their homes. Visit www.cmgmi.com/claimsmanual at any time to read or print the Manual.
CMG MI’s Joe Dillon and Mark Berkowitz Are Interviewed by
CU Management Magazine
The CUES monthly magazine, CU Management, recently interviewed CMG MI’s General Managers, as well as other industry leaders, for practical advice to Credit Unions offering mortgage lending in 2010. The article is running in the magazine’s January issue.
With all the changes that have gone on in the industry and will continue through the foreseeable future, this piece shouldn’t be missed! Read “Safe at Home: Continued Uncertainties in the Mortgage Market Merit Cautious Approach.” It's a great opportunity to get your mind around the major challenges early in the new decade.
Effective 1/8/10 – CMG MI Announces Changes to Guidelines, Tier 1 and Tier 2 Distressed Markets Policies and List
CMG MI Introduces New Guidelines on Construction-to-Perm Loans
Effective January 8, 2010, CMG MI is making changes to our Conforming & Non-Conforming Guidelines, Tier 1 and Tier 2 Distressed Markets Policies and List, and our Comparable Credit Criteria. CMG MI is also introducing new guidelines on insuring Construction-to-Perm loans.
For more information, including Credit Risk Bulletin #1-10 and the Guidelines Comparison, please visit www.cmgmi.com/distressed_markets or www.cmgmi.com/guidelines.
Fitch Ratings Lowers CMG MI’s Rating to BBB
On December 9, 2009, Fitch Ratings announced that it had lowered CMG MI’s rating from A+ to BBB, with a continuing Negative Outlook.
Despite the downgrade, the Fitch Ratings report noted that “CMG’s [sic] primary default rate has increased but remains well below that of all its peers.”
“Despite challenging times for the mortgage industry, CMG MI exhibits the best-performing portfolio for the private mortgage insurance industry in the United States,” said Joe Dillon, Senior Vice President and General Manager of CMG MI. “Fitch acknowledges that we continue to out-perform our peers, thanks to the high quality of Credit Union originations. We appreciate our customers’ support and we will continue to be a reliable counterparty, as well as one of the highest rated private mortgage insurers in the United States.”
Read the complete Fitch report here.
3rd Quarter 2009 ERET Report Announces an Enhanced Risk Model
The new 3rd Quarter 2009 edition of PMI’s Economic and Real Estate TrendsSM (ERET Report) is now available.
Read the whole issue cover-to-cover online!
To improve the forecasting accuracy of the U.S. Market Risk Index, PMI Mortgage Insurance Co. – the publisher of the ERET Report – has made some significant changes to its modeling. Specifically, certain mortgage characteristics have been added to the model that measures the probability that home prices will be lower in two years than they are currently.
In addition to the major feature article, the new ERET Report examines "Economic Trends in the Nation’s MSAs" and notes that "risk may be peaking." Economic problems continue to pressure house prices and as a result affordability continues to rise in many markets.
Don't miss the latest edition of this vital resource for Credit Unions involved in mortgage lending!
The ERET Report is available to Credit Union customers of CMG Mortgage Insurance Company (CMG MI) through a special arrangement with PMI Mortgage Insurance Co., one of our parent companies.
CMG MI Introduces Secondary Market Webinars
Complimentary, State-of-the-Art Training in Critical Skills for Credit Union Management!
CMG MI is pleased to announce the launch of our new Secondary Market Webinars, starting in November 2009. The U.S. secondary market is a crucial source of liquidity for Credit Unions that offer mortgage lending, but the landscape has changed dramatically over the past year. Many traditional investors have either exited the market entirely or adopted stringent new guidelines for the purchase of mortgages.
Secondary Market Training that’s Second to None
Study the market trends, learn the critical skills for success and plan your Credit Union’s secondary strategy – by registering for CMG MI’s new, complimentary Secondary Market Webinars. Visit www.cmgmi.com/secondarytraining to learn more about our debut sessions and decide which ones meet your needs.
Webinars require only a phone connection and a computer, so you can learn from the comfort of your own desktop – while still interacting with peers and your instructor, CMG MI’s Director of Secondary Markets Alan Bahr.
CMG MI is recognized throughout the industry for the quality of its training for Credit Unions – so take advantage of this unique opportunity and register today!
Paws and Play!
CMG MI's Great New Weekly Contest Starts October 26, 2009!
After working like a dog all summer, why not Paws and Play? CMG MI’s great new online contest gives you opportunities to win adorable “Doggie Bag” prizes and learn more about how our products and services can help your Credit Union rise above the pack.
From October 26 through November 22, 2009, simply visit our contest Webpage and answer the weekly question. If you’re correct, you could be one of our 500 weekly winners! Read our contest flyer to learn more.
Effective 11/6/09 – CMG MI Announces Changes to Guidelines, Distressed Markets Policy and List
New 2-Tier System Introduced for Distressed Markets; More MSAs/MSADs Removed from Distressed Markets List
Effective November 6, 2009, CMG MI is making changes to our Conforming & Non-Conforming Guidelines, Distressed Markets Policy and List. As well as removing more MSAs/MSADs from the Distressed Markets List, CMG MI is introducing a 2-tier system for Distressed Markets. For more information, including a Summary of Changes and a Guidelines Comparison, please visit www.cmgmi.com/distressed_markets or www.cmgmi.com/guidelines.
Effective 9/28/09 – CMG MI Introduces New MI Applications
Effective September 28, 2009, CMG MI is introducing new MI applications. You can access the new applications at www.cmgmi.com/forms.
Please be aware that applications submitted must conform to current guidelines, available at www.cmgmi.com/guidelines.
Effective 10/2/09 – CMG MI Announces Changes to Guidelines, Distressed Markets Policy and List
Effective October 2, 2009, CMG MI is making changes to our Conforming & Non-Conforming Guidelines, Distressed Markets Policy and List. For more information, including a Summary of Changes and a Guidelines Comparison, please visit www.cmgmi.com/guidelines or www.cmgmi.com/distressed_markets.
Important Information Concerning the FHLB of Boston and CMG MI
On August 19, 2009, the Federal Home Loan Bank of Boston (FHLB Boston) announced it would no longer accept CMG MI certificates on loans submitted through the Mortgage Partner Finance, or MPF®, program -- mortgages to be held in portfolio by FHLB Boston.
This action will take effect October 19, 2009, and none of the loans currently in the pipeline for sale will be affected.
The action affects only a small percentage of production sent to the FHLB Boston by Credit Unions and member banks. FHLB Boston will continue to accept CMG MI certificates on loans submitted through the MPF XtraTM program -- mortgages that will be sold to the GSEs.
FHLB Boston took this action in order to conform to an internal guideline placing limits on its exposure to any individual private mortgage insurer on the basis of its Standard & Poor's (S&P) rating and company size. It recognizes that CMG MI is the highest-rated private mortgage insurer in the United States, with the lowest default and loss ratios relative to the industry. However, because of our small size coupled with the fact that our S&P rating was recently adjusted to BBB+, FHLB Boston is obligated by the internal guideline to reduce its exposure to CMG MI on the loans it buys to hold in portfolio.
Please read more information about this FHLB Boston action and how it may impact the Credit Unions we serve.
CMG MI Sponsors David Berson at the Fall ACUMA Conference
Chief Economist for PMI Mortgage Insurance Co. and formerly Chief Economist for Fannie Mae, David Berson is one of the leading economists in America. Author of the monthly Housing and Mortgage Market Report (HaMMR), he’s recognized throughout the industry as an authority on housing issues and leading indicators for the economy.
CMG MI is sponsoring David’s appearance at the Fall ACUMA Conference, where he will deliver his views on “The Outlook for Housing and Mortgage Markets in 2010” on September 30 at 3pm. We encourage our Credit Union customers to bring their questions to this exclusive engagement.
To attend David's speech, you must be registered for ACUMA. Don’t miss this unique opportunity to hear the views of an expert on what’s ahead for the industry.
Read our flyer about this exciting event.
Register for ACUMA today.
Standard & Poor's Lowers CMG MI's Rating from "A" to "BBB+"
On July 29, 2009, Standard & Poor's (S&P) lowered CMG MI's Insurer Financial Strength rating from "BBB+," with a Rating Outlook of Negative.
"CMG MI continues to rank as one of the most highly rated private mortgage insurers in the United States,” said Joe Dillon, Senior Vice President and General Manager of CMG MI. "S&P's report cited concerns about rising defaults in the overall economy, but was complimentary about CMG MI’s management, quality of book of business, good operating performance, competitive position and low default rate. Both parent companies are committed to CMG MI and the Credit Unions we support in mortgage lending."
Read the S&P Report.
CMG MI Releases Two New Operations Flyers
New Pieces Highlight MI Origination and Policy Reinstatement Processes with Easy Charts
To make it easier for our customers to understand and follow CMG MI requirements for successfully originating mortgage insurance with our company and reinstating expired certificates, we’ve recently created two new flyers that feature simple workflow charts for you to follow.
Use these great new tools to eliminate any confusion and follow step-by-step CMG MI’s required processes on these topics.
New MI Origination Flyer
New Policy Reinstatement Flyer
Effective 8/7/09 – CMG MI Announces Changes to Guidelines, Distressed Markets Policy and List
Effective August 7, 2009, CMG MI has made changes to our Conforming & Non-Conforming Guidelines, Distressed Markets Policy and List. For more information, including a Summary of Changes and a Guidelines Comparison, please visit www.cmgmi.com/guidelines or www.cmgmi.com/distressed_markets.
2nd Quarter 2009 ERET Report Sees Improvements in Housing Market Affordability
The new 2nd Quarter 2009 edition of PMI’s Economic and Real Estate TrendsSM (ERET Report) is now available.
Read the whole issue cover-to-cover online!
The Report’s 2nd Quarter 2009 U.S. Market Risk IndexSM projects the likelihood that the nation’s housing prices will be lower in two years. As many as 324 – approximately 85% -- of the nation’s 381 MSAs (Metropolitan Statistical Areas) are now facing increased risk of lower home prices in 2011. Florida, California, Nevada and Arizona continue to have the highest risk scores – 36 of the most risky MSAs are located in these four states -- but an increased risk of lower future prices is now spreading across all regions of the nation, due to the significant increases in unemployment and foreclosure rates.
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“Rapidly rising foreclosure and unemployment rates, continuing declines in house prices, and weakening consumer demand all worked to increase risk in the general economy, and the housing market specifically ," said PMI's Senior Vice President, Chief Economist and Strategist David Berson. “As a result of the continued weakness in prices, and the relatively low level of interest rates, improvements in affordability across the nation’s MSAs will continue to incentivize repeat and first-time homebuyers back into the market." |
Don’t miss the latest edition of this vital resource for Credit Unions involved in mortgage lending!
The ERET Report is available to Credit Union customers of CMG Mortgage Insurance Company (CMG MI) through a special arrangement with PMI Mortgage Insurance Co., one of our parent companies.
Standard & Poor's Adjusts CMG MI's Rating from “"AA-" to "A"
On May 8, 2009, Standard & Poor’s (S&P) adjusted CMG MI’s Insurer Financial Strength rating from “AA-” to “A,” with a Rating Outlook of Negative.
"CMG MI remains among the most highly rated U.S. private mortgage insurers,” said Joe Dillon, Senior Vice President and General Manager of CMG MI. "While concerned about the effect of general trends in the housing market, S&P's report communicated strong approval of CMG MI's portfolio strength and capital reserves, as well as of the risk management, underwriting and technology efforts that support Credit Unions in this difficult environment. Both parent companies affirm their commitment to CMG MI and the unique value we provide to Credit Unions engaged in real estate lending."
Read the S&P Report.
Pick of the Bunch!
CMG MI’s New Weekly Contest Offers Loss Mitigation Guidance and Great Prizes!
Many Credit Unions are finding it difficult to cope with the thicket of mortgage delinquencies. CMG MI can help you prune your losses and keep members in their homes through our loss mitigation tools and programs.
Learn more by playing our brand-new weekly contest, "Pick of the Bunch." Starting April 27, 2009, and lasting four weeks, it’s a great way to learn the skills and techniques to help you blossom into a loss mitigation expert -- and turn your own Credit Union into the "Pick of the Bunch!"
Visit our "Pick of the Bunch" Webpage to learn more.
Effective 5/15/09 – CMG MI Announces Program Guideline Changes
Effective May 15, 2009, CMG Mortgage Insurance Company (CMG MI) is making key changes to our guidelines. For more information, please visit www.cmgmi.com/guidelines.
CMG MI Introduces the "CMG MI Guide to Preserving Homeownership and Protecting Your Credit Union"
With a rising number of mortgage loans either delinquent or about to become delinquent, CMG MI understands that many Credit Unions need help developing their Loss Mitigation skills and techniques. That’s why we’ve created our new, 4-flyer "CMG MI Guide to Preserving Homeownership and Protecting Your Credit Union."
Plus, we’ve posted online the information about Loss Mitigation you’re looking for – guidelines, tools, programs and forms! Get started at www.cmgmi.com/lossmit&claims and learn step-by-step how to conduct successful Loss Mitigation.
Don’t forget to register for our popular Loss Mitigation Best Practices Webinar! It can give you the edge you need to cope with delinquent loans while helping members to stay in their homes.
CMG MI Announces Important Commitment Policy Clarification
Please read an important clarification of our Commitment Expiration and Policy Extension, which became effective 4/13/09.
Fitch Ratings Lowers CMG MI’s Rating from AA to A+
On April 8, 2009, Fitch Ratings lowered CMG MI’s Insurer Financial Strength rating from AA to A+, with a Rating Outlook of Negative. With this new rating, Fitch also removed CMG MI from Rating Watch Negative.
"CMG MI remains the highest-rated private mortgage insurer in the United States and a strong and reliable counterparty for Credit Unions," said Joe Dillon, Senior Vice President and General Manager of CMG MI. "Our claims-paying ability is unaffected by this action. CUNA Mutual Group, an active shareholder in CMG MI, remains strongly committed to supporting Credit Unions engaged in residential real estate lending."
Read the Fitch Report.
1st Quarter 2009 ERET Report Sees Housing Prices Continuing to Fall
The new 1st Quarter 2009 edition of PMI’s Economic and Real Estate TrendsSM (ERET Report) is now available.
Read the whole issue cover-to-cover online!
The new Report’s U.S. Market Risk Index projects that the U.S. recession may continue to depress housing prices nationally through the end of 2010.
Over the past several quarters, PMI has seen the risk rising fastest in the large urban centers across the country, while smaller MSAs have fared relatively better in their current and projected price performance.
"As the recession deepened during the fourth quarter of 2008, increasing rates of unemployment and foreclosures continued to place downward pressure on house price appreciation," said Senior Vice President, Chief Economist and Strategist David Berson. "Combined with upward movements in excess housing supply in many parts of the country, these deteriorating conditions are increasing risk of house price declines in the next two years."
Don’t miss the latest edition of this vital resource for Credit Unions involved in mortgage lending!
The ERET Report is available to Credit Union customers of CMG Mortgage Insurance Company (CMG MI) through a special arrangement with PMI Mortgage Insurance Co., one of our parent companies.
CMG MI Launches CU HomeKeepers
Two new Home Preservation programs, plus CMG MI’s EZ-Refi and Standard Refi, Help You Keep Members in Their Homes!
Effective immediately, CMG MI introduces its suite of CU HomeKeepers programs, designed to help Credit Unions provide solutions to members with CMG MI-insured mortgage loans in distress. CU HomeKeepers consists of CMG MI’s existing EZ-Refi and Standard Refi but also two new programs, the CU Home Preservation Refinance Program and the CMG MI Home Preservation Loan Modification Program, which work respectively with the government’s own Home Affordable Reinsurance Program (HARP) and the Home Affordable Modification Program (HAMP).
If you have a member in distress, there may be a CU HomeKeepers program appropriate for their situation. Helping homeowners stay in the home is the foremost goal of CMG MI’s CU HomeKeepers programs.
Visit www.cmgmi.com/cuhomekeepers today to learn more – and bookmark the site for future reference. Ask your CMG MI Account Executive to identify the CU HomeKeepers program that makes the best sense for your member.
e-cmgmi Accepts Non-Delegated Business Starting April 4
Effective April 4, 2009, CMG MI’s online origination and servicing system, e-cmgmi, accepts non-delegated mortgage insurance (MI) requests as well as delegated business. This means that even if your Credit Union is not currently a delegated customer, you can still enjoy the ease and convenience of submitting your MI request online to CMG MI.
All you need is a user ID and password for e-cmgmi. Contact your CMG MI Account Executive to get started.
Learn more about submitting your loans through e-cmgmi – both data and document images -- by reading our flyer.
CMG MI Releases Company Profile
CMG Mortgage Insurance Company (CMG MI) supports sustainable homeownership and works with Credit Unions to keep members in their homes over the long term.
That’s the key message of the newly released company profile, which highlights the important services that CMG MI provides and key financial data.
"In this challenging environment, we wanted to give Credit Unions an easy reference document that summarized our goals, our values and our resources,” said Mark Berkowitz, CMG MI's Senior Vice President and General Manager. "The new Company Profile provides a snapshot of CMG MI’s capabilities and shows why we remain the top-rated MI company in the industry."
CMG MI Updates Our Reinstatement Guidelines, Effective 3/23/09
On Monday, March 23, 2009, CMG MI adds a new requirement to our Reinstatement Guidelines for CMG MI-issued mortgage insurance certificates.
Typically, requests for Reinstatement are requested by Credit Unions when
- an In-Force certificate has been terminated due to non-payment of premium
- a certificate or Commitment has been canceled in error by the Credit Union
To determine if your CMG MI certificate is eligible to be considered for reinstatement by CMG MI, please review our revised Reinstatement Guidelines. Please note that effective March 23, 2009, CMG MI has added a new requirement for Reinstatement: Certificates will be subject to and must comply with current program guidelines in effect at the time of the request for reinstatement.
To see our most current program guidelines, please visit www.cmgmi.com/guidelines.
CMG MI Discontinues Contract Underwriting Services
Effective May 15, 2009, CMG MI will discontinue the contract underwriting services it provides to customers, in order to concentrate on our core mortgage insurance business.
The last day a loan may be submitted to CMG MI for contract underwriting will be May 11, 2009.
We will underwrite each loan submitted before 5:00 pm Pacific Time on May 11, 2009, and we will provide condition clearing after that date for loans that have been submitted in a timely manner.
CMG MI continues to welcome loans that require mortgage insurance underwriting at our two Regional Operations Centers in Downers Grove, Illinois, and Dallas, Texas.
Please be sure to notify your staff and branches as soon as possible about this change. If you have questions, please contact your CMG MI Account Executive.
Joe Dillon is CMG MI’s new Senior Vice President and General Manager
Effective February 27, 2009, CMG Mortgage Insurance Company (CMG MI) welcomes Joe Dillon as Senior Vice President and General Manager. Joe joins Mark Berkowitz, CMG MI’s other Senior Vice President and General Manager, as the company’s executive leadership.
“Continuity is important for CMG MI and our customers in a volatile economy and housing market,” said Jack Goodwin, Senior Vice President for Commercial Products of CUNA Mutual Group. “Joe’s background and skills in insurance underwriting and risk management will help assure that continuity, as well as CMG MI’s continuing commitment to Credit Unions.”
Read more about Joe.
Effective 4/6/09 – CMG MI Announces Program Guideline Changes
Effective April 6, 2009, CMG Mortgage Insurance Company (CMG MI) is making key changes to our guidelines.
For more information, please visit www.cmgmi.com/guidelines.
Congratulations to Rick Hite and Paul Whitman
CMG MI’s Newest Accredited Mortgage Professionals!
CMG MI is pleased to announce that two more of our sales team have earned their AMP designations – Mid-West Territory’s Rick Hite and Mid-Atlantic Territory’s Paul Whitman.
Rick and Paul earned their Accredited Mortgage Professional (AMP) credentials after graduating from the challenging Course III of the Mortgage Bankers Association’s School of Mortgage Banking.
"At CMG MI, we encourage our team to go as far as they can with professional education," said Brian Shepherd, Senior Vice President and General Manager. "We want our customers to be confident that their CMG MI Account Executive is a reliable and knowledgeable source of guidance on their mortgage business. Earning the AMP credential demonstrates the commitment of our employees to serving their customers at the highest level. Congratulations to Rick and Paul!"
Effective 2/17/09 and 3/6/09 – CMG MI Announces Program Guideline Changes
Effective February 17, 2009, and March 6, 2009, CMG Mortgage Insurance Company (CMG MI) is making key changes to our guidelines. For more information, please visit www.cmgmi.com/guidelines.
CMG MI's Brian Shepherd and Mark Berkowitz Offer New Year's Resolutions for Credit Unions in 2009
The January 2009 issue of ACUMA’s Pipeline Magazine features a major article by CMG MI's Senior Vice Presidents and General Managers, Brian Shepherd and Mark Berkowitz. "Three New Year’s Resolutions for 2009" is a must-read for credit union management seeking guidance for successfully navigating this year’s uncertain economy and mortgage market.
Read the complete article now!
Scott Romesburg Promoted to Director of Operations and Underwriting
CMG MI's current Director of Information Technology (IT), Scott Romesburg, has been promoted to Director of Underwriting, Operations and Information Technology.
In his new position, Scott will be responsible for supervising underwriting, claims, loss mitigation and quality control, as well as developing, implementing and managing the company’s business applications and e-commerce functions nationwide.
According to Mark Berkowitz, CMG MI's Senior Vice President and General Manager, "Since joining CMG MI in 2007, Scott has established a reputation for exceptional dedication and follow-through on a variety of complex projects. CMG MI and our credit union customers will benefit from Scott’s experience and talent in his new role."
To learn more about Scott, click here.
Effective January 12, 2009 – 100% LTV Loans Are No Longer Eligible for CMG MI Mortgage Insurance
On January 1, 2009, CMG MI is making a key change to our program guidelines. For more information, please visit www.cmgmi.com/guidelines.
Order MI from CMG MI through PCLender InHouseMortgage®
Now Credit Unions that use PCLender InHouse Mortgage can order mortgage insurance from CMG MI! Click here for more information.
Kentucky Introduces Required Notice on Disclosure of Local Government Taxes
Effective January 1, 2009
Kentucky has implemented a new measure that affects all CMG MI policyholders whose insured loans are for properties located in Kentucky.
Read more.
CMG MI Updates Payment Estimator to Include 12/15/08 Rate and Guideline Changes
The popular Payment Estimator now incorporates the rate and guideline changes scheduled to become effective December 15, 2008, pending state approvals. PLUS – the Estimator now includes a Claim Comparison feature that can help you discover the value of MI in protecting your Credit Union should a mortgage loan go to default.
For more information on the updated Payment Estimator and the changes that may affect you, click here.
CMG MI Updates Rate Quote
Quote. Compare. Order. It’s Easier than Ever!
On November 17, 2008, CMG MI releases its updated version of the Rate Quote tool. The data entry screen will now feature the following changes:
- Data entry fields will be organized into three categories: Property, Loan and Mortgage Insurance
- Required fields will now be indicated by an asterisk
These minor changes should make it easier than ever to use CMG MI's Rate Quote, the convenient online tool that allows you to select the best mortgage insurance plan for your Member and order it right away!
CMG MI Changes Commitment Term to Four Months
Effective November 15, 2008, CMG MI is changing the term of its commitments to four months (120 days). This will apply to commitments for both borrower-paid mortgage insurance and lender-paid mortgage insurance that are ordered after November 14, 2008. Construction-to-Permanent commitments will remain at 12 months.
CMG MI recommends you make any necessary updates to your internal systems as soon as possible. You should also notify your staff and branches of the changes with their effective date.
Mark Berkowitz Is Promoted to Senior Vice President and General Manager
Previously Vice President for Underwriting and Operations, Mark Berkowitz succeeds Kathy Schroeder as CMG MI’s Senior Vice President and General Manager.
Read more.
Effective December 15 – CMG MI Introduces Revised Pricing Structure and Guideline Changes
On December 15, 2008, CMG MI is making important changes to our mortgage insurance rates and program guidelines. For more information, please visit www.cmgmi.com/revisedpricing.
Fall 2008 ERET Report Examines Declining Home Prices
The new Fall 2008 edition of PMI’s Economic and Real Estate TrendsSM (ERET Report) is now available.
Read the whole issue cover-to-cover online!
The Fall 2008 U.S. Market Risk IndexSM shows increases in foreclosures and unemployment have significantly heightened the risk of future home price declines. PMI's U.S. Market Risk IndexSM ranks the nation's 50 largest metropolitan statistical areas (MSAs) according to the likelihood that home prices will be lower in two years. Risk scores translate directly into an estimated percentage risk that home prices will be lower in two years.
"The risk of future home price declines increased in 94 percent of all 381 MSAs in the country this quarter," said David Berson, PMI's Chief Economist and Strategist. "The majority of these increases aren't statistically significant, in many cases risk increased by less than ten percent, but risk did increase by a significant amount -- as much as 30 percent or more -- in some states and MSAs where foreclosures and unemployment increased significantly."
Don’t miss the latest edition of this vital resource for Credit Unions involved in mortgage lending!
The ERET Report is available to Credit Union customers of CMG Mortgage Insurance Company (CMG MI) through a special arrangement with PMI Mortgage Insurance Co., one of our parent companies.
Meet Your CMG MI Underwriting Team!
CMG MI underwriters are certified professionals dedicated to providing top-quality service. Meet the whole team on our Website at www.cmgmi.com/uwteam.
Pictures, schedules, office locations, contact information – we've posted everything you need to know when you have files ready for underwriting. You can also visit our main page at www.cmgmi.com/underwriting to see the types of conditions that may need underwriting support.
CMG MI Relaunches Payment Estimator
Identify the home financing option that makes the most sense for your Member
To help Credit Unions pre-qualify more customers, CMG MI is bringing back our MI Advantage CalculatorSM as the Payment Estimator. Use it to see what the various financing options mean for your Members’ monthly budgets.* You can enter different interest rates, loan terms, LTVs and other variables to illustrate different scenarios:
- Compare various mortgage insurance plans to an 80% LTV first loan with a purchase money second
- Compare Single Premium plans, with premium financed into the loan or paid up-front
- Annualized monthly rates let you easily compare monthly to annual plans
Access to our Payment Estimator here.
*Please note: Rates displayed by the Payment Estimator are only approximate and should not be used to process a mortgage loan with mortgage insurance. Estimates produced by the Payment Estimator do not constitute a representation, commitment or guarantee that CMG MI will provide mortgage insurance coverage for a particular loan or that the actual premium rate applicable to a particular loan will be the same as shown by the Payment Estimator. A coverage determination will be made and the applicable premium will be provided for particular loans at the time they are underwritten by CMG MI and CMG MI issues a certificate for such loans. CMG MI’s Updated Rate Quote provides accurate, up-to-date CMG MI rates and should be used to process mortgage loans insured by CMG MI.
Effective August 15, 2008 – CMG MI Makes Minor Clarifying Changes to Program Guidelines
The guideline changes affect existing criteria in CMG MI’s Conforming & Nonconforming Program, A-Minus Program and Construction-to-Perm Program.
- These changes apply regardless of submission channel to CMG MI
- These changes apply regardless of any Automated Underwriting System (AUS) recommendation or decision
For a summary of all changes effective August 15, 2008, please click here.
For an overview of the Construction-to-Perm program, please click here.
Questions? Please contact your CMG MI Account Executive.
CMG MI Is Launching Updated Rate Quote Tool!
Now it will be easier than ever to compare mortgage insurance plans to find one that makes sense for your Member. Effective July 21, 2008, CMG MI will release its updated Rate Quote tool to replace the MI AdvantageSM Calculator and provide a faster, easier, more convenient experience for Credit Unions and their Members.
- Compare 5 mortgage insurance payment plans at 1 time
- Choose a quote and order the mortgage insurance certificate immediately -- without duplicate data entry
- More loan programs available
- Updated Rate Quote supports 40-year amortization terms
- Rate/term refinance discount, plus all other surcharges and discounts, are included
- Identifies whether property is in distressed market and offers guidance
CMG MI's updated Rate Quote is a great way to show your Member that there’s a mortgage insurance plan to meet their particular circumstances – and get them into a home sooner.
CMG MI Announces New Loss Mitigation Webinar
Loss mitigation is the new hot topic for the mortgage industry. Every Credit Union wants to know how to keep delinquent loans from heading into foreclosure – and keep Members in homes.
CMG MI's new Loss Mitigation Best Practices Webinar can teach Credit Union employees the tips and techniques for handling delinquent Members and getting them back on track. It's a great way to develop the skill sets and resources at your Credit Union that will really set you apart in your community – as a lender who can help when the going gets tough. Learn more about this new Webinar and how you can register today.
CMG MI Announces Updated Mortgage Insurance Application and EZ-REFI PROGRAM Form
Effective July 15, 2008, (pending state approval), CMG Mortgage Insurance Company (CMG MI) has updated the CMG MI Application for Insurance and the EZ-REFI PROGRAM Form. The updated application and form go into effect on July 15, 2008, pending state approvals. Read more.
Summer 2008 ERET Report Sees Intensified Risk for Housing Markets
The new Summer 2008 edition of PMI’s Economic and Real Estate TrendsSM (ERET Report) is now available.
Read the whole issue cover-to-cover online!
The ERET Report’s U.S. Market Risk Index shows risk further diverged along two distinctly different paths during the first quarter of 2008, continuing a trend that began in the fourth quarter of 2007. In general, risk continued to intensify in many of the Metropolitan Statistical Areas (MSAs) where home price growth had significantly exceeded historical norms during the housing boom, but continued to decline in many other areas across the country.
It’s essential reading for Credit Unions involved in mortgage lending!
The ERET Report is available to Credit Union customers of CMG Mortgage Insurance Company (CMG MI) through a special arrangement with PMI Mortgage Insurance Co., one of our parent companies.
CMG MI Announces Changes to Program Guidelines and Distressed Markets
Updates Effective July 1, 2008
As a result of the continued downturn in the U.S. housing market and our assessment of home prices based on leading home price indicies, CMG MI is making significant changes to our program guidelines. In addition, we’ve revised our Distressed Markets Policy and List.
These changes take effect July 1, 2008. Please note:
- Changes supersede previously issued CMG MI approved program variations
- Changes apply regardless of submission channel to CMG MI
- Changes apply regardless of any Automated Underwriting System (AUS) recommendation or decision
Please review the updated guidelines and Policy, and make any necessary changes to your systems. CMG MI recommends you notify your staff and branches as well.
For a summary of all changes effective July 1, 2008, please click here.
Read the Latest Issue of Headlines
CMG MI’s new Headlines has important information about some new CMG MI tools to make doing business easier for our customers. Read about our new Zipcode Map, our updated Claims Manual and the new HaMMR report, which offers valuable insights about the current housing market.
Read the new Headlines today!
Standard & Poor's Has Affirmed CMG MI's AA- Rating
On April 15, 2008, Standard & Poor’s (S&P) released its report on CMG Mortgage Insurance Company (CMG MI). The company’s “AA-” rating was affirmed with a Negative Outlook.
The report stated that "the insurer financial strength rating on CMG MI is based on its leadership position within its niche focus on credit unions, its effective use of operational support from parents, the very strong credit quality of credit unions' customers and its strong operating performance."
CMG MI was also removed from S&P's CreditWatch with negative implications. Click here to read the S&P Report.
Spring 2008 ERET Report Focuses on House Prices, Economic Trends
The new Spring 2008 edition of PMI’s Economic and Real Estate TrendsSM (ERET Report) is now available.
Read the whole issue cover-to-cover online!
The Spring 2008 Risk Index is based on fourth-quarter Office of Federal Housing Enterprise Oversight (OFHEO) data. Thirteen of the nation’s Top 50 MSAs are in the highest risk rank, with a greater than 60 percent chance that home prices will be lower in two years. Risk remains largely concentrated in a number of MSAs in California and Florida, as well as in Las Vegas, NV, and Phoenix, AZ. Risk scores translate directly into an estimated percentage risk that home prices will be lower in two years. The MSAs with the highest risk scores were Riverside/San Bernardino/Ontario, CA (93 percent), Las Vegas (91 percent), and Orlando (85 percent).
“Excess supply is responsible for much of the risk we’re seeing in the market,” said David W. Berson, Chief Economist and Strategist for The PMI Group. "The excess supply of housing in the United States is 9.2 months for existing homes (the 20-year average has been 6) and 9.8 months for new homes (the 20-year average has been 5.5)."
It's essential reading for Credit Unions involved in mortgage lending!
The ERET Report is available to Credit Union customers of CMG Mortgage Insurance Company (CMG MI) through a special arrangement with PMI Mortgage Insurance Co., one of our parent companies.
CMG MI Introduces a New Zip Code Map for Distressed Markets
On April 14, 2008, CMG MI announced our new Distressed Markets Policy, which restricted maximum financing for properties located in distressed and declining markets.
To help our customers identify these markets, we’ve launched a new Zip Code Map on our Web site. It's a great new tool that can help you quickly and easily identify markets that are subject to our Distressed Markets Policy. Start using it today – and be sure to bookmark this useful tool!
Predicting the Future of the U.S. Housing Market
Top Economist at CMG MI Parent Company Reads the “Tea Leaves” on CNBC
The Chief Economist of one of CMG MI's parent companies, PMI Mortgage Insurance Co., was interviewed in early February by CNBC's Steve Liesman on the floor of the American Securitization Forum in Las Vegas. David Berson, who previously served as Chief Economist at Fannie Mae, shared his views on where the U.S. residential housing market now stands on the road to recovery. Click here to view the CNBC interview on PMI's Web site.
CMG MI Announces Secondary Market Training for Credit Union Leadership
Strategic participation in the Secondary Market is critical for a Credit Union’s long-term success. To help Credit Unions take an active role, CMG MI has developed a new 2-day, fee-based course that teaches Credit Union leadership step-by-step how to originate, price, negotiate and sell loans into the Secondary Market in order to achieve key strategic goals:
- Enhance liquidity and make more mortgage loans
- Foster loyal “Member for Life” relationships with Membership
- Manage assets and risk to generate non-interest income
- Establish your Credit Union as a Preferred Financial Institution (PFI)
It’s a unique opportunity for your Credit Union. Learn more about CMG MI’s Secondary Market Training!
Five Leading Credit Union Executives Explain How You Can Benefit from the Credit Crunch
The December 2007 edition of ACUMA’s Pipeline Magazine features an article by Linda Emmerich, CMG MI’s Business Development Manager. In "Crunch Time: Why the Credit Crunch is a Turning-Point for Credit Unions," Linda interviews five senior executives from Credit Unions across the country for their insights into the current economic situation.
All five are members of the Mortgage Insight Panel (MIP), an advisory council of industry executives who work with CMG MI to educate Credit Union leadership on the value of real estate lending.
Read the complete article here (PDF/617KB).
Mortgage Insurance is Now Tax-Deductible Through 2010!
On December 20th, 2007, President Bush signed the bill that makes mortgage insurance premiums tax-deductible over the next three years. It’s good news for homebuyers with low- or moderate-incomes, as those with adjusted gross household incomes of $100,000 or less will continue to be eligible to deduct their MI premium payments from their taxes.*
CMG MI applauds the decision of Congress and the President to extend this important deduction for homebuyers. We’ll be forwarding our customers more information as it becomes available. You can also check our Web site regularly on our special Tax-Deductible MI page.
*CMG MI cannot provide tax advice. Taxpayers should consult their own tax advisors concerning applicability of this new 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.
Effective February 8, 2008 – New Single Premium Rates!
CMG MI will be updating our Single Premium rates in 2008! Effective February 8, pending state approvals, we’re introducing key changes to our payment plan for this product, as well as new surcharges for loans that have the potential to negatively amortize.
Read more.
CMG MI Releases Executive White Paper - "The Basics of Mortgage Lending for Credit Unions"
The Paper was developed by the Mortgage Insight Panel, a select group of Credit Union professionals who work closely with CMG MI to help educate Credit Union leadership about the value of real estate lending . The Paper focuses on how mortgage lending can drive long-term relationships with members and outlines practical strategies for credit unions seeking to enter the mortgage marketplace.
Read a press release about the Executive White Paper here.
Read the Executive White Paper here.
Brian Shepherd Discusses Subprime Implications with CU Management Magazine
CMG MI’s Senior Vice President and General Manager, Brian Shepherd, was interviewed by CU Management Magazine for its December issue. In "Subprime Seismograph," Brian talks about the implications of the subprime mess for Credit Unions - and the opportunities that it offers. Click here to read more.
New CMG MI Pricing, Policy Changes Effective October 22, 2007
CMG MI has introduced a new payment plan and made other important changes to our pricing. It’s essential that you notify your branches and any staff, as well as implement any necessary changes to your internal systems. Read more.
Alan Bahr Joins CMG MI as Director of Secondary Markets and National Accounts
CMG MI is pleased to announce that Alan Bahr has been appointed Director of Secondary Market and National Accounts, effective immediately. Alan has an extensive background in the areas of capital markets, consulting, financial product management and structured transactions. One of his key responsibilities is to assist and guide Credit Unions who want to pursue active participation in the Secondary Market.
Read more about Alan by clicking here.
Announcing GO MI - So You Go Where Your Members Go!
CMG MI introduces GO mortgage insurance (MI) for Portable Mortgages! Young families, military personnel, relocating professionals, retirees and empty-nesters – they’re all on the move, and your Credit Union can move with them. Reach out to these valuable Members by offering the Portable Option on their mortgages – and insure them with GO MI!
Read more.
CMG MI’s Brian Shepherd Talks to Credit Union Business About Secondary Market Strategy
CMG MI’s Senior Vice President and General Manager, Brian Shepherd, was interviewed along with other industry leaders for an article in the August 2007 issue of Credit Union Business. In “Carefully Pursue the Secondary Market,” Brian advises Credit Unions that disciplined selling into the Secondary Market can help them reduce their loan-to-share ratios, generate income from mortgage fees and cross-selling opportunities, and offer more loan products to Members.
Read the complete article!
Order MI Certificates from CMG MI through FICS Loan Producer for Windows®
If your Credit Union uses FICS Loan Producer for Windows, you can now easily order mortgage insurance from CMG MI! Click here for more information.
Order MI from CMG MI through Fiserv® EasyLender
Now Credit Unions that use EasyLender can order mortgage insurance from CMG MI! Click here for more information.
Order MI from CMG MI through Interlinq® E3!
Credit Unions using the Interlinq E3 Connect Service may now order mortgage insurance from CMG MI. Click here for more information.
CMG MI's HLPR Discount Program for HLPR Loans
CMG MI offers discounted MI Rates for HLPR loans - both the original HLPR and the 3 new variations introduced by CUNA.* It's a great way to attract first-time homebuyers and protect your Credit Union at the same time, since insured HLPR loans result in lower monthly payments and are more readily salable on the secondary market. The HLPR Discount Program is now available on e-cmgmi.
Click here to learn more about the rates and other information for our HLPR Discount Program.
*Program may not be available in all states.
CMG MI Introduces Community Heroes
More than 25 million credit union Members are Community Heroes – firefighters, police officers, teachers, healthcare workers and military personnel. Many are unable to buy homes in the communities they serve because of high home prices.
You may be able to qualify these everyday heroes for homeownership using CMG MI’s Community Heroes program. Mortgages originated under Fannie Mae’s MyCommunityMortgage™ Community Solutions and Freddie Mac’s Home Possible Neighborhood Solution are eligible for reduced MI coverage requirements provided by Community Heroes. Learn more about Community Heroes by clicking here.
Fannie Mae® Discontinues MI Service
e-cmgmi Ready to Support Credit Unions
On February 28, 2007, Fannie Mae retired its DU ConnectionsTM and the MI Service from its widely used Desktop Underwriter® automated underwriting tool. Credit Unions have been asked to prepare their transition to an alternative MI service.
CMG MI recommends that our credit union customers transfer to e-cmgmi, if it is not already embedded within your credit union’s loan origination system. Our e-cmgmi system is one of the easiest and fastest ways to order mortgage insurance, as well as perform servicing functions on insured loans. Contact your CMG MI Account Executive for more information, and to get set up with a user ID and password.
Use the Fidelity Platform to Activate Your CMG MI Policies
Fidelity National Information Services has announced that CMG MI customers can now accept policy activations through Fidelity’s mortgage servicing platform (MSP). Read more.
Are You Aware of the Florida Assessment for Hurricane Emergencies?
Starting January 1, 2007, the State of Florida has issued an Emergency Order requiring all licensed property and casualty insurance companies, including mortgage guaranty insurers, to collect from Florida policyholders a special assessment of 1% of direct written premiums.
What does this mean for your Credit Union? Click here to learn more about the Florida Assessment, your obligations and CMG MI’s own efforts to make the process as easy as possible for our customers.
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